Shark Tank Star's Secret Identity EXPOSED | Ask Mr. Wonderful #23 Kevin O'Leary & Daymond John

[Music] Oh [Music] [Music] Throughout that far [Music] Damon, we've been together on Shark Tank forever. What have you learned now after spending ten years on the show? What's different now? What's changed for you?

The quality of the deals are much different; they are much better. The quality of the deal that they give the casting agents—the word casting agents—in the beginning didn't know what a good deal was or good business was. Because they were casting, somebody would say to them, "You know, I'm doing a million," or "I'm doing a thirty million dollar business. I got one employee." They didn't realize if they should say, "Are you selling crack or are you selling heroin?" But now they know the bet. The deal flow is better.

So because I'm after sitting and watching all of us debate these deals over the last couple of years, they think they bring a better quality. Also, you know, I don't even think Instagram was out when Shark Tank first started, and now you have social media for conversion. So we know how to test the deals, and those people know how to actually sell without being dependent on retail. I think they know us much better than we know them. Well, they know us, period. We don't know them, so they know how to push our buttons.

Some of these people were ten years old when Shark Tank started. Now they're, you know, someone who was a social media influencer, and they grew up knowing about royalties, clawbacks, and mezzanine financing. And all that is new to us. Now they're way more articulate when it comes to their business.

I think as people started to realize, first two or three seasons, people who didn't know what it was—"Oh, you're in the shark tank of sharks, who gets the money, when do they win, and what's the game?" You know, all this stuff. And you know, due to eight people, ten people, twenty people a year going out and saying, "You know, I really got the money, and here's my business," and then going on separate platforms, I think the tentacles of the show started to reach out.

This—people sort of realized that, you know, I could sit here on my couch and talk crap about how I want to be rich and famous at the end or do something. This person on this show was doing the same thing, and they got out, and they busted their ass, and then they got out there and did it, so I have no excuse.

I also think people started to realize that they watch the show. Their family would say, "Now I know how to negotiate to get what I want," whether it's getting the remote control away from my significant other or whether it's getting a raise—getting some funding. I think that it was just so informative that people were smarter, the water cooler on Monday morning, and sharing the information. It kind of went viral before viral was viral.

You know what pisses you off the most from someone pitching? What is the one thing that drives you nuts when you're sitting there? Because you know I have my own opinion too, but what drives you crazy?

I'd be crazy as somebody with their hat in their hand; they're asking for, they have two million dollars in the bank already, and they already have funding by various amounts of people, and they're asking us for more money. I believe that they're exploiting the platform; they're exploiting the people. They're taking the chance away from another family who probably risked it all for five years at RIT, and now they only have one last chance to see the sharks. We can only see a certain amount of people, so I think they're greedy, selfish bastards; the truth.

And especially when they're doing that, even if they don't get a deal, they already got funding, and they're looking for a commercial. Even if they don't get a deal, and I just think there's, I think there's savages and just nasty people. They remind me of you.

Beef is your big beef there, as they took a slot away from somebody that could have really used the dough. But we wouldn't call those gold diggers, right? That gold... I'm told is, you know...

Yeah, all right, listen, we got a lot of questions to get to, but before we start answering—because I've got some doozies for you—these come from all around the world, and so you're gonna be answering some of these questions.

I got a book here, right? These things called Daymond John Power Shift. This is shameless promotion.

Shameless promotion. Yes, okay. By the best!

Why should I even help you sell one more of these? I don't get anything out of it. I'm not getting a royalty out of this deal, but here I am helping you sell another one of these books.

What is this, book number eighteen from you?

Yeah, this is number five, and it already is a national bestseller.

Why should you sell? Why should you push the book?

Because, no matter how nasty you act, at the end of the day, you know you want to help other entrepreneurs. That book helps entrepreneurs in this tough time we're in right now. The reason I want to read this book is I'm going to get examples of people who have actually taken some adversity and turned it into something amazing—building up their own plant shops. That's not example; it's a very successful entrepreneurs.

That's exactly it, but I also show you how to negotiate because it's not about negotiation when you see Kevin, Damon, or Shark Tank. It's about what influence have you built prior. It's how you negotiate in the best interest for the person on the other side of the table and how you nourish your relationship afterwards.

I give everything from body language in negotiation tips to mental negotiation tips, so that's what the book is about.

How do you change your strategy for marketing this statement? Because just before you launch this, you usually do a book unit—a book tour. I go to these things. I got my signed copy here; that's cool. Look at this, signed by John; that means I can put it on eBay and maybe make five bucks. Really excited!

But at the end of the day, you didn't get to do that here. What strategy did you use to get this out?

There's no number one selling—yeah, exactly. So I had to polish off myself. Normally, you go to a bunch of book signings, and you do these tours with thousands of people in arenas or in your speaking engagements. You tell them that, "I will stay an extra hour longer if you buy 500 bucks, and I'll sign, or take this," as everybody else. But now I've had to adjust, do way more podcasts. I've had to do way more streaming platforms, digital book signings where I'm signing it right now and, you know, you're digitally there, and you ask me what to put in the book, and I have to do that for five hours at a time.

You know, this happened to me—you know, believe in my food—we'll put out an album, which was a compilation of known artists and brand new artists back in 2001. When I put that out myself—a three million dollar album, and when I put that out, the day I put it out, 9/11 just happened.

So I'm used to putting out things when the world is looking for their on the news of their nesting. So I was kind of used to this already, and I think that's why the book is still made it to, you know, the top of the national because I've been virtually shifting the same way.

I'm something interesting. Let's get to the questions because I got a ton of them here. You ready?

Yeah. So here we go!

This one's from Thomas Patton. First off, let me tell you, I'm a huge fan, so keep up the great work! I know you are a pretty big watch guy, and I would like to know what your opinion is on what the effect will be on the resale of the luxury watch market, particularly high-end watches. We've seen companies like Patek and Audemars Piguet get sold; their resale value—do you think this will continue with what's going on?

So Thomas is asking, but you love watches; you're always wearing a nice piece on your wrist.

I love watches! What's gonna happen after this, Damon?

You know, I would have to really tell me your real—I mean, I like watches. You love excessive watches! I don't actually want—I first bought my first million dollars' worth of watches behind sold, and back, I think that I did it; the DLG made more money—you know, thousands on them. So, wrong piece! It is maybe them counterfeit and, yes, you know, I would have encrusted out—like, what am I, fat Bolet? Encrusted out with a lot of diamonds, but they're not Patek Philippe diamonds; they're who keeps diamonds, so I ruined the watch.

So, I don't know. I'm gonna ask you about what do you think about that; the market's gonna get a little bounce back or not?

I think it's gonna get really interesting because right now I'm very—I work with a lot of different makers and maisons, as they call them. Most of the watchmakers that are the most valuable on earth, like an AP or a Rolex or Patek watchmaker or SPG or anyone—those watchmakers are over sixty years old. So they are now quarantined up in the mountains; they're not going into Geneva, they're not even going near Paris, and not going anywhere. They're not working. There is no production going on of any Rolexes, for example—the most you know, coveted watch on earth, you could argue.

So, if someone said to you, you could get a rainbow Rolex Daytona right now, a brand new one in a box, would it be worth more than it was twelve weeks ago or less?

I'd argue more because people really covet those watches. And certain people that love that stuff like to have it.

Let's think about another way: What if the market drives up, and there are not a lot of available ones out there, and unbuckling people are passing and/or they need to raise capital? Don't you think there may be a flood of inventory out there and not enough buyers?

You're absolutely right; that's the whole concept of supply and demand. But you can look at the price every hour of every watch: an AP, a Rolex, you know, Jake—Jordan, what—FP Jordan. You can check that by the hour all around the world, and prices have not corrected yet. In fact, some have gone up!

So Damon, I'm actually shooting a piece on watches as an asset class right now, and I've got some of these watches that Thomas is talking about. I mean, I don't know why we just don't settle this debate right now. Let's have a look at them, and then we'll just go right online and see what the mark-to-market prices are. That might be the easiest thing to do.

Let me grab them! I mean, I know he's talking about AP and Patek Philippe, so you know I've got them here.

So here's an AP Jumbo—very desirable watch. Here's a Patek Philippe 5711 1A—the blue face—very desirable. Here is a, you know, blinged-out, as you said earlier, this is a blinged-out Rolex. This is a rose rainbow—very rare watch! But you know I know people are going to criticize it by basically saying, "Well, you know, you're only picking really exclusive watches." But what's the difference between this and picking stocks?

I mean, if you're an investor, you're picking stocks you think are great. If you're an investor in watches as an asset class, you're picking watches that you think are great.

I think these are great watches to invest in!

So what I'm going to do is I'm going to use an app called Chrono24 and go look at the actual spot prices, and just on a percentage basis, to see how these things have gone up or down. This is spot pricing, like as of last night, so you know, I don't know; it's not going to be easy to argue. So let's just look at these watches, okay?

Let's start with, let's start with a Patek Philippe 5711. Thomas talked about that—or Patek anyways—is this a good investment or not?

I'm talking about if you bought it at retail and held onto it—it has appreciated 116 percent.

Yeah, I think that's a pretty good investment!

All right, let's go to Jumbo AP. It's a nice watch; I've tricked it out with a red band so I can wear it on television. Let's go check that out. Let's look at what a Jumbo is trading for right now.

And so, how'd you bought the Jumbo at retail? You're up 70 percent. That's pretty good!

Now this, by the way, Damon, this is— this is not Pookie's diamonds, buddy! This is Rolex jewelers making this watch; that's what makes it desirable! So let's see how that one has done—a Rainbow Daytona rose gold—and the answer is, let's see...

Yeah, okay, this little puppy is up 141 percent! I rest my case, your honor!

Now, I'm not telling people to buy these watches. I mean, given the environment out there, I think it's a good idea to keep your powder dry. But watches as an asset class is what I'm talking about; this has done way better than the stock market—there's no question! So I think it's like rare art. I mean, that's the way to look at it, and you know, I think that certain pieces and just like you have to be— you have to be very selective in art and have to be very selective in stocks and bonds.

You have to be very selective in watches, but the fun thing about these is they're great to wear, and you hold on to them, and they appreciate in value. That's a really little sweetie! But, you know, that's my point. I think we've answered Thomas's question. We did a lot of work on it! Actually, for those of you who are watch lovers, we learn together every day.

Let's move on. First thing, money immediately over to me at CelticThunder.com, and I will put that money to work!

David Damon decided to rebrand himself this year. Chocolate Thunder!

Yeah, I don't get it either, but I was there at the moment it happened on the Shark Tank side; watch this—this is Gracie stuff, Markie!

Please excuse me, Chocolate Thunder said he would like to walk; one, two, set!

What is this? Where's the light at? We have a light! Lightning ready? Everything's ready!

Chocolate Thunder says, "What is that?" Chuckles understood! Your hands on your head, put your feet on—you—I feel a hater somewhere!

Why, yes, it is! Oh, Chucka Thunder, we may proceed!

Dumbest. I've ever seen! Chocolate, you can't believe how poor you get! Nice spread! $40!

This is what happens! I'm ready!

Here's the question from Brock. I wanted to know your opinion on the franchises—things such as risk and if it's a good investment. I've actually purchased through restaurant franchises with my brother, and we went 50-50 on them. I believe a restaurant concept's got lots of potential in our area; we're using most of our artists to pursue this, so I would appreciate me summarizing that one for you, Damon.

It's Brock, and his brother took their inheritance and invested in two different restaurant franchises. That’s gotta be tough because we know what's happening with the restaurant business now, but what do you think, generally speaking, about becoming a franchisee? Where's your head at on that?

I like the franchise model! I think that if you know, you want to learn off of the Kevin O'Leary's and the Damon's out in the world who bust their ass and figure out how to make this thing work, if it’s the franchise model.

I know, listen, you go down—friends; I know—well, maybe they have a Papa John’s franchise right now, and pizza's going through the roof, right? So I like that because they've already figured out what to do, and you don't have to figure out what you do. You just have to figure out how to do the best at what you're doing as well as that give you the tools and everything else to maybe go ahead and extend and open other products.

I really do like the franchise idea! The only franchises that I say you stay away from are the ones that are 24 hours. That's the biggest challenge!

The 24-hour—you make the bulk of your money during the day, and then you eat into your profits at night, generally. But I like franchises. I like franchises! Plus, you have to snap 24 hours; that's not easy to do! You gotta be resolved in a bad at the same time.

Exactly! There's another question in there, Damon, I want to hear you out on. He's saying he's a party with his brother—we, yeah, and investing with family members—yes or no?

I’d rather not! However, even if you do, I think prior to anything, you gotta pull up the right structure and make sure you have the right structure. I think the structure should be, of course, they can't be 50/50 because then you got their tithe a little hurt!

So everybody needs to know their job. Just like a stranger, I get 60 percent, you get 40 percent. You handle finance; I handle distribution, and we have a tiebreaker—a person that's this person, that person. But the whole lovey-lovey, you know happy thing? It probably never works out.

You know when your brother's a sibling or even best friends? Be very careful! Business is still business! What if one of you just gets ran over by a bus? What if one of you finds a great significant other and decides to leave and go to Bali and, you know, carve canoes? Who's going to run the business? And how is the structure gonna work?

So you have to have a structure in place! The problem is you can't fire your mother! Or you can, but then it's a really tough Sunday night dinner!

All right, let's get to another question here! This one's from Emma. All right, Emma, what do you got?

I missed a wonderful—I’m planning a very small holiday dinner this weekend, and I want to cook most of the holiday. Yeah, it's Easter! I want to cook a honeyed ham and a small turkey. I thought I’d like to try deconstructing the turkey! What do you know about that?

Well, Emma, you've come to the right place! Chef Wonderful knows everything about deconstructing turkey, and it's a very controversial topic right now among the chef community. But first, I have to invoke him—how do I get Chef Wonderful?

It's very easy! You snap your fingers twice, and you say, "Welcome, Emma! Did someone call Chef Wonderful to the rescue?" Look, I'll walk you through the whole thing, Emma; it's that time of the year again!

Chef Wonderful outside—I’m about to go purchase the turkey for the big holiday dinner. When you cook a bird, the leg and the breasts cook at different times, so if you try to just cook for—it cooks faster than the breasts, and the breast is undercooked. If you cook for the breast, the leg is tough and dried out.

There is a way to solve this problem; that's called deconstructing the road, which you're going to do right now. First, the first things first, you've got to separate the wings from the legs right off the main body!

Rule—ah, look how fast this is happening! It doesn't take a long time. Beautiful! Look at that; isn't that a gorgeous bird? That's going to serve a family of about fourteen—all coming apart!

Some people would say, "This is so controversial!" What are you gonna do? This is the art of deconstructing the turkey, and then spatchcocking the breast—very important; that's about to happen. We're about to do it! Everyone's talking, and everybody's happy, except the bird of course!

That's the spatchcocking going on right now! Oh yeah! We don't need the breastbone itself, so we're gonna leave that out and cook it, but all the rest—the look, it's perfect!

Now, before I put it in the oven, we're talking about the brine that I've been using here.

Now there's a humor aging debate amongst the chefs' community regarding brine! Do you wet brine, or do you dry brine? You know why? If you dry brine, as I've done here with a little thyme, a little salt left in the fridge overnight without saran wrap on it— to maybe crisp it extra space! That's the whole idea; when you're getting this going this way, you're allowing the bird to dry out a little bit—making you drier than the old wet brine days!

Now the wet brine days were very, very—everybody did it from the '40s, '50s, '60s, and now this new on-vol good dry brine, because you get a crispier outside—crispier skin!

So this is now a turkey that is—well, not that attractive; I'm just being honest with you! I think some of the family when they get out the Fantastico, very fine wine later—this is a Chardonnay magnifique.

Suspect! You know this is gonna be great with this turkey! But the whole idea, they were expecting me to come out with the whole bird and then use one of my ninja knives to carve it!

Not gonna happen! I'm gonna be cutting these and preparing these pieces in the kitchen! I'll present them beautifully as you'll see later, but it's not the same thing now.

Isn't it worth it? We don't know, because if they cook perfectly as I'm suggesting, this is going to work, because I'll check the breast temperature, I'll check the leg temperature, the thigh, the wing—I'll make sure it's all between 150-175, so it's perfectly cooked, and I will be removing the pieces as they're perfectly cooked!

What you can't do if the bird is whole! So that's what you're sacrificing: presentation value versus a perfectly cooked boule or turkey. What are the other—I mean if you can get a perfectly cooked bird, what's wrong with that, and that's really what you're trading off?

Now, if you can live with bringing this out, and all the kids going, "Oh, where's the bird? It’s all chopped up!" Well, you can give them the best turkey they've ever eaten—that's the trade-off!

Well, we're gonna find out! I'm gonna put this bird in the oven now! Off the amount of work I've put in, can't tell you, and you saw how it was perfectly dismembered or deconstructed, as a more proper way to say at the butcher!

But now it goes into the oven! Are you ready? Check it out! Perfectly brined, dried out in the fridge overnight! Ooh la la! Ah!

Chef Wonderful taking big risks here with the family—oh, that's hot!

Yeah, there we go! Spectacular! Now I'm gonna be monitoring with the probe; I’m gonna give it at least—remember got up to 400 degrees, start dropping it down to 350, then I'll be monitoring to get it up to 150—each piece probing for that perfect temperature, then removing that part, and then letting it settle—and then carving! We will see you soon!

Is this gonna work? Who knows? We're gonna find out here now! This is the moment of truth! I have my assistant Christine and her son Dylan working with me now.

What is the temperature of the breasts, ladies and gentlemen? Well, let's test right now because that's what matters! So use the probe because I have a feeling that the breasts—I will absolutely do that for you! Cameraman, close up please!

Because the breast looks finished, but the legs do not! Christine, chop-chop-chop-chop! Let's go!

All right, so what we're going to be doing now is separating the breast and leaving in the other appendages because they're not finished yet! That is the whole idea of deconstructing the bird!

This is the total controversy! We've lost the form factor! This looks like pool a pancake! It's not that exciting to look at, and certainly the family's not gonna be excited about this because it's just slabs of bone and flesh!

But will it be spectacular? Bachelor to get separation! Well, I don't—you terrific!

Wait, wait, wait! Here we go! Very good!

So that's the whole idea here—what we're doing is basically saying let's cook them at different times to get the perfect—we get a close-up here! Cameraman, notice that these look undercooked; the breast looks ready! That's what I'm talking about!

And we're at it! Shouldn’t I have a sip of the fantastic O’Leary Cabernet 7? You don't blend it with a little Merlot?

Hmm... Oh, save on! You know, you don't have to have white wine with turkey! Wow, this is really controversial!

Wow! I can't believe it; everybody agrees! Yeah, shocking!

Absolutely shocking! Think you've scored something big? I’m willing to endorse it! Although my feelings are sort of a traditional guy or romantic, I feel sorry for the bird—it never gets to show itself in its true form ever again!

But the good news is we've got the O'Leary fine wine—whoa! That really makes up for the difference!

All right! Thank you, everybody! Let's chow down! Gina, wait! Let's do another plug for the book! This book by Daymond John is called Power Shift; he wrote it while he was in prison. It's fantastic, and lots of time on his hands now! He's out, and he's selling it! Buy this thing; it’s got every one of his books—the bestseller!

I have to admit that's true; no question! That's damn good advice Daymond, and thank you for it! Bye, everybody! Really interesting episode of Ask Mr. Wonderful! We'll see you again next week!

Thanks, Damon!

All right buddy, what do you want to do now?