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P/L Statement from Gina

July 16, 2009

Over on Joecool’s blog, Gina has posted a detailed Profits/Loss Statement. Gina is a traditional business owner and routinely asks IBOs to produce their own P/L statement. Most (i.e. every) of the time, she’s met with either silence from the IBO or tapespeak like, “If the dream is big enough, the facts don’t matter!”

One thing that I’ve consistently said on this blog is for IBOs to keep detailed records of their income and expenses. After a year and a half, I should have quit the business after seeing no substantial results from my investment in Amway/Quixtar and the System. I stayed in for another year due in part to the excitement that was Quixtar and 9/1/99, only to decide at the end of the year that enough was enough. Quixtar was just Amway on the Internet, and nothing really had changed. Because I kept detailed records of my business, I was easily able to separate truth from hype.

IBOs in Amway and distributers in MonaVie! Are you keeping detailed records of your business? Are your profits (if you have any) being constantly put back into your business in the form of CD, meeting tickets, and product purchases? Take a look again at Gina’s P/L statement to see what you should be tracking in your business!

6 Comments leave one →
  1. rlaurens permalink
    July 17, 2009 1:57 pm

    No comments???

    The silence is deafening…

  2. July 18, 2009 1:18 am

    ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh. you happy? If I were gina I would have never posted it.

  3. Gina permalink
    July 19, 2009 6:44 pm

    Levi is a liar….and has been proven to be a liar. He has no right to question anyone on anything…

    What’s wrong Levi??? You do accounting right? So you should be able to clearly see that my P/L is accurate. You can make accusations only if you can provide any kind of information that would warrant it….but you can’t.

    Well, I posted my P/L, where is the IBO’s P/L who tried to strong arm me into doing so? Or was this just another sophomoric tactic you used thinking I would never actually post it, therefor taking any attention of your lack of addressing your supposed business’ financials? Instead of being a man and addressing what you have asked for, you start to rant that we may all be fabricated persona’s? Right….I am so sure people will be lining up to do business with someone like you….hold your breath…

  4. JohnGinKC permalink
    July 26, 2009 2:11 am

    you know whats funny, I didn’t file taxes for 3 years because i didn’t know how/what to do with 1099 income, and i was too afraid to have to pay money to the IRS because i needed money FOR EVERYTHING because all my money really was feeding my tools/expenses to build the business and attend everything. well i “quit” in Jan 09 and filed for extension on taxes in March. Finally did my expenses/write off’s from my AG/Q business and my 1099 sales Job as well.

    I was FLOORED! I had NO CLUE I SPENT SO MUCH STINKING MONEY!!!! It sorta made me sick to my stomach. Gina IS right, everyone, IBO or not, should keep a Profit Loss statement CURRENT who runs/owns a business. Problem is that they promote your a business owner, but they fail to TEACH you how to look at this business as an actuall BUSINESS and not just a Dream waiting to come true. honestly though, thats the way it is in most LOS’s.

    My P/L: Invested (over 2 1/2 yrs) $29,746.47 Profited: $2,532.50 (over 2 1/2 yrs) so I lost a little over $27k!!!! Thats roughly $900/mo i was spending during my time building the business. Yikes. Most actual businesses would have been OUT OF BUSINESS long before that!

    If i hadn’t already have made the decision based on other factors that weren’t tied to this information, I WOULD HAVE RIGHT THEN AND THERE because i realized i had failed to make smart money decisions. I immediately sought out professional insight on how to run a legit business and saw all the errors that come with being an IBO but not thinking past Diamond checks and Showing the Plan.

  5. FreeFromQ* permalink
    July 29, 2009 10:36 am

    Hi JohnGinKC,

    Thanks for posting – I understand what you wrote because I was guilty of the same thing! I focused on “the dream” versus looking at hard numbers. And that was my fault. When I did truly look at the numbers and looking at the biz with a critical eye, I saw I was losing money even though I was following teaching verbatim. When I brought my issues to my sponsor and platinum, I was told to “read more books and listen to more tapes”. I then realized they were losing money, too.

    BTW – my platinum got his teaching direct from our Double
    Diamond, so spare me the “bad info” spiel. I was fortunate, I was able to absorb and recover the loss over the years.

  6. JohnGinKC permalink
    July 30, 2009 2:07 pm

    FreeFromQ*, hi to you too,

    Yeah i took things like that to my UPL sponsor, Platinum, Emeralds and they all said the same things. I stopped to use my brain for like 2 weeks and figured things out pretty quickly. Its amazing how much “fake it till you make it” goes on in MLM’s. Its unfortunate, because if i didn’t feel like i was being fed untrue info or that they were trying to “seem successful” and would have just been real about their situations too, i might have had a different perspective. I would have still left because at the end of the day/week/month/year the numbers don’t lie.

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