Recently was visited by some Primamerica folks. Sounds great, sounds wonderful.
anybody know what the “Catch” is and have some data/links/info on this MLM company?
thanks!
Hi Martin and welcome to the boards!
I think the “catch” is sitting pretty in your OP. MLM. I’d suggest doing a board search, but since you can’t use three letter searches, I’m not sure how the archives will help. If you are lucky, someone will remember participating in such a thread and point you there.
In the meantime, from what I remember off the top of my head, MLM doesn’t work because if it did, you’d need an infinite supply of people working the program. Since that can’t happen, MLM schemes are destined to make a very small number of people a bit of money and cost a very large number of people … whatever investment (time, friends, money…) went in.
Here is a bit from Skeptic.com. I am sure there is much more to be found and read by people who are not trying to use you. Good luck and again, welcome to the boards!
Rhythmdvl
Martin - it might be worth checking out the FTC website (ftc.gov) and the Better Business Bureau (www.bbb.org) to see if they have anything to say about this company.
MLMs, or Multi-Level Marketing schemes must have a product, as Amway does, to remain legal. They are typically sold on the idea that you will successfully recruit additional dealers, and sales of the product are secondary. You will make your money off of the endeavors of those whom you recruit. Some of them barely have something you could call a product to offer.
I’ve experienced many pitches, and consequently chilled relationships, as a result of friends and acquaintance being taken with a good presentation of such. The average experience is that the inductee sells a couple of “dealerships” to the few friends and relatives that they don’t alienate, and never really make any money (back).
And never mind how much product you stash in the garage.
And you’ve no doubt been shown examples of people who are raking in $20,000 per month checks from their tiered organization. They are, of course, the exceptions to the rule and, also, I suspect, not quite real.
So let me tell you of my (vicarious) experience. Most folks go into it thinking that they can get others as excited as they’ve become, and work at it sort of part-time. The ones who do actually make some money (for a very little while) haul off and do it full-time.
Everyone’s a prospect. You’re on a full-time hunt. There is no time off.
Until you reach that understanding of what it takes. My business partner of many years got into one of these in 1999. She’d done another one in 1990 which, if nothing else, taught her to not even try me. So I got to be the diary.
I was hired away from our company about the time she reached fever pitch, but we had many mutual obligations, so we have stayed in close touch. They had a product, a little Internet-capable telephone/PDA that was overpriced, as well as discounts on office supplies that made sense if you usually went through a 55-gallon drum of white-out in a year.
So what she had was what few recruits to the MLMs do, but what is the true ideal situation.
She had a conference room, presentation media, available cubicles with telephones, fax machines and Krispy Kreme donuts and coffee. She was holding uplifting seminars a couple of times a week.
Ultimately she probably did as well as one could do. She told me her best month was $1200.
Tough to make that work.
Good luck!
Thanks for all the great ideas/links!
I’ll research this further
If this was a thinly disguised pitch, shame on you.
If this was an honest request for information, please listen to Ringo. Very, very few people make any kind of money on MLM schemes and those who do work way more than a 40 hour week. If they were to look at their hourly rate, they’d be better off working at Wall Mart. You’ll never get to sit back and retire from this. It’ll be a constant grind forever.
I lost a friendship because of former friends trying to recruit me. Ten years later, this couple is still plugging away, both of them still working their day jobs. They were supposed to be retired long ago.
Maybe you really will be one of the 0.01% who make a decent living but at what cost?
Haj
well, shame on you for thinking I was trying to pitch something!:wally
I knew that Primeamerica was an MLM and there was no way to get rich or even make any money. I interviewed with them many years ago in college for an internship–I walked out knowing damn well what they were.
However, I no longer go on hunches or good guesses. I need data. And data was provided–thank you.
Maybe their product is worth investing in. But so are many others; others I’m already invested in…
<homer simpson voice>Dataaaaa…</homer simpson voice>
I was approached by Primerica about a week after I’d been laid-off. My company had made resumes available online to prospective employers. A clever Primerica guy called everyone whose resume was there - no doubt assuming we’d all be pretty desperate considering the unemployment rate at the time. Having plenty of time on my hands, I met with the guy.
His presentation materials were all very well done and impressive. His pitch was smooth and professional. He’s very personable. He did everything he could to avoid any reference to MLM, but “the plan” made everything crystal clear.
I don’t remember the details because once I understood what it was I dismissed it, but there were enough red flags to turn me off very quickly.
If you’re lucky enough to get in at the top of a pyramid that has appealing products you can probably make a mint. BUT
- you’re definitely nowhere near the top of this one
- their “financial services” are a tough sell, IMHO, therefore “the plan” is also a tough sell.
On the other hand, you do get to call yourself a “Vice President” if you got the same pitch I did.