Yep it’s true, Wake Up Now or WUN has officially announced their shut down (at least in the United States).
In an open letter by their CEO, Phil Polich, posted on their Facebook page February 17th, 2015, Polich blasts former CEO Kirby Cochran.
Wake Up Now Shut Down
Well all the signs that there was a problem have been there.
WUN financials have been in question for awhile.
Wake Up Now generated almost $8 million dollars in losses over 2012 and 2013. Significant losses mean commission payments are in jeopardy.
In a Wake Up Now Business Opportunity review I wrote back in July 2014, I provided links to the company’s 2013 income disclosure statement. WUN admitted that a vast majority of their representatives do not make ANY money!
It Gets A Lot Uglier
Wake Up Now has filed a 70 million dollar lawsuit against their former CEO!
If you really want to know what kind of soap opera was going on behind the scenes at Wake Up Now company headquarters then read or download this legal complaint document filed by the company just click here.
Despite their current state of affairs, Wake Up Now vows to right the ship over time.
“We will continue to sell our products, including Awaken Thunder and the WUN Fit line of products. We will diligently work to fulfill all financial obligations of the company. I will continue to work with the creditors and vendors in anticipation of getting all obligations resolved. CEO Phil Polich
Top Three Lessons We Can Learn From Wake Up Now
Despite what has happened there are at least three fundamental lessons we can learn from Wake Up Now’s demise:
1) Always research the company, especially the leadership. Read a lot of reviews and don’t be afraid to ask questions. Don’t just jump all in because of the initial hype!
2) Examine the company product, what makes it unique?
3) Make sure the company compensation plan is sound. Be suspicious if they pay commissions primarily on the recruitment of new affiliates.
NOTE: Wake Up Now’s revenue generation relied on constant recruitment effectively making their business model impractical, to add salt to the wound their 22-page compensation plan was really confusing.
WakeUpNow’s closure is a great example of why it is important to brand YOURSELF and not the company you are affiliated with!
Network marketing companies come and go all the time, just like many brick and mortar small businesses do but what I find especially disturbing with this development is the amount of young people that will be adversely affected by WUN being their first network marketing experience.
Wake Up Now attracted a wave of young entrepreneurs at several colleges and universities.
Many of which dug deep into their pockets in order to get involved in the Wake Up Now business…or the wunlife as they called it!
If you were a WUN rep please keep your head up and do not let this minor stumbling block quench your entrepreneurial spirit and keep you from pursing your dreams of financial freedom.
P.S. Check out my RESOURCES Page to see the programs I recommend and tools I use to generate 20-50 new leads a day!
P.S.S. Not sure what business opportunity is for you, check out what I do to help people get out of debt and make money click here.
Your comments are welcomed below, if you were a Wake Up Now IBO please share your experiences.