Entrepreneurs - Michael Oke

Michael Oke

Bound Biographies

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Name	Michael Oke
Pitching	Bound Biographies
Investment Required	£75,000
Equity Offered	20%
Brief Description	Personal biography writing and production service.

What happened to Michael in the Den?

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.

The deal done in the Den:

No investment.

What's your view?

Comments

1. At 10:25pm on 26 Aug 2009, JaneLSmith wrote:
I was glad to see that not one of the Dragons was willing to invest in this vanity publisher. His fees are horribly high.

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2. At 3:32pm on 30 Aug 2009, jaycee2 wrote:
nice idea, but'memory books'aren`t really anything new. ive heard of, and seen them used to assist people with early stage dementia-type illnesses. plus as well, the costs of these books were astronomically high-whoever would wish to purchase something so expensive, when very similar can be done for almost nothing?

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3. At 11:18am on 31 Aug 2009, Mrs O wrote:
This publisher got very confused with his numbers, which always annoys the Dragons. He also charges a fortune - and you only receive two books. I'm not surprised the Dragons said no.

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4. At 10:40pm on 03 Sep 2009, U14096825 wrote:
love to put him on his books and put a match to his idea

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5. At 2:59pm on 05 Sep 2009, U14096825 wrote:
why do the BBC put p-p-p-plonkers on the show who only prey on the vulnerable.

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6. At 5:18pm on 19 Sep 2009, Suizette wrote:
I'm relieved that none of the dragons invested in Michael Oge. Being a writer I know that any reputable publisher would not expect an author to pay for their book to be published, the publisher would pay the author. I have been on Mr Oge's website and read the press releases dated back to 1997, it is without doubt that Mr Oge is a vanity publisher, although he states otherwise. He charges £300.00 for a meeting and £3,000 for publications which will have no media coverage and in his words are not meant for mass market. Books published by a vanity publisher will never make the shelves of the high street book shops, and that includes the books of Michael Oge.
To all you authors out there writing you family history do not pay for your book to be published, as you will only be asked to part with huge amounts of money for virtually nothing in return. If you watched the show you will know that the lady dragon admitted that friends of hers parted with £10,000 for nothing. That must tell you something about paying for your work to be published. Michaerl Oke has a article published in a writing magazine that I purchase every month. I'm horrified that a magazine that is supposedly to help writers get published, should publish an article on a vanity publisher. I will be writing to this magazine with many questions and proof that Michael Oge is a vanity publisher.
I watched that programme and his finished products are rubbish.
I will also be writing to Michael Oge with a few home truths about his firm Bound Biographies.
PLEASE DO NOT PAY FOR YOUR BOOK TO BE PUBLISHED.

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7. At 9:02pm on 22 Oct 2009, helden89 wrote:
Suizette mises the point. Michael Oge isn't a vanity publisher - they take a writer's completed work and charge a fee to print a number of books, which the writer then has to sell to recoup their outlay.

Michael Oge writes the book himself with his customer's help and charges for the finished product. It's very expensive but if you're a rich egotist or want to buy a special present for someone it's an alternative to a sports car or world cruise.

I really can't see any cause for anger. He's upfront about what he charges and what the customer gets in return.

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