CONTESTANT: Hello Sharks, my name is Dave and I want to sell 50% of my company on Shark Tank. We are a signing company that caters to nationwide title companies. We get Notaries around the country to do signings for us, and then keep them waiting forever to get paid to improve upon our cash flow. There is nothing new or innovative about our business practices. It is similar to most other signing companies.
Mr. WONDERFUL: I have a great idea. Since you take forever to pay people who have done work for you, I’ll buy 50% of your business and then take forever to pay you for it.
CONTESTANT: Oh, well, I’m not sure I like that idea.
LORI: If you don’t like being treated that way, don’t treat others that way. What comes around goes around.
CONTESTANT: Well, that’s just the way our industry works. I don’t always get paid on time by title either.
LORI: As I was saying, refer to my last statement.
Mr. WONDERFUL: It seems like you are participating more in the bad karma business than the signing business. Maybe you should change your business model.
MARK: Yeah, perhaps you should pay people a day before they do the work and then they can keep you waiting indefinitely to actually do the work. That is how it is hiring programmers.
CONTESTANT: Please don’t bring up the “p” word.
LORI: The “p” word? Programmers? Why? Did you pay them and then they didn’t do their work? That is a business model for most programming companies in the industry who cater to small clients. That’s why I get an air-tight contract before I hire a programmer to even write a single line of code.
BARBARA: Sounds like you need a better business model. I’m out by the way. But, if you consider paying people upon proof of having finished service by having them fax you a few pages of the work, that might be a reasonable system for having work done and paid for quickly.
CONTESTANT: Yeah. The problem is that if I pay the Notary before I get paid by Title, I might just be out the money.
LORI: That’s a cost of doing business. Pay the Notary whatever you can afford after you calculate the percentage chance that you won’t get paid. At least you will still have good Notaries working for you in this case.
CONTESTANT: Okay. I’m out.
Mr. WONDERFUL: You can’t be out. You’re the contestant. By the way I’m out.
CONTESTANT: Well, it sounds like I’m not going to get paid on time which is why I’m out.
LORI: We could paypal you the funds right away.
CONTESTANT: But, funds can be reversed and the policies are wishy-washy for non-tangibles.
LORI: But, I don’t want anything to do with your type of business model paying people late and not being innovative. Why not a more cutting edge business model where Title is forced to pay within 72 hours of you paying the notary or you either cut them as a client or raise their rates accordingly. You could have the whole pay structure as part of an automated system.
CONTESTANT: Snapdocs is the only intelligent business model these days. The rest of us use technology from the 90’s.
Mr. WONDERFUL: It’s time to get with the times. I’m out. Ooops. I said that already. Oh, running out of time speaking of time. It’s time for our next contestant.
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