YTB CFO Resigns | Just Picture It Now

Posts Tagged ‘YTB CFO Resigns’

Let It Never Be Said…

Friday, February 5th, 2010

Digg me

That life is boring at YTB. ;-P

I apologize for not getting something out sooner – the kids had early release the last two days and we had projects planned. I also have a business to run and don’t have the vast amount of time in my profession that others apparently have. I have however been trying to sort out fact from fiction from various sources I know and trust via phone since the latest episode of “Days of YTB” has hit cyberspace.

Before we get started…I think it’s appropriate for the proper background music due the nature of what’s happened this week. For your listening pleasure, I’ve resurrected an oldie but goody that I’ve used before when there’s so much talk about YTB.

Apparently there was a mass exodus of wackos over the last 36 hours that have put out some pretty outrageous stuff. As usual, those of us who have a firm grasp on the situation are left to clean up the mess. Due to time restraints, I need to warn everyone that I have not read – but merely heard some of the rumors I’m about to squash. Therefore, please understand that some of what I might comment on – may not have ever been written in the vast space we call the internet – nor can I reference just who said it.

The following is a list of what I have heard and what I know to be true.

YTB’s CFO, John Clagg has resigned effective February 2nd. I’ve heard of various scenarios on how this came about. Some reasonable and some outlandish. The reasonable would consist of being burned out. With what the company has gone through since the California Law Suit was filed the day before the 2008 National Convention, and a new CEO who has a keen eye on the companies bottom line – it’s understandable that it would drain anyone.

Another reason I’ve heard is that John saw the writing on the wall – meaning, YTB isn’t going to make it.

Please…

One, the company has secured a $650,000 loan based on the expectant sale of the former home office located at One Country Club Drive. Which is odd – because it’s been widely publicized for years on various boards and blogs that YTB doesn’t have any assets to speak of. (Who knew?)

Two, it was announced on a company call yesterday, and corresponding documentation will be available to the field of some 300 $1000 Quick Start Bonuses will be in mailboxes across the country today. The ZamZuu e-commerce platform announced at the Coach’s Birthday Bash in early January has provided a much needed stimulus package for the field. When the field is making money, the company is making money. The enhanced commission structure enables the average person to attain a bonus, and that builds momentum.

You certainly don’t need to be a CPA to understand that cash flow isn’t the current problem at this point in time. (Still tight, but there is light at the end of the tunnel.)

An interesting observation from some time ago – I remember the exiting CFO being chastised by critics as “unqualified” for the position. It’s rather convenient that the ridicule and lack of qualifications are quickly tossed aside now that John has decided resign. I just love how folks can play both sides of the fence when a new position appears to benefit them. Happens with Directors too. All of the sudden these liars, scammers, and cheaters suddenly turn into Saints simply by leaving the company for another.

It would make any John Kerry supporter proud.

While there is a rumor of massive trading from our Directors due to this news, I’d hardly consider 29,300 shares massive. While John did resign on February 2nd, it was well after the closing bell on Tuesday. (3:00 Central time) I’ve never really understood just why this type of rumor persists with our Directors. I just chalk it up to ignorance and a way for critics to create more drama. Day traders have a ton more fun with this stock than any Director. Due to the timing of our CFO’s resignation and how suddenly (although not surprising) the resignation developed – nobody had any chance to benefit one way or another from this news. Based on the volume, between the verbal resignation and the release of the 8K – the numbers certainly don’t indicate insider knowledge.

Current CEO Robert Van Patten will fill in as interim CFO of the company until a replacement can be acquired. Mr. Van Patten is well equipped to fulfill the roll as CFO for YTB International, and has been in charge of much larger corporations in the past. His leadership is the largest reason why YTB has been able to acquire – all be it small – profits the last two quarters even with revenue down in 2009.

Another rumor floating around is that Ron Head, YTB’s Master Distributor has been terminated. While this may be the case after a thorough investigation – at present any word of termination is premature. Ron has I’m sorry to say been suspended due to possible cross recruiting.

If I’m getting e-mails and calls from every Tom, Dick, and Harry about the next “Big Thing” I can’t even begin to imagine what kind of carrots our Directors are seeing. How much greener the pastures are – how well everyone BUT YTB is doing in this economy – or all those “special positions” reserved for “true leaders” in the industry. I’ve seen and heard some real WHOPPERS in regards to rumors about what’s going on with YTB – including one I’ll mention later – that aren’t created by critics of MLM – but other MLM companies to lure people over to their company.

Attaining a Circle of Champion Director from YTB is a HUGE feather in the cap of any company because – as we all know – YTB created massive amounts of income for those who went to work. So much so, it caught everyone’s attention. Especially in an industry that understands and wants “recruiters”.

A personal note here – and this has nothing to do with Ron or any specific Director who has since left YTB for “greener pastures”. I have yet to hear of see any of YTB’s former Directors leave and actually stay with the next best thing they left YTB for. Several Directors that I know of have been with several different companies since leaving YTB and I can’t think of one (NOT ONE) who is currently better off today than they were the day they left YTB. Nor, with the exception of Corr, who just launched his new venture this week, is currently with the same company they moved on to.

That’s not to say they won’t be able to find another home. For some, I sincerely hope they do. It should be noted however that all of the fanfare up to this point has been nothing more than a passing fancy for every single Director who has left YTB for the next big thing.

Another very curious rumor floating around was that Coach, Scott and Kim were forming another MLM. Honestly, I just can’t wrap my head around this one. Critics, I could understand – they’ve always thought that our Founders would eventually call it quits. Some speculated retirement on some remote island with all our $50 checks in tow – while others speculated another industry entirely to rape and pillage. I’d expect that kind of stupidity from them.

It appears that rumor has also been squashed as Coach has been appointed the newest Master Distributor of…

Wait for it…

YTB.

Sigh…Coach will be recruiting again and honestly, it’s what he does best. I realize that frustrates some, and I know the fears and phobias surrounding the word “recruiter”. People slap that word on me all the time – and truth be told – yes, I do recruit. I recruit for Carnival, Princess, Sandals, Collette, Delta, Air Tran, Holiday Inn, Avis, Sears, Home Depot, Best Buy, and YTB. (Among others, but you get the idea.) We all recruit in some form or fashion and I fail to see what the concern or deal is when it comes to word “recruit”.

I can only hope that at some point in time they come come to grips with their “issues”. But don’t expect me to own that type of stupidity and fear just because it makes someone angry or bitter. The heightened outbursts and emotions I see reflects more about them, then it ever will me.

In closing, for those of you in YTB for reasons only you have a right to decide and place judgment on – don’t lose your focus or the sight of your dreams. Many of you got into YTB to sell travel and/or e-commerce. Others have found a new spark in the e-commerce platform that has triggered bringing people into a very promising opportunity that like travel a couple years ago was attractive to the masses.

If you’re like me, you see all the deposits waiting to turn into cash when these vacations are consumed this summer. Like the company, you need to think long term and tighten up to stay in the game in order to capitalize on the deposits your sitting on. Others saw checks in the form of cash back this week for doing what you already do – shop. More of the same is coming on the 11th when the residuals for being a business owner are sent out not only for your own shopping but all those who shopped on your sites.

By the way you realize they too got cash back checks this week from their own shopping experience with ZamZuu right?

Call them up…ask them if they think this works.

I got to tell you, it’s a much better alternative than searching the internet right now, trying to get a feel from a bunch of cowards who don’t have the guts to put a real name behind what they plaster all over the internet or talk about on the phone.

Because I had another post scheduled for today, it’s been bumped to Monday. I think you’ll like it and it drives home why ZamZuu is right on mark and why big name companies are going to a model just like ours to sell their product or service. You don’t want to miss it!

Hope to see you again on Sunday in your e-mail box with this week’s wrap up and the Just Picture It Now Newsletter.

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