I just got back from Dallas where I listened as Kevin Thompson shared publicly as well s privately on some of the subject matter he shred in this article. The question of self-regulation .vs government regulation is one we should all be interested in answering. Thompson continues the conversation and raising some great points in the article below…
Without question, self-regulation is better than government regulation. But when you remove the “regulation” out of “self-regulation,” it’s all sort of pointless. In other words, rules without penalties are meaningless.
I was recently speaking at the Association of Network Marketing Professionals conference. It’s at these sorts of conferences where professionals get a sense of what’s really going on in the industry. We all get together, in casual environments, and compare notes about who’s crushing it, who’s cheating and everything in between. The common frustration throughout the years has been this yearning for improvement. People in the industry have a deep, deep desire to elevate the profession to a higher status. But in an environment where “anything goes,” this has been an insurmountable task. The words have fallen on deaf ears, yielding zero progress. After all, how can you elevate an entire industry without (1) a set of rules; and (2) consequences for when those rules are violated. Currently, we’ve got #1 covered. We’re working on the second.
When people ask me how we can “elevate the profession,” the answer is crystal clear: we need to get more serious about self-regulation. It does ZERO good to have standards when it’s easy (and profitable) for people to infringe on those standards with no consequence. In an environment where there are no speeding tickets for driving 90 MPH in a 70 MPH zone, owners are forced to push the envelope, which leads to serious degradation in industry standards. We have good rules (that need to be improved). But once in, companies have never been…penalized. In an article written by DSA President, Joe Mariano, he makes it clear that better days are coming for ethics. In the article, he writes,
Breaking Update: Judge wants answers, halts takeover of MonaVie — for now
Tom Harvey of the Salt Lake City Tribune released an article – Utah-based MonaVie faces foreclosure after spectacular rise and fall. This story broke yesterday and as I went through the whole article I realized several issues.
If I get this right, and it’s tricky as I said reading through the article, and we are just now pulling the lawsuits and filing, here is what I see on the surface.
1. In 2010 two transactions took place (not sure of which came first at this point); major stockholders sold their stock valued at that time at $186 million to the EMPLOYEE ESOP secured by a high-yield (article called it an “exorbitant interest rate), and during this same year, MonaVie executives sought out financing for $182 million from TSG-MV Financing LLC, securing “virtually all the assets” of MonaVie.
Breaking News May 11, 2015: Michael Hansen Out As CEO Of DubLi… What does the future hold?
Since DubLi entered into the US, I have been concerned, very critical and at times totally amazed at how they continue to stumble and then reinvent themselves (at least on the surface.) First they were a reverse penny auction, then a gift card seller, then a shopping platform, then an entertainment community, and now it seems they are about to move away from their questionable reputation by renaming the company Ominto, Inc (found that in a one liner inside the press release below.)
Over the last few years, they did a reverse merger into a company (Medianet Technology Group) with what looked like major financial issues as the “new DubLi” DubLi fell out of compliance with the SEC when it fell behind in filing quarterly financials or found the need to file SEC documents restating the financial reports for several quarters.