Nancy Bush lost her husband five years previous to their Shark Tank pitch and created a celebration for him, which led to other people asking how they could do the same thing. My Wonderful Life helps you preplan funerals and is being pitched in Shark Tank Season 3.
My Wonderful Life plans Mr. Wonderful's funeral on Shark Tank
The My Wonderful Life demonstration used Mr. Wonderful to plan his funeral in their presentation. Clients can utilize an insurance company through their website allowing them to prepay for their funeral.
The most significant problem that Nancy and Sue have is the website is online for three years coming into the Shark Tank and has no revenues despite being an eleven billion dollar industry. They will make a 5% commission when they start making money, despite having 7,000 users on the site.
Kevin loves the dead guy business, but what is the path to revenue? They claim twenty-five percent of the people pre-pay. That usually happens to go through the funeral homes direct.
Forty percent of their members say they want to prepay, but they haven't done anything to create revenue.
My Wonderful Life estimates that with $100,000 they will get 25,000 members based on a $4 acquisition cost. But, what good are 25,000 members without any revenue? They keep talking about revenue, but they don't do anything to generate and prove that clients will buy.
What do the Shark Tank Investors say about My Wonderful Life?
- Mark Cuban Doesn't like their business model, and they have no exclusivity with the insurance underwriter. He is out.
- Daymond John thinks he will probably be dead before he sees his money back, he is out.
- Kevin O'Leary doesn't see anything proprietary, and with no revenue, he is out. There is no path to revenue in the business plan.
- Barbara Corcoran tells them they have not tested anything yet, and she is out.
- Robert Herjavec tells them you have tested getting users, but you haven't monetized it yet. He is out.
My Wonderful Life after Shark Tank
My Wonderful Life website and service is still active online. The service is still free, and they do have a few posts on their Facebook page, but you would think they would have more if they were promoting their business.