In a recent post on Ted Nuyten Facebook about Partner.co a person asked the question:
“Who owns Partner.co and how seasoned is their entire management/investors team? Are they publicly committed and not controlled by bean counters?“
Tim Sales replied and disclosed below information about Partner.co, a private company.
“Yes, let’s have full disclosure and honestly. Technically speaking Partner.Co was not “rescued” out of bankruptcy. The publicly traded company NewAge (not an NWM company) purchased Morinda and ARIIX (both are NWM companies). NewAge, primarily the CEO, did a poor job at managing the company, especially the NWM companies.”
He was more of a promoter than a business technician and spent more money than the company had, thus drove the NewAge company into bankruptcy. It was not the NWM mangers that killed NewAge. The CEO and the Board of Directors killed the company.
“A top-level distributor from Morinda asked his best friend and neighbour (Darren Zobrist) if he would buy the two NWM companies. Darren saw great potential and bought the companies. He is the CEO and the owner (with a few family/friend investors), which means he dictates the terms of the business.”
This isn’t private equity or public equity financing – both can get a NWM company