Business Opportunity Rule #522418-11825

Submission Number:
522418-11825
Commenter:
Jimmy Meyer
State:
FL
Initiative Name:
Business Opportunity Rule
July 17, 2006 Federal Trade Commission Office of the Secretary Room H-135 (Annex W) 600 Pennsylvania Ave., N.W. Washington, D.C. 20580 RE: Business Opportunity Rule, R511993 Dear FTC Commissioners: I am certain that by now you have been made aware of the dire consequences of the business opportunity rule if it is passed in its present form. You've also probably heard a lot of what seem to be over-exaggerated terms like "dire" to describe the rule's impact on small business. I have been an independent business owner with Primerica Financial Services for over twenty-two years. I work in a heavily regulated industry and have seen many rules and regulations in my twenty-two years that have intended to curb our business. I have never seen anything like this. I am not an attorney, and I don't usually interpret federal rules. But upon reading about this rule - I can't help but wonder whether the FTC intends to simply shut down all business opportunities. I would like to tell you a little something about myself. I now live in Florida but grew up in New Jersey. I was 23 years old and was working in circulation for the NY Daily News when a co-worker introduced me to the Primerica opportunity. I had no experience in financial services and I was pretty intimidated. I decided to join part-time so that I could hold onto my existing job IN CASE things didn't work out. Well, I learned pretty quickly that Primerica would arm me with serious financial education so that I could build a business based on helping families obtain insurance protection at a reasonable cost, get out of debt and save money. I quit my Daily News job six months after joining Primerica. Within seven years, I was financially independent - which means I had no debt and had amassed enough savings to be able to live out my life without working another day. Since joining Primerica, I have been able to do amazing things for my family. I've bought my dad a house. I've had the flexibility that a regular J-O-B would never give me. I've been able to be there, in person, for my family. I've had access to whatever resources we needed for health challenges we've faced. We've built memories that wouldn't even have been dreams if I had stayed in my Daily News job. You just can't get this quality of life without working for yourself. And business opportunities like Primerica are a perfect option. With all due respect, the business opportunity rule is an affront to free enterprise and the principles of economic freedom that America was built upon. We have to allow people to participate in viable business opportunities without scaring them to death with information that, frankly, has very little to do with their personal chances at success. People succeed in business opportunities when the fit is right. Your rule will stop them from even trying one on for size. Free enterprise is about freedom. And when you intimidate people who are already taking necessary caution for themselves with disclosures about lawsuits (that have nothing to do with the recruitment process) and refund requests (yes, people do quit Primerica and every other opportunity, job, profession - you name it), you are taking away their right to pursue an opportunity that could change the course of their life if they're willing to work for it. I would also like to point out that when people join Primerica, they're getting a lot for the entry fee of $199. We're training people in a profession, not just our opportunity. Unfortunately, we sometimes do lose representatives who take the information and licenses they obtained at Primerica and go work for our competitors. The skills they learn at Primerica are transportable to just about any financial services company. Primerica is NOT in the business of stealing people's money. We're here to give hard working people who want better for their lives to make a difference. And that's it - no strings attached. The proposed rule makes a great case for shutting down all business opportunities. Is this really the FTC's goal? Sincerely, Jimmy Meyer