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Better Together
Editorial Reviews
Amway Parody Press Rich DeVos, cofounder of Amway battled the abuses of the king pin distributors like Dexter Yager, Bill Britt, and Ron Puryear for years. In 1982 Rich stepped out on a limb and published the directly speaking tapes to try to reign in the abuses in the Amway motivational tools businesses. The turmoil created an astonishing 25% drop in sales for Amway in that year. This book analyzes DeVos's handling of the event and the subsequent realization that saving his corporation from collapsing sales was more important than his commitment to free enterprise and helping the little get ahead in life. Free enterprise and free exploitation was at least saved for the King pin distributors. If you want to be successful, effective and influential like Rich DeVos, then you need to overcome some obstacles, and tough ethical choices," advise the authors. The secret to DeVos's success? He is a man who can see the writing on the wall and can exploit the opportunity at hand. Rich subsequently let the king pin distributors have their way. Amway and the King pins motivational businesses subsequently thrived. Amway became a 6 Billion dollar company all while millions of Amway distributors lost hundreds of millions of dollars due to the bogus "success systems" marketed by the King pins. Also detailed, is Amway's successful floating of the Amway Asia Pacific (AAP) stock offering for 15% of the company. Trading opened at $28.88/share. AAP's performance dropped off in 1998 and 1999 and the stock tanked. However Amway knew something positive might be coming that the minority stockholders did not know. Due to Amway's majority holding, they were able to force the minority share holders to tender their 8.5 million outstanding shares for $18/share, $10 less than when the stock first opened six years previous. The buy back was announced on Nov 11, 1999 surprisingly just before the November 15, 1999 breakthrough agreement to which the U.S. supported China's entry into the World Trade Organization ("WTO"). Amway was able to pocket about $80 million on the fallen stock price and have complete control of the company again. In 2004 China's sales accounted for almost 20% of Alticor's revenue and exceeded $2 billion. DeVos surely knows how to sell high and buy low. DeVos, like other business leaders, has had his share of business scandals. Amway was charged in Canada with evading duties and taxes by using false invoices to misrepresent the value of its products being shipped across the border. Rich DeVos and Jay Van Andel plea bargained to dismiss criminal indictments against them and instead the Amway Corporation and Amway of Canada Ltd plead guilty to criminal fraud and tax evasion and pay C$25M fine. Canada sought C$148M in back customs duties, taxes and penalties. In 1979 Amway was also ordered by the Federal Trade Commission to stop making exaggerated income claims and stop engaging in price fixing for its products. Again in 1986 the FTC fined Amway $100,000 for violating the 1979 order to stop making exaggerated income claims. In a climate of unscrupulous and unethical business leaders, DeVos is a shining example. Copyright © Amway Parody Press. All rights reserved.Product Product Details
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