Side B

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We are now going to open it up to my fun time. This is special time, as my children would say.
And I am married to the same woman for 23 years.

I've been married three times to the same woman. We've renewed our vows twice. I have a 14-
and-a-half-year-old son who's going on 30.

I have a 13-year-old son who's going on 9. And I have a 9-year-old daughter who's going on 40.
And, um, so I, that part of my life is fairly normal. We're going to open it up to questions.

And the, and raise your hand. The mic will come to you. By the way, the reason that my, I,
normally, because, for edit expense, I use, um, athletic metaphors and sexual metaphors.

Why? Well, looking at this audience, I'm not so sure everybody understands the sexual
metaphors. But, but I know you understand the athletic ones. At least the guys do.

Okay? And maybe some of you understand the sexual metaphors. But that's why I do those two
metaphors. Because everybody understands them.

Almost everybody. Okay. Raise your hand if you've got questions.

I'll come and have drag some questions. This young lady in the front row. You said something
about two mentors.

Would that be Jerry Orman and Jim Stewart? And how would one go about meeting them? Jerry
Orman and, uh, Jim Newman. Jim Newman. Jim Newman lives in, uh, North Hollywood.

He's semi-retired. His name's in the book, phone book. He was my mentor for getting my head
screwed on straight.

He's still a good friend of mine. Uh, he wrote a book that, one of the books I recommend. It's
called Release Your Brakes.

How many have driven a car with the emergency brake on in your lifetime? Now, see, now the
young kids, because you can't drive with the emergency brake on. Okay. Now, when you're
driving with the emergency brake on, the car is sluggish, right? It's bad for the brakes.

It's bad for the transmission. It's bad for the universal, everything. And when you pull that
emergency brake seal off, what happens? The car surges with power.

Most of us, and this is one of the premises of this philosophy, most of us through our life, our
lives have been going through life with the emergency brake on. Women have the emergency
brake on more than men. Keep your legs together, don't you, Dom? You'll look like a slut.
All the crap that you raised as a woman growing up, which is almost the crap. Now, I have a
daughter who, unfortunately, they say is a little me. Now, it's hard for me to imagine a woman
me.

Of course, Lucinda Burke is very much like I am, and I'm old enough to be her father. The
young woman that I talked about earlier, but it's releasing that baggage that we've been
trained with. More women for women than men.

And his book helped me redefine my definition of success. He's a great public speaker. He's a
great guy.

Another one of his protégés is Dennis Waitley. He's got a stable, Jim Newman's stable is second
to none. I believe he's the coach, the joint chief of staff.

I mean, this is virtually IBM. He came out of IBM about the same time Ross Perot did. Jerry
Orman is my other mentor.

He lives in Delaire. I believe Jerry's name is in the book as well. He lives in the ninth floor of the
Bel Air Country Club.

He's like a second father to me and my wife. He's a great guy. He was my mentor in the energy
business.

And most of the mistakes I didn't make were because of Jerry Orman. Another question. Jose.

Dan, one thing that you mentioned is about deal flow. But what a lot of people probably don't
seem to understand is sometimes they'll go try to do one deal, it doesn't work, and they stop.
And obviously, you know, it takes a lot more than one deal sometimes to make something.

You will have to try, unless you're extremely fortunate, you will have to try five or ten or twenty
or thirty before you do one. It's like, you've heard the story, if you stand on the corner and you
ask enough women, will you go to bed with me, one will say yes. Right? You've heard that.

I've actually seen that happen before. I was on the corner 55th and something in Manhattan,
and a friend of mine that will remain nameless because his wife may get a hold of this tape, the
16th woman that went by, she got spit on, slapped, kicked, but the 16th woman said, your place
or mine? If you ask enough people to loan you money, if you ask enough people, can I buy your
company, I mean, somebody will say yes. What happens in life is that we ask one or two or
three, and then we stop because the fear of rejection and all the things that are inherent, lack
of self-esteem, lack of self-confidence.

High performance people have a great deal of self-confidence. Nobody loves Dan Pena more
than Dan Pena. If my wife were here today, she would say, I worship the ground Dan walks on,
but my love for Dan compared to Dan's love for himself is transitory, it's nonexistent.

All the high performance people that I know and all the high performance people that I've
alluded to all have, unfortunately for a lot of us, huge egos, but we all like ourselves a great
deal. It's extremely difficult, it's not impossible, but it's extremely difficult to be a high
performance person and not like yourself, and not everybody likes themselves. Next question.

Dave. I'm in the process of applying to any type of company, and I have my professionals that
are pulling deals my way. Is there some things that I can do to step it up, to proactively hunt for
companies? Any suggestions that I can take? Yeah.

The Wall Street Journal, the Business Journal, the major newspapers, the New York Times, the
LA Times, if you're here, whatever state, you know, the Houston Chronicle, if you're from
Houston, Texas, all those newspapers, the LA Business Journal, the Houston Business Journal,
the San Francisco Business Journal, those business journals are in most of the major cities, are
all conduits of transactions. You've got to call them, though. You cannot put them under your
pillow and by osmosis, these people will know that you want to do business and they will call
you, that won't happen.

At least it hasn't happened to me because I've tried that method 20 or 25 years ago, that
method doesn't work. There are, in addition to the accounting firms, the law firms, et cetera,
that we've talked about, there are the investment banking firms, the brokerage firms, most of
which will work on a contingency basis and funnel you deals. We have a guy named Lenny
Nock, he's a pilot for USAir.

His claim to fame is that he was the Bachelor of the Month five or six years ago in
Cosmopolitan, and this is a guy about two foot six, and how he ever got to be Bachelor of the
Month. The level of macho men in the country is not what it used to be, I guess. But, I mean,
this guy has put together an investment, forgive me, Lenny, because you'll be listening to this,
I'm exaggerating what you look like a little to make a point, but this guy's put together an
investment banking team with no money and a deal flow with no money better than I did 20
years ago and I came out of Wall Street.

I came out of Bear Stearns. KKR fellas came out 10 months before I did, and for those KKR and
Nabisco and, you know, the bright guys, but you can find people. I mean, I listen to CNN and
various programs on television and if I see something that's interesting, I'll ask one of my
assistants to call them and see if we can get their number so I can talk to them.

But you have to be proactive. That's just a lot of fraud. 95% of your time should be in search of
deals and or finance.

Next question. Yes, ma'am. Go ahead.

My question is how does a woman who needs to be conservative in appearance and aggressive
in style and carry the baggage she has and deal with the baggage that men will put on her? Not
easily. Okay. The way you do it is, number one, my recommendation to women, not just
women, but especially women, find a female or male mentor that has been there, done that.
Not somebody that's talked about it, written about it, lectured about it, but has actually
physically done it. Number one. Number two, hang around with high-performance people.

Most people that you meet at seminars, with the exception of our seminars, I mean, aren't
high-performance. They're groupies. They're the kind of people to follow the Dodgers around,
basically.

Read the four or five or six books. In my judgment, they're the best books vis-a-vis being a high-
performance person. And I'll tell you some of them right now.

One is Tough-Minded Management by Joe Batten. Some of you may not know who Joe is. Joe
started as the mentor of Ross Perot, which is pretty strong by itself.

Release Your Break by Jim Newman. Think and Grow Rich by Napoleon Hill. Magic Words by Ted
Nichols.

He's the best marketing guy on the planet. He's a very dear friend of mine. And he's the second
most successful guy in this business, after me.

He's actually made money in the real world. And he's on a board of ours. In fact, Dave Riggs is
on the board, and he holds a great wisdom book.

Oh, The Max Strategy. M-A-X? Excuse me. M-A-X Strategy.

Is it Dalton? Dutton. D-A-U-T-T-N. Yeah.

And later this year, my book, which doesn't have a title yet. But those kinds of books by people
that have actually done it. Okay, another question.

Initial stages of your deal, whether it be acquiring other businesses or developing a new
product idea you might have before you're actually making sales and generating cash flow. Yes.
How do you make it through that time to pay the expenses of the business as well as your
necessary expenses to make it to the first stage? With great difficulty.

I mean, some of you know I started with $820 at least fax machine and a phone. My oldest son
had just been born, and I had no money. And you learn that they don't repossess your house or
foreclose until you're at least, I think it's three payments behind.

I know these things. Fortunately, it hasn't happened to me in a long time, but I know these
things. I know that you can still go out and get credit cards.

Even if you're maxed out and you got crappy credit, you can still go get credit cards. I mean, I
know these things. I know that you can buy real estate and a lot of things with credit cards.

And it's even easier now. My 13-year-old son has a master charge that has a $15,000 limit. My
oldest son has an American Express card.
He's 14, almost 15. They send them in the mail. My kids sign them.

And you're supposed to have a Social Security number. If my kids have one, I don't know about
it. I mean, it's easy.

I mean, if I filled out or my staff filled out all the credit card applications I get in a year, I'd easily
have 100, I'm sure. And that's what you do. But if you don't believe... This is the subject of
another tape, but you can see I'm passionate about what I talk about.

I don't have to be here. And when I retired four years ago and I decided three years ago to go
into this business, I decided to go into this business because I wanted to change the way
success information is disseminated on the planet. Because I was so appalled that 99.5% of the
stuff that you people buy, listen, is shit.

It just is. By know-nothing losers that have never done anything but suck the money out of your
purses and your wallet. That's why I'm doing this.

I wrapped my career around this passion that I have, my unique selling proposition, and the
day that I'm not the most successful success coach on the planet, I will retire. Period. But it galls
me to have people like you and you and you, them take your money and give you back crap.

If you saw how these bums lived, I was going to do an infomercial where I know where
everybody lives and I know how they live. And I was going to have a camera go to all their
houses and show you the 57 Chevy on blocks with the engine outside on the guy's front lawn. If
you knew what I knew about these bums and how they have disdained for you that they can't
stand looking at your faces, because they think you're morons.

If you knew what I knew, you'd have permanent diarrhea. They think you're a joke. They laugh
at you.

When I got into the inner circle of these gurus, it made my skin crawl. They think you're chumps
because they've never made a goddamn dime and they know it. If you spend $1,000, $500,
$7,000, $15,000, you buy their tapes for $2,000, their books for $40, that's why I got into this
business.

And yet some of you this week will go out and buy some bum's book. I will guarantee my life on
it because they sell you half-truths and misinformation and that's easier for you to swallow than
the goddamn truth that it's hard as hell to make a lot of money. And anybody that tells you any
different is full of, it's a bitch.

On that happy note, on that happy note. Any other questions before we close down? Mike for
the, oh, go ahead. You talked about cultivating incoming deal flow.

Would you recommend any direct solicitation methods as well? Oh, direct marketing, letters.
For people that go to our seminars, we have put together a package of successful letters that
have worked, successful phone solicitations that have actually worked, that people like Dave
Reker, Bruce Whipple, Lucinda Burke, Danny Taylor, to name some of the people that have
gone to the seminar that happen to be my partners, that have actually made them work. And
it's the simple stuff that works.

It's not the high-pollutant baloney that works. It's the simple stuff. But I mean, direct
marketing, which I'm not a guru at.

Ted Nicholas is. I would defer to him. And he's a great seminar to go to, Ted's seminar on
marketing and self-publishing and a couple of the other things that he teaches.

He's excellent. But, you know, I think his unique selling proposition is he spent two or three
hundred million dollars in direct marketing campaigns of his own money. Well, if you spent two
or three hundred million dollars of your own money, I mean, you just think about it.

You don't have to be Einstein to figure this out. Okay? Thank you very much. Let's wrap it.

You've been a good audience.

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