First of all, a giant thumbs up for this fantastic idea and the audacity to do it. I couldn't wait for every new part of the show, no matter how much critcism I will have later in this text. That's what the show is all about : have a good time, and if it makes you think, even better.
With this review, I would like to point out the vision of a European entrepreneur and stress a few elements that were left out -to my humble opinion - by previous reviewers.
Take the example of Glenn going to the hospital. The man isn't 18 anymore and that was revealed to him in a clear way. He had to vomit over and over again, so he went. Once there it turned out he was dehydrated and not kept warm enough. In Europe, such a visit would have cost you only the money you would have put in the coffee machine. In Europe every country is much different, but nevertheless. I have had surgery on my head for cancer (that's why I feel somehow connected to Glenn) in London : haven't paid a single dime. Of course, a few things reflect in taxes we pay. But the US isn't tax-friendly either.
Because Glenn starts with $ 100, most of the reviewers take it for granted that Glenn must be poor and that he shouldn't have bankaccounts or insurance. This is not necessarily so. Of course, 100 bucks isn't much and it will bring you not very far, but it is just done this way so that everyone can recognize himself in it. To give every body the same start position. Whatever you had or you have, we'll start with 100 bucks.
In reality, nobody starts with 100 $. I opened my registration in commerce with 15 bucks in my pocket. 15 years before, this was enough. However, I was a degreed software engineer. My degree wasn't worth a single dime. But the cost to obtain it, didn't have to go off my 15 bucks anymore, and I could start earning the next month 5000 bucks.
Therefore, I wouldn't criticize Glenn so much on his « Cadillac » health insurance. Nor on his house that he bought - of course - with his own name.
Of course, he couldn't buy it on his artists name. But reviewers forget that we ourselves don't have to buy on our artists' name neither. Therefore, Glenn isn't betraying anybody or his own goal. But, where it deals with the amount of time before you get a house bought : definitely yes, it isn't possible in two days. I believe, not only Glenn did buy the house on his own name, he didn't ask for a loan in the first place, so things could go faster.
This, in Europe, wouldn't be possible, because my wife would have to be involved, there is indeed the scrutiny of your income, the credit records and moreover the obligation that the first house you buy must be the one you will be living in. If you're not a home owner yet, you cannot do a buytosell. The process of buying/selling would also take three to four months each, because the Notary has to do a lot of research.
But, I'm willing to give Glenn on this idea some credit, cause I'm happy as well when my 1 million dollar company would have taken six months instead of three. It's about the idea. Moreover, it's the ribfest that finally paid most.
And there we come to an interesting part. The people who worked at ribfest weren't paid for their work. That was discussed up front, so, okay. What I discovered at the final episode, is that nobody had part of the company. I understood, took for granted, that the people who said yes to the famous question : 'are you in or out ?'would go for an adventure, and if it all worked out, they would have part of the company. But it turned out to my utmost greatest surprise that they got zip. Finding people who are willing to jump in such an adventure, would be very difficult in Europe, not having a part of the company would end up in the strongest expressions of how well you would do by disappearing the fastest possible. And with right, because I feel like this is abuse. No matter the cheques he has written to the people afterwards.
What was interesting, is the message that you first must have enough money to be able to live off, before you can start investing time, energy and money into a new project. That took Glenn crucial days of his 90 days he had, for something that in my eyes is out of the subject. I wanted to see how he was going to build his commpany, not how he could turn 30 dollars in 3000 dollars.
In fact, by choosing the starting money so low, Glenn had to go through very stringent situations, that delivered nice television, but not really a contribution to the project, but it was taking away crucial days. Having chosen $ 500 to $ 1000, would have been as realistic and as feasable for Mr You-and-I. Well, at least the 500.
The most crucial point of the project was actually not the end, but the start. Where he takes the decision to start brewing. I understand the show is for entertainment only, but we were left out of a lot of things here where I was maybe the most interested in.
Yes, there was a small glimpse of somebody of the Gannon University's SBDC, who gave some of the utmost simple market research on beer against coffee. When the team was put together, Matt Sanders of the beer wrote a full business plan, but much more of a few intersecting circles were not seeable.
The thing is that this is not doing business. Brewing takes a huge time for licences, but also a huge investment of infrastructure and know-how. All of these elements need to be taken into consideration before you start. Glenn should have sit together and all of the data should have contributed already to the business plan. In the show, the plan that Matt made came too late and was not the result of mutual work.
Businessplans are more of a European approach, the Americans tend to say :'every businessplan stops with the first customer'. I guess Americans count more on flexibility. But I can't know, because those business angels who always know so well and laugh with us, fundsearchers, also tend not to answer. I have no feedback to do it better the next time. I am very disappointed in the American Venture capital world, for that reason.
Maybe that is the reason also why Americans aren't sure any more about their American Dream. When I first saw that in this show, I was astonished. The Americans really have to do something about that, because without hope, life becomes unbearable. But luckily, Glenn and Discovery do their part !
The second part where the show left us, viewers with business experience, on our hunger is there where the restaurant was chosen as direction to pivot to. Good idea to show what is « pivoting » (for more info, read the book « Lean Startup » by Eric Ries), but a restaurant ? Everybody knows this is a businessmodel with very strict margins. Nobody said anything, and went for it. I suspect television has interfered :everybody knows a restaurant , it's visual and stressy. Plays good on tv.
I find it very coincidence that the timing of a ninety days period fell so perfectly for the Rib Fest, that I practically cannot believe that this is not prepared. « We're creating a rib restaurant, and tadaa : there is a rib festivity in this city, we find rib fest specialists that have time for these underdogs without a single dime : 'too much coincidence is no coincidence'.
What we practically do not see, is the division of the company in three : the restaurant, the selling of the « undergrog » beer, and the selling of the sauces. I did not see until the very latest how a restaurant would get to six figures. Exactly those parts pushing the company over the six figures have been left out (kept secret ?)
I was very curious how this professional would choose the business model of his next company with potential, but ... I don't know : from serving coffee (not enough volume) to brewing beer (too much capital, in Europe : the selling of beer is plummeting) to a restaurant. So many other business models , subjects and opportunities were kept undiscovered.
Valuation goes easily into high figures, but you don't have that in concrete money into your hand. There are hundreds of different calculating methods. Glenn says : « I finally agreed with the inspector on a value of $ 750.000 », and that is what a valuation is all about : that all agrees on it. But I would have developed this to the viewer a bit more. There is clearly a difference in value of a restaurant and a restaurant with a national brand of sauces and beer.
Overall, a good show that was entertaining, made me think, loosened some emotions , made me a bit jealous maybe. I would have made some different choices in the editing clearly. I congratulate Glenn Steurns and his team for their realizations, and wish them all the best.
Review of Undercover Billionaire
