USANA's Dr. Myron Wentz - A True Entrepreneur

I DID IT!!! I have posted my final paper for the semester and I am one class closer to graduating!! Unlike many of my assignments which would probably bore the vast majority of my readers as they go on for 2 or 3 pages about corporate taxes, audits, and internal controls, one of my business classes offered me the unique opportunity to write about an entrepreneur who has been influential in my life, the company they built and their corporate responsibility activities, and the stability and influence of the company throughout the economic crisis. I love when I can combine my many passions into one big project. Ladies and Gentlemen, I present to you the paper I wrote on Dr. Myron Wentz, the founder and visionary of USANA Health Sciences.

Dr. Myron Wentz

“I dream of a world free from pain and suffering. I dream of a world free from disease. The USANA family will be the healthiest family on earth. Share my vision. Love life and live it to the fullest in happiness and health.”

True Entrepreneur

            When the word ‘entrepreneur’ was first introduced to general vocabulary in 1828 it was used to describe an individual who was in-charge of managing theater productions. This can be a hugely daunting task what with needing to organize the actors, the costumers, the promoters, the theater itself and all with the simple business trappings of the era. Leave it to the French to introduce a word that would quickly become a coveted title and a badge of honor as an individual who thinks outside of the box, sees a way that they can make a difference, and builds a business on that vision to provide to the public a product or service they need and demand.

            When it comes to entrepreneurs, one of the most influential men that I have been personally touched by is a man named Dr. Myron Wentz. An internationally recognized microbiologist and immunologist, Dr. Wentz started changing the face of medicine 40 years ago. Taking his desire for improving patient health from the Infectious Disease Clinic to the research lab, he founded Gull Laboratories in 1974 and pioneered studies in cellular development and the prevention of infectious diseases. Over the next few years he developed several viral diagnostic assays including the Barr-Epstein Virus panel which is a key player in the development of several cancers, leukemia, and lymphomas. But Dr. Wentz didn’t want to just treat disease; his vision was to prevent it by promoting health at the cellular level. In 1992, Dr. Wentz sold his share of Gulf Laboratories and founded USANA Health Sciences and working closely with other scientists who shared his vision of building healthy lives and not just treating diseases, he produced a line of high quality, pharmaceutical grade, all natural supplements that were developed to give cells the nutrients they need to keep the body healthy and resistant to becoming infected by bacteria, viruses, and other harmful substances (USANA, 2013). This health focused company has also perfected a line of meal replacement/supplemental shakes that mirror their demand for high quality and can are certified to be kosher, gluten free, GMO free, and low-glycemic so that no matter what your health condition and lifestyle dictates, USANA has a product that is sure to improve your life.

            It is no secret that one of the biggest expenses in a company is the costs associated with advertising and marketing. These expenses often drive the cost of products up even more because of the overhead involved in an effective marketing plan. To eliminate this expense and to enable his products to reach homes everywhere, Dr. Wentz chose to structure his company using network marketing or Multi-Level Marketing (MLM) strategies that give distributors the tools and access to the product and the freedom to share their stories and experiences in ways that best suits their lifestyles. MLM companies encourage their distributors to recruit new customers and distributors by offering them a commission based on the sales/purchases made by these individuals (Investopedia, 2013). Unfortunately network marketing has a negative connotation for the uninformed because of the numerous programs on the market that masquerade as MLMs but are designed to benefit only a select few individuals at the top; the dreaded pyramid scheme. However, unlike pyramid schemes which push joining the team more than the service or product, USANA Health Sciences focuses not on products or even recruiting but on encouraging healthy lifestyles first with the help of a patented, science backed supplement and nutrition line that surpasses even pharmaceutical quality regulations second (USANA, 2013). The USANA marketing program encourages teamwork and unity through a home business that is flexible enough to work with any schedule to facilitate building a healthy home and bank account. Being a USANA Entrepreneur has enabled me to reduce my food expenses by making healthy food choices, a healthier body and significant reduction in pain associated with my chronic illness which in turn as lead to minimal doctor visits and freedom from medications and their astronomical co-pays. I have eliminated all my debt and get to spend more time with my family enjoying a better quality of life and built stronger friendships because of the power of USANA’s products and network marketing plan. Despite allegations and negative press in 2007 about USANA Health Sciences being a pyramid scheme (Forbes, 2007), the allegations were found to be unsubstantiated and in fact, the company has been named “Best Place to Work” by Outsider Magazine five years running (Outsider, 2103) and has expanded to 18 international markets bringing health and wealth to homes around the globe.

            In the spirit of healthy homes, USANA does not stop at the tables where success stories are shared and built every day. Dr. Wentz has a vision of a world free of pain and suffering and built the philanthropic True Health Foundation which takes this vision to those who cannot afford food or medications. Partnering with the Children’s Hunger Fund and the Sanoviv Holistic Medicine Clinic in Baja, Mexico, the True Health Foundation takes all donations and distributes it to Areas of Greatest need which are often the victims of natural disasters and the Children’s Hunger Fund which provides children in the States and around the world the food and natural supplements they need to grow healthy and strong. The mission of the True Health foundation is to “provide the most critical of human necessities – nutrition, clothing, shelter, medical assistance, and health education – to those who are suffering or in need” (True, 2013). Whether donating financially to the cause, volunteering at organizational functions, or promoting weight loss contests with donation incentives to match pounds lost, USANA strives to make a happy and healthy lifestyle attainable for everyone.

The economic markets are strong influencers on the activities and operations of a company, especially for “specialty” item producers, because buyers are easily influenced by what is deemed necessary and this will affect the supply and demand of products dependent on the buyer’s willingness to spend money. One way of seeing how economic markets affect a company is to look into the financial statements and to analyze what operations experienced garnishments in funding, which operations excelled, and how the company performed overall. Despite market crashes and the prolonged lack of stabilities in the economic market, Dr. Wentz has continued to maintain high quality standards he built his company on and because of the cultural trend towards being healthier, company sales continued to rise year after year (USANA, 2013). One of the strongest indicators of company growth is the addition of a 19th global market in Columbia and the company’s new plans to open a manufacturing plant in the Chinese market (USANA, 2013).

Many people consider the final step to financial freedom is to build a solid investment portfolio but USANA Health Sciences does more than just offer stock options. Some of the common reasons that people invest is to increase their own financial position by increasing income and tax advantages as well as boosting the economy (NYSE, 2013). But what if the money you invested into a company improved your health, your wealth, and your future? After the allegations of the company being a pyramid scheme in 2007, Dr. Wentz actually considered taking the public company private again by buying out all of the investors but the board of directors talked him out of this decision. Since then, the company has doubled in size and individual shares are worth $77.58 as of close of the markets on December 20, 2013 (Yahoo, 2013). From and investment point of view, it would seem that investing in Dr. Wentz’s dream of a world free of pain and disease is an investment that will pay off in more ways than just in the pocket book. Better health, financial freedom, and a company that is determined to improve the world around it – seems like a solid investment with very little risk.

USANA associates and customers are seen everywhere living and promoting healthy lifestyles from local parks and schools, to cancer and chronic illness awareness gatherings, to the Olympic medal podium. These people have determined to improve their lives and because of the vision of a true entrepreneur, Dr. Myron Wentz, it is not only a possibility – it can easily be reality. Many entrepreneurs have introduced products and services that I utilize every day, from the Keurig that brews my delicious coffee, to the Hewitt Packard computer were I research homework projects and write blogs to encourage fellow Fibromyalgia fighters, to the company where I work as an office administrator but only one entrepreneur has truly changed my life by helping to improve my health, my wealth, my family, and my friendships. The vision of Dr. Myron Wentz has become my vision too – to share with my world a healthier and pain free life full of adventure, smiles, and love. Here is to my life, my health, my way!

Resources

Forbes (Aug. 8, 2007). Hard To Swallow. Retrieved from the Forbes.com, Inc. webpage:

http://www.forbes.com/2007/08/08/usana-vitamins-marketing-markets-equities-cx_er_0808usana.html

Investopedia (2013). Multi Level Marketing. Retrieved from the ValueClick, Inc. webpage:

http://www.investopedia.com/terms/m/multi-level-marketing.asp

NYSE (2013). Reasons to Invest. Retrieved from the New York Stock Exchange webpage:

http://www.liffeinvestor.com/learning-center/investing-basics/reasons-to-invest

Outsider (2013). The Best Places to Work 2013. Retrieved from the Mariah Media Network,

LLC webpage: http://www.outsideonline.com/outdoor-adventure/best-jobs/best-jobs-2013@gpkg/the-top-100/The-100-Best-Places-to-Work-100-76

True (2013). Relieve Suffering. Retrieved from the USANA True Health Foundation webpage:

http://www.usanafoundation.org/about-us/mission/

USANA (2013). Meet the Founder. Retrieved from the USANA Health Sciences webpage:

http://www.usana.com/dotCom/about/founder

USANA (2013). The Future Already Looks Bright in Columbia. Retrieved from the USANA

Health Science webpage: http://www.usana.com/dotCom/about/ColombiaOpen

USANA (2013). Investor Relations & Corporate Profile. Retrieved from the USANA Health

Science webpage: http://phx.corporate-ir.net/phoenix.zhtml?c=95179&p=irol-irhome

Yahoo (2013). Yahoo Finances, USANA Health Sciences. Retrieved from the Yahoo Finance

webpage: http://finance.yahoo.com/echarts?s=USNA+Interactive#symbol=usna;range=5y;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;