Pre-Paid Legal has just released their financials for 2010 and the 4th quarter results are truly abysmal. Here’s a screenshot of the numbers…
PPL 2010 Results
During the 4th quarter of 2010, new sales associates enrolled decreased 54.3% to 28,160 from the 61,623 enrolled in the 4th quarter of 2009 and new memberships produced decreased 20.8% to 117,472 during the 2010 quarter compared to 148,248 for the 2009 quarter.
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That is a tough business to build in my opinion.
I know lots of people that have done really well with PPL…but I agree…it seems like they’re having a tough time…
Here’s my two cents:
PPL is still bringing in a significant amount of people – but their problem lies in the fact that the company is at a saturation point in North America.
Normally, this is addressed by expanding to another country – as Amway did along with other massive MLM companies.
However, with Pre Paid Legal – they’re stuck in North America, of course the sales are going to go down.
-dave
Great observation, Dave. So true. Amway could probably have zero sales in the U.S. and still be a $7.5 billion company.
I have a friend from college that joined PPL back in the fall of 2010. Having been in 2 companies that deal with membership sales, I can tell you it’s not easy and I fully expect PPL to struggle from here on. I know both of those other companies are.
Brent