Kevin O’leary settles disputes on CNBC show ‘Money Court’
Entrepreneur Kevin O’leary never feels guilty about the advice he metes out on ABC’S “Shark Tank,” though it’s often a crushing disappointment to the inventor.
Known as “Mr. Wonderful” for his dismissive attitude, O’leary explains there’s a reason for that.
“Years ago — and I didn’t understand the value of what she said to me — my mother said to me once, when I think I was 14, ‘Kevin, always tell the truth, and you’ll never have to remember what you said.’
“I didn’t put any weight on it then. But as life went on and I started doing that and practicing that — it’s not a comfortable place because a lot of people don’t want to hear the truth, particularly in business when you’re telling them their idea has no merit, they’re going to go bankrupt and waste their family’s money — it’s hard.
“But she was right. The truth in the end is the best path because you don’t get caught in a lie later. And you damage relationships so much by lying to people, and I think, yeah, I get named as ‘the mean guy’ but I’m the only guy who tells the truth.”
O’leary is telling the truth again in a new venture — this time he’s holding court on CNBC’S new show, “Money Court,” airing Wednesdays. With former judge Ada Pozo and trial attorney Katie Phang, O’leary presides over a litany of financial disagreements — from family disputes to company collapses. What he says, goes on this show. And that’s not always welcome.
“I know many people don’t like me,” he shrugs, “but many people trust me; they hate me, but trust me. What a weird dynamic that is! When it comes to ‘Money Court’ they’re willing to say, ‘I don’t like that guy, but I’m going to do what he says, and trust him.’ It’s a good place to be.”
While truth-telling may be a good place to be in business, O’leary says his rule applies to domestic life, like marriage too. “I wrote a book on it called ‘Men, Women & Money,’ here’s the best analogy: when you get involved in a romantic relationship
— I draw the analogy to a business partnership too. So everybody gets tempted — particularly in young relationships — and they cheat.
“That happens a lot.
And you have a decision to make the next morning. Your decision is, ‘Do I tell the truth now, or do I live in the lie in the hope that it’s never discovered?’ ”
O’leary says the chances are that the transgression will be discovered. “Ninety-nine percent of the time you will be found in your deceit,” he insists.
“It will happen one way or another. It’s just karma. When that occurs, you will lose. Whatever your equity was in that relationship, you will lose 50% of it and you will never get it back. Never,” he says.
Had the truth been told, it would be a different outcome, he thinks. “Had you said that you honor your relationship so much, and you felt bad about what you did, and for whatever reason you did it, you don’t lose 50% of the equity.”
In 1986, O’leary co-founded a software company in his native Canada that he eventually sold for millions. And while he’s known for his savvy business acumen, he’s made his share of mistakes, he admits.
“I’ve had many great successes and many catastrophic failures. And I think every investor does,” says the 67-year-old.