Daymond John Shares Shark Tank SECRETS and The Art Of Negotiation

Business is simple: increase sales and reduce costs, and there are only three ways to deal with a customer — acquire a new one, upsell a current one, or make one buy more frequently. Daymond went on Shark Tank in '08 specifically to sell his existing Macy's customers new categories (dishes, fragrance, electronics), not more shirts.

Bartering and triangulation are wildly underappreciated — a Spanish teacher taught free lessons at three car dealerships in exchange for three ever-new Mercedes (insurance paid) and picked up 17 private clients. Stop being purely transactional.

Daymond invests in the person, not the pitch — their drive, eye contact, passion, previous failures, and whether they researched where he actually adds value (he hasn't done clothing in years; pitching him as 'the apparel guy' means you didn't do your homework).

On Shark Tank the sharks know nothing about entrepreneurs beforehand (knowing them is a disqualifier) — ~40,000 apply, ~140 pitch, ~95 air, and 60-80% of his handshake deals close after 6-9 months of due diligence; some fall apart over hidden IRS debt or entrepreneurs gaming the system.

Shrink the distance to your customer: FUBU started seven steps removed from the buyer, so the goal is to get one step away — 'What's keeping you up at night? How can I add more value?' — then squeeze every inefficiency out of the numbers.

Reposition instead of out-spending: rather than build more tech, license Marvel and call a hearing device 'Jarvis' to smash the 'hearing aids mean I'm old' stigma — a unique selling proposition can save millions in advertising.

Time is the only thing you're truly selling — the least time you ask of someone, the more likely they act. Prefer royalty deals (paid back first, then equity) because equity can go to zero, but royalty is 'pay me' regardless — though a greedy royalty can crush a partner and poison the brand.

Focus beats opportunity-chasing: Kevin Plank stayed on one wicking shirt for 10 years and built a $4B company while Daymond chased hats, scarves and goatees. 'This is the first of many inventions' is the worst thing you can tell an investor — wear blinders.

Fame, giving, and health: keep giving (life gives to the giver) to build human equity; and as hard-headed male CEOs who serve everyone but themselves, go get the colonoscopy/mammogram/checkup — catch something in time and you beat it ~65% of the time. It can't be taken with you.