In a polished pitch, Michael outlines his 18 year old business and his plans for expansion using a franchise model, having secured nine to date.
Peter Jones wants to know how much he charges and he replies the project fee is £3,000 plus a daily rate for home visits of £300.
Duncan Bannatyne is appalled at Michael's pricing, pointing out that 20 visits would cost £6,000.
Deborah Meaden asserts that she fundamentally doesn't like the product. She knows of two people who have had their memories recorded in this way and the costs rocketed from an initial £3,000 to an eye-watering £10,000. She opines that Michael's business involves buying himself into other people's friendship. She is categorically out.
Things get worse for Michael when Peter Jones asks about the financials. When the Oxfordshire-based entrepreneur volunteers forecast figures for the year ahead of £253,000 turnover with profits of £217,000 Peter is amazed that the total running costs for his business, including salaries, are less than £40,000.
Ruffled, he proposes a different set of figures which causes Duncan Bannatyne to interject and ask him for four simple figures - turnover and profit for Year 1 and Year 2.
The bruised bookman produces four new figures, ones that imply turnover will fall between Years 1 and 2.
A furious Peter Jones suggests Michael would have been better confessing he hadn't a clue. As it is "you've made yourself completely unacceptable as a business concept" and for those reasons he is out.
James Caan wants to know more about Michael's franchise model and when he replies he sold his first franchise 11 years ago, the Dragon witheringly notes he has sold only nine franchises in 11 years. If it was going to take off it would have done so by now, he reaons. James can see neither money or return in the business. For those reasons he is out.
Duncan Bannatyne proposes the franchise model is only viable if the entrepreneur can sell franchises in abundance over a period of time.
Michael protests that he has plans for 100 franchisees producing five books a year. Duncan is dismissive of this and tells Michael that whilst he is doing a good job for those people who want such a service "it's not a business, so I'm out".
It is left to Theo Paphitis to deliver the bon mot to the battered bibliophile. "I would rather invest in an investment banker's pension than invest in this". He declares himself out and Michael leaves the Den without the happy ending he was hoping for.
Personal biography writing and production service.
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The multi-millionaire investors eager to invest in the Den.
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