WorldVentures in negotiations with Seacret Direct?
As reported in our article earlier today, WorldVentures has just laid off more than 50% of its remaining staff.
Clause 2a. in the separation and release agreements, as provided to laid off WorldVentures employees, appears to confirm WorldVentures is in the process of being acquired by Seacret Direct.
BehindMLM first became aware of rumors WorldVentures was in negotiations with Seacret Direct just over a week ago. We didn’t report anything as we had nothing concrete to publish.
The separation and release agreements provided to WorldVentures employees blames the “global economy” for its demise.
Due to an unanticipated and dramatic major downturn in the global economy which was not reasonably foreseeable, in particular Coronavirus (COVID-19) WorldVentures Services, LLC has implemented a reduction in force, effective 11/6/2020.
Laid off WorldVentures employees are being paid their salary for 8 weeks, ending on January 1st, 2021.
Section 2a. of the agreement, pertaining to “compensation owed”, states;
If you enter into any relationship with Seacret Direct LLC (or any of its affiliates) including employment, consulting, or any other financial relationship before the end of your separation period (while your separation payments are being made), this agreement is terminated, and no more payments will be made.
It is unclear why WorldVentures doesn’t want any of its employees migrating over to Seacret Direct.
Considering the agreement also states WorldVentures ‘desires to assist (employees) in (their) transition to new employment’, it seems odd Seacret Direct wouldn’t take on any staff.
The only reason I can think of is any potential positions are being reserved for retained WorldVentures’ staff and executives.
Unfortunately we don’t know the current status of negotiations between WorldVentures and Seacret Direct. Nor if there are any other parties also in negotiations.
In addition to an acquisition, WorldVentures is also rumored to be either bankrupt or on the verge of bankruptcy. I haven’t yet been able to confirm that.
Worryingly, I believe WorldVentures affiliates are being kept in the dark. I’m not aware of any communication from WorldVentures corporate to the field.
Update 15th November 2020 – WorldVentures has confirmed its acquisition by Seacret Direct in a corporate webinar.
Update 23rd December 2020 – WorldVentures filed for Chapter 11 bankruptcy on December 22nd, 2020.
I believe this was going on already for a while as the distributors of World Ventures are now promoting also the Seacret Direct products besides the travel discount subscription.
So it might be the next logic step of 2 companies that haven’t been performing to well lately.
Rumors circled that Seacret Direct was even thinking on going on Amazon to increase their sales. If that happens it’s like putting the knife into the back of their network.
Former Seacret’s founder Betty Perez joining Jeunesse as President of NAM markets.
My read on this is that if a WorldVentures employee gets a gig with the company (Seacret) that is acquiring WV, then WV doesn’t owe them any more severance pay. They might consider it double-dipping from Secret, since Secret is taking on WV’s debt obligations.
Or maybe you’re right and they just want to cut everyone loose because neither they nor Seacret can afford them anymore. I can’t say I care one way or another.
A former colleague had an insightful observation regarding mergers like this one: “You don’t merge two weak companies and create a strong one.”
He said that nearly 30 years ago, and I’ve seen it come true again and again: two failing companies merge and create a larger company that fails a little later.
The field is and has been in full understanding of what has taken place. Travel was hit hard by covid and in order to remain solvent acquisition was necessary.
Most of the field is extremely happy of this move and the way it was handled…. obviously many from corporate would be let go with severance but to maintain the dignity of the DreamTrips product others would remain on.
As a long time member of the company I feel it’s a good move to finally get a good business side to what has always been an amazing product.
The company has for a long time lacked the corporate office to elevate them to higher levels and now with seacret at the helm the sky is the limit.
Very easy to pretend affiliates were informed within 24 hours of WorldVentures finally releasing a video.
The fact of the matter is affiliates were kept in the dark up until today. All you had to go on were rumors and leaks.
WorldVentures’ non-payment of commissions dates back to 2018, long before covid. And affiliates who aren’t getting paid aren’t going to be happy.
I get you’re trying to salvage a shit sandwich but it is what it is.
I can confirm that the majority of the company had no clue until late october and as of yesterday many still did not know. The company still owes millions in back pay including myself. They are using Seacrets to erase their debt. I was told clearly by senior leadership in the company and heard it from Wayne’s mouth that if you left you will not be getting back pay.
It’s a shame that much of the information you reported is untrue. Prior to the merger Seacret was a me, er benefit. WV DreamTrip members members had the ability to purchase Seacret products at the VIP discount price.
WV representatives were not allowed to market Seacret. Some report back pay is still owed, but they aren’t disclosing why or the part that played in why they weren’t paid.
When mergers of any type of companies occur, it’s not announced until its at a point where disclosure would not jeopardize its completion.
Affiliates at certain levels were informed prior to November 14. I’ve been an independent rep and DreamTrip member so early 2014. It’s an outstanding company, with outstanding leadership that cares about their reps and their members.
The travel industry was hit hard by COVID, including WV, which like most companies had to may difficult decisions, including layIng off employees.
I am excited about the merger, it truly makes for a powerful company each company bringing something that the other lacked.
Don’t take my word for it, watch as these combined 2 Top 100 MLMs become the #1 MLM in the world.
Cool. What does that have to do with WorldVentures not informing their affiliates of the acquisition or not paying commissions since 2018?
It was announced to corporate and “top affiliates”. As I understand it rank and file affiliates have still not been informed?
They’d only know because of leaks such as what we’ve published here, as well as internal gossip among WorldVentures affiliates.
No doubt, but we’ve been documenting WorldVentures financial woes since 2018. And Josh Paine abandoned ship (still no official explanation) before COVID truly took hold.
COVID has had an effect on the travel industry, it’s also a convenient scapegoat that hastened the inevitable.
Well then you’d know all about WorldVentures jumping from country to country as recruitment collapses. And all of the pyramid regulatory warnings. So why deny it?
One thing I haven’t touched on in my reporting is Seacret Direct being in decline for most of 2020 (Alexa).
After whatever hype is generated by the acquisition dies down, then what?