| Comment Number: | 522418-11485 |
| Received: | 7/17/2006 12:20:46 PM |
| Organization: | Kinyon |
| Commenter: | Luis Arzaga |
| State: | CA |
| Subject: | Business Opportunity Rule |
| Title: | Notice of Proposed Rulemaking |
| CFR Citation: | 16 CFR Part 437 |
| No Attachments |
Comments:
I have been an Independent Business Owner (IBO) affiliated with Quixtar since March of 1999. I was registered by my present wife while we were dating and merged our businesses in June 2001. We have since become debt free and my wife works part-time from home in another Internet based business. Our next goal is to maintain our lifestyle while letting my wife not work to take full care of our first child which is due in February 2007. With Quixtar handling all the administration and manufacturing and contracts, we are able to build a strong and profitable business with the hours most people use watching TV. When I got started I was given plenty of information, which I asked for and today in our microwave world, when I try to give all the information I was given, I hear, "I can't get through all that. How about I read this first and then I'll get to that." Also, just as I was first told during my introduction to the Quixtar Opportunity, I tell people this isn't a get rich quick scheme when I introduce this concept to them. I sometimes joke, that I wish it was, but then I remind them that we would just have a "dot bomb" situation like I went through in San Francisco in 2001-2. I think full disclosure is the best method of selling, because we then can compare any competitors and get all the objections out of way in the first few minutes and get on with building their business. With websites like MySpace.com and Craigslist.com selling for hundreds of millions of dollars, people understand the Internet Businesses cycle is very short and can be quite successful in a relatively short time, but it's going to take a lot of teamwork, maybe no blood, but definitely sweat & tears. The difference with a Quixtar affiliated business is that for $350 they can start a business and get their $350 Registration Fee back if they are not completely satisfied that they were given every opportunity to succeed. I haven't had anyone ask for their Registration Fee back yet. 7-DAY WAITING PERIOD Sure a 7-day waiting period is inconvenient and would slow down my business, but more importantly it is inhibiting Interstate Commerce, which leads to the slowing of our overall economy, thus weakening our global economic strength. There are bigger issues than my business, like the United States being an economic Powerhouse so that Free Enterprise may reign and give opportunities to more people around the world. Because of the guarantee of getting your Registration Fee back, the 7-day waiting period is unnecessary. PROVIDING REFERENCES If prospects were not invited to meet in person their Business Support Teammates and IBOs were not taught and encouraged to get their prospects around their Business Support Team, then a Reference List may be necessary. I was invited to meet my Business Support Team before I registered and I drove from San Francisco to Utah to meet them. How is a piece of paper better than looking square in the eyes of a person, shaking their hand and hearing them answer my questions? SPECIFIC EARNINGS DISCLOSURE Since we already state in our Business Plan the avg. monthly gross income and share our SA-4400, to have a separate disclosure for every example is a burdensome paperwork requirement inhibiting Interstate Commerce. FINANCIAL SUBSTANTIATION "American consumers view their financial information as most sensitive, indeed as sensitive as their medical histories," said Medine, Assoc. Dir. for Financial Practices in the FTC's Bureau of Consumer Protection. Part III, FTC, 16 CFR Part 313, Privacy of Consumer Financial Information, Final Rule I agree with the consumer commentators that the need to protect personal financial data extends beyond traditional financial institutions and that Congress intended to regulate a wide range of businesses that provide ‘‘financial’’ services to consumers when it enacted this statute. IBO's affiliated with Quixtar also have a right to their Financial Privacy.