CEO of iSold It Dies in Motorcycle Crash
The San Diego Union-Tribune news reports that Kenneth Charles Sully, 58, died Monday night riding his new Ducati motorcycle. He crashed into a Toyota Corolla on Pacific Highway in Harbor View, San Diego.
Sully was the CEO of an eBay drop-off franchise chain, iSold It. He worked as Vice President of Worldwide Franchise Development at controversial Mail Boxes, Etc. He joined iSold It in July 2004 after working for Postal Connections of America.
Founded by Elise Wetzel of Wetzel’s Pretzels, iSold It started selling its first franchises a month after its company prototype was set up to see what retail model might work. The firm sold hundreds of stores quickly. However, by 2006 the chain began seeing considerable problems with store unit profitability. By July 2007, Mr. Sully wrote to iSold It franchisees that “the company has not been profitable since 2004.”
With a growing number of disgruntled franchisees and lawsuits, the firm in 2007 amended their franchise disclosure document, a report that is handed out to prospective franchise buyers, declaring, “the iSold It franchise system is still new and unproven.” Franchise buyers typically buy franchises because they are touted as “proven systems.”
iSold It reported to the Wall Street Journal in January that what remained of the system was 86 stores in 48 states.
The Union-Tribune writes that Ken Sully leaves behind a wife and daughter.
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Related reading:
- iSold It Declares Franchise Concept Unproven
- CEO of eBay Drop-off Franchisor iSold It Dies in Motorcycle Crash, AuctionBytes
- Profitability Elusive for eBay Drop-Off Stores
- Franchise topic:
