Business Opportunity Rule #522418-11588

Submission Number:
522418-11588
Commenter:
Sreenivas Herugu
State:
NJ
Initiative Name:
Business Opportunity Rule
Me and my wife have been Amway/Quixtar IBOs since Jan 1998. We are currently Platinum IBOs and are in Q12 qualification. We'll be Emerald IBOs the coming fiscal year. My involment in the business opportunity has tremendously affected my lifestyle in a positive way. Besides the strong residual income we are generating on a monthly basis, it has had an impact on our overall way of life. We think "Success". Our future generations will never be the same because of the way we think. All because of this wonderful opportunity. The training and mentorship that we get in the biz is unparalleled and cannot be compared to anything else. Our relationship as a husband and wife has improved tremendously. If not for this business and the associates, by now we would had a miserable marriage, probably even separated. When I did get registered, I was given enough information to make an informed decision. We were not pressurised in any way neither were we coaxed into doing something we did not want to. It was completely a voluntary decision based on what we saw in the opportunity. It was all done in a very professional manner. Needless to say, we are continuing this tradition our uplines have taught us to be professional in our approach, give them all the information necessary to make a quality decision and never be pushy. In sharing the business plan with prospects, I provide them with an FTC-approved literature packet which discloses the information on the average monthly gross income made by "active" IBOs. The prospects are very well informed that this business is not a get-rich-quick scheme and there are no promises of success. We let them know that all success depends on their willingness to learn and work hard (10-15 hrs/wk at least). We also provide a 100% money back gurantee for IBOs who want to leave the business. The total cost to become an IBO is about 125$. The 7 day waiting period will definitely cripple my sponsoring efforts as prospects may become disinterested if not given the opportunity to experience the benefits & excitement the business opportunity presents, through the numerous products & services and training programs. The 100% money back guarantee of their registration allows them to have a back-door if they don't like what they experience. Also, if the prospect after becoming a new IBO wants to sponsor more people, he'll have to wait 7 days which can dampen their excitement and spirit. Providing a list of 10 local IBOs for prospects to contact before registering, violates the privacy of those IBOs and thus exposes my prospect to being solicited by these IBOs. This makes sponsoring a tedious & restrictive process especially for a new IBO; thereby setting a "uneven playing field." Alternatively, I strongly feel that letting other IBOs provide my personal information to their prospects is in direct violation of my privacy. Moreover, the references of IBOs we give have no financial interest in these prospects and may not give the right opinion. The litigation disclosure document against the seller also does not make sense because the list can involve filed cases with no merit. I don't believe providing a seperate disclosure of specific earnings has no bearing to a prospect as much as enabling them realize the diverse market potential of the business. When asked, I normally provide my prospects with information on my level of achievement within the business rather than an income statement. I believe being required to offer prospects my finanicial records to substantiate my Quixtar income is an invasion of my privacy. Most important thing for an IBO is the support team that will provide the training and mentorship. We definitely let them know about the impact the business has had on us and our lifestyle. In conclusion, I would like to impress upon the FTC that the proposed rules will adversely affect us in building the business in a free country.