Well, just when I think I have seen it all, something like the above headline comes into my email or FB page. Yes, this is what happened this weekend. But… BK Boreyko was fast to shut down the rumor! But what is the truth behind the rumor… Did Coke make an offer or did Boreyko turn it down?
But, we can use this as a good training topic. Because BK Boreyko is one of the most active Social Media CEOs in direct selling, as messages started hitting his Facebook inbox and emails, he was able to STOP the rumor before it went viral. But… What could have happened if Boreyko had let it ride and NOT responded at all?
Well one possible situation would have been for him to walk into the VEMMA offices today to a lawsuit for allowing the rumor to gain any traction. Since Coke Cola is a public company, they seem to frown on any rumors that can cause shifts in stock prices.
And, second because the Coke Cola brand is one of the most respected in the world, when their name is attached to anything, a huge due diligence period takes place, and a high licensing fee is paid to the usage if approved.
Now something else we need to review is the fact, any serious business owner, would NOT turn down a $2.2 billion dollar buyout of their company on annualized sales of $240 million, which is where VEMMA is projected to end up by years end!
The two take aways from this situation are:
1. Company executives should stay on top of any major rumors that are flowing around the net to protect their brand.
2. Distributors should not believe and post everything they hear about their company until an official message is broadcasted from the corporate office.
I am not saying BK would sell at all. In jest I did say… His sisters might not let him say no!
Again the video is not on BK selling or not selling. It is on what to do and not to do with Rumors.
If I were to make a guess, I would say that someone who saw this has already started saying “Troy Dooly just said BK would sell for the right price!” Which is how rumors get started. Someone takes something they heard, and spread it out of context.
I did state in the video above the based on the e-myth most founders do not fall in love with their companies to such a degree that it skews their judgement on when to sell or do whatever it takes to make sure the company continues to grow. This might be in selling, going public or finding an equity partner.
And I did say I knew BK well enough to know his passion is to leave a legacy.
Heck now I may have to start shooting videos to explain the videos I just shot.
Again the whole context is for all of us to verify info with corporate before spreading it.
I also beleive like Art Williams the founder of Primerica, BK has created a culture, both inside the corporate office and in the field that he loves enough to do whatever it takes to insure the legacy and dreams of each Brand Partner far outlives his leadership.
His track record already proves he will do everything in his power, like Art Williams to ensure the future!
From Brad Wayment and Dr. Wang and the team they have created. To Ruth Elliot and Tom Alkazin and the leaders they have attracted over the last seven years, I can see the same culture as at Primerica. Today Primercia is led by one of Art’s understudies and the origial RVPs (who have not passed on) are still raising up a new generation 20 years after Art sold the company and retired.