Groupon appoints ace financial duo to its board
Groupon has added two financial experts to its board in a bid to do its accounting right, although investors don't seem too cheered yet. The daily deals site has had a string of embarrassing accounting issues, the latest of which was a restating of its fourth quarter results after what looked like someone not being able to do …
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Hint's of...
...rats leaving the sinking ship and a couple of asset strippers brought in to enrich the top level guys before the whole thing goes bang.
Don't mind
So long as I can keep my orange tan and scary white teeth topped up.
Groupon was great in theory - people clubbing together to get bulk purchase discounts. As soon as services were offered, it was all downhill.
Paris - she's open to offers too.
Mixed Results
I bought a suit - it didn't fit, the supplier couldn't provide an alternative size, I'm yet to be refunded.
I ordered a service - my carpets to be cleaned. Guy turned up, did the job, excellent service, excellent price. He'll get repeat business at a more sustainable rate as his work was excellent. I asked him how me made money on the deal - he said he didn't but it was an effective way of advertising as people got to see how good his service was.
When things are OK, it's fine. When things don't work it's rubbish - who is the actual "seller" ? Groupon take your money, they give you a voucher.... it gets messy.
If you buy a voucher and don't use it and it expires - Groupon keep the money, the provider (seller or service provider) gets nothing. I reckon they make a lot of money from this.
Hey...what a concept!
Employ someone(s) who actually know the financial side of running a business.
Gee...wish I had thought of that.
Re: Hey...what a concept!
the caveat would be- "but don't put them on the board of directors unless you are prepared to suffer death by beancounter."
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