[LTPC-discussions] What this is really about!
S T Cuscovitch
ltpc-disc@ltpcalums.com
Thu, 19 Jun 2003 12:12:45 -0400
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Good questions posed=20
Now -- from an LTCP "newbie's" perspective (hired late Oct 2002).=20
Though I have very little [financial] at stake, I can understand the =
anger of non-vested agents who spent months/years to build a book of =
business.
Addressing question #7:
=20
<...7. Agents hired after the summer never had a chance. What were =
they working for if they could never have been able to get vested?...>
"Early indicators" (post hire) suggested to me that LTPC was NOT a =
(riskless) long-term opportunity:
[1] When 1st reading contract (at the time of Nashville training), the =
clause "...following termination of employment for any reason" (Section =
V) and employee at-will clauses (Section VII) gave me "no assurances" =
re:long-term vesting opportunities. Therefore, given the nature & tone =
of the contract, I never viewed LTPC as other than a short-term =
opportunity to generate immediate income, acquire training (which I =
thought was very good), build additional field experience, work with =
other LTC specialists, etc.=20
=20
[2] Lead quality. It became evident within 2 - 3 weeks that lead quality =
(at least in Connecticut) was far less than what was hoped for, with a =
preponderance of "Direct Mail", dated affinity leads, or "new" leads =
often furnished after a prospective client purchased from someone else =
months ago. =20
[3] Ramp-up in hiring (w/o corresponding revenue uptake) is usually a =
tell-tale red-flag of an enterprise on its "last hurrah". Have seen this =
so many times. Did LTPC's business model/strategy simply fail? Was LTPC =
profitable? And how was the business of Long Term Care ever a logical, =
strategic fit to Cendant or Progeny?
[4] Issue of Minimum Production Requirements (contract Exhibit C): Did =
LTPC follow through on Terms & Conditions on Agent's commitment (of =
appointment, premium submission, other quotas) for underperforming =
agents? I'm guessing "no". If correct, why would underperforming (new or =
old) agents have been kept on the payroll to the detriment of LTPC and =
its successful agents? If I were an agent approaching vesting and knew =
the company hired agents and many of these were underperforming & not =
cut loose per (the same) performance standards (as my contract), I'd be =
asking a lot of questions about "fiduciary responsibilities".=20
And finally, a small red-flag during training, quoting from a previous =
poster ---
"...I didn't like it when Lance Gish said this at sales school, but I've =
come to believe it. He said, "You folks wouldn't be here if you had =
everything going for you"
When I heard this tacky statement - led me to believe that new hires =
(ie. sheople) were being used for some ulterior business motive. Just =
call it "intuition".
<...Think! Did you have any conversations with agents or support staff =
about LTPC closing? Did you hear rumors about LTPC closing? Do you =
think you were mislead by LTPC? Write down this information. Make =
notes of who you spoke with and when...>
Conclusions above reached by inference/experience & discussions with =
other agents. =20
----- Original Message -----=20
From: ShampooRic@aol.com=20
To: ltpc-disc@ltpcalums.com=20
Sent: Thursday, June 19, 2003 11:07 AM
Subject: [LTPC-discussions] What this is really about!
To all LTPC Alums: Agents, Home Office Staff, Management, all of you. =
Because this affects all of you.
I have watched the postings on here and I decided to spell it out to =
all of you what we are really talking about. So take a few moments and =
read this. =20
There is one main issue here. It is not the fact the a company wants =
to shut down and close its doors. I owned businesses and sold them and =
closed them over the years. If the company was losing money and needed =
to close its doors I can understand that. If it needed to be sold off I =
can understand that too.
The issue here that affects all our lives is;
1. Was this decision to close LTPC made recently like they want us to =
believe, or was this decided back in the summer last year? =20
2. Did we keep working toward a goal, a future with LTPC without the =
knowledge that it was going to close?
3. Were there agents, management, home office staff that knew that we =
were going to close almost a year ago, and because they had this =
knowledge were able to plan their future? A lot of very good agents =
left after the summer or were aware and were able to plan.
4. At the conference last year agents gave speeches of how great the =
company was but after the summer they were gone. Did they know or were =
some people privy to information of the closing of LTPC and were able to =
plan their future and leave that we did not have?
5. Why expand the company over the last two years and bring in =
hundreds of agents and then pull the plug after telling us what a great =
future we have ahead of us before we get vested?
Comment: In defense of LTPC, perhaps a business decision or strategy =
gone bust.=20
6. Agents that were vested would you have stayed with the company if =
you knew it was going to close? Would you have left early?
7. Agents hired after the summer never had a chance. What were they =
working for if they could never have been able to get vested?
8. Agents were hired after January and were trained locally because =
they were terminating the training staff? Those new hires had their =
time wasted and could have been working for another company? Why were =
they hired? Maybe to give the impression that everything was OK?
9. Was LTPC really trying to find a buyer? Did they hire a firm to =
evaluate the company and to seek buyers?
10. Why couldn't they just change our contracts and turn everyone =
into 1099 employees, eliminate training staff, eliminate managers and =
become a brokerage like LTCR or LTCA, keep the affinity groups and pay =
us a higher commission? Was this ever an option?
These are some of the issues that are important. This is not about a =
company closing. Was there a decision to close the company last summer =
and at the same time hire new agents, and have us believe that things =
were normal and everything was fine? =20
Think! Did you have any conversations with agents or support staff =
about LTPC closing? Did you hear rumors about LTPC closing? Do you =
think you were mislead by LTPC? Write down this information. Make =
notes of who you spoke with and when. =20
I repeat this is not an issue about a company closing. This is about =
if there was a decision to close down last summer and mislead us. To =
close down before this large group of agents became vested. =20
Would like to hear your thoughts on this.
I wrote this because I see that some have lost site of the issues and =
that is not good. I have moved on, do not spend more that ten, fifteen =
minutes a day on this at the most. I have work to do and appointments =
to keep, but I am starting over and learned now that anything I write is =
vested on day one.
Richard Moore=20
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<DIV><FONT face=3DArial size=3D2>
<DIV><FONT face=3DArial size=3D2>Good questions posed </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Now -- f<FONT face=3DArial size=3D2>rom =
an LTCP=20
"newbie's" perspective (hired late Oct 2002). </FONT></FONT></DIV>
<DIV> </DIV>
<DIV>
<DIV><FONT face=3DArial size=3D2>Though I have very little [financial] =
at=20
stake, I can understand the anger of non-vested agents who =
spent=20
months/years to build a book of business.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV>Addressing question #7:</DIV>
<DIV> </DIV></DIV>
<DIV><FONT face=3DArial size=3D2><...7. Agents hired after the =
summer never=20
had a chance. What were they working for if they could never have =
been=20
able to get vested?...></FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>"Early indicators" (post hire) =
suggested to me that=20
LTPC was NOT a (riskless) long-term opportunity:</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=3DArial size=3D2>[1] When 1st reading contract (at =
the time of=20
Nashville training), the clause "...following termination of =
employment for=20
any reason" (Section V) and employee at-will clauses (Section VII) gave =
me "no=20
assurances" re:long-term vesting opportunities. Therefore, given the =
nature=20
& tone of the contract, I never viewed LTPC as other than a =
short-term=20
opportunity to generate immediate income, acquire training (which I =
thought was=20
very good), build additional field experience, work with other LTC =
specialists,=20
etc. </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>[2] Lead quality. It =
became evident=20
within 2 - 3 weeks that lead quality (at least in =
Connecticut)=20
was far less than what was hoped for, with a preponderance =
of "Direct=20
Mail", dated affinity</FONT> <FONT face=3DArial size=3D2>leads, or =
"new"=20
leads often furnished after a prospective client purchased from =
someone=20
else months ago. </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=3DArial size=3D2>[3] Ramp-up in hiring (w/o =
corresponding=20
revenue uptake) is usually a tell-tale red-flag of an enterprise on its =
"last=20
hurrah". Have seen this so many times. Did LTPC's business =
model/strategy simply=20
fail? Was LTPC profitable? And how was the business of Long Term Care =
ever a=20
logical, strategic fit to Cendant or Progeny?</FONT></DIV>
<DIV> </DIV>
<DIV>[4] Issue of Minimum Production Requirements (contract Exhibit C): =
Did=20
LTPC follow through on Terms & Conditions on Agent's commitment =
(of=20
appointment, premium submission, other quotas) for underperforming =
agents? I'm=20
guessing "no". If correct, why would underperforming (new or old) agents =
have=20
been kept on the payroll to the detriment of LTPC and its successful =
agents? If=20
I were an agent approaching vesting and knew the company hired agents =
and many=20
of these were underperforming & not cut loose per (the same) =
performance=20
standards (as my contract), I'd be asking a lot of questions=20
about "fiduciary responsibilities". </DIV>
<DIV> </DIV>
<DIV>And finally, a small red-flag during training, quoting from a =
previous=20
poster ---</DIV>
<DIV> </DIV>
<DIV>"...I didn't like it when Lance Gish said this at sales school, but =
I've=20
come to believe it. He said, "You folks wouldn't be here if you had =
everything=20
going for you"</DIV>
<DIV> </DIV>
<DIV>When I heard this tacky statement - led me to believe =
that new=20
hires (ie. sheople) were being used for some ulterior business =
motive. Just=20
call it "intuition".<BR></DIV>
<DIV><...Think! Did you have any conversations with agents or =
support=20
staff about LTPC closing? Did you hear rumors about LTPC =
closing? Do=20
you think you were mislead by LTPC? Write down this =
information. =20
Make notes of who you spoke with and when...></DIV>
<DIV> </DIV>
<DIV>Conclusions above reached by inference/experience & discussions =
with=20
other agents. </DIV>
<DIV> </DIV></FONT>
<DIV>----- Original Message ----- </DIV></DIV>
<BLOCKQUOTE=20
style=3D"BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: =
0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A href=3D"mailto:ShampooRic@aol.com"=20
title=3DShampooRic@aol.com>ShampooRic@aol.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
href=3D"mailto:ltpc-disc@ltpcalums.com"=20
title=3Dltpc-disc@ltpcalums.com>ltpc-disc@ltpcalums.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, June 19, 2003 =
11:07=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [LTPC-discussions] =
What this is=20
really about!</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><B>To all LTPC Alums: Agents, Home Office =
Staff,=20
Management, all of you. Because this affects all of =
you.<BR><BR>I have=20
watched the postings on here and I decided to spell it out to all of =
you what=20
we are really talking about. So take a few moments and read =
this. =20
<BR><BR>There is one main issue here. It is not the fact the a =
company=20
wants to shut down and close its doors. I owned businesses and =
sold them=20
and closed them over the years. If the company was losing money =
and=20
needed to close its doors I can understand that. If it needed to =
be sold=20
off I can understand that too.<BR><BR>The issue here that affects all =
our=20
lives is;<BR><BR>1. Was this decision to close LTPC made =
recently like=20
they want us to believe, or was this decided back in the summer last=20
year? </B></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><B></B></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><STRONG><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF">2. Did we keep working toward a goal, a =
future with=20
LTPC without the knowledge that it was going to=20
close?<BR></FONT></STRONG></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><STRONG></STRONG></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><STRONG>3. Were there agents, management, =
home office=20
staff that knew that we were going to close almost a year ago, and =
because=20
they had this knowledge were able to plan their future? A lot of =
very=20
good agents left after the summer or were aware and were able to=20
plan.<BR></DIV></STRONG></FONT></FONT>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><STRONG>4. At the conference last year =
agents gave=20
speeches of how great the company was but after the summer they were=20
gone. Did they know or were some people privy to information of =
the=20
closing of LTPC and were able to plan their future and leave that we =
did not=20
have?<BR></STRONG></FONT></FONT><FONT face=3Darial,helvetica><FONT =
face=3DArial=20
lang=3D0 size=3D2 FAMILY=3D"SANSSERIF"><BR><STRONG>5. Why expand =
the company=20
over the last two years and bring in hundreds of agents and then pull =
the plug=20
after telling us what a great future we have ahead of us before we get =
vested?</STRONG></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><B></B></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><B>Comment: In defense of LTPC, perhaps a =
business decision=20
or strategy gone bust. </B></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><B><BR>6. Agents that were vested would you =
have=20
stayed with the company if you knew it was going to close? Would =
you=20
have left early?<BR><BR>7. Agents hired after the summer never =
had a=20
chance. What were they working for if they could never have been =
able to=20
get vested?<BR><BR>8. Agents were hired after January and were =
trained=20
locally because they were terminating the training staff? Those =
new=20
hires had their time wasted and could have been working for another=20
company? Why were they hired? Maybe to give the impression =
that=20
everything was OK?<BR><BR>9. Was LTPC really trying to find a=20
buyer? Did they hire a firm to evaluate the company and to seek=20
buyers?<BR><BR>10. Why couldn't they just change our contracts =
and turn=20
everyone into 1099 employees, eliminate training staff, eliminate =
managers and=20
become a brokerage like LTCR or LTCA, keep the affinity groups and pay =
us a=20
higher commission? Was this ever an =
option?</B></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 size=3D2 =
FAMILY=3D"SANSSERIF"><STRONG>These are some of the issues that are=20
important. This is not about a company closing. Was there =
a=20
decision to close the company last summer and at the same time hire =
new=20
agents, and have us believe that things were normal and everything was =
fine? <BR><BR>Think! Did you have any conversations with =
agents or=20
support staff about LTPC closing? Did you hear rumors about LTPC =
closing? Do you think you were mislead by LTPC? Write down =
this=20
information. Make notes of who you spoke with and when. =
<BR><BR>I=20
repeat this is not an issue about a company closing. This is =
about if=20
there was a decision to close down last summer and mislead us. =
To close=20
down before this large group of agents became vested. =
<BR><BR>Would like=20
to hear your thoughts on this.<BR><BR>I wrote this because I see that =
some=20
have lost site of the issues and that is not good. I have moved =
on, do=20
not spend more that ten, fifteen minutes a day on this at the =
most. I=20
have work to do and appointments to keep, but I am starting over and =
learned=20
now that anything I write is vested on day one.<BR><BR>Richard=20
Moore</STRONG></FONT> </FONT></DIV></BLOCKQUOTE></BODY></HTML>
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