Another Sign Of YTB's Move To Legitimacy

In a prior post, I discussed my conversation with Andy Cauthen and held the opinion that YTB may indeed be looking to turn things around and go legitimate.

Today, is another step in that direction.  They are eliminating the "travel agent ID card" that was such a selling point (albeit a false one) to the MLM recruiters.

On June 22, you received a letter from First Travel Alliance. In that communication they offered several levels of partnership where you are in control of your destiny and the exciting advantages available to you in the world of travel!
As a part of the transition to First Travel Alliance, we will discontinue the production of the YTB Credential Card as of August 1, 2012. After careful evaluation and communication with our partner, FTA, we deemed this to be the most prudent decision to continue to do our part in becoming the most respected name in the travel industry.Furthermore, FTA encourages you to strive to complete your CLIA certification, which is well respected throughout the industry. We appreciate your understanding and cooperation.

Will Coach's Followers Put Their Money Where Their Mouth Is?

After Coach Tomer's announcement yesterday that he and his wife filed for personal bankruptcy, his Facebook page began to fill with comments from his supporters lauding his bravery, generosity, vision, etc. One commenter, even said that it was time for them to give back.

Hey YTB'ers! It's time to give back. Let's get to work!!!!!

While many in YTB would like to believe that there were thousands upon thousands who made a lot of money with YTB, the truth is that a relatively small number actually did.  This number is hard to define since most pople involved in the program are instructed to "fake it till you make it."

But, without a doubt, YTB did make a lot of money for quite a few people. Even Coach had a program  in 2008 to make 10,000 millionaires in 10 years.  I wonder if these folks will put their money where their mouth is and truly give back to the man who "gave them so much?"

According to his bankruptcy filing, he and his wife have assets of $271,808 with liabilities of $3,863,026.  The Federal Gift Tax Exemption (2011) is $13,000 for an individual and $26,000 for a married couple. Will  those whom Coach help make those millions be willing to write a tax free check to Coach to lift him from this bump in the road? The difference between assets and liabilities is only $3,591,218--or 276 people....or 138 couples.  If 276 people each wrote a check to Coach, he could accept the gift without any tax implications and there would be no tax implications on the giver (except a reduction in the $5m lifetime gift exemption).

Imagine the numbers who could make a smaller contribution. According to YTB's reporting on the Travel Weekly Power List, there are 12,000 people in the program. If each one wrote a check for $299.27 (less than it cost to get into the program--and certainly they have made much more than that [wink,wink]) Coach's problems would be solved.

Coach Tomer Files For Bankruptcy

YTB Founder Lloyd "Coach" Tomer announced to his Facebook page that he and his wife have filed for bankruptcy.

Good Morning, Good Morning! Miss Chriss and I have recently taken a significant financial step that I want you to hear about from me. We filed for personal bankruptcy this past week. As you know, we have given our all to this company and will continue to give our all to this company. With tough economic times and everything YTB has gone through in the recent past, our resources have dried up. However, we are good, healthy and focused on not only our future, but also we are committed to help you build yours. Love ya'll! Thank you for your continued support as we build YTB to new heights! Have a WONDERFUL Tuesday!