fL~ X--:::-r, ;L ",' ;' INTD''.

,:, ,',"
i

. 'I,'

" '

I II III\

Wants to blow you off before you pitch.

Call Back. " Send Literature. Busy - not in the mood.

IV
,/

Lost11one}~T._',
Consult My Broker. Not Liquid, No Money, Too Risky.

,.::
'""':

'71' 1VII ,7111 IX -..X XI XlI

'/

,',

Consult Wife.
Wants to Watch. Think about it. Power Close. Send Report, Market Down.

XIII XIV
XV -- \. TVTY X . Jl

Bad Experience. Don't Make Quick Decisions.

Don't Pressure Me.

XVII

-----~--~-~-

I
Look I wouldn't be wasting your time or mine if I wasn't convinced that I had something .that could make you money. I Love This Company!! Just take a minute and listen to what I have to say. If you like it fine. If you don't we can part as friends.

-_._----------_ ..--------- ----

-- - - -

-- -~--

- --------- --- --- ---

II
Mr. experience tells me your not going to call me back. When we hang up you'll go back to your business and I'll go back to mine. you will forget this conversation arid you will not have the time to watch the stock. The best time to make a decision is when all the facts are fresh in your mind. Give me the go ahead now and I'll take care of everything for you.

-----==-=~>~~-=~~---

','

'

III

Sir (+;(';--.) -does not mass mail reports to 10,000 people across the country. By the time you receive one of those pre. packaged.reports, the printer has read it, the printers family has read it and the stock has risen 4 or 5 points. we prefer to accumulate our stock quietly before anyone recognizes the value we see. Iwant you to own shares at the current price before it moves out of-buying range.~~you walk willI a5 en.. __ r- bt()!.:J'"'- &hares?-

..-k:

What specifically are you looking for in the reports? JIll be glad to seri~but the reason I hesitate is because I know you busy and I'm concerned the material won't be studied in enough detail. our research staff at has already made a careful analysis of the company, our reputation is built on our track record. We know what we're doing. What I suggest we do is pick up the shares lets say . shares. I'll send you all the material that you want. Take a look at it and we can always add more to this position later on. O.K.?!

=====-========================-------

IV
Mr. . I only work with successful people. I appreciate your busy, not sitting around waiting for my call. I'm tied up in _telephone appointments. Some of the largest pools of capital in the world will begin to scale into positions with us here today. Exceptional opportunities don't always conform to our schedule. I' d like to show you timing. you will be ____ imj2ressed. ma:y we go further. (don't wait2 _

trm

busy too. I'm not a rookie who opens accounts fora living. We manage some of the largest pools of capital in the world. I'm one of the top producers on wall st. We're showing you the courtesy of coming to you at the same price and time as our largest clients. You will see an approach to this business here, you may not see elsewhere. We want to make you money. I want to make you money. How can we move forward from here? ----

-----==-=~.~~=-=~--{ If not in the mood }

l\4r.my

girlfriend said that to me .last night thanked me in the morning l!

.: She

________________from .. How are You today? Great,

Financial I'll be brief,

in

I'm sure your

busy.
./.4~'-t3.' Y ()U

Pli

~r.
,e,I"/vI.r
f

, ! 'm -s-;=-e ycu'::-s

'i'""rh.r..t.::.
~

familiar with
Hy

r~.::.c:a:.J ..
.,e inanc;,.,).

2a::-rQ::-:'s Partne=,

pl .1Ja:" icaL::'ol".,
~F?h..-'

:::-':"gh .. ?

sen:'s:as

J:,';;:'6'~\ ~

identif~ed by Barrens /vl< 5~i./S~p, being the leading ..a.u:taori in the country in selecting ty was recently
~L.
V'-V.DZ-'t-..Y;::./

<"L..;;...r-;:-

cr -rz-e:

successful today ,only obligation,

emerging with

growth

companies.
My ~

What
-,.!,."t

I'd like to do without

.:..'/1... .

your permission"

certainly
r..,;:',.)

c:c.. /-~.:..

is just mail you all I need

. latest from vou is an op-e.rLlIlind_ _ that be fair? )

recoIIllnendation. Simply, and your best mailing Great! ! ! ! 1. What

address.(

Would

would be the best mailing

address? a lot of calls like

, I know :2.' Mr. ____________ you get

this.

So I don't

inundate

you with

literaturer

when you do

invest in the market,

do you look for growth 'or income? your financial idea? that you maintain Objectives, how much

*3.

If an idea meets commit

do you normally
*4. 6 f~gures

to anyone

So ~t would

be safe to assume

in the market? once again ~y name is informai:.iontoday, i.

""};jilt

Great,

and I fair? A(~

'Will send out this

7-

~acK~
I

~o0
\

VJ((t;r;-~

,o,cetF~'rn)~
J

U-J<'-..\ \ . ~ of

Jt0

-----------------

2. Begin in Cold Calling 2. Approaches A). Cold Calling B). Cold Calling & invitatibn/no 4-5 year & selling-tougher
obligations sell the program

4 stocks a year- get judged stock by stock ~ WallechtomyU - take his wallet out of his pocket
Invitation points ___ ~ Eitch- we mean the o=gani=a~ion -_ne.w-&-un.iqu.e-p-:oC"~am-------:'-----------~------

we are a~out
YOU WILL EE BIG WEEN SO hours adayj 50 days

to take major

YOU ARE COMMIT!:!).; to' do inS' it: 50 times

-step

a c ay

a weeki

50,000 times/ year

1/

AIe you wrapping consider

...

up your

complete_financial amount in

affairs

in secured

return vehicles ,\ 'would ~ putting - Don't

small Punish

'

a truly

unioue CrOqra..lil

Shell Relaxation get prospect a person

Don't ask any uncomfortable

.1'oitest~en,

obj ect of the call,is

:'0

to say ~ is ~
tMvc. t-!

A person relaxed
on guardMailing PackaqePurpose Mailing - 3 days - 2nd piece

more easy

to do buisness wit:h t:han

- Intelligent on a stock

- cover letter comfort - no~ a penny stock

- ect, eC't.

later

- build

an int:erest aualified lead

First ..;.=~--- Trade is not an accoun.t - it- isa hicrhly .;;....;;;,;,;;,.;;....;. -- .......;;....;..;;..;.;.~ -

-------------_._-----

Basic Objections and Ans~er~ Page Number Tnree

'0

'";;)

"

~'

~J:~--~~'~~-v~~--~~---L-o~C~ri-~--~b--~-O-~-.r--;-'~--------~
ine.~.!'. Jones, F
I caa uncierst.and

tha.t. ! would be sur?rised

if you we::-en':

dealing Yi~h a stock broker.

brokers Hutton? Yith

It is not our ?ur?0se

to displace the stock

Mer::ill !,.yn:h?

.mom

you dea.l. With whom are you dealing? we brought

.- -- ...

Mr. Jones,

those companies public.

~e are not stock bro~

nMr;t

JOdgs,

'J(

fidoe

"':'Of1_ etiY

l:a1il1l.Qrz;;-J,."

~'bt!'''''

-Q.-em;'~as';"'e

-be

--ps"oJ_-

P!I!!!

'!he objectiotl, can un~erstand office

U :oha: you <:.r~ an oUt~of-e.o'ioffi.b'!:'oke:r.

At:.s-wer: "Mr.

Jones, I

that.-'I'heret is

iil

certainsafeeyi-n

dealing 'Wi:hsomeone iol'nose

is across the street.

Mr. Jones,

-------------------

HOW TO BECOME

A BIG PRODUCER

1. Otltlo::-tunitv A. You have many that others

A EIG

tremendous

advantages do not.

at IF YOU WANT TO BE

in the industry

PROOUCEP .
~o

. If you decide you want B.

must be prepared 1. Hard work 2. No E. S .
I

make the effor~

to sell, you

for:

e:t: f ice i!'l't. us_e_oL~!_our-~i-me~.--------------toNYS!: rules.

3. Rejection 4. Total responsibility

5. Possi~le
7. Major

10s5 of client capital.

evaluation and accountability. industry standards. as a stock
f

6. Quantitative success

by brokerage

You could do $1 million broker, C. What does accomadates of ~~. investment a stock the financial world, void banker. broker

gross.a:

and still do some deals wi t-'"l the prege do? Solves clients nee~s in needs

addresses

his psychological instinct

his greed

and gambling

and fills

a tremendous
tickets,

unknowingly.

You are paid by writing

not by billing' a client.

No. 1 Theme from which money

we start

this lecture

is that you are a needs and mak= profession

acouz

pro, you expect for client or background. So the key theme profession profession
but rather

to solve those regardless

client

of his/her

is t- .. you know more . at:. client. selling

your

than your involves

The fac~ that your is not a neg~~ive most brokers than 99% of them.

an o?por~unity

becaus=

are not trained intelligent

to sell.

Yet, you are more

and better

qualified

------------

-------

The part: tieing have

all this

together

is the r~record

which you t:he

sent him and you dominate recommendation

because you are choosing all " st:ocks.

individual

amongst

You select:

the stock as a function which:

of the input you got on the first: call

1. Is recorded on a 3XS card

2. Is in your 3. Therefore, select:. Select close stock and call or he is gib) (or go' see h ~m if he has insisted,
he is

daily

planner

15 days later except for the stock you

becomes

automatic

- do the same either "ray. .' set uo by proper first call and you must

A. Client has been

be logical

and consistent.

1. Client/prospect', never reall vpretenc.s 'toknow wha't you are telling him if logical, bu't decides to believe what:
what you are saying. not want to buv or he'd 'have called you!
-:'?~ -

2. Client does So he'll and onlY ,.

say no for a while. - it is your stock, yourvprofessional

3. Projec~ Confidence

j results help as does your voice. vou know. ., 4. L.T. is easier to believe as it:plays to ~~erican ...; / . ~p emot~ons and k~eps the' reoort card way Out ~~ere.

"

'

5. Questions
00 not

and Answers is trying

fear ItI don J t knowft, but z emembe.z prospect your trafl and air.: . pause and wait and say nicely, in

to escape
. come upag

all his answers are irrele'),entbecause first call and can' t ,.logic2:_1~y , it:'s irrelevent

only valid ones we=e diffused Each cruestion

and steer it back-to Ask for the order call.

where

you want the conversation. time and ~~en the real negatives e.n swe red on the f i rs t; Be patient: and re-

the first

come out, which he may not have honestly To each of these 5 points
if

ask nWhy" nicely.

explain

necessary

and ask .aca.i, n

FOr example/ a well-qualified prospect tha~ you must go to Nyack to se~ mustrnake your fou:: hours more worthwhile 't..."lan making 3 a cold calls (1/2 of a day) which probably will yield one account and gross a:: $1,000 - $1,500 (5,000 shares
at $5 with 25 cents

commission i5$l,250 )/ or $500 $500 in your own pocket: RE~~E~: OuR TIME = OUR MONEY, ~he=efo=e the goal of all calls is to decide if vou want to call the croscect back is this crospect worth vour time to call back or ~orneday

visit:

C. Methodology Of Qualifvina Call' 1. Introduce and differentiate a. Demeanor are talking to busy people . mystique

vourself via - you

rapid and salient quiestions

b.

of name and more cred-

ibility of a f~r.m. therefore, your 'sciel1is enhanced bv a fir:n. t c. Product is gooc:l. Awareness - they should know your product coint and loqical step now - the follow - up

d. Questions Most of you will not because:

to the

do ~"le easiest

1.Afraid of biq peoole. 2.Too disorganized." '!" ' 1 ) B.S. un ess you are dalong your $1' ml. ,. __l.on 3 ._00 bUSy (1 4.-Insecure - feel prospect will ask a ques~ion can ! t ans~wer.
5. Reiection you

adverse But since you want him to buy " ..stocks over the span of two months, thepresentation/citches should re2.tu::-e the followinc each time: 1. SimDle and short presentation 2. Hiqh Growth emphasis
3. TL~eliness

greed

( every IPO could be a blowou~)

%

4. Numbers

- low PIE or Eps arid

increases .

5. Price objectives

over 18 months and downside risk

--

..

_. ------------------

So it looks all hands co

easy and if I ask who wants to raise

UD

their

crross

but it is tough. it.

It sounds good, but aiter

you know now/ only you can L~plament the sa~es techniques
and we can't dic~ate
II! PROGRA...'-i

You must want to do big NuMBERS.

A. Phone

Calls

- source Yellow retail to,

of three types of leads Pages, or anv cualified

1. Cold

- - ~&B, source for

never 80% of your or to whom of )- good therefore

- -

accoun"t.s. Some_Qn_e-'::.ou-;~a-v-e-------accounts who comprise

Vall know

spoken

2. Warm - Old or inactive bo6ks there mostly don't clien~

Ii no book; peocle accounts who are

is a tie-in ( such as friends

down, and has talk to them. who is very ac~ive and ~s the best candicate oenetration (-all his othar but

3. ~

made monev. aeafs for 100% market buisness

and referrals probability infrequently

- get to later/ of opening used by AlE's.

are the best

an account,

yet one most E.

Regardless

of type of call, the chone is che most time - efficient Method yet devised for selling. ~rn AP~ FINANCIAL SALES?EO?LE . It is, however a tool we must use for our benefit - e.g., we could - theoretically call 230 million ~eQcle to
I

get an order, of -an-order

but

must find out the probability

I

quickly

-by asking a SEP..!:tS -ai

Q1J!:STIONS
what TEE FOLLONING,

the answers

to which will "t.ellus

C~~L DETERMINES

our chances

are. A SUCCESS~UL

W'H:E:TEER TEE ?-.NSWERS AP-Z POSITIVE

OR NEGATIVE. e.cr. - Is the prospect

and if it will take werth our time to pursue,
h'm ...,11
~"

a _while -to "oo@"

J.

No.2 TH:::"';.rs Anyone

can be. an A./E bu t -:'0 be c:::-ea t,

'IOU

must uneer-to doing

stand time efficie~v,

as time is the onlY constr~i~t

s~

m~ __ ~on gross.

. 1 l'

No. 3 TH~~

If you combine

t~~eefficiency quickly.

with

simplicity

of to

selling, you can do buisness ~~e point and simple

Keeo everv~hinq

short,

for evervone.

II. BuILDING

GROSS CAN ONLY HAPPEN calling in for I?O's

FOUR WAYS

A. Born rich or evervbocv people B. Mw== ~c==~~ts-'most

c,=,),l ..s vou for stoc-ks-,-almo-s-~1-.i-}.;e,------

trainees/rookies

must start out this

way.
C. More assets in existinc accounts - client wins lottery commissionable or stocks go up.

O. More oenetration
buisness, marketpenet=ation We can only really To accomplish !t takes more those, loqical 3 of 10 Band

get all of your clients

~

from stock to insuranc';1 CD's of client control Band

I

( i. e . r 100 % C will work with

s' assets) .

C although

_ long term stock appreciation.

0 is easy

exoosure

as it is all statistics 1 of 10 leads

and probabprosoect. Of

ilitv in the long ~,-i.e.

clients. for 30 calls! Mo~e But if intellioent,

UP

~herefore, tlercentaqe.

1 client

special

and numerous'v.

calls - then vou

your do -

We are marketing The marketing Special

ourselves

j'ust as other

industry's with

we do

is
ri

similar

to 6therindustries.
UP

best marketina

vou can.come

for our aoal

( or accounts). T~e eicient of ( productivity of

Differentiation -mystique

-your professionalism

Half of the time you'll On-Goinq Proqrarn-

get the order then.

Build Positions all the same ~ Same stocks

- invest

three

times

$75,000 in capital

= 10 accounts/month

S750,OOocapital/month. big

for everyone

easier

~o manage when you're

and more efficent.

Example: Grocery
II

Store

.M..L P f ts "

vs

Boutique

Don I t out your whole book in one ------~~wipeout ruining your book . follow

s-.:ock 5_?-r_;.ad-'C.he-!,-J;--k-o-t-~ny -

..will eventually Chance

and update t.he s cccx s ,

for one to qO uo fast and roll into another position. shares (illiquid stocks). to a real client via rapport

Stop at 100,000 Later will

convert

this account

and other products

(muni$" ta}f shel ters). on fourt.h call.

rv.

Summation

A. $1 million in production can de done with B. Hard work and" a tough psyche (to overcome rejection)
is required.
c. Be efficient with your t~e.
YOU

D. Se logical

and consistent. therefore control. NO DISCOUNTING

E. You are the broker,

~~ YOU CONTROL TEE CLIENT. F. Qualifying call is key. If on second call prospect
is inconSistent,

call him

on it.

Oualifv oros~ects .

more

clo~~lY .be;fo;-_e face-toac-e.:~r seminars, etc. Closinq-- -all c is 1/2 'Orobability, if qualifying call was done correc~ly.

G. Must REPEAT TEE METHODOLOGY ~CE

H.
Re!D.e.mber,

TIME, ACE STOCK, ETC.

- +riey All " credibility.

people do not buy from the prospectus and' to ~he same stimilus

buy from you, your enthusiasm people must move respond

so your presenta~ion Don't argue a point

have the same characteristics. around it or~-;a,. ".,...:l -- .

----------------------

2nd - TEE MOST :M?ORT~~T CALL You are also setting up the second to one-cn-one you must objections in other basketball. counter each one, control nicely words, (without forcing) the order. call/visit and is similar moves/fakes, but irrelavent

A lot of a~tempted

the game, overcome

and go for the basket,

or

The ~,. of this first call was to determine ; .;: the prospec't. is wort..lJ. second call - It is oni v Yes or no! Seminars, a mailings __ a~e OK, but a successful chane call is more meaninaful
0ur

--

and has better results. ----'Remember-,-sct:.a-t--i-s-~i-c-s-don-'-t--on-J:_y-wo-rk- y? 1.:.y in t.o i:'n-E~Schoo t.h e 1

J

hands

in the brokerage More calls = more

buisness:

But by being effioient contract ~~e t~e

FOLLOW become UP

acoounts = more gross and mentally touqh, you can rapid.ly

(who must later

for small production to big. A seoond call to open an account

a client).

Mr. Jones
&

this is,

( slow and clear)

of

Co. How are you?' (Let him talk, but not too much.) you recall our first conversation in which you presented By the way, are some important high-

I am certain suggested itself!

r call when an interesting

onus on prospect)
we

opportinity

This morning

had a me,et.ingon and paper? There (Start talking ABC of investing

do you have a p~ncil lights to note. Clarity)

- Accurate,

Eievity,

First Second Third as Mr. Jones) "Do you see what we see here is t..l1ere something left out?" you -

(After 3rd point,

l-f...r. Jones?H
(If he says "Not" ask hi..m)"Mr. Jones, or maybe something! don't understand your points (We will (And reaffirm

because

it,i.s useless ,~~ gQ on if he does not say "yes". our sales clinic.) your company description
TIHE. GET THE ORDER $50,OOO?

discuss

this very thoroughly'at !n your

(Asswne he says "Yes." You now complete and GET READY "Mr.

mind - IT

IS

Jones, what

is a normal offering

commitment?

That is Do you cons-

10,000 sha;e~

~t the

(assuming$S/share). invovled'? Good

appz ec La t.e.. there is NO COMMISSION

"You know,; I, have ervative. really $50,000
50% of your

an excellent commitment level invest

idea. Let's be extremely and

Since this is a 3- to 5- step program, normal of confortability.

le~'s take So instead of indication

find a relaxed let's only

$25;000. and ,_t,ofe take your will shares\of

simple

"Let me take some information

to
It

purchase

-------I

XYZ on the firs~ public (Use and take a-l expertise, on your order.

offering.
Hz . .lones ! have a few

question of

information Mr. Jones we require

or new account

form.) of ______

in order to take advantage a good "faithdeposit I knew you would

Tbank You.

understand.

PRESE\)TATION

1)

In a short and of the

We have

sentence strategy

remind (HYPE)
an

of your we discussed

him

previous

conversation

2) ~****3)

identified

exceptional or m~re

investment available
to invest TODAY.

Ask if ALWAYS IE:

prospect has $25,000 ASK. ALWAYS ASK

Out of 10 prospects say 2 have cash - 8 don't - the average pitch takes 20 min~te I ve jus t s a v e d 2 H 0 U R S a~n...(L4D_~_LI'LS_.,_-----------I

~- Pitch
4)

people

when

they

say

~hey

have

money

a~ailable.

Give Hype before getting Ask prospect to get pen

into the company. and paper take notes.

SENSE
The

OF URGENCY
stock company

is out

of favor,

or unknown,

and just
publish

getting

recognized

The

sales

is doing real well and earnings report.

and

could

a very

favorable

--------------------------

Wants to Watch First Stock

Our strategy at year.

is to select only a few situations a Rather we use a portfolio

We don't have a stock of the week.

approach because if market a year; on average 3 .tilldo very well

identifies five positions in the

1 may not perform as quickly as expected 1 will skyrocket

If we know which one was going to skyrocket, we'd invest it all in

------t-hat-idea:o.-------------------------------------

..

__

It is too early to say whether whether

------------------ is

the rocket ship or All we can tell

------------------

will be t.herocket ship.

you is that we believe both situations ~elong on your portfolio.

Work with us here, you'll be pleased.

1.

has identified because 11m interested is basically incomplete.

another investment -

that is exceptional --

in our J relationship

because our relationship

I wanted to contact: 'you early.

2.

When we first spoke, I made a commitment to call you when identified the next idea for ~ur clients' portfolios.

3.

We've done our first transaction, look at isolated trades.

but at

we don't Our approach

We use a portfolio strategy.

is to develop a relationship. relationship

It would be a disservice to our

if you didn!t take it beyond this one investment.

4..

If you gave all of your money to a professional would he invest all in one stock?

money manager.

S.

What we're trying to do here is create wealth. created over the long term.

Wealth is only

When you start,ed your business, were

you satisfied with the financial resources your company had after one month? Of course you weren't. You created your wealth over

the long term, and that's the approach successfully.

Telephone Qualifying

Fi~=h

--------_ ...

This is

Hello,

M.r./~s

./MS

---------------------------------~-----.-_ Ilm with

is New York.

Howare you today?

( PAUSE I trust you're familiar PAUSE 1. WeIre one -of the oldest
on Wall Stree t,
________ Ls. -._.

with

the banking

name of ~:s.nking firms

'?

ana largest

investment

and the reason you may not haveheard of us ------

today is quite simple .. Ill the pastwe'ye de.alt. 'Primarily with lU9f! institutional . " . clients ,banks and insurance companies = recently though, 'itiIe I ve opened .our dO"9rs to the more substantial individua.l investor. WMt w'cI liJce to do, with you permi.ssion . is contact you th...""etl or four tines a year when 1. . isolates an inves"t.m!!nt idea. '<lie consider to be outstanding. ( OR ) 2 . makes a major recommendation in either the stock or munieipal .. bond muke t .. May we contact you on that basis?
call

( OR ) 2. The .purpose for

the

( PAUSE )
1.

got back to you and showed you something you liked, you consider doing business with as welL ~'? ., 2. So that WIlt won It ge t back to you with an inappropriate re CQI!U!IR M& on .. ti
If ~

would

when you inv.s~, QO you look for: GROW'l'B . or INCOME ntADILor CAPITAL G1U:NOTILI'.rY,
SHORT TERM, 0'l'C, DIVl:DENT MUNICIPAL

HIGH

DIVIDEND GROWTH, SONDS, TEST .

Could you name a.. stock

for m!l that you may have traded .. reO!"ntlYr' ju~t to ~ive us a flavor for what you lik6?

( PAOSE )

1)

"I 'V~ .tk...::nc.:.lled before. It "You I ve very dis.:r.im.inating as to t.te ;:s:::ple

ne"J1CI....!" \rI2

been called ty want to c::b bus.:!..neas with.

111

;:)

"~ c ax ,,! .you sell.i.nq<ff, I'm not selling anthing. I am gi vinq you t.r:e opporum.ity to hear f:ran us ~ we have a situation t:.hat QU'l. ~ I"OU a areat deal of mooey. If it fits your obje::-...i~, fine 1 if no:, tbenall welve d::r. is just taken a f~ mi.1'llltes to s;:ea.i:..

1)

r II
lwlr. .

9Stbac.~ to you ."

I

_____

you say that' you I 11 (let l:ak to I%E, ~ should prcl:ablj<' 'fOu may not kn::lwthat tiE key to ~ for ,""l~;;,,e=s .1)Q~Lb:~.rLtiming .-A-delay-,-~-a-sh::%t-c:ner.~ts:-t:h!!::-~-of~--- .i;,O!l..id""' ~~ C.LE:lrJ.rly, that ~ nOt :oe in yom: beSt int:s::bit=. !legjn With':r:t!! '. ril.;ht rt- . I W'ill 's,h::Iw yo'..l a p:c~icxW., app:::oach t:c inYar...in; ~,as you''\/'(;! 111..'\'& SEen. W:l..-x with lIe on '-,-, W'i1en

(Jf-1=ll~~~-ti:. ~use ....

............. --_

... -.

--

...

~-.

Sz.......

'"

,,' -----

2)

lOr

have t:::t:, think a.l:out. it.

.~

rtlj' funds.

!I' U -. !:B::i:

= yoU.

It

Mr:' , mJ'f I ask if you see what we see ~' cna..n 1:.::1.0:: th:!!le' . higK1:.l.Cjh~}:-r-W!: believe that we are si~...:in; on B liiethtng ve:::y1!:I:itin;. tceG. i t n~ Sl.I1:>o:.: , . lE.:.SS in;:.u:t~t to you? Mr. than your Wo-.""k with ~ he...'""e on 0'1 h~-gin, u.:iing our EC~
~ ::,,;t.= ~

seeLi3'

, thIm ~'

our a.pp:cadl.

t:hat !!'Ol ~ is Let me !!I!ke th:l.s FlsJ6nt-tic:::ln.

==

..-

of unly

~roy 1J'Gt

dollars.

shares. It IS a.Ccut'. . dol1 ani. p::lWe.r,.we a-...-e ta..lJd.ng aSiiit an W'3.AI' irNeMUIMIt " 12. !~ it I S a small ~, it: will ~ ~ .
l:t:. t:W.1, i: in ycu::: bMre int;;c~=':'

we c:.a.n acer:mr't; sh toget.lo:Ie=...

===

r1,r.
Lli..I'i,..

ih -:.Ul..7to

t.h.L ~ I::; \.t" Iut '.:i t..K.:

'has ~ the de-...emina.ti:: , I .im c.:!.lling you today k:e::::ause [raY.e this i..'lVe.St::!:nent is now. W!:uldyou a:;ree with me that "t::tle! a'lli We ~ ~...i.alable~ . N:::w, t .rove a S t:.o:::k are val.ue and anand? t-Qsit:.ion I::efor et.he demand b"il Cis up.

iotr.
, )L'

, I la::::lw that you are a su::::-ssful ?2SOI1~ I al.s::I kn::lw that i.;f. ' t.!.e.:.:Cl.:-:;can;:el.ling situa.t.icln~ then the..."'e are flm:la aV"rj1ab1e. W%k ~th lmt et:.

Lu:i~,
kJUJ

c-lJ . , I don i t ~ with FOX peo;U.e. (La.ugh as you say it.l d:...t: -:;;.u-I!""'Vf.'!.-'-'pt ncney available. for a o:s:rpel..ling sitlJ/!+-JOI:l . W:l:t:k with
--

I
lIE,

-;

..

--

--

- --

et::.

--.

".:ljU 1...1ILJ.i

.i.nvesi::::!tent that a..~ ha.s ever offered you~ Q::! j'CIJ. ~.:..o.' \..t~.t()',,;.r.linq LoS, rtr. ? GaIrOl.in:; is ~~ !c:I at 40, ...men~'Ctle 1.)\".:::; i.c , \,..."/inq an M:I at 10, \J1eIl it is not ~ ~~, is nu::h m:::a=e ,:.J..;:i..:,CV. \ t ~V" . L m re::::::rm:e.t"~lg a major sit:l.Ja.ticn ti"lat you can ent'!r ori tbs , IO.U lJ.l d,..o. . Cbes rot ga:ni:lle. We sps::1 m:j lJi ms of cbl1 ,,~ on our
"- ~-IL_-1.0 . l
I

.r.. t ",ii... t ( am ':"'L,.l\':';"';rv t::.ive

sugg~...ing

to

you

is rot a gzr:rtible.

Th:!..I i.& prcbr!l:JJ.y

t:be

t:'.-:..~!.t.IL."t.:!l .,.;:) tI...:.t 'we can offer , ..W, '..o.:k WLti"; rtl.:. / Let:.I~ ~in

]"01.1

ve...ry COl"~tive,

TJi.,..h

h",......

well-""..im!!!Id ~Ut:alt

'

ad\'ice .

ccrrp;my, \orle knew it inside out. We tl.ak to their to their clients, 'We also t.alk ~ their CXll~Lito=s . ..i~ \jd: .... ,l.J!:.;.'Jlut=ly full pic.tu..~. Talki.ng 1 to your frien::i would be a. YoeSte uc t i.ot: :.luse our .t=esear.:.lj, is lOOo-t.i.m2s liOre t.h:::!rcti;h. ''!he CI"le thing' t..:.n..ltyo . "1..n ' t IooIaIlt to d:::l is talk to just coe ;:e:::S::Xl an::lbase your ju:3;ment on II~t. \~ spend millions a.n::milli.<'mS of dollare al OJ:'~. N:w, work .. I.C:. Let I s CN.Tl it:.."1 s..~. Caw ~"::'1.1 w::ll::k with II:I5 at that level?
l~.;1\ .: \
I I'

UUnt.:!:d.

c.

dL.::iLl l.buL ...::., l

I).

1o.J-':= t.li.k

6)

"t I m rot i..llll.iliar wi th t..~ o::n;:a."lY. If

Vt..!.!.'"j

t.........,! . 0: .Le are familiar with But, ~ will, k:n::W it ~ it i.; .It: :::j V.Jeidentify o:::m;:an.ies l.n their in:E!!n:::ey. By the time ~ " fri.:.nd.::;lll-..c' atout it, yo'..J.1U be se' J j ng thf!m yo';l:' sto::k.
(J,

"5:.t lrt.! i
W~ 1 1Vl..; .. ~: i., ',. (Ii'

rL.:;.:ort."
iu.bil.~

"Send ne the S & P or Value !.:i..ne "

il

i. \.-I

r~:::ort t:e::.aUS9

t [.~' :.;ux:r.. ~ '11- p.lblish 'later. tr..,;.tL.I~ 11L' ui.IJur .i..n.stitut.icna ge:~.

it could ha~ a l::snei=ial effe::t on t:hs We prcfar to ~t:a mtc::::jIt quiatly, The SiP w-t-ll not tall ~ th& en1-:i...,

~tc!~!

7) Mr.

C'nfl ~J.T1'j;1 ;-l3:=ri.:;;k bJy.

that you like and you th:: that it is a aut, I th.:l.nk hit t&Ii'ii is an:::d:m' factor hQ:r.!, a. I,syctr..l.r... ;.i ~ 1 o:mi:at"t factcr. I am a ~ asidnq an cr.Qar. tat me ;u:idrt:SS t"J lo.I. t; b=:..:a.~ ie IS our bi~ pr-bl EB Wtially. We net. t:::a:::&. \~ !~~it' 1,1 11 ;tnek::; for l.onq-t.e:m capitzl gitina. We'n b:Jth ~a ':i: UlUIk tt-.ll lt.h you and I know that: unl.e.sa ~ you a cig::d.f:icant: . . UIC:aU.t ( r Ill . lI..:~', we w:on't Co any ncre l::usi.neSi. ~}a:w it's a J..OLt-d.ak"~. l 'ooWlt Y-Jll t, , L"1.I::i t: rre and fer the 1JF6;de. A year f:!:t:m ll:W, this .. .l.l.i. Le cl ,; I.c.~t profitable relatialship that you hirve. We'll n!!Yer ~ to ~ ~OI:' '~'ur i ~""u.:..t again. I \\ant you to o;.m shares of and. -,~ ..:.l.r.:~ a lli.I-tt.:tiTl relationship with .,

; I ~

== =

~::

_.[.;, ':

".~

t.l"...:

o.cd:=rwi.th the ;ower close,

I"''-"t.:!?

t:hen

I uStJally

d::::::n1t get it. If t."ey

but a.~

....\" b.."

\ 1. '.

1...:"1Gr.11 111 \Jot' J

,., ...:.1....:.1..:1
U....:

iu...."N

t.ht:m on the ~ as long as ~lllle. ooje='-...icns, keep asr.ing fer the Ol::der..; .'
f

l I '/ \,L"j...:ct,

\ ,I J j, . ...:!

i.,,'ll

.UlJJ

t:!1Ipathize with t.'1emc Say I understandasx tar the order aga..i.l'land again and. again.

POWER

P HR.a.sES

Everyone

likes to make his own decisions. I ~ould certainly )

We're inves~~ent

professionals. law I insurance

take your advice on (health,

----------------RECONIZE A COMPANY
Barrons and Forbes is. That's why

REAL w"EALTH

IS

CRE;~TED .BY H.AVING THE VISION

TO

in it's

earliest

stages

of growth. Before the company Work wi~h us on

are talking

about how terrific should be bought now.

shares.

l'i.r.

---------------let's look logically

is a top quality it has tremendous

. It's

a hard

decision

to make.

I agree.

But

at the situation

to make

the decision-.

Groping for

a reason not
company upward
I

to do it,. is not constuctive.

in a dynamic.<industry, but most important

potez;tia:J.. w~nt I you to take advantage come along often I want you shares.

of this opportunity. to start out with

It doesn't

Our Philosphy Frankly, do business you will--of

is to develop
can take

a relationship That's

with our clients. not why you want to if

anyone with

an order.

We have a goal -- or a target appreciation.

25-35\ yearly

Mro
get in before vast maj?rity mentality

to ac~reve the crowd, this

spectacular

performance

you must

is so obvious

its a wonder that the But their crowd everyone This is why
! would

of investors "If you

never use thisriile.

is the very
you're

factor

that gives you this opportunity. buy the same investments is always soared mediocre". the same performance with investments

The rule is simple: else is buying

goi.ng to have

record as other people, has been like

wh~ch

able to corne up consistantly

, that have

above the average.

like to have you work with

us h~~a~-

----------------------------_._

...

POWER

PHR.Z>...SES

We don't have to advertise.

Our

reputation

is based on wordin both good times

of-mouth for only one reason - our succes~, and bac;i.

The invitation! we've earned like

sent you speaks

for itself.

It's a reputation In situations

in the

years of investment

success.

-----------------the opportunity to deal with.

Don't deny yourself

You know this is the right investment . ...:------m-ak.-i-ng-i-t.

and that you should

be

We want to have you as a long term client just as a one-time investor in a thousand Every investment crucial. We're with us by taking the most important is important, that

of shares

Not of _

but the first one is absolutely if you start your relationship ~e'll have laid relationship.

confident

a position

in ' for a life-long

cornerstone

We re not interested
I

in the number up.

of shares you buy now. ~~e

What we are interested in wi th an Lrrv es time n t;

can always buy mo.re on the way having you begin 'a relationship in

wi ~

--------------------So when you do say yes, you won't

Don't say no, say maybe. feel e.TTtbaressed.

POWER

PHRJI.5ES

Let's be candid with each other.

You know that

m~~es a lot of money for it's clients. You wouldn't be talking to us now if you weren't interested in our ideas. Our track record is strong.
"

I think you I d agree"

~,

deserves

your

vote of confidencet

ask for order.)

'we've been managing very few

money

for the last 8:

years,

and ::!1ere

=..re

investment opportunities this clear-cu~t~th_a.ll_t.he~-------

characteristic~of

a very large winner.

When money

I tell you do not sell,

I ~

cutting

my income--

I am taking

out of my own pocket

to do the right thing for you.

My experience

tells me there are.two~asic no money, or they're

reasons why people hesitant because they

don't get involve: don't cleaIly

understand

how the recommendation

will work. What's

your real concern?

~~at do ! have to do to earn your

confidence?

2nd.TRADE

This
c'

relationship

is very

incomplete.

We both believe .that we're ~o

interested

in a relationship.

You. would be doing a diservice

the relationship it beyond

that you have begun with us if you didn't

take

this one investment.

If you gave all of your mone-y_to~a-?r~f-e-ss-j:onaI money manager you believe he would invest

do

aIr in one stock.

What

we're

trying to do here

is create wealth. Wealth

is only were

created

over the longer-term.

When you started your business, r~sources y?ur company had after

you happy with the financial

one month? longer

Of course you weren't.

and that's what

You created your weal~h does.

over the

term.

has identified
Because

another

investment

~hat is exceptional our the

I'm concerned

about

our relationship--because

relationship

is basically

incomplete,

I want you '=.0 be amongst

first of the people

I contacted.

Mr

we didn't

except

this company to be

(up or every

down) because 5 minutes bases

we .don't buy

s tocJ~s that go up and down Were buying

or :2 wks-3 wks.

them for a long range

for major capital

gains

in fact I would find it very at S

difficult be $

to handle a stock

that I bought we'd

_ in 3 days because

-------

t.o

be working

for Uncle Sam.

. .....

---~--2nd TP..i\DE

.--

... ."..

--_ .

! want

to make you a homerun,

the home run is a complete gains is when we buy i~ for a thus maximizing the efficiency.

cycle.~ reason,

A cycle in this buisness held it for the same

reason,

The eficiency of taxes

being that we do not have to pay a large amount

or make alot of trades.

, Mr. ___________ a question, ever kissed?

did you marry the first girl you

2nd TRJ..DEAND 1st DOWN

Mr.

Have you been

following

It is down something. Before I recommend for any a

po i.n . I want you to understand t.s stock to my clients I analyze I didn't find

it very carefully

looking

negetives. review t~e.

any in anything

. If the stock drops I I missed the first

it again to see if there"s I've done that with

and I'm still very coniicen~.

tracks it on a daily basis and not one thing changed. Not from the fundamentals, here, not the concept. Ii it dr.oPs furt.her

we'll be aggressively there is another industry--a

adding to the position. A

Secondly, different

idea I'd like you to consider. buisness.

different

Mr. approach concerned another upon here.

,I want you to understand Please appreciate I certainly

we use a portfolio

that, if I were the least bit wouldn I t be calling you on

about;
new investment. it's based

The idea makes sense. The principles so let's get into it.

which

are sound,

--------

2nd TRADE

AND FIRST

IS DOWN

Mr

---

two things,

first

is down

2 points.

We

track

it on a daily basis, Not the

not one thing has changed. If it drops more

Not the from here, t~ere is

fundamentals.
I will

concept. adding

be aggressively idea I would buisness.

to the position.

Second,

another

like

you to consider:

a differen~ **( M.r realistic

if interrupted)
there are two catagories investor in one corner, of investors~ the mature

and the rest of the marketplace look dayto day. Real weal~h

in the other. is created .points

Unsuccessful The

investors

over t~e.

~act that our stock is up or down two

is meaningless.

We certainly 'would not sell i~ if it We are not concerned that i~ is down~wo

we=e up two points. points, More

it only averages

down our cost, as we are still buying to a separate distinct

i~.

importantly

it is irrelevant solet's

recommendation;

put it aside and move on.

VOCABUL..~Y

NOTES

WIDGET-WADGET APPROACH: If a wadget came along which saved you 50%1 you would rather have a wadget as opposed to a widget. SIMPLE VS. COMPLEXITY: Our stocks are sL~ply conce?eual, not as complex as companies advanced beyond ~~e development seage.
MAPJU.~GE

QOOTE: Did you marry the first girl you ever kissed? (use when client plans to judge you on the firs-c sc:;ck you C!1oose for him) . Did you ever see a whale nibble? APPROACH: Please, Mr. Jones, don't mistake

NIBBLE APPROACH: ENTHUSIASM

PRESSURE

my enthusiasm for pressure.

TIMING AND OPPORTUNITY APPROACH: We are not competing with major brokerage firms, we are combining t~ing with opportunity. AGE DILEMMA: (When customer asks your age) Please Mr. Jones, donlt worry about my age, rather ask if I have ability. STRESS CAPITAL: (When customer says he has no money to invest) Mr ..Jones, you are one of the most successfulbuisnessrnen in America, and I have never met a successfulbuisnessman who does not always keep some, funds for emergency purposes. NORMAL COMMITMENT APPROACH: Lets buy half of your normal .commitment to give you a successful level of comfortability.

---_.---_ .._-----,",

QUTLINE- sales

manual

& training

program

introduction

to #1

- how

to act like A to Z to become

- success - how _____

a big

producer

-_l-e.a.ds-&-P-~G>-S-?c-t-i-ng-(_t:e-J;-e-;:rr-c~ar 0 a cn ) pp 1. the pitch-various 2~ qualify pitches

3. objections
~. prospecting chart le~ter important 5. the introductory the

secotid cal~- the most

1. various-pitches 2. how to overcome no

power

phrases

- the

second trade lines 2. 1st is down???

1.Introductory notes success products

- vocabulary - words of - special

1. tax shelter

--------------

--

---

--------------

f;:Ai>(.lA I
Mr.' Jones=

We just had a meeting

on a company that has created a niche leisure time industry. (are

in the 15 billion dollar A major international

hotel chain - The Marriott has recently signed

you familiar with the name?) licensing

national

agreement with Champions

- a gathering

place There

sports motiff - similar to TGI Friday are presently' ______ Champions

and Bennigans.

in (Boston, Tampa,

Portland Irvine,

v:Jln~)

f~al_ei_gh-,.__N-.-C-.-,-Chi.c.ag-o-and--B-altim-or.e--By-the-end-o-f--------1989

there i<!ill be 'JP, with 130 expected

to be opened

by 1992. A number Larry of prominent professional athletes such as

Bird, 1iHs:~S!!!l'--iiil-~:5r;, Doug Flutie, of this company. in Boston,

have become invol v ed

in the marketing
sports attorney,

Bob Wolf, the famous become a member of

has recently

the board of directors.

Now listen to these n'Ulribers.

LISTEN TO THESE NUMBERS

~(
Revenue Net Income
3

1989

1990

1991

mil

7.7 mil 2.5 mil

11.5 mil3.8 mil

1.1 mil

Do you see what we see here? Let

I

buy

1 r)orr/Jool...
I

shs a~ C6 a share.

Management management

has vast experience and has established

in hotel and real estate

gc:l_c:ld relatiqnsllips with

many professior.~l at~letes.

e~c.

-~-~----,"

---------

I.

s: n
0 1'
1

J'N:7%!.

ee

WO~
~

~VU

W!:

!,Jt..r.n~ NO'!' ee

WO~

OR

1::

!aac:r:. ~Jl. r~ !':~Z!IH

~A!

!'J:::::ftI1..'!'I= 1'00 .XAVE ~.

~ POll -nm WOLZ !IX:

!N1'OJl~':'!C

TOU' U. OW'N !}!! ~ 'A!' A HI C2'!

'-:0::::.

OOJ: :U1':~Iau.L CI.IllrtS AU BOW!tnIltc:;

____

-,.;,M
YOU? WS1:l J:XPlClU%:ICC:::=

!'OQ' ta!'-:WAN'!' -:0

n V!
~

PP"la, ee

I::.!'U Jt%c:n AS~n ~! 'A'f

~"-

lU:a".

P~.

J6 !"l:B

-----~" Qil~~: -- .....

t _

w:

DOt:XiiI !'C lIC\'%~' ,"".-

j"

l..i.....

CI"'CDG~c=

::ceISION
nD1J!tt. JiCD'I!.

saooJ
'l'!M!: ,~

POI~.

CI:CCS

I
I

a~

:X:::tI"'!"%tI

I.:: -:stZ~

!.-rI~:QlIJU,
1I7lUft ,-0

_______-:----:---'--OR

's;z: ~
tOO p~
KP_

I"".",.
-

c::::t.l~.
Me: yog',u,.

-::JUlie MAXu ftISJ.

11' ':!'
~ YO'

IZl'Ic;r:IlCC ft2.S~

AOVAK'l'ACiZ I'X G%n:aG-YQ01 IlE.AJZIIIi %0C'Jl AC:::Oar.r..

.c:.:..E

It!) 'fCG1UlIm..:,

't;tu ee ;u_
OJt
wc

,
l'Ot1'B A

.as~.
elf'

DMft ~ ~.JHln 1000 ~

YOU Bm'.

m:~

w.a

YOU $.,

011 ~

WZ om.l' K)'\

O'PO~In HZ, "lOCI wrr

:tlr'1'%ND ~ SHAiU:S. co IS

BECAUS!
~

~~t;.
C:IW HZ: ft4

YOO %)011 '0:

Wldrf ee

err

lAC "P

JIIAX% MOHn......

.,Am) ftATS J!!XAc:n.1' Wi!A1' I

FOil YOO. '!'HAT

co

ARne

AN!) I' U. !It.~

RD..SONAJSU?

. -I

==-'~~
=CIICW.

;;ICf

OZCISIONS

I CAN C'HC!!ltSt.t'J;MD~.

a:m~DO

~T.

I' K. NO"! AS1!:INC YOO

'!'H!S Im::.A OUR

ee

MAJ".Z

om::
0

suo,..!
'nm

'fOU EVtitStt

':OP .NUJ:.YS"%'S
:x1\MIHA'!'IOH
ANtI '!'Slt

Mt> ~~

u,m:.::Ps v"V% tx:lNl: A or!]...:u.

''''IlUINCIJIl.
S'!'A'1"t~N'I', ~'\CL"t5:N':' ANO , COMPANY ~SIO

r
WZ DOW

nmus'!'~.

evr,

O~

CEelS ION WAS Jt.EAo:l!:O S:t.oWT-l' STU

ASr: INC YOU TO LIST:tN TO ':"Sl!:

BY .snp

ArTtRMtJCH

o.PZiUL

'mOUGHT BY 'm!! R!:-'""OGNI:~ EXPs:zas.... AL~O't

'!'Q l\AO

!' M
'';!: :L0L'

p..!:Stll:rs OF OOR !'HOtJ~H1 !O YO!,;'

OtJft~EL'i.1.IJ1C:; SO 1'.'1 A.S~C BY TMINC ,,~~

TOUl H!: YOU ACRJ: Y!"!'H

tiP '!'H~ JUt:X:i&:;'l'

YOU VI: J\l..R!:J.CY AAct,

>.c:

TM:

';HARES.

!TS It GOOO!~""VI:S'!'HtNT.

F!h~. t CAN u~rOt"n"AND THAT.

OIVE lUlli.SONS A.ND Sl.Y YOU ACn.!E

I

1[11'1-: &1! THAT TIMING IS CllnCA!.

......

t.B'N

ESOIN W"rrH

I
CONSlIlsunON.
INt~mrr NO"
D

l!:~n WAXI CLOSE -

SO l'HA l' rrJ Ul:! TO 00 tS~SI:W:P-r..Y--'%'Hl!-. -t.XT'S-NOT]!Al:!

j/"

THE W.AXl~ A'! -:

WHICH YOU "OUL-%:) l.1AJ:E HAD ~YOU

THE

!1tnros AVAlU!l.l!

INsntAtJ,

un:-~ 'l'AJ::E ADYANTACE OF '!'HE!nUNG

QrTHlS INVUnnZNT A!m AT l.EAST ~.

__ (!'AOS!) 01. WOUL.D

:WOO.OK COKlUT1UZNT.

1 SOGGEST 3.000 SHAJI.!!S.

PEEl. WO!.! COWFOltTA!T..E

WITH 2.000 SHAltES r

DOESH~ l:N01! YOU?

1!EHA.V~"1' W1TH .cOWPANY

W:ET. BUr l'l< SUItE l'R.. __

IS PAHll

THE CALI. DOES ~OT RE: WA'I'TERS. ITS WORE PERSONAL THAN T

WHA T'S THE NA TU'R.! OF YOUR. BUS!NESS ~

In

It. C;ONP'lDENnAI. P!NANCIAI. YA'!'"rEP... WOU1.0

pt.JU.D

TIn. I. HIlt 'I'HA T 1 WOU1.D UKE TO SPEAK WITt-:

IP HI'S TOO BUSY. !'t.!.. IE HAPPY TO CAl.l. BACK....

IS THElt! A PAllnCU1.AP.. n}!E A YAll-ABLE ~
WHEN MR..

Wi1.L

CANter REACH ON 'PHONE

I HAVE A VEin' QUITE OIFFICUL. 'I' FOR.

TIGHT SCHEDUl.E.

ITS GOINe

xs;

_ TO CONTACT Mt.

00 YOU THINK IS THE BEST nlr{E FOR YE TO CON'! AC~

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Mr ~
1:rf!o1~:

tell& _ . t:Ma:s a.m tu:ic r-r:m: _ p!C;'1. c:::m _ 't EJIOWf. t:r tMf'ft bll:itazrt h-em_ "t.bI!f d::Ia.~t c:.leI;.r17 UIXZrr.
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Mr. we agreed when we last talked that I would be back to you when , through investment banking or Institutional activities identified a particularly attractive investment idea.
We are making a major p c r t f o l 10 .recomendation

Institutional, the investment

as weil as retaii objectives/goals,

to OUl'" c1ients. The company, I feel, fits you expressed when we spoke last.

BUT before I go any further! just want to make Sure that you have the liquidity today to participate. Mr. if you agree with our investment idea YOU'd be abl~ to invest at least S25,OOO or more, today, right? (If no ask when~,~t_h_e_n __r_e_-~p_i~t~C~h~)

H-By the ti~e Roosevelt got the report on Pearl arbor, where were we?
I

Do you understand

our concept

here?

We are 300 brokers covering the world. If we had to send a report co everyone that wanted a report, we ~ould have to buy International Paper.

Pit:::h CClll M-Do you have a pencil and a piece of paper?

M-What

I have to say. you have to re:ember.

'-------!here ~s very i~portant ~a:erial to cover and I want to make sure cbat you fully understand why we are ~akng this call~
A B -

Ac:::uracy Brevi:y

C - Clarity Pitch stock, give 3'!ew co~pelling

Do

points and then ask ..

you see what we s~e here ~r.

,P-No
~-Did I leave somethi~b
Maybe I didn't

out Qf =y presentation?
clear. It's one or the other.

~ake ~yself

Highlight

a few poir.ts again

a littl~ differently

and then ask ...

Now do you see~hat

(It is absolutely

we see here Mr.

critical

,
here before you could

to get a positive response

ever hope :0 close.)

Good.

Complete

company To Act

descrip:ion

and th~n ~A

~crA mMotivate

Build to a crescendo
Mr. vhat is

and go Eor the order.

a no rma.I

dollar committment?

P-I'm not buying anything.

~!-Mr. _._...' we ar'! not ~alking about you: buying anything. buy something. ~h~t ~ould be ~ no~l. comfor~able doll~r But if you co~ttment?
WEre

to

P-Resl'0nse S

shares

of

per share.

Hr. ~, ! h.v an excellent: ideA. Lets be extremely conservative. Since this is ~35 step program. let's take 1/2 of your nor:al cOmClitt:ment: and find Co relaxed level of comfor:abiliey. So instead of puccing $ in. 'Which is & t'lQ~l S cCm:Uttmen: for you, lets put -1- in jus~ eo.get started, AS5u:=e the order Gee a new account Let me take some fo~ and say . , yet, let me put the order right in

so that we don': miss

--,_._---------_._------

info~a:ion. better the market.

P-I just told you Chat I didn't want to buy anything.

--~----=----~.---------

~-Mr.
Merrill

, ~e are not buying Lynch sells things,

a~ything.

you are sells

investing things.

in our

program.

E.r.

Hutton

We invest.

So if you bought you really haven't you ar~ doing is investing.

tommorrow,

bought

today and you decided anything have you Mr.

to sell it
~"hat

Yes Xr. a man oE~h

You knc . ~r.

t.

<;Je wan:

you to invest with us;. We think it is substantial means to be part of this program. before you s'Wim the English

icportant

fo!'

Channel. 'you must

first:

gee

your

feet wet:---

i.I.e h ave f cu nd your cost relaxed level of cocfortabilir::y. Somer::hing that .. wouldn't bother you if you did it. That is ... we are doing chis . \.;e hy r e a lI y think you should do core but we want you to understand that \,;e arc: .~~

the same All

team.

?t'ospec:ts ... to be conservative, ant they don't Want a madcan handli:".'g account. He <;Jants ~ guy that he perceives to be conservative beca~s" he really doesn't want to knaw that he is playing thegace.
their

When yeu tell a prospect to halve his strlru.d, he will realize that you are are trying to do something together. $50,000, you are trying to invest his F-wnat
H-Hr.

not'":l1al c:iollarcotuz:!itt=ent to get both on the same team. !hat you You are not trying to ~ his $25,000. to you. a

is your

phone

U,

I'll get back

does

doc::~et

a layver let his clien: say"! '11 be eack ;" Does a pa,=ienc-leave his oifics and soay "I'll ':le back."

Dc you understand

I am giving

that I am pr~fessional. that this is an appoinccent. you an opportunity, you had an invitation.
'f

I e.:tnnot: accept: "I' 11 ca.Ll you bac~, ! would h~ve c~lled you later.
fII "

!f I WJ'anted you to call me back ,

. a... ..

,._

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'lM rMliti&ii
~ &C::ut thm

ll...,

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who ::uy

ill

!::ad ~..:

=::::::-e~.

By ui".:i::; c;::i.~,

=:oj~ than the t.:imin; adva.~. 'lb! 'Whole ~ at c- the ~ of the linIIl.

may bl! d~ U!!]jI";"; ~ pe:;la 'a'ho l::n:w fa' .At .l::e.ft jIIOI.l'll ~ and 10. thi.t all wu t::I am tr. c::::::anv -

So d:1.dWE 'WIlnt t.hini: ~ a d:i ; c;n a'1 it. My ~. cf~

My

it, thaa

..my

it.:t:::::i!;

, LA' IJ! fa:'

\S

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is dJ:I:Iply
.

estjlb1 ~sh an ao:::;o.mtwith 1= &t

opI!l'1

the l.ines

~
~

clJ.mts 8. l:uyin; ~e fr.:III 2000-3000 ~. w:W.t! ~ ta I' ""uz:=able rith.. ::

yal In:faczatim. ~ sheW ~

=...
~

yol $...

I'll

the cnly ~...aJca

c::ti

== t:i:I'Jin; vlll

e'Y'er ~

waS t..!oo:at we

didn't 0aIn en::r.::;h.'

Inst:ead of 1000 lea

do 500.
't:C th.i1t

I'll

-=-

yoJZ vife will ~'t.

yo.:r fi.~

Qe::isicn:

is . ~

cEll.
WIt

Yc:::u can It c:hedt out

the );in:!. of .:vies

a:. scin:;

'= w you.
VoLt:h an i.de.a.. if
bE
& ~ j'O.l

Giw mE~ \ ~

that yo: ~
WI

a.t::::m l.i:w ill that . it. 'WIll an de a::::s:a ~.

wmt.

qottal a1 inf:::::at;i.c:n .. l::II! in t::::u::h nth ! ~

j"OU j'OU

lJ.};e

If ?=IU :UY.it.he:al at these l.eve.ls ~t trYer you ~

...n"

cl.ie...,t. hzve done :=re

.t:c th.i.M ab:1:t is ~y

MIl: ~ %:1!!:.SeiL~

~-hin; it.

t:.~ th::u;ht &b::sl..:t.

-------------------------------

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tic wn~ to !'ave. r:m cc : 1=0; ':.tG:ta- :l.icat of

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~

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"

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hav. ~rustad

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O'Wlr

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with aCIM: of ou: e:a~it~lfroai t.i..M reputJition"

EWlfo:'t: vt! eo&M

t.i

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i.petd

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of t.hClUS~n::!& of doll&rs

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to buy. chi: .:t:t-..k U

21a'C 6

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cicisl:1clB.

For you. Mr.

:.he c!1!f1c:ul:y

vill

be we:

to Jell

the .:=k u "'., :. ft" of :he l1:o:S u 1: 1.& CIIB ~ ~ '. ICISq CD be ::.tz.

i:. Beau.c.

when

--=

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"ua lo-f-l'lC eCIM up .vi:,h .CIMCh~ -=rt Clril~l ~Q ~tacula1' l'cfonu=r:. yCll.t mr.:: ,e: 1: beter. the r:rCNci.

1:.1m

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ce

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f&C~r

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dut live.

y'='U

t.hill
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hAn'iI!

t1\c nzlc 1& ._l. ,.~'r. IO~ :0

- If ~ Day ale Im8.e izr,rCS'OC!!l:s C'Yu'Yotlf! e1 i, buying. :he N:IIIt pi:-fot"lW:lee rccrd - which ill r..l:waYI: 1D.Ittiioc::e.

nu..

cd tmr:tmTa1-:i~&l :in ehd,!' U!vu~en~s h&vc bee cble eo r:eme uti cOI'!ulillt.m-:ly rttil :1.nve:e:t!:lt chat: have .oarad zbcvtl t:he ."era.,c;. llore eaQ 1lAkinS ul' f OT: :.bl\ o:::::%siotl4l.1
11

!hu U 11ft,
ia

why

d..fia!.!':.l,. etl!1:n-.tiJm

=he

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lc.ers we raccmmeQd.

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.,uau.

mu xu::s s:z:t::. !'JE n::t!:

-------_.

---

( :z )
to CO%f:liE1 to fir.!i bAUi in the

nine yc&,rm &.90 bae1\UH of the in,,"t'!tlM!~t banking ~muni tj". IkJ~l!ie~lly

....

~:
I\=~

th~t

ti:.e

u: an

in~ermec.u.ary bet'W~ . , .: nnd yoourHlf. I h&ve be~2'l ?Er:ona1'y 5u::e\s;:!ul :cy introdue~t; people t.o ~42 pcrforman:ll. ! WQuld t.o y~u that if you are & decilion m&ker he vishc t.o enhance hi: net
wor"'..h cu.bstantially, that you The 1'i~ mtJ,Slt~iv. .

sa1

pc:'fo~ea.

th~l~pp=rt.unity to chow 'lOti >' "cor ? cO eCV.QC'<! IN 1"P-.L.. .. "";- '-7 ,'"""" J ham l)efJUi--L~U~..nEllt\ ~O~ '13O=y~c Th@y
2A-1><!.d?

500 eomp&niefl public for ~tl fir:t time. They rllllt%"'.::etU:IIC: Ch-7s1Ilr. Iim asking yOu to 9'ive.S~of you: eonfi~cnce by taking & modeat po&itiCft in thi. recommena&tion. ! con't think I' 11 h~ve to ask for it next t~. liQ.:'l:-vi-~-us-on sh"..,;;:l!..;; ----_.-

toek 20\ of thE

fortune

~~='

Tp; T!~!NG IS CR!T!C~*t CLl:ENTS TODAY.

WE '?..E

BUYING

ACROS '1'~

BOAlm

FOR

THE MOST WE W!LL PAY IS

HE BOII.J::i A - POSITION. , H!:P..!:! S fit PROPOSAL: "'Y~O~U~IHEV1:R WORKZD ~~TH L. ':':v:;

, EECAUSE WE USE S~P~CT OISCIPLI~~ ~~

EUT, YOU~ow
_-, ~S '

E. t S BEFORE, H.~ VE YOU? OOR R;PgTATION ! TROST?

IN A LONG TE~~ RELATIONSHIP,

!1Om:-lWE "'MAKE'YOt]

t;\ST-::'TIME'
FRANKLY,

'! _DON' or C).Rl: AT WHAT ~l. WE WO~, I W1ill'l' TO SBOW .YOU ?! r.. BECAOSE THIS IS SUCH A LOW P.!Sr.:/HIGB PZWARo SITUATION, I WOtJLON''!''m:SITATE TO SOGG!:ST WE TAKE A POSITION OF SB..A.RES. '!'RAT vIOUu) BE A CASH COMMITMENT OF S , FOR ;mICE WE: WOtJI.t) LOOK Bt.""!'~

~m: WITH--A"YZ-,WE-spOKE; YOO SAIIi YOU Sl'OCK MXniT. A.."'1 I CORm:CT?

I WANT TO MAKE YOO MONEY m:m:,MOR!: THAN 1'00 00, BECAUSE !Il'! NOT A COM.MO~l SENSE, ADDIT!ONAL BUSINESS WITH r., E.' S "T!LL HINGE ON

ON!-N!GRIS1~.
CO~..I'!'

TYPICAU.Y

s
-

TO AB

!DEA

TO YOU IN
-:----------------A-E
I

TO
-

(MONTHS;Y-~)
~

B9-F-I-T---O.F---BE-'!'WS:sN-S-------T'Q-S---.------------------------------------YOU' 0 BE COME'OR'l'1U!U y,-T.:l'E"?

IS '!'R,'\.T THE T'YP=:O:' P-~Jr',N GOOO. I'O.LIT.E TO BEGIN ON ~~

S1~IS.

DogS THAT SOUND REASONABLE?

fj

.:

15 the

BQE~

",&113.U

I\.

~p

nich

1s po111e4 f=r

&

-;=

=t.Bt.a.D4i:l~

IIl!r..

1) acn .DOt:
2)
l)

ur -.cUe _ oo::~,
__ --------------.--IId4.i tiCNl e ZtOt
.

%n bow ov f1:s u4 it.e ~,

-' .----:-----

'!'cnLanLp1Dt--'tO-:t1lll5p-de'fiiC"-2'w _ !Dca. bud. _ 1daetlic:'w 8I'i.U .J'ClCl ~ % 1l~11

1IUt

to kc&t t.be toe .i~ arc tall1:.t 0= clieU ~ bar _ at. the ==:at p:-!c:c.

~l

,w.

eu. IW

Ct.&rt

w1t!a

f=

cM:u1

'.

.
s

S'tI:IIr.

wJ:M

1:IP 1:0 w!v;t l:::z::W ,!t ~

p::pal

~
tbf.

~
J

~
=:L~l'

a ~...km
till

mr: ~
~

ez-,)

'ftl,18,

.III WI!:NII.

,.,...,'cIl~. I9~ lJl;a y= =

I

.=_:..
l:Ie art

~;

5i 'l'

tbE

:bit ~~
CE

J.a __
1\

%'a CB".Sn; an:! =t v:if1:q.

I

,",'emit ~

c::f Ii,

=~

n:l&~

with %MBI:n~.

All I ~

1& &:!!II bui.c

1.!'T ~E THlN7: A!--OUT IT-:.

lET WE C!T!ACt: TO YOU

-c--_._; be-f1:-DC"-=-~Wra.--

'

I bo

"erNutm,

Tot!!to &:: q\1ic:lt1r, but f'i~

~m.m

" we 8ft OIle of t~e

sHiare:. (or an amoWlt of SI0.000.

we caD

&.1".,. aad

to tha~ posttiOll lAte:.

we're we
ltZlO'll'

U,'I;.i!1g

10\1

(or

II

J:n.u:ineudecision - the qIJe:tion

the rllhtan:wers

1.1

f!ct hether

Ull\

g~.i co~;

it la. deci:i=

'WeGpenc1 more time lettUl,

than even cur l.Ilnit'LIt1onl.1 ellen Uo. on the

budneu

we're ut1:1&' TOG

= atft IIToat

c=fldence - wcrk with ~ here

------------~.

..
, ~ roPUY
Y

ou.r.

TOO' "r'OMO R.~,

CO!n'

ROm:Sn. Y

ALL I ~

ro

00 !S M.A.li:! TOO ~

I cc

T!:UPBONE TAG. r HAVE. n:...EPB-ON! ~!NCS SOI!:Dtrr-ttl AU.. DA' Bt ABU TO ~ TlUtOOCiE. ! WJU,"!' '!'O SHOtf YOU A !....'I:"\"!:!., OFr ?rtonss 1'01 HAVEN"r StIll BETORl:. _ I'M M OETTC!!t AT ,_ !'M Orr! C SUCC!SSFUL BROl'a:l'.S ON wALL STlU:.E'I', ANO WE M.hNACE so~r'l.!ll, U.Rt:",-.'Y m:f'fAL hi hif AdS! MY CI.!E'hT"fS i\~ !lt1YING 10, 000 SBA~ OR MORt. sO'!" r: M R:5:.AU.Y NO'!' CONC!.:I'J~D ASOOT 5!%!... I' M CONO:~

Ram.

or

YOU I~O~! BECOMING PRIOP~TIES FOR EACH OTRER BOlLOING STARTING AT WHAT1i:'VER~ YOO F'ttI.CO~Rr.uI..!: ~"!'!'B.

A ~-ATIC

, ! GeTTA ~ YOU. w:E Pro:! lit NO'!' 'rO WO~ ow ~O:S. rr ~ -=O~U'=R~ASI:r..I'!""t "I'O SHOW YOO ON-aALANa::, 'I'm! B!!S'1' P~lWS OV!:1t 'rIM!. W!: ARt Mt'!'!Ct."I.OOS ABOO'T COMING 'I"O YOU Wl:TE AU. Tm! !Nl'ORMATION H"!C MAKE A PROO~~, LOGICAL OECISION. HONESTLY, IF !E COO!..D WAI'.:, WE WOULDN'T ftAvt CAL.I.UJ YOO TOOAY. ~ ~ CAI..I.ING ON INSTlnrrIONiU. CI.I::or!'S TOOAY, AT '!'HIS PRIC!:. -WE! txm'T WAN'!' 'rO SEZ 81GB!:R '!'RAN (PRIC%) , r.rr r S BE CAH'OID t ~.o:tJ:I-YOO-AG~--"--------TRA'l' WH.::,:' WE~ _'I."S%_RIGlI'l'-V-A.I.tr-E-A'!'-'nm--UGat pP..IC:, "f'!II:N IS 'th2; E ---'1'O--Bt1Y'? . 00 YOO

stt WHAT WE Si!! m:P.I::

:: -" ...~

... :-

i
!

,
"':;".-

i~

YOU'RE A SUCCESSFU~ EUSINESS~~,

R!GET?

fft'E TIME: TO BtTY IT ~

OUR
'to

Y-O~U~I~VE MADE SUCCESSFt~ BUSINESS DECISIONS IN THE P)~T. itI"EP..!: ASKING 'fOU FOR A BUSINESS ~ DECISION TO ENEANCE YOUR N!'!' ~F;.,!"!! EU j., THE DECISION IS NOT WHE'I'E!R ! IS A GOOD COMPANY, OR ~""EtE:l.::..:.?
~ECAtJS.E. CU:AJU.Y, WE KNOW 'liE':: ANSWER Cl.IENTS EVER COtn;D.
i~i ~ i~ V' T"il
'1' '1'

TO TEOSE
~~~

Qtn:S'l'!ONS '

BE! b:.R

TE.;...'

l.EHMAN
i

BROTH:;RS

EXFERT!SE

AND

PROFESS

rONM

'TIn '01' "/:' REFUTATION.

Vr') T"::'

iT'1':"'ii,

P:::RFOP.rlANCE WAS PtJ!)LICLY ~D IN JtilIE, , CREDENTIAL ON WALL STP~ZT. , EWE t am: IN MRGI;RS AND ACQUISITIONS FOR TEl: LAS! F' CUT TEE D=:AI. E~ CEP..:."'SU:R P.Nt1 'I'Rt FEDERAL covz: 'WE ARE CONSULTANT TO ~ IOCOCCA, BOONE PICXZRS, AND TED TURNElt. , 'WEBROOGH't PUBLIC OVl:R 20\ OF 'I'ltE: FORT'ONE 5 a a COMPA.N!!S. , WEt R.E INV:.:S'l'Ml:NT BANla:P.s TO OVER 30' OF Tm:: ?ORTONl: 500. AND, AM!RICAN EXPP.I:SS SEl:LU:D OUT ASOOT 400 ~..IUION OOLIAP..s LAST Y: EAVE ACCESS TO IDEAS, LIXI: THE ONE WE RE COMING: TO YOU ft'"I'!'B TODAY.
tOUl'!""!

>

I ' ~::;.::..: ~-iOUR

IT'S PORTFOLIO SIMPLY TBZ BEST VI: BE.::..~ NUMBER.
OF FAVOR WE'RE AND ONDEXVALO'ED.

'JI---.-OOR~EI1.OSOPHY. AT L-~"!AN BRO'I"REP,s IS TO OE'Vl:LOP A P..ELA'!'IOHS , ITH OOP. CI.I~'TS. WEBAvt A TA.~ OF 20 TO 25\ ~-AP.LY IJlPRECD.T:;: nu: ONLY WAY WE CAN' ACE:EIVE TlIIS FOR OOR CLIENTS IS TO :BOY STOC1'..s

,nrIS

NOT A LOCAL WIP..:tBOOSE COMING TO YOa WInt IS AN INSTITUTIONAL R!:COMMENCA'l'ION, GOING

IN '!'BE COTJN"l'RY. TO TEST YOP'YR OOR ABILITY.

OOR LIS'!' OF rc 0 0 sr OOT TO ONLY '!'BE TOP

,INVESTORS ~~~' Ii M

22 kiSS SERINO PARTNERSHIF OF'

MSOLtrt;:1.Y ElM
IT

WE' WAN'r

YOU

J:W
> ~'-

TN)6N B+1) Pi IguE

TH~M2CB
-

KNOWLEDGii(

BPSImiSS LV; WITi' NiP l' FULL2g:n;..g

_ ,.. " _

GIVE OS '!'lIE! SAME Tlm5'r 50 MANY WEALTRY P!!:OPt.E RAVE GIV'E:R OS BEFOP.!: IX!' PERFORMANCE BE YOOlt GUIDE, ANt) AIJ.,OW OS '!'B% OPPORTmun '!'O ~ CONFIDENCE BY TAJ:ING A MOCST POSITION I:I:EP.E.

WOU WI'l'B OS ON FAIR DlOOGB?

SSAm:S.

: !

-I

_. -~- - -------

----

----------

--- - .--------

Mr. Jones,

I am aur e you have read nu:lle::-ous articles

about

the signiica:l:

changes

::hs.t will be ocurring

Industry.

in the future Host

as s result: of m.ajor development,:;

in the Eiotechnology

no~ believe that meaningful produc:s

g\ g

are years away.

.... \

il
_--;

Mr. Jones

the reality is that we have identified

a company that together

with Johnson

& Johnson will bring to market yithin months, not vears De~
test kits based upon recombinant DNA technology.

proprietary diagnostic

Mr. Jones these tests will be for a ~ide range of infectious diseases such
as mononucleosis.

hepatitis.

herpes, gonorrhea etc.

~e-signi:ficance-o-f-the-se:.-p-~oduc!;--s-c-anno-t:-be-ov-ers-:::-3:"c-e;d .

The m.ajor advan t ages 100: accura::e 100% specific Long shelf easytQ

ar e :

l:l.fe
(color charts) nc instruments ) no radioactive
traces

read results

totally proprietary worldwide

& patent pending products

(largest drug company in world) 14.6% of ENZO 15.70/shs./20mm

market by Johnson' & Jobnson

Johnson & Johnson o~

Mr. Jone~ within th:l.s complex

Bio-Probe
technology

industry Enzo-Biocnen worldvide

vita its clearly defined

out as

& J & J's

s~orjSJ

marketing clearly stands

an emerging grc~th company ex:racrdinary success

that should prove to be o~~ ~~.

ASK FOR 'I'E.E ORDER

O~ber lmDortant 3 Year lead t~e

Facts over competitors market to research and reference labs

Untapped

!..mrge agriculture and ve:inary Company now sells 180 products Genetic
Largest

screening

product

Imm in the next 2 yrs. /year - B!G

Markets $lS.OO/test

D~4gnQSC~C

kit market

900 million

single market - gonorrhea 200-300 million/yr. mkt. Estimate

Earning est~atesi5_l~~
"-

lJ8c.

.. -.

----------UNIFORCE

We have an interesting

recommendation

to discuss

with you--

the name of the c;ornpanyis "UNI::ORCE" - t.he Main Thrust. of their business Temoorary Personnel. to this -1983 Sales
30MM

Here are the numbers

1982 Sales
j,

- listen

o.M..~

1984 Sales 45~_~

earned
$.01

fully diluted
$.29 $.80

They intend to be ~~e "Century businessfranchising

21" of che temporary

personnel

is the name of their game --they int.end every 25 days for 1984 -- Sales will Earnings will go to S _80

to open a new franchise

grow to 45MM from 30M..~ this year. from $.29. Do you see ~hat ~e see here?
3 years

This could be a lOO~~ company

in-

--the numbers

are mind boggling-is 1/~OO/OOO shares -- I hate .to translate this could be a very excicing

Total

capitalization

this into earnings

growth

per share--but

company.
Now

start selling

----------~----------- ..-------------.~-

...

-------------CI71S0u~C! PIICi

rrn.rzrsc

A I'ORV.JlU

3J.l\D-c:i D CO!1I't!J.":-:".

!""2:

FIE.Sr APPLIC;~rIOKOF '!ElS

...
-::

~-=:co~ss:

IS Il\ DISCUSSIONS'inn:

(TI~

lSS~C!)

~J! m:E:C'! Cl'IlSOG'R.C!: TO E.A. EA.Rl~:rnC$ or V! 86 r.c.A!...

S1 J S=:.AP-Z rsz !:,

SE.?!. rrscx;

'll"Dusn:: .

.--.--~-- --------

.-

_._---

---'_.

--------------

--------

. --.

__ ---_._-....

PROf.,.

TEeP-NOLOG'

~:Jiove~ ex ecut ive

erecucuvuv
SUI'!.:'.

sunino
[S

rror':".tne mai: rO;:';;i

a:-::: ;=oin~ all trie wav tc tn:;

in trie .. cric

If Ameri:::.a

to ceracet e efie.:::tivejv

aeain a; me J~=anese
conS=IOUS"

and me. t:.1.Jrc:laans. we. must all ce.::O::le more e.fficle:::.. cuaur.:
Wouidn't

and CT"o::~=tiya.

you agre::-:
me oriiv O:7:?ailV
-. ia -'_Q._'.

We:'.'!! ioentified tecnnoi09" . c_.::" e=rI OJ""-"'" __ .

anc

are er eseo riv un c er .. ritlris

arrc motivate
,

tnat nas t:r.=

.ar.= cz=z~iIItv to tram

J

ia rp e numcer s of e.~OIOVe"~ fz.;;~ aric

na__ e
~--""i.l"'D~ Vw __
-1-:--

v'" __

-n" L_ co-can"1

I"

:Orof"ll' Tecnnc

._.1 00" _.'.

,.....,.c._c:~-...c-~~-~-"-,-.---"._ _l"

----,- __ lffia.?-e-cc:r.-m:..::":-::::a'r:ron-sYS1..e:7: ; Inte-:Uctc; tna

state. of tn e A:-1. nar-cwar e 2!"1Csct twar e

to i eve ra ce numan crccuctrvnv

TOE: ccmeanv-s

,
team na s na s e.. t errs ive ex eer ience . x dth Xerox.
C.O:-::JOl"""a't..::

manacement

Cla!"'ltS s~:.~

as [St.'.. cl.lrrou;::hs. founder of 5 eori:

an:::: Twe.'1tieth

c.en1.ury

Fc~ an: is n ez c ez, ..

:,y :.~:". Q e:irii an ori?inai

of lnt~!"'si:. me m.!;:e cc:r.:::l~te:-c"1i~ rr.z!"::.:h=~~'2:-, incju oe,seiuno uc me cor::c:.rter CO:-::Olex YO:" tn~

0:ner a:::co~ciisnments
tirs:. iunar biii icn-coilar markets

-.

ianct:19 at me age c! 25.

cro:iu:t

ee::rij,

wne has a kna::k Ter mat were 00u9h:

n~=I~::..::"l:::zscc'Ve.r=.:' 1

has nad. trl ree cemearnas

ccr-ccratrcns soon after 'neir

The company~s initial 1" Ouu or mcr e emci cv eas cer
_ t

introouctlon

in the market ciac:;." navs

marke!in;:

tn rust wili focus on c:oroorations Currently. tne:-e are over

li..

'Vo'nlc""l

site.s recl"""eser.tin:

1" miliicn

ice srre .
.,

:;00 of these ic:

pec:;,ie in the Unite:: State!.. cO:.Ild result in ver ... si;::niiicar::

1 ~

revenues

----s even trn

TO:'"

a 5- 25~ rl""..arke! cenetratien me n~: tnr ee

comcarrv over

veara ,
of snares a va ilabie, trie

At trns ume , oe::.ause we have

cnlv a limite~ numoer

mcs . 1 can auccat e to you is

---- sharez .
or in your own ria me "

uo

vou want triat put

in a ioint account

PERSONAL CLOSES WE'RE CaNNA HIT A HOME RUN WITH rrrs SITUATION!! ! ! !! ! DO YOU THINK I WOULD GIVE YOU A C~L IF I DIDN'T THINK IT WAS T~~T GOOD!!! '\ ~' Tn:: 80' s ARE ~ DECADE OF EQUITIES! ! BOTTQt! LI~E smJ I B~VE TO MAKE YOU $$$$ IN ORDER FOR YOU TO CONTINUE TO DO BUSINESS WITH ME!!! TRUST ~~ -- IT'S THAT GOOD TIME'ho PUT STOCKS IN YOUR PORTFOLIO.
ON

i. 2.
j.

I
I

....
I

! .

LS THE

n .:

THERE IS NO DOUBT IN MY MIND THIS WILL GET US STARTED OFF RIGHT FOOT! ! ! ! ! ! !

THE

YOC GET MORE FOR YOUR MONEY BY INVESTING IN S~~LL TO ~~DIUM SIZED CiWI.'TH 's CO. s. .
':1_

r G!VE m CLIENTS THE OPPORTUNITY TO GET IN BEFORE ANBODY 1:.:.'.;oWS ABOUT IT, T}t-\T~S_WHY_I-HA_V_L . .::mE_AKLL.I.1'-Y-'W-MAKE-S_O-HU_CH-S-$.$-S_EOILM'i-CLlENIS_.
t':E TAKE A FUNDA,'1ENTALAPPROACH NOT A TECHNICAL

APPROACH.

1U. 11. 12. 13. 14. 15. 16.

j

THE PERCEIVED VALUE IS NOWHERE NURTHE THIS IS A RIGHTLY LEVERAGED SITUATION.

INTRINSIC VALUE.

THIS IS GOING TO C01-iE BACK TO US IN A BIG WAY. DON'T BE LEFT BEHIND WHEN THE MARKET BEGINS TO TAKE OFF. SMART MONEY IS GETTING INVOLVED NOW.

THE ONLY RISK TODAY IS MISSING THE NEXT LEG OF THE BULL MARKET!!! !!! THIS IS JUST THE TIP OF THE ICEBERG! !!!!!
T 'i-!

7.

'.JUTTING Y REPlJT,\ION M T

m'l

TEE t,!N! .

10.

DON'T JUMP ON THE BAND ~AGON WHEN IT'S 40, 60, 80% UP THE HILL GET ON NO~. EVERYONE HAS A SPECIAL FUND SET ASIDE FOR THAT SPECIAl SITUATION AND THIS rs THAT SPECIAL SITUATION. IT'S UNETHICAL TO MAKE PRICE PREDICTIONS. I DO~'T HAVE A CRYSTAL BALL. I'~INOT TRYING TO PUSH YOU. I'H TRYING TO LtAIl YOU.

-.

19. 20. ~ 1. 22. 23.

24.

GIVE ME 1% OF YOUR TRUST AND I'LL EARN THE OTHER 997... I DON'T BUY FADS OR GIMMICKS.
SDlmD COHPANIES.

I GET INVOLVED WITH FUND~~ENTAL

I'M SMART ENOUGH TO KNOW THAT I HAVE TO BE VERY SELECTIVE IN WHAT I RECOHMEND BECAUSE I ~ANT TO DO A LOT OF BUSSINESS WITH YOU!! 95% OF MY BUSSINESS IS DONE OVER THE PHONE BUT WE DO BELIEVE IN GETTING OUT TO HEET OUR CLIENTS.

25.

---------

- ---

---- ----~-- ---------

History
FIR.P1

Credibility

Client

PRODUCT MYSELF
Use your strength Alwaysrevert back to ex.. -l-ike-s-i-t-,-t-ha--t.!--s~a-l-l-y-ou-neea-t-e-k-nc-w'~.------;-------You're going to m9k~ money. Jan 2nd weed out lowest 20~ - throw them out

CONSISTENCY CONSISTENCY CONSISTENCY AVOID COMPLACENCY

prospect should talk 50% of time

transcend the conversation listen to the meaning, not the words

DEAL
If you believe it to be compelling, I fully ~xpect for you to make a meaningful and significant commit~~ent to that investment

OPENING THE ACCOUNT MAKING A SALE , l)

"'

PRESENTATION CLOSE ATTITUDE

2)
3)

l.

offer concepts, opportunities, not stocks words are very important -------c-c-hoo-se-wo-rd-s-ca-re-fuj,-ly-----------------------B. Know your Product! call the compa..'ly see wha ~ firms are recommendL"lg the stock ask for photocopies of those reports use a script, or outline (careful not to sound canned) edit and update script continously role play - before pitching (Sh~)

A.

C.

,)

/1

'.

PRESENTATION

"I.-'

KZEP DON'T (ex

IT

SIMPLE

OSE PE

TECHNIC.U
--

TEP..~S
I

....= .....;"..,
-

n umbez s

annua Li zed) (if successful)

PITCH CALL lasts

from Hello

20 minutes

to -- OK lets do it be 'on the idea Objections 2 mins.

10% or less should

90% should be overcoming

WE ASK PEOPLE TO MAKE INVESTMENTS-5 OBJECTIONS 1. I have no money with someone else else with my money

2. 'I'm dealing 3. 4. 5.

I'm doing something

I don't like that industry/stock/market I want to think about it as'necessary 3 time, it's realooget ofithe ~~

take as many objec~ions when,you 1. 2. 3.

hear the same objection Validate Respond Re-emphasize

- ask for the order

-----------_._-

-----

---------- -------------- -----

--------_._--------------

-----

l:.

j .

GIVE ONE P~TORT TO ONE OBJECTION

- THE~

SHUT UP.

1) I have no money
a)

(you mean you1re

illiquid)

will lend you the money cats and dogs

(margin)

b)
c) 2)

if this was comfortable, it probably be worth doing-- lets do it

would not

____

I'm dealing with someone else ! have my own broker !have an investment advisor --I.-bU-thr-o-ug.h-m-y-bank:.:~~~-----:--------------,

a)
b) c)

duplicate

nor displace

don't deny yourself

a window

into an inves~~ent

banker

in financial centers, not shopping centerwe have made billions for people who have followed our advice else with my money his'monev?

3)

I'm doing something - what a)

i! he

doinq ~

relate to his business, or him on his own plane-if you could buy punchpresses for 5 on the dollar-we would reali%e that this is an investment we would have to make-- we would be foolish if we didn't beg, bo~row or steal the SS -- this is what wa1re trying to do, buy the sto~k.

b}

a.z ,
analogy 55 Water St. 1965.50K 1982 15M!-! crystal ball - just parking place

c)

money market

-.

.
)

MR

---

rsz

US'!-

II::::: iJ'E SPOKE, \olE AGR.::ED TO TALK AGAn

OPPOaTUNIr{!

\""H;::'~

IDENTIFIED

A UNIQUE

ARE YOU IN A POSITION

TO DISCUSS XAKING AN milESTME:~l'

TODAY?

wE A.RE CURE..EN'I'LY ACCt'xr.J1.ATI~G SH.A.R.ES I~ IN 1'RE INDUSTRY.

w"H!CE. IS

A RECOGN!ZED L~ER

P RI

ct

& TIML't G'Z

( R.IGRT)

HAS IDENTIFIED

!HA!

---

REPRES~!S

A SIQII7ICA&."rl

VAl.t'I: AND TI.AT

NO\.i' IS 'I'EE TIME TO BUY THE S10CK.

YOU'RE

IN A HIGH lAX BRACKET If D ASSUME, LONG

AND rEEREFOR!

II

WOtTt.D EE TO YOUP.. E~E::: FAVO~LE TAX RATES,

10 HOLD AN L.'tVES'IMENl IS !RAT CORRECT'?'

n:R..1i

10' C.U'I1AI.IZE .

ON 'IRE ~RE

TEE WAY
CE.ANGE.

HAS \olE HAVE

~.ADE LI!I:RAl.LY TO:

BILLIONS

OF DOLLARS FOR

ors

CLIENTS

IS BY PERCEn-:
CA..,,,{'r EE

WE INVEST HUGE A..'!Ot~!'S OF HOHn. SI'!UATIONS ~"ff

!1O:TnTP.AT JUST

T't.T.RNEDON A D!}!E.
COMMUNITY

WE IDENTIFY

MaNnS BEFORE rsz

ImrEST~Nl

RECO~IZES

11:!E COMPANY AS A

VALUE.

U I

COULD BRING TO ,YOU A

srccx

!HAT HAS nIE

POTEK!IAL

FOR LARGE CAPITAL

GAINS

WI'I'E

un!.!

OR NO RISK YOU WOUUl WAJ.'I'r to

O'WN AS MUCH OF IRE

STOCK TRAt YOU

HB:

! WOULD LIKE 10K SBARES OF

E:ARNINGS

FOR YOU 1'0 BEGIN A RE!.ATIONSH]P

WI':d cs

AT L't1IMAN

BROS

BY BUYING

_
IN

___

IS

rs

THE MIDST OF A ~OR

lUR!'lA.ROUND.

FAC!

razrn

THE NEXl' P...A.R

COU-J..!) BE EXPLOSIVE!

_--

--------

--- --- -- ---- --- -------

----~.--------_----_.-...

W1i!Y ~I~~G CON'DIrrO~,

AN I~v::STH:S.'i!
wITH A STP-WG

I':i

SUR! YOU'D

i.iir\!

TO C:~OOSE A COM?Alii !~ GOOD

BAl.A..''iCE SHEET?

(RIGHT)

W=:r..L HR

_ IS

is5DC'{

A Cm!pAN'Y.

THE !lIE

IS

WEEP':: TEE AVERAGE PIE

---ANYl1UNG ABOVE 1.5i: IS GOOD, ABOVE Ze7. EXC!!.LE:..'i!.

TH! RETUF.N ON EQUITY

IS

TEE COMPANY DOESNt.T H..l\v"'E AN I~ORDINAn: DEBT TO EQUITI RAl'IO I~ ONLY _

A".v.otJ'NT OF Ol.i'TSTANDI~G DE3T, Dr FAC!

TP..E

_ ~

-t,'-O_v.D-u--e.(.4-,... "2._~_~-~-A.'"e..-A-~~-~I-I/-~--FjG-(,)-~-!~-j"'-~-!-S-E-?-E-A-~-ZQ~C-\-rr.-: L .
.

LE IS E~EdrING'

TO EAR..~

DOLI.A.R5 PER SliAP.E mIS

Y!:AP., A..,"iD __

n SJ.

____
___

IS NO\o1 SELI.L'lG

AI Jj.,PElt

SH.AR.E

TIMES EARNINGS i.1!'!B

OF~.

EAR."U~GS OF

L.'l 83 W't ARE LOOKI~G

FOR THE STOCK IO TRADE AI tIVELS

A

!'EAT GAIN

REPRESENTS A __

% RETURN ON YOUR MOm:;{.

(double) OF YOUR HDN!Y.

IN A GOOD MA.RKE! mE
'tRADED

MtJLTIPLE

t-lOULD EAVE TO EXPA."ID, IRIS

COMPANYEA.S IN Bt."!.L
STOCK.

:-!A..tL-:::~

AI _.__

TI~S

EARNINGS.

W't COULD BE LOOKING AT A

If M NOT SUGGESTL,{G '!HJ..I __ !S THAI WE JJ

COME'ANY 'I.J'IU GO L'P TO __

F1Jll.Y EXPtC!

~ Wrl.AT I .~1 !!.!.LI~G

TO

YOU

----- TO APPRECIATE
OF __

--

!!i

rar szxr
wITH

12/l6/l8 MONTES.

AND THE~-oR!

! ~a~~
S'S.A.B.ES

L IKE FOR YOU TO BEGI~ A ~-AIIONSRIP

us
L,.:

AI

BY BUYING 10K.

c. -'

-------~- --~-------

..:

:~";""

..

-"~--".---"'-"-------.'

! '!'?P.I! rING

FIRS:' S:::.sS!ON
1. OR!!NTA'IIQ.'i

E. C.

wnat
l. 2.

makes us di.:fer~nt

:ran Wirehouses

Description

of t:..'e syseem.

T.i!re managenen t

3.
4.
I

Disciplined routL~e Techniques Ge..."le.ral. ove-'I""!J'iew

OF POUCi - C-QALS

II.

STAm!ENI'S A.

is "~,;or Class" ld l. 2. Indust..ry nezms are unac=eptable You are not just an ~loyee - you are in business trea tit as such. -

B.

Priorities l. 2. ooe..ry.pgpew accounts ~ sizeable accounts ping strong, broad based rela tior'.ships Effectiveness

3.

c.

Maximizing 1. 2.

Deal fran st=engi:h - the fi::m's reputation an:i expertise is great~,... t.'1an yours Sell the sH:uation. voU'-~elf in that czdez .
I

.~ .

("

SEGJrm SE.SSICN

!.

prosPEL1'lNG

1.
2.

Oneof the feN "conttollable variables" in our business the out:::lut of calls. ~.ake a specific nurru:er of calls everyday - make it a daily rou~~~.

B.

O'.Jalification
1.

Be ve...ryselective - don't be afraid to tr'l...""CW away leads - not eve.....-yone cese.....-veso deal wi t.':a.; t ..
Ask cues t:..i.~!"'.s :

2.

a. b. c. d. e.

-Are you in+-=""est:s::lin in_.ite or capit2.1 gains. CO you c:::mside.r yourself an aggressive or conserva tive investor. Is S10,000-S20,000 as an initial imrestme...'lt in your b3.ll park. What does your ~rtolio consist of? As an example, '~.at was your rTOst rece.'1:t tra."'.saction?
the Stage - let him knew t.i1at you' fully ex:;:ect t.."'lat

c.

Setting
1.

Be succinct

he will
2.

invest

a significant anoun~ of rn:mey wne..T"l .... next ge..T"leratesa s;:ecial situation.

Lar~Producers are n::Jt only a result of rrany acccurrcs bit also the quali t:y of t..":ose accourrcs,

Tn!?!) S=:SS ro::

1>..
E.

Offer ccncepcs , si tua tions, and cpcor turu ::':es (do not sell seccxs) Know your pro:iuct: 1. Readocnez brokers research re~rt:.s ont.'1e steck. 2. Read the annual re~rt 3. Pre;::z;.re retor-....s for p:lt:e.'1tial objecti.ons 4. Kncr,..r the st:::ck in detai.l Use a Scri~t 1. 2. 3. Up:ia arxi edi t your script: p:>...ricdicall . t:e y P.ole f:llay t.l"l.e tuation wi ':h cont:en;:oraries. si Do not: deviate f--cmscri~t e~ept to a~;~-: questions or obj ections.

C.

A.

'Use !.oqic 1. Ee pre;::ared to res;::ord to basic objections. a. b. c. d. e.

"I have oo'!'tOney"

II

"I ..I "I I

am deal.ir.g with ot."'er ~okers" am doing scmet.."ling else wi't:.h the rroney" do not li."ce that indust..-y" would like to t...'1i.nkbout ita a while
II

Emotion/Conviction 1. ~ you feel a.k::out't.."'e irnrest:rent "cones t..1.rough" on the telephone - you must: be firnly c:mnitt-=d or do not attar;lt to make t.lie presentation.

C.

Control 1. Maintain, and. regulate the flow of the conversation. CO n::::ltl:::eo::::tre defe.1"lisve.

D.

Urgency L Make t."'e :i.mpression t:."lat, not only right but the tirr.in; is cri tical.
I

the sit:::t.lation is

TrlIRD SESSION

(Cont.iruied)

"

III.

A'I'I'ITt1DE A. Treat t.1.e close as your only chance of open the account wi th the in:li vidual. Res;:ondto as many negatives as possible. D:l n:lthal''lg up the phone wit.'cut havin; exl"1.austeO. eve..ry possibility to open the ac::ount. Your chances of opo-ning up tba t" accourre will di.rn.ir.ishsignificantly an subsequent calls: t..1.ereore, unless there are sore ve::::'i" l.J.'"lusual C:i:C'.lrt".s1:arlCes, t.r..row the card away.

____

The differen::e" l:e-c.:e=-.n a $150,000 p...""Cducer ni a S500, 000 a pro::iucer is, in many cases, a slightly nore aggressive, --'--~:__c:m.fident-a"tti-t:oo.e-. is-the,-fi:nes"t-f-LU'l,.------on Wall Street - yo~ have enorm::lUS FOtential - use it!

:s.

FOURIH

SESSICN

A.

One-on-one c:ritique of tele;:Jhone prospecting closes.

and

,."

1m:

SYSTEM CHECKLIST

Occasionally we go thru periods in which we're on "automatic control"; simply following the system, and it just isn't happening for us. Use this checklist to do a self-diagnosis of how effectively you're using the system. 1. CONSISTENCY a. b. c. Are jlOU making a specific every day? How many? number of calls

Have you compartmentalized your day in terms of specific hours for Prospecting? Are you making some of your own calls, or just waiting for the caller to provide you with contacts?

II.

QUALIFICATION a. Are you asking enough open-ended questions in order to get the prospect to tell yoU as much as possible? Are you getting a clear picture as to whether ~he prospect is someone who has the potential to become a good client? Are you getting a good reading on the prospect as to what would most likely motivate him?

b.

c.

III.

SETTING THE STAGE

a. Are you making it clear to the prospect that you fully expect he will invest a meaningful aad significant amount of money when he agrees that you've presented a . compelling situation?

IV.

PRESENTATION
a. b. c. Do you know the investment de'tail? situation in

Do you have ccnv i c t i.cn in the invest:ment?

Ar-e.

you able to present

the concept succinctly?

V.

THE CLOSE
a. Are you following the correct format in dealing with objec~ions - namely: Validation, retor~, re-emph~sis of the investment? Are you maintaining the conversation? Are you meeting and regulating the flow of

b. c. d.
i.,

every objection

successfully?

Are you creat ing urgency?

L..

\
(

'-'\
I

BASIC OBJECTIONS

AlID ANSW'E?S

The following are objections

in five basic

categories.

Just about any variation

ca~ be placed in one of these categories:

!. II. III.

"1 don t t have arlY mOtley." "I am dealing

\.1i

th ane ther else

broker (! only deal wi th local

;.;i::h the money."

bro kers) . II

"I am doiog something

V.

"I Yant to think et=..)."

about

it (discuss

it ~--ith my wife',

accounUnt,

attorney,v

In order

to formulat~

an ans~e!'

to an Objection:

1)

Validate

the objection and

(i.e.,

"Fine,

Mr. ..)'ones, I can understand

that..");

2)
3)

~ieet the object.ion;

Re-emphasize

the compelling

nature

of ,the investment.

I.

Ociec'::ion

fll - "I don't

have an" money."

Ans'lJer:

What thism~~ simply the is not

is that
liquid.

the prosp;c:

is either

not being

candid with you or that. Sometimes times.

do you

"Fd.ne , Mr. Jones,

present

'I can understand

at the

greatest

opport.unities ! ~ou~d

themselves

least opportune

M~. Jones,

s~ppose

loan you the money.

If that vere

possible,

:ah,.,,,,, ~. "

Only va Lf.da t e the first

four objections,

not

the last,

"I vant

to think

Basic Objections and Ans.ers

Page Number T~o

.
'1.. )

feel

as I,

that

this

oppor:unity prefer

is so compelling not to miss?"

in nature

that

it

ould be

som.ething that

you ould

If no, re-emphasize

the compelling

nature

of the inves~ent.

If yes,

"~.:r. Jones, alternatives:

hat

other
\

stock:.; do you have in you!' portfolio?"

Here

are ocher

1)

Put his

securities

up as collateral

and borrm; the money 'through factor); or

margin account

(however,

remember the suitability

2)

"Mr. Jones, and dogs'

together,

you and I should

pick, out those one or t".:o 'cats as (our cur,:,ent invesOIient, is to establish it, is invest~ent a

you \<:no..: n' t perfor.::! as ell .o and'sell a loss real. that them.

opportunity) tax loss, nevertheless

What..:e do, Mr. Jones,

even though you haven't Then, by tAking advantage be in a much better

yet realized of this

current

oppor:uni t'Y e .. "ill

posi'tion

to recoup the loss;"

0,

3)

If zhe prospect
bank or savings t:ion should

has a CD, he may be able

to borro .. against

this

at his

and loan at only a 1% pena.!.ty; certainly, this slight,

our recommend~

outperfo-rm

Then, re-emphasize

the compelling

na~ure of =he inves~ment.

Basic Objections and Ans~e=s Page Number Four

'11r. Jones.
not sho~ping centers.

chooses to place th~selves

in financial centers,

We have been ~ble to ferret out ewe or thre~ special

situations per ye.a.r. These are special in nature, not the kine:! of ::ecommendat::Lotl.
that

you

..:oulci

. . . ,! from your J.o:::a.:.. errO.Ker

e

At: this point,

give

ct

tidbit

about

the company, and re-ask

for the order.

Direc:

the focus back to the situation.

I!I.

Obiec::ion ff3 -

"I am doim: somethin2

else vith the mone"1'. "

Ansyer:

"Fine, I can understand

estate? I buy real set that

that, Mr. Jones,"

What are you doing Yi:h the money?

If I had in my hand a ti.me machine' standing on a. piece

Real
anc:

estate eec , !'I..r. Jones.

if I could propert:y housed,

time machine back to 1960, and Ye yere

Allen Center, theoff~ce building

of

YhereOne

in Yhich that that: piece

is of properry
for

is no~ constructed, I ~
sure

and if ! offered

to you ---

S50,OOO? something
Jones, this

that you would buy it.

I am sure

even if you yere

doing' }~.

else with your money. you would find

is 1960, .aad (name of investment)

yay to raise that money.

is One Allen Cente!'."

'!hen re-empr-..a-

,size the compelling

nature of the iIIV'estment; or

Suppose the prospect is cla~ing

"Fine, Mr. Jones, ! can understand

that he is ~utting his money back into his busi~e=

that. AS51J:11e, if you 'ill for

a mi.nute, that yo;;'

are

and I are

partners.

The prime rate is hi.gh,

business

is bad, and collections

-----~-------~~~-----

~asic Objections and Ans~ers Page Number Five

, they are so bad that across the street, our biggest competitor is going out of bu~iness. He has some equipment that ve io1ouldlike to buy, and If
io1e io1ere

we can buy it for 2.5c on the d.ollar.

it. it is

partners,

io1e ould

buy

(Name of the inves:ment)

is this brand-neio1piece ~f equipment. and

selling for 20<: to 25e on the dollar, and we really need to buy it."

-~--~'I'h-en-, -r-e-~pha-s-i-%e-t-h-e-compe-1--1--i-ng-na-tur-e-o-f-the----nve:s-::n-en-:-.--------------

IV.

Obiection

(14 -

"! don't

lik.e that

lndus:l"Y (stock.

market.

et::.)."

"Fille, Mr. Jones, I can understand president of a bank),

that.

I knOio1 that you are (example, vice

and you knaw mere about this industry (or stock) than knOio1S ore about this industry (or stock; m

I.

But, ~~. Jones,

.than anyone. Value-Line.

We sell our thinkinr to Standard !he Federal GOvernment

& Poor's and our research

to

has even paid us hard cash for our opinic ror the follo~ing reasons:

We ~hink that you should own (name of inves~ent)

"

If the objection is, "I don't like the stock market right now," ansver , "FinE ~. Jones, ! can understand thae. I don't like it either, but ~e are not

r~eommending

the stock market.

At any point in time, there are a fe~ specia:

sitUAtions that are so compelling

in nature that in order to see these LaSt year,

0PPOT

tunieies, one must look beyond the stock market.

our analysts

~e

fortunate enough to have pic.ked feur of the top five stocks on the Ne>O' York

Basic Objections ~nd Ansvers Page Number Seven

No~ you need

C!.

momentum of a series of "yes'SIl,

Further, you are nov in the lOu may say

t'".1'0

negotiating stage ~here both side~ have to give up something.

15,000 shares t and he may say 1,000 shares; somewhere between the one's comfortable zone. If the amount is too small, suggest

is every-

that, "~..r. Jones, that you

we are really ex~ited about this situation and

if you are suggesting

this

situation

t.QO.

Mr. Jones, vhat we are talY~ng about is having you make a

if we are right in our thinking~

meaningful

investment sotha:

you can make a

substantial ~ount upon you.

of money, something ~hich ~ll

have a substantial impact

Why don't we start: off ~ith (number of shares)?"

----~---(

----- -------

--------~--

\\.

, LET'S PUT rars IN PEP..sPEC'I'I'VE, AU. WE'P-E TRYING TO DO IS ED i TrONSHIP BASED ON CONFIDENCE AND TRUST. I?M JUST LooT-ING FOR RTUN!TY TO MJi..F:!: YOU SOME: MO~Y WE fro;: ON 'l"'E:E S~ SIDE OF tr-:: 00 ME A FAVOR, ~-vEL W.TE ME, ~.TfSHOLD!NG YOU aAC~, W ! C'?.!.hL CONC~RN?
~&

~hl\re.
"If.;nt

tt

! '.

IF YOU :WEP.ZN T COMPU"!'Z!..Y CONVINCZD t EAO YOUR BEST I~?Z~ I WotTI.DN T WANT YOU TO BtrY A STI'l'CE OF STOeX. ' COOLDN IT ANSWZR ANY OUESTION ~..BOtJT rars SI'l'OAl"ION t I WOOLDN' 'I' C A STITCE OF STOCK. \ I..L..:.~GI: YOU TO BE ABU TO OtJPLICA'tt 'rEI: .~7J:.tJ:E AND R.!SK/R.t.-WARDS ; rlITH XY"Z. ~ SHOWYOU A L.E:V'E:!.. OF PROF!:SSIONALISM, AND AN APPROACB TO !'HIE 1 :::SS YOU HA\<"'!:N'TSED? nSEWHI:ltE. ! iI'I1I ME NOW, YOU WILL BE: VERY IMPRESSED.
1 t, I

~"i.ng \
BOW CAN I EVElt GET YOU AS A CI.n::N"l'" ~ : EnE REAI;lY ('?) W'EttS AGO, WEN WE ORIGINAt.I.y ; YOU A S'I'OCX HAPB.AZ.ARDLY, 'l'BA~ OAY?
r

. s: .,
t
II'

WILL YOU BE M!AOY

'1'~. SaOtTIJ:) I

u1ln'Yes
:heir~u
l tC t

a::

try tb

ME, WE RENOT ASX:rnG OUR INS'l'I'I'tJ"I'IONS TO '!'Ar.% 50, 000 t..c lO ( POSITIONS TO FJlmARASS OORSnVES , EtAV!: too EVER MADE AI.O'l' O!' MONEY IN 'nt! STOCX~? BA~ 'ER WONtlEm:.o WRY YO~ EtA Vi:N T? ' .,Vl! ALO'1' OF MONEY IN 'n:tE ~ YOU' R% MJU::ING '!'BE CI.A.SSIC M.: , NO'!' MOVING ALONGSIDE '!'BE LARGE INS'rITtr1'IOBS.
T'E
t

1nmg u'

tI;
r1\ '0

Ci

:0

m&i.~

./

omforu

l{

ro ...,

, YOU!'T

u that

<;

1II'oul:

C
!
I

I ,
lyqn
~ ) .., IU~

... :'_

v :

-..;:. .. _ .

(DON'TMAKE

QUICK

DECISIONS

WE DON'T MAKE QUICX OECISIONS

~I!E

I
.

f' M=:N M.A.KING

H~\DO

r I CAN APP-RECIAn:: YOUR WANTING TO THIm: 1>.BO"'!' J.e r :s~ "" . -." I,,;"-,.::-UA.S i?,;;-~aVrNc: ps foB R SEFORE WE c:.A.r.m TO YOU, Otm '!'OP \ AND !NV"ESTM:E:NT B..ANY'ZP.S DID EXl'ENSIVI: DOE O!LIGZNa ON XYZ IS !'Iw..R S'l"ATL".DiTS r THEIR AANAG:E.."!ENT, 'tF..l.IR DE..'4OG.lthPICS, AND IE..::. !ND0'5'l':P.Y WE lrnOW '!'HIS COMPANY !NSIDE ANDOti"!', AND ons DECISION TO PCSI~!OR MORE THAN SIX MONTHS OF ANA.t.YS:S BY THE P~COGNIZt:D EXI'E:ttS. 00 YOU SEE WE.AT WE SEE HER.!::?

92 TIITwq;NG.

WOULD I BE CORRECT IN SAYING THE BUT HOW M1u.~y SBA.RES TO POSITION?

DECISION IS NCT WEl!'tHR TO BUY >:Y (IF YES GO TO Pp.!cr AND '!'L~ CLOS

YOU AGP-.z~ W::TE IS

ME '!'H}.'l' PF~a WITH

AN b:wn:S~'!'?

MAXZ A DECISION

ALL

=~~.'

ANI) TI!o'..ING ARE BOTHr CP-ZTIO.L PAC."!' wotJ-:.D rOO' AGl"!EE, T'm: MOST PRrrnE TE~ FACTS BEFORE YOU FRESE IN YOUR M!H

~
_~
I

.i

_.

-~-- ~
: 1

~....
oj

~>-3
~

!-d
~1!:J ~

UT' S EE OIP.EC!", PaM ~&"""1;~ PiTI'+', D~R FACILITY TO ANALYZE TEE OPPORTUNITY WE RAVE KEl'.E Wl:'I'E X . FP..A.NKI.Y, WE !':NOW ill :srrn:lt THAli YOU: OR ANYON!: YOO MAY mow pEVER C THERE S A VERY GOOD P.E.ASON WE .Am: NUMB%RONE IN ME~.I'..s_AmLACOD.l;' -'I'RKrc:!ltYSD;:-~, us STEEL, Gt:NI:RhL FooOS, AND BOONEPI~S COME T"j AOVlCZ. WE KNOW OOR aosrszss. AND otm P!:UO~ IS SIJrlPLY T'E:E E: Cro:::Oh~!A.L ON WALL STREET... 'I'm: QUESTION IS NO'!' liiJ:Le'!EER XYZ ssom AT T!IIS PRICE AND TI."tt: WE ''VE iANS'W!!RED TEA'!' QtmS'1'IOH:" .'1"BEOOl:S'I'Im YOO nIIm YOU CAN Gr.n '!'m:PROP"'W'-SSIONAL~t::lIeIs!: 01' . etlHFIOENCE IN SOME SMALL WAY? WE' P.% GOING M.iIJC!: JitlS!!!~...B'.!lm: AIJ..( SHew YOO PElU'ORMANCl::; WE mow OOR pu'tue JmI.AnOHSEIP wnJ. 1m Dr. BY 'tHE SOC~-SS WE RAVE WITH XYZ. IF I'M GOn;G '!'O Y -~, I E;I.' ~ JtmGED ON OOR -rna..ING... WE' LI. 'I'ELL Yotl' 1ft!ER TO Btr!, A!m .tfOS'1B I:KPO: . wm:::N TO SELL WOU WITH ME :e:tm: , IZ!' f S ~ ~ A~ It IZ YOO n:n. COMFOlt'I'ABU: WI'l'R. I' tl LIfITo PtT'l' YOU IXl'NR Pelt S; F'}-..Ilt ENOOGH?

AND

MORE
I

TO

,1
-4
--j

TR~S

IS
TO nI:t

WE HAVE

xccsss

B%S'l' AND MOST CDlUt!:HT

.- . .1

YOti OPPORTUN:t'!'Y, NO"!' HISTORY, 1'00 CAN 't CltECX OtJ'l' 'l'!:l% xnm , 00 YOU BELIEVE IN gypS! 'MH'P m;ws p QE THJJ3Y2 HNlP l!QS? =;e':':'Y-=T=s::E 'I'Ll!!!: YOO !mAR ABOO'!' 'l'!:!S ON 'I'Bl! cocrrAn. p~ C:aOUr r r!' LA.'l'%. - I WANT 'l'O SItOW YOU R:!:Sm.'rS, I WAB't TO M.Al\% '100 Mt&!!1, AIm: TO 'tlIINlt ABOtr'!, OR C"B'ECX ot.r.r WHAT 'ntE m:s-r lUBDS M '!"!as nv. 1~0'1', IS LID BRINGING YOaR CEILO TO STean $ j tEW ggg I ro ADVICE, AND 'rDN 'tAXING !10M!! '1'ml nAYS 'l'O STtl'DY-, ~. q-. e . PROn:SS::tO~, I!' I WAh~ TO Dew Al3OO'r B7WSD!!:SSl r _1

:rnvES'1'KeN'I' .B.ANlt ~O~ D1l Hr. Ili!'ORMA.."'J:OR: ME Ait!: t: AND I r M CClNc::ElUmD UCAOSZ; TOO MO~,_ OF AJ:.TtnC! W!l AR:! GODiG '!'C. G:tV!: Yeti.-

e:

rux

tat' .

.+

ems

TO YOO ..
(S%I.LIBG POnn") '\ , I TE!: OOING m' JOE I1" I OnlR I MAD YOU ~. 1 I~ YOU MONEY IE 1. OIDN I T COME; 260 }at 11!! RIGA1 AIm_ "!n CONVINCED "rRIS IS A BOME-RtTN, AND ~'D GOING '!'O lOaD !'.iOKt1. YOtl IMPttSSED. DOH'T -TIE ONE ARM ilmIlND M!' BACX AS AN ~ WktN I i V! MADE ,:E:VI:RY .c'!'OR'l' TO CON'rAt--r YOU 'ntE SAME P:RIC% urn. '!'n. CON'I'ACTING OOR INSTI'!V1'!ONAL Cl.ID."l'S. :tZ1"' S NO'!' PLAY 1'!:I.l:P'BCfi& '!1 WI't'B OS NOW lI\~'1'B SB1Jt.!:S ~ .00 YOO tTSO'~Y S!:'f tTP '!CtJlt ACCOO! INOIVID01..L -OI-t JOI1I;'T WI'I'E YOOlt WIn7 (.ASSOKE CI.OSE)

wpm;,,;m'

to

or

pua

e-1
)

(GO"ro

IF

HE: m:SITATES

!!!:AI. CONCERN" SAID

J
~
I

. , '!'!U. t S WHAT MY W'!l"!! T P!OMING 1

TO M!: uS!' laGR'l' , . ~

....-

_~=

ON EEHALF OF MYSELF AND

,
i

I' '0 LI1::ETO;.n::" cozr

ABOAF~, I'M LOOKING FOR~~

TO A LONG

~~~ALLY
00

PZW~JmING

P~LA-;!O~
E.A.Ht

_r'o !..IAZ YOU TO ",_,,,,,,..~ SOM!: INF'OP ... '9..TION, ~MY NAMZ ONCE AGAIN IS DOOG MILLER.

YOU '!:n,'1'!: a../". \ -

roc ....PERC!l. __ ~ "'.

MY OIREC"I' TZ-r,ZPHOm: NOME!!:R IS IF YOO ~~ HAVE A QO~S'!!ON C CONC~lm, DON' T HESITATE TO CA.L.L COr.i.tCT. (I'M NOT GOING TO P~.Y RONA SA1L~~ GOSSIP RZPORT!~: I WILL ~LL YOt TO BUY ANO wm::N TO SELL; ANO ! WII.L l':!:ZP YOU INFOR."!E:D or ;un" !.H?OR: NEWS
0 )

MY ASS ISTAN'I" 5 N.AM!! !S r SHE WILL BE ON ~ PHONE WlTE ' DAYS TO ~ SURE YOO I VI: RECZrn:D YOtrR CONFIRMATION.

ON~
TEIS

AGAIN I WANT TO TBANX

YOU FOR FOR

yoon ~
AGA-~

OF CONFIDEN~,

IS GOING

TO BE A HOME-RUN R!T ..~

"

I
I,

, WEt ltE: PUTTING YOe DOWN FOR S~.. ANt) "nr! AMOmn" or WEI L.L MAll: FOR YOO WILL NO'!' P.U.LI.Y BE SIGNIFlCAN'!'. I Q.N't" '1'0 EIAY~ MEJ\NINGFUL IKPACT ON YOOR NE"l" wom, AND Wm:H' 'ntISSIT1J1..TIOR WOPIS, TIM! WE SPE..AX, I'M GOmc; TO ASX YOO TO wou wrnt ME '1'0 T'BE '!"ONE OF ~ 20, 000 SBA.RES. YOO t 0 ~ COMFORTABLE WITE '''l'XA'l'. WOt:rI.ON' '!' YOU?
F

W~O:"RK;::",.s:r, NEXT

,-

WHAT I'M TRYING '1'0 SHOW YOU HERE IS A PERC%N"!'AGZ MOVE. TIME, DOWN TEE: ROAD, mmN WE MA.1:l: A MAJOR MOVE. I ASlC YOU TO T.Aa A lO, 000 TO :20 , 000 SaAR!: PelS ITI ON. OUY? ,

WE' M GO:

-:.

.~

O~j~ctiCft
Objection
1&." Mr.

~&=
IIbl!

SEND ME A P~PORT. I WANT TO TErm: ABOUT

to say that five if we had been doing- bUl:ine! a.sk me to senQ. busine~

, !E i tf'air

t0gettler 1~ e, _1U:. :is you us

for ,

th6

l&st

YEl&r!i, you wouldn't

you ~ report? Right?

(RIGHT)
if
WE:

u _it
the
noW?

f~i: to cay that lallt fi'vc yearJl,

(RlGiI'!

had been doing

t0gether for

you 'Wouldn't

be a~ hesi t~nt

2.

Would it also be correct to s~y that the only thin9 e~usin~ you to hesitate ial that we haven:t a"ne any business yet, a.nd I' don't have a proven track record with you? Ri9ht? (R!GHT

I can understand that, and I would point out that many prudent businessmen hesitate. just as you are now . Whenyou inY..e.~Lt.-in----__ --------tile-mark-e-t;-, -i--s-ft ever on a. mugin basis or str'ietlj' cash?
,

3.

The last time we spoke, you mentioned that a $25,000.00 invest was qenerally no proolem at all; Qcviously that's only after we have established ~ track record and earned your cenidenca. What! propose is a position of shares on a basil, an investment of only $ , appro:imately ( fraction )
of the amount you fel t WQuld be easy to ha.ndle, and use the

results fo<this
we may do. 4,.

investment
the account

~s a benchmark for any future busine

,

Would you like

ace -

titled

jointl.y

or in your name &lon~

0"" iOIJ8e .,' _~on

I EAVE NO KONEY.

1.
2. 3.

Mr. _____ , is it !s the only

fair

to say at least

that you like

thin~causinq

you to hesitate

the idea? liquidit'

a.t this

point

The last time we spok.~ you mentioned that a $25,000.00 inves~ in a good ide. was generally no proDlem at all: oDviously I hav aught you on I. day when you I re.- i,li.tt.lf! !Short, but, sine. you;

just s&iQ tr.at you like the idea, let me ~s~you

ever invested on a marsin b&&iz or .tr~lY
' 0(

this:

have you
.,

eas.h?

What ! would like to pro~s. is' this1 pi'ek up.. shares on & ~si~, an investment of only $ , approximately ( fraetion ) of the amount you :Eel t woula ~ usy to handle, vorl: with me for ( .period of time l-IIIIIP1 ~i= __ I can
!lh~

yoa

&

hell

of

&

qood tradf!l ~-

.... --

t7Wl!'T

~-ttaAity
naMIna

t.,,.re ia ::'8:.'" 1rttT

people dOft' to

~ e::pc!rie~
~t .i:n"'cl Wc'16

bill. ,. t.hClre ~:~

~Yo =alii=:
he~it.ant
rilJ,

No ~

or

t.h..mry :: f

:':&UM! ~ We ~
G

cae it, :1811:'11' ~lit.a.nd

how t.he re:=---nd.~t.iQr

ftI..'"S&

2. "nle Ci~.t
~

1"i= i.~

nothi~
t.h&n

at. ~ll.

The rift

af ~i~

Qf t.M .tad:. ill 'Znl&t.er

::'d.~ ill 1t..

--------,---------p:oa. i.'2t.L t.
(

1.2m
va.1_

_.m_~

&

mAn

C:!~_J! ..

You'rs ~lli.D;

tJ::.&t ~ aensc.

.a

imat.ift; in

P!'ice t.h&t.~

!all~ that. "t,

C'Q..--ra:~1,Ut.."1ou;1h ....

you-""
valges

=n::tI.nt..~tJtd aft ~1:i.ft; t.o

bI!

-in Aill nt.&t.ep t.ben

found in ot.ber

&=-~c.
will ce si;ni!ic&nt..
Profit.s from

1. 'rhe l'l"ofit.

frem t.hese

levels

tJw :ct.:.:. &In),,. are.

J!':Dt1t.a free t.het.op a"

I

11.
lI'tI"

2. nOW =ft.lln

h.mv. _yOQ. ~""7CIU

d l:a::Nqht wheno~rs .,
t.h&t.

sellin; 7'
wrong

You t:rsov. tra. your awa ~. before. Buy tr:. prfJ

you. lve lx!yC;ht. en

ioni4lJ1s -

t..~.Qlcles:t
wiG=cf W&~lst-.. t.

3. Do you nftt:. ~

ge Yi~

the convent.ional

or fallow cna ot the -.artast

n.a_s

in the =aineca.

'rue

, ....l

....
TRINh A.BOtr:' !T. CON"!',

f
.

ij

THE REASON MY Cl.IEl-"l'S IW':E MaNn' ISll!:CACSE MOVE ~ TO MOv"'!. I'M NOT A ROOK!E ""BO OPENS m:w ACCOtnn'S FOR A LIVING. : SOM::: OF TF.J:E L.tUtGES'l' POOLS OF CAPITAL IN 'I'm: COm.""'l'F.Y, },HD W! Oh~Y : A CERTAIN CAI.IEER OF Cl.IZN'l'. WE PPoEnR TO Dl:AI. w.:rTE P:::OPU WEO C; EXC!:PTIONAI. OPPORTUNITY, .i\Nti ~ A DECISION. YOU'lU: ~ r:!ND O~

WEOCOutD

B~F!T

G~TLY
HIGREST

FROM A P{LQTI9tlSHI~ WITH

MADE. IN THIS
WOR.!.D ARE MADE 13Y~PU:-

,YOU KNOW THE GREAT MIST.AKZS

'PRdtAAsTINATE 1 , f HAVE '!'m:

P.ESPECT

FOR YOOR TIME.

I ONLY

HA!!!!~VE~SOMETR::tNG VERY SPEC::t.AL. I"'M- BUSY, YOO' PJ:: BUSY, I PP..ErER NOT 'I"'!:'-UPBON:t TAG # BECAUSE ON BAL}.NCl: IT RESTP.IC"!'S MY ABII...l. f't A PRe

TO MAl"'.E YOU MON!!Y. , w=:! PI c:.oIN~ '!'O M.W ~N'EY EfP! ! 'VERY t.A..RGE G;;..!NS WIl.L BE MAO~ FROM TRIoS PRI~. I W}_~TO SHOW YOU PERFOR!'!1I.NCE. I DON' '1' CARl: 1.'r WEtA.'l' I..,.~ WESTAR'l', JUST GIVE ME YC OF CONFIJ:)ENaIN SOME SMA.t.I. WAY. WORX WI'l'Ir ME Iit.RI: WI'!'B SEAJ E'V'l:OENTLY, YOO':EU: NOTCOm~CZD 'l'lUS Sroo: OR YOO WOtJ'I.DN T m;SITA'n:. WRAT SPECIFICALLY
t

O..u. ss

YOU

WII.I.. 00 WE1.T WE i'R~ J 00 YOU WANT TO '!'lUNY. ;:-_ YOU7 00 YOO aA'\t'"!: A ~

---'------lIS

rnI~ 'JOST A POLI'l'l:: WAY OF SAYING :n!'.l'.E:P.I:S'l' IN M.A1tING MOh~7 00 , I XNOW YOU'aE I WAN"!' TO ~ FOR REAL?

NO TD.N'lt

~acw

YOUR CON!'ID~O:. I 'WAH':' 'l'O womr WID YOO, ], BTJ'1', COME-oN, I'V!: GO'!' 'l'O.:rtrS'1'Ir.t' COS'l SPENDING MY TIME: PROCOC'rIVEI.YWIT!! Gl!!NT!,P!MEN wao S!:P..=totJSL~ .M.AltE MONEY. 00 ME: A FAVOR wn:I. WITB ME, WHAT'S BOIJ:)IBG Yot1 :B.AC'X~ {GO TO !IE EESITA'1'%S"}
'!!"A-I.O~N!!!!!'G-n;lU1. RELATIONSHIP...

-n'

1) , YOU mow WHO '!'BE lP-W YOM ME'!'S A.Rl!: I CAN RE:!n' OO'r Sm:A S'!'ADltTX, ~ '1'eY PLAY, t I CAN R!:N'1' '!'It!:IR tlNI!"ORMS: . I CAN :mrr .mIlT s O!UPORM, ]J. GE'l' t1P ON '!"!IE p~'S MOOND. BO'1', I 'I':EROW 1'U BALL M. 98; .ANO NEITRI:R CAN YOO . , l:ROMS XY':' IS A XA,!OR BOMZlWN E!:!:ltE. :!'!Iwt-AR.E~ Tm: PROnsSIOHALS, AND, iF""~ YOU TO 110m::~"'I'rS-, '!'D' MA1Clt L OON T O~~ YOOP.SZI.!' t '!'HE OPPO~In OF INSTI1"O'tIODL 'f'0Ui0lliG:- BY s:zc GtmSSING '1'E:E UCOGNIZED EXP!!.RTS. WOPJ'{ WI'!li US :tmm!. 1'ES"1' us otit!! T 'l'B:! RESt1I.'1' w.tI..L SPEAX !'OR I'rS%U'!!!

ill"1'

wag

..
,
'

'",.

Now,

the date we feel

XYZ is going to be issued

is

I'll be in touch a day I have been in securing We are truly excited WELCOME P~OAP~. Thank

or two prior to tell you how successful the number of shares joined our family you desire. of clients.

you've

You and goodby.

i,

'..r::.:ry W ~
~

no i.~...:..~ ;:Z~.., oFi=t:.:t..::ci

bI:yinz; . ~~W

m'Ni..-.::II!r1t th lalq .i.n

rt.m

a~

It n::= 9!!t ~~

c.

thIl!

i.nYeIfe:u:anL that i3
t:! ~

r-= ~.

:iow;:::::a..~

~""E.

~t

is ~

is Wt W!!

ibt

o::::e
-, v/~
'

I p:lma...~y =- -...-xat.

~ ~
)

in i,.r(" is ~

-.:ith y=u whfIn ~t.1IId.

sitl.Ztia'lS

v/'Fcr DE

= ==...u
S

fat' ~.!

t:c pidt t.":le't..::mt.

,
(

-------~------------------

.~

wJ.QIt

v:nlt Wt.

at t.hese l.evwls.
~

",J.dMS.

/ I pr.=m; w!' c! 9'!t eI'dt t= you as WI! ~

qW.ta ::i.=ply.We

./y= .halve - .
..

9Oin; to to ~

%I:II!t.k&

s:::m! S..
.

you ;ot ~ ~. , mi <, ,

rm emJ lj n;

j'O.i.

n:w

ifW':"_ hen

all vo= ~~';c:ns. .,

~~.....

/'1'

~i.en:::B
t.~

to m.is

q::;;:a:::un.:i ty .

tell5

you are not 9'Oi.PJ; to ~~

me bad:, an:: you i!.~ 90l.n9

.! w:ant y;u

to hirrJe s=-

~
iliiedaticn 05

at this F~.
a ~ny that fits
i:l ~i.sely

"""II!!

Wejust mae.. a b:y re d'; '-Jssed on

what Jith

---IoII!:.nt

(St::::k t.'!:Iwn, S&:::or: d '!r.!tde)

If you t.o.::;ht . l::Iusine!u fer ~ m;J 1 ; m it offe.."'!d to buy it, woW.d. you. sell it: no Ee'2use :f:'.l L.... c::::mnite:i. t

c:3:::wn in value

to S43OM, SOfEOt e

'Ih! na...-t.est , WII!!a.lt..'"est peo;:lle in the w:rld are ~et1y I t is the Si!IlJ!! old ft::J:::'y. Th!!y L""'e bJyinq n=t: . t 9=I='d ~~, b..tt at ~t wlue.

~ati.ng

it.

I think yoo 'a'CUld agree 'ith you when the t.:imin; is right. / '!he .!:ize is not ~~.

It!!

t.."lat

t.~

is an obliqati~ timin;

for

l!I!!!t.o

c::::m!o t ta.k!!!

1'lawl

agItItIid

is irr;:or'...;mt. Let

I!! ~

, ...

This r..!=la:.ionshiF is

ve.ry incomplete.

w. cot." bElieve
You YOuld be

that we're interested doinq ~ di.ervicc .vi t.h

U~

in A r.l&tionshi~.

to the relAtionship

th&t you h~ve be9un

if you did.n I t tue

i t. ~yenc1 this: one; invest:fle...-,. t.

2.' . If you q~ve &11 Qf your money. to & profes~ionl ~naqer,do you believe

Money

---'---_----1----

...
~

~t'

he veul~ invest ll i~ on. stock? .,. -------1 ve' rL-t-~in9-=-d-o-n-.-r.--i. =r~we"'lth. ti.~lth

-----

,r

is only =re~ted your business,

over ~ .longer-ter.E.

~.n

you E~rtaa

were you ~ap~.vith

~.

financi&l resources

You ere&ted your wealth over the lonqer term, and ~t's
whllt is supposed to do. is ~ ~inner. If t.he

4.

I'm a winner:

stoek V&s up 3 peine. and I called you. you'~ be offended .

'.' ,."".11

S. is exception&l-ship--because

has identifiea .nether investment lecause I'm concerned

that

about our relationincomplete,

!

our rtlationship

is b&sieally

want you to be &Monost

the first of the ~eQcleI

contae~ed.

.~

REBUTTALS
i

'..

1. I promised to contact you only when I was making a major recommendation were positioning our institutional clients in 2 unique situation.

. When we

That's the whole point in

dealing with us. I can show you performance

if you work with us on our timing and at our

Let's buy the shares. than you, or ,I investors .

price this is the perfect way to start the new year.

2. This may sound a bit direct, but frankly VTR knows more about for that matter, our other clients ever could know. If I needed advice on

would ask you. Therese a very good reason why some of the most successful
r

come to VTR for advice. We know our business.

The question is not whether

is a

good company or whether now is the time to buy. Clearly, we've answered those questions. with us on The only decision shares. is your willingness to place you confidence in VTR. Work

1. You're a successful

business man, right? business decisions

2. You've madesuccessful

in the past.

3. We're asking you for a business 4. But the decision is not whether

decision. is a good company. Now is the time to buy

it.
5. Because clearly, we know the answer to those questions 6. The decision to be made is your willingness 7. We want you to test our ability,
('

better htan our clients ever could.

to place your confidence in VTR NOW.

8. Work with us for .

shares.

REBUTTAL

1. Let's be candid with each other. You've probably heard that VTR makes a lot of money for its clients. You wouldn't be talking to me now if you were'nt somewhat interested in our I think you'll agree VTR deserves your confidence once. ASK FOR AN ORDER!!

ideas. Our track record is strong.

THINK ABOUT IT

1. I can't help you think about it. That you have to do on your own. The only thing I can help you do is make money. By delaying, your restrict our ability to do the job. ASK FOR AN ORDER!!

Minute~ or 2 wks-3 vks.

Were buy1nq tb for & lonq gtiu in fac::tI would fine! i+----r -

rL~ge b::.scs for'm&jor very o.if:ficul

t

c&piul

to hancUe ~_I=-to:.k-thIl~t~I-=CU9'hti-;; .t-$---S-~

--------

be! $

in 3 d,uyr: bec&\ule we 'cS be vori:inc; for Oncla Su~

& G&l. and what did

. .,

/- w.

~4

up aakinge I WAnt to

mad. 20' on our investment

which ill ri4iculous.

make you & heme run, the home run is a complete c&pital
9'ains, &eyele. A =:rcle!
I

. & cycle
we hold it

in this

c1ainess:

is

we buy it for m reason

for & r.ason .n~ being that ~e

~ximi%e

the effieieney.

th~ effieien~y

don't h~v. to ~y

& lArge &mQunt of taxes or a lot of

trad.es.

-.'

L-,

~ ~

r~""'.

Oo\:'retit

tw~.I_u't.al&, ~lea;

&nd llt.&t!.!'tJ.ca

in your flWCr.

A:t. n:m.

Lttt. wr

traders n t...::l t:.he &L..~t.

for :r~

lil"Ot.Mn i. elllliD; l"O\t tod&y

be:a~

ch:tW.d

O'CilAtd

at-_

and

Dot.

M;ber.

--------------------~;--------------- to ~~

tm,.

J(~

ll! m WP'"
~ at 100 A.ricazw
U'OQnt.
"tCN

c&p1t&l. i. eM _:and 0nJ.]" ~

....-t..
1.
fD:'tUAat.e ~

-=ond Oftll t.o

!OU:'

~H-h

to

U""

&n1

significant:.
CZrM for.

of =apit.al.

&.ndit. IIM'da too t.aM&ftl:'~rs llC' 1"IIU'&.

1:18 ,~ot.-=ted aM

1_t. 1IGt.,..
110" than

bas taeft BAking IICntry

tor its c:lienu ter

c:z~ $l.-Wt. j.c t:l&t ~ Ii ar=::::k c;;;::::et:.zU't:y .is pm:::aJ. w:! U eM:. Jt:nry j,s tly ~..!.n; ~ tot. ~ ~ m:! t:.bI =''I?'A''Y. 0.: mr...1.ke :i.s t.."'.&t :t=J d}:::n't tal:a ::..atftm 1I:'cIt... ft ' IC:s.a~ ~ p::p::w' my =ll is ~ ==:C"t thIrt~. U t!w t:::1:.i.ri iI goin; :art HIIwye:;: l-A.. it d::es:rl'to _:t:I::' ~ l'=J girt CI'lU as v=:r ~ ~ ~ ~ 'F= =-r~.J.cm. '

go=- ~

as of tt. t=wrt ~

:=1_

-=-

==

l.=r=

-=

',.

------~--------

------------------~.----

---

I~

p..,s YOU J:.HOY. AA IPO COW1!S YlTHOU1" ANY COMMISSIONs.,.HOWEv, noel .U!S AV.All..A!m..ne 1d0STOf' MY Al.lOCA'!'lON Hfo.s BUT!!"'S MY POLley

nom ~
JU..R!A1'ly&-"N

. \

I"..AC!O

m"H
~

MY!.XIS1'tNG ~

TO SU J!..SlD! A ~~ 'FriO ~
(

OF SHAA!S 5n0FlCA.U. Y PO'OR CU!..~S 2l.A~

Ymi t.LHM~ !RQ'l'H!1S.

TJ.mm

( J COU'..rwT nmOF

A I!.'l'TD smJA noN POI. YOU TO a!.QN "11TH us

~~ao~~
~---~-

___ ----~-wY~~
__ ---SKAa!S,

------nt)OH!'f
."

--

KNOY ~ ! CAN

F AU

rM~

SUT ru.. !)Q MY&!ST .

1- KL 2 It.i. IB.&US Of 1'%'0:1:.1 BJ. n I. un' QlI 30 . PSOPLZ OM rr tJux m Nt' 1'OG na::m: WlT2 IOII:!ZTmHC nm . . C01Qn.UHC.nm .psa'I.PU,' Uftur.t no:: tD'T IT nm rotE

om., n -

! aft 1'0 tD

mm t::. ms UI':! :.zrs R1' -1JUu:L

2- tpxU . ClDU "II DOn POI.no QllJt.I.n'T Of ntt ny lIICU n HDlQ to tD Uu::I'!. IOQ OFMY Ct.mN"!"S AU Yrnl Id IOt.It.T 1'0 1'.&.0 ~"fln'.las op no P.leT. It%nJ.mNCS TZLI.I X! -naIl W1l.l. 1t01' II.AKT no::: t.In' 11' TEl nlLE '!'OTJ CALI. XE IACX.

IlL -J
1'0
J(!

1\

a J. tar OPMottl

::::.oN'TLX'!' TOt! 1'0 a CCl.1J"C1D fJ.O~ nm O,!'OJ.. '!'UNI'!"Y " . f .

_._----

1._,

H-1'1!','

, .Lf I vant ed co get

to

the

end

f t~

sent erice , I '.lould have

s::ar::ed r:here.
P-I'll call you bac~. .

!i-Do youunde::-stand Mr. _' if I!ve!'yone called me back do you reali:eho ClUch time I vcul d vas t e on a program that \Ie think is exceptional. Do you understand IJhar:ti:ing and opportunity is?

H.ave you ever matched

c:iming and opportunity? the only time you have ever bought a suit IJhen

Let me ask you a quescion. is you were going co a wedding? Stl, you have

to do th Lng s in anticipation have

of an event.

~-Y-ou-ViTl no~ call :e back , I will Is thar: fair co me ? So. Work with tne, we are
~n

co

call you.

c~e same team. of timing and opportunity?

Do you understand

the value

1..

.'

..men

Do you understand chat .hen you miss your pI.ne, you get delayed. And you get delayed" the whole purpose of your trip is set back. ~ell it's the Same i~ ou~ ~usiness. ~nen you miss timing and opportunity, you get dela~ed. and say hold it, let this order. Buy me, get one of my ) at: the shares of

In (

closing, as surse t:he order assistant:s. Clifford, plaGe market for ~r.

If the stock is OTC use a li~it of the ask price plus l/~ so that ~he~ his confir::ation shcvs that he bought it at: the ask, he feels he has got:ten a bargai~.

,
I. :

Ta'Pe 112 P-You are che 19th. guy t~at has called me. M-Hr.
cake me off you: list.

Please

" I can cefEainly understand you: having an aversion to sales calls, but would i~ be correct to assume chat you do cot have an aversion to caki~g
..Gooci,chan just give me one minute of your time.

money?

?-! already M-Mr.

1:11:

h~ve a broker.
think yo~ wculd be si~ting in a cashposicion, waiting for

I didn'~ to call you.

----;--

I'm happy to hear that you have a broker. Of course you have financial advisors, but O1ithout disturbinS_-"vour existing~1-a~:i..Q.nsJ:tip_s_,_ar..E_)'o_U
.interested

----

of

in r ev i e. ing the record of % over the last seven years?

a.

fir::! that

has amassed

a return

P-No
Pi-Mr. _' are .yeu telling Cle tha~ i.f y~1.l had a widget and someone came to you with a wadge: that vas faster. be~:er and more profitable, you wouldn:t be interest:ed? ~ell ~r. you re not a capitalist bee ause what :aade Acerica great. vas :-P?o!"tu~i:::, a~d if y~u turn do'w'Tl an opportunity, than you are not a capitalist.

P-l have ~o ~oney right

H-Hr.
caoital.

now.
to

do y~u mean

tell ~e thaC a ~an of your means has no stress

F-~at
M-Stre!lS

is stress

capital?
is money you have put ci'.lay Hr. All sucessful people have it. fot" some extror~inary

capital opportunity.

P-!his is ~ bad time

of year.

M-Mr. _ we appreciace it's tax. t.i::le e also apprec:i.atl!': in Junl!! it.' s off to camp time. September is o~ek co school time and December is Christmas present time. ~r. do you know .hat: February 2nd. is:

M-February

2nd. is Ground

Hogs

D~y

Do you undersc~nd Mr.. oppartuni:y com~ toget~

th.at we do not pick

the tim~ th~t timing

~nd

------------

Hatching ti~ing and opportunity~is the Dec~et of our prograc. If we though:: :rac next month ~as the tlQ to'buy ' I wouldn': be on phon~ with you no~. I'd be calling you next month. Do you understa.nd ';;hat

we are doing here?

P-You are pressuring me.

M~Please Mr. , never misconstrue my enthusiam for pressure. thGt: his objections are

."Shephttrd Sheep Theory - ~1a.kea prcsp~c:t realize ( excuses and our help is ~hat he really needs.

=)

-----------P-S'Fric:!-~e~repo

r-t-----

---------------

, we make history,
l'lll sure t ne re will you ~hen it becomes

~e doft't report

it. certainly send it to discovery here. he actually saw

be a report availa.ble.

down the road and! ..,ill we have vn.: we consider send

2

~en
the

Colum~us
land.

At that

ciscovered point

America he didn't it was history.

report

until

-,

'hen "

Rooscv.:eltsa\J a re;J0rt. on Pearl

H.r~or 11:: vas a.lready

hi.story.
we at'e

i.:e want to be there we t to be there m

befo-r-e the report. that is the concept be f o.r e the public: get! there.

creati!"lg.

Do you realize that if ~errill and all the other reports o~ a IS minute b~sis. their profitability ~e are not i~ :~at business.

~irehouses $to~pec ~ould :00:.

.ri:i.~g

P-I want: to see a ~rospectus M-A prospectus is merely

~ warning

system.
see i:"l a prcs'tlec~..,;s . the banker .. says ho

Ev!'rything that you don't woant to see in a com~a.ny, you will The good things are played do~ and the risks are highlighted
"hat

that

can this

e\

prospectus tell you when \1ft are sitting is an extr~ordinary opportunity.

here with

P-Do you buy these

stocks

yourself? I don't.
't

some I do and some I have capital.

but I c:ert~inl y can

commit

to every

stock

th.u:: I recotn::lenc.

,
(

Vh&t :0 s~y to =lient~ during ~ bad m&r~ftt.

Mr. , I know you're noe ee.t2tie and that 11 vby I'~ c&lling. 'bring you up to date on vh.: we own
Yo-oJ have been Vi:h me thr:r.:e;h i00d =rll :ood, I cionI t think there; rill
tiliiiiil

I'd like to

~nd bad t:il:le~. b. &lot man bad..

1"nare ,,-ill be dot as

Mr. ~. please app~eciatE my concern becauze I have never thought of ~nything less th~n friends and busine AS.oci~tes.
! 'm not in the business
I

ufi

_.,

"

for commissions !' 1:1in ~~jl_US:I!Jl~,S:L:o--m.ak.e,-mone-y-------------- or--'-you-and-some-:-i,;n'!fll-1t-'-'--d-.1Tfl cuI:'.

a

Mr.
:oge:ht!!r.

we are not looking

to disip~te what took you a lifetime to put

Approaches which

My concern is sincere. ~re correct. do.

But concern Qcesn't =ake you meney.

It is time to ~dd to positions.

I'= not calling for .n order, I'm c.lling for an update. ~new that you are net forgotton when times get tough.

I just ~ant you :0

rI
j

/
,
I

rape 96 -- 2/22/84

M-Good I h.v~ 30.uecondl.

NOW NO! Never On Y4aknes~

80

we have 2 1/2 minu:es becween

U~

(Gt Respect)

Never on think it' over

A Small guy h~s all the eime in the world. <.

A Big guy h~s no time. he needs for you to be the shepeard.

P-I have nq time for you.

~-Good. you re .the guy I want to t.alk to
I

You h~ve no time fot" me. but do you have time for your money . your. inveut:ents You need someone like me th.at knows what he's doing just to watch your money.

2nd. Call Create ~ srMse of urgency ~nd motivation to act . I sent you.

~-Mr.
P-No. M-I'll P-Yu

did you receive

the pac~~ge

send you out another package

~nd get back to you at ~ future dace.

M-Did you read th. material? Do you fully understand We ju~t h&d a ~jor our concept?

meeting

on (stock)
things

Get a pencil and a piece of p~per because I think there ~re import~nt that you must understand.
Pitch-after
& fey

facts

(~ive

numbers)

P-Do you gU:lranty the

M-I! you No

t'"
the
t

.gt101.ranty I'll get:: up :oa:utr-rO'W I'll luaranty anythiflC. thlts. ~re proj.cticnz

"s.

~
0.

one c.an lU&raat1

---- -----

--------I

M-Do you se~ ~hat ~e see here Mr.

J'

~-Did ! leave something out of my present~tion, Mr. !~ there something you don't under~tand Mr. 7

{\' Go ever facts again and you mu~t get ~ PQ~itive rezpons:~
When he:

)\

sees what we see,

WE

have a chanee to get the o.cer.

Assume the order

-

Mr ----------~ ._---T-wh-er-esfioUldl~il -

--- ------- -----~

the certific~tes:?

Mr.

hov should

! set up the ~ccount?

Pl.ce order before you get ehe infor~tion Clifford buy shares of at the ~rk.t immediately. (_~en you s~y this in front of the prospect and~doesn't s~y anything. 1t is like ge~ting a seco~ confirmztion of the order.)
.Nov you fill out the nev ale for= ~nd say I vill get back to you with an eXt!lcu tion in a few minu t es .
N 0

in reverse is 0 N
a guy ~ays ~. you must turn on

~en

Objections P-I'd like to think it over

X-Mr. ~. do you underst~nd

the significance of this program.

Our results are predie~ted on timingand oppor~unity.

W~'~e don~ our homework
\

~, If we didn't ~e~ceiv~
wast.

th~ timing _nd 0~portun1ty to be right now, !.~ouldn'r your time.. Worr. with us.
time , ve _ppreei~te
away 25th. to counp.
. .

P-It 's tn H-Mr.

;lrl! going

April

lJe k.no~

15eh. i~ tax time. W. know th~t in June the kids that Sl!~tember is cack to school time and that

De~.mber

i~ Christ~s
\/'hilt

present time. Febr-u&ry 2n,1. i&::

Mr.

-' It'l Ground Boes D&y.

vm.! ...J . --~---'
-'

cio you knew

Don't

! can't
on

help but emphui:e

~that

th~ succes

s of ourprogra

it cOUlly

depender:

timiD; and opportunity.

~e den't vant to P&y up for a stock unnftce5s~rily.

IhlltD IIt::U:'! DOney in

your po~!:e~.

P-No monj!!Y !i-Mr.

-'

2.

Pe1:IJ:lle like you; including capital

me, hllve 8treu

C:21pit~l.

?-What is stress

M-Sc:reS5 capital is m.t:lney you have put away for sOlUthi~ e:traordinary. ~.one:v .you wouldn't use unless. major oJ:lportunity presented itself. We both know th.: you have thit money. Now you don't have to byy the stock, but please admit th&t you have tne money becaus. I know I've done my ho=ewor~.

?-You're M-N~ Mr.

~&ter

~ale~man
~alesman

" I'm not'a ~ster

I '= enthusiastic:
doing?

about at I'm aoini because I believe in . ! 'Cl doing. h hat. with someone who didn't. believe
in . he hat.
V25

Would you rather do business

?-Send

Cle a

report

H-~r. , you must appreciate chat we ar. not in the same business as Merr~Lynch or Button. If everyone <ldked for a rl!J:lcr~, and WI!ded vith ve~y 5ubstOlnti.al people, I'd
be vorl:.ing in the !U.il Th.u: S funny, luke
I

'1:'0011.

$500,000

per

yealr

and I'm working in the mOlil room becOluae

.11

Ill)"

clients want repor'ts.

investing in ~ eomplctely

'Oleue

differl!nt c:cricapt.
you~self

Co to Merrill. zet all the reports you'vant, analy:e the companies and then go to ~ discount house h.~%U you don't need me. We mak~ history, ve cion't repor~ ir.

Vian': you ~d our tr~ck record.

Is your r dine & report levels?

We've done what we s~id we eould do.

loinl to sake

---------

any more v~lu.ble at these

..

thi.- ~ ,.OU'!'If Jl SlUblllt2l.ntiu ~y ~tld you v~nt I rClport. right? , !..su el.wWltl!' the rl!port nci we e 11 malte you not 10 lubsl,:!.!lti.nl.
Ii ciD

~t'

M-If your a auba:.ntial guy. a 50-100,000 inv :ment in ~ I:o~k ~ DOt ~ big "deal. ~ fa::: its even Ii. .1ILll &lIQ\ln.t for & lUtl your eUe.
Yc are ,oing to t&kethe lov : level of comfor:~bility. !.be ==wll t aaount tbat would no~con=&rn YQY. Lets ta~= 15 -20!OOO tQ let you itarted. that ~uru: wen I t even phaae you, 11I0 you could live ",'ithout ~ npcr1!. Then WtI!%! Wi damcftStrat. to you our track record, you vill apoliii=e for ever b.~~ ~ked ft:lr II report in the firlSt place.

00 you know why you and

I are going
S~

to do bu:ine~~.

Hr.

Because People

we play in the

league.

who are winners,

amount
0f

like to daal with winners. you won't knaw that I'm and realize the resul t.s and one bus1ne~s only.

I know you're ~winner

small We're P-I have money in one business to talk

a vinner until you commit

into eap1tal

we turn doll~rs

gai~$

to my wife you do. and you're using your iie.

M-Do you discuss with your wife everything

Lats be honest. AS an excuse. you probably

make' your ovn decisions

Lets b. forthright, out and lets settle

don't hid. behind' your ',;_!e's sk.irt. this man to man.

Tell me

whtitt

I left

P-Your .ellin~ me
X-I'm not selling you're you anythiri~ mi~sing the whol. point of our program Hr.

I think

"

Do you underst~nd
;~- ....

what

ve're

doing

h.r~.
with you there.

';:

We have

~ fant%5tie

idea kill

that we want to &hare any thin;

The vulcher doesn't

but if its dc~d

he's right

'1

..

P-I '11 vat~

iii

ehi . one.

Cl:.ll

BIt

on the nut

one.

-------------

('
i
/

.. ': :. .
.,.

.... ....:

/'

K-Why Caul: YEi~ Z y~r~ ~nd I'll cAll you on 63 uiff~rent on~s if ~e hav~
thar-

00. you have any doubt

about

the integrity of tho number~

Do you remli:e that the tr&:k racord you received is audited by a big 8 accounting firm

Wh~t.do
You're

you have to ~a:ch when our prier and current results are documented
not ~ bird 'Watcher. you're

an invc$tor.

;. _ _

-------f-in:l-on--W~l1.--sr:reei~---d-ocumetl: vriting in

If you have !:loney investe~~ow,--_.o=.-Q.f-i.t-h.-Sl-to-be-w-t-h----ust5ecal.!se no other a- perfor::.ance record as we have.

rape #7 - 2/29/84

t~ll you why If: calling. One of the unique thingl that ve de At Oppen . heimcr i~ identify high qulity comp~nies which ~re inefficiently valuaQ in th~ lIUlrke:pl&ee.
over the last 7 ye.ars. our :!peei.11 research rec=-cnd"t:c...l rate in excess of 1600%. Bowever molt of our buminesa haa badoaa with m&jor f1nancil institutions. ~E Are now ~bar~nc on ~ ~~~ and v~ry exciting program.
ill

Lat ~

~e bottom line .hOw & c~oGit.

that gro~h

Ye~~IR-Op4!nj.nl-our-doors-on;l;y-to-sub!ftant-in--nfdl-vi-aud investorz .tnc! of f er yo:; to participatE in ourpr1v:te venture capital deals oilnd spcical re!'l~llrch Jltock!
, I

With this lamina

would like to invite op~ortunit1e$ present themselves.

! wonder if Y9U would h~ve an interest:

w.

you to hear.from

us vhen ~ignigicant

P-! have no time

-'
Pitch

just give me 30 seconds, star~ your w~tch

I know my time is up but I beleive and we' 11 b. finished

in equ~l cime now it's your 30 seconc~

-'
done for you.
You won't be the first.

Mr.
Don't

, h~" have the major

fi~

be emb.rr~s5.cl to say so.

~ybe

you need

Ol

c:o:tom

ta:Llo:oedsuit not one off

the:rack

By

now Mr.

good calls

f'r'Oi'

I hope you 'h~v~ acquired the expertise to distinquish the .l:iad c.:.11s.

the

Mr. _,I

want you to knew that: I want: you to feel c:omiortabl.. W. just opened the account, and you don't rczlly know me yet. !ak sy home phone I. If you ever h~ve 2 question or concern please don't hesitate to c:&11 me.
I

want to help the wzlking wounded

Overcooe'Obiec:ions

Rel~~ che p~ospeet

M-Oo you appreciate that ~e are on che same side

In no way do ! want to diasipate what took you ~ lifetime to ~u~ together I Want you to be comfortable
Givt!!me
.;<.

level

of comfOT'i:.iibiliey

Show me that you are interested in getting to knew me. Oon't buy 10,000 shares if its toe much
comrot:'table W'ith
Do

for you.

Buy something you are

you see what we see here Mr.

must 1t be affi~ative before

*Answer absolueely P-I'll think

about

you can possible

c:ose.

M-Oo you appreciate

00 YOU

what we are doing herm that we have identified you as ~ substantial to think over Mr. investor.

understand

There is nothing Step fo~~rd

, there is something to do

and get to know the 11 research fi~

on ~all Street

Get to k~ow the only firm that can and does print a track recor: which shows us up in excess of I over the l~st 7 years
Not

only are

W'e

good.

we are consistent
worHng
?

Do you have selling Do you 1oIork for

people

for

you Mr.

.you Mr.

Then let us work for you al.so Everyone say~ ~ In ord.er to o~en accounts you havfl to go back and make thee: realize s~ying no. they've made iln error.
No is normal - Yes is uni~u~

:hat. by

p-r j~st
M-No~

bousht

a house
i~. let's see if 10Ie could help

that

you bought

you pay for

i~.

!l.__ CLOSINGS

1. 2. 3. 4.

Just trust-me

its that good. is

There's no doubt in my mind this stock going to be supere This stock is that good.

I!m looking for a long-term relationship (5 years) down the zo ad ana don I t want to just put yo~"it\ .' . , ~ for only one trade.
If!

s.
6. 7.

do good for you

it benefits both

of us. ----;_

You have _g_o_t_t.a_t_r_us_t_m.e_ ..

There are 30,000 stock's available to choose from if r didn't think this stock in particular was super why would r choose it. The stock market tunity, tunity aL.J.~es. is not convenience its opporjump on it when the opporlike its my own.

8.

9.

I treat your money

10. 11.

DON'T BE LETI

BEHIND WREN THE MARKET BEGINS GETIING INVOLVED NOW!!

TO TAKE OFF!!!

S1-1ART MONEY IS
THIS I'M IS JUST

12.
13.
14. 15.

THE TIP

OF THE ICEBERG!!! ON THE LmE 80% UP THE RILL!!!! SITIJATION SUCH AS TIUS!

PUTI'ING

MY REPUTATION

DON'T

JUMP ON THE ~ANDWAGON WHEN IT' 5 ALREADY L~O, 60, A SPECIAL FOND PUT ASIDE FOR A SPECIAL

EVERYONE HAS

( i

..

each Out and Prospect Someone

Landing a major account over the phone only takes 36 minutes a year.
by Dan Tyler
___ he broker ?rav~!a:d. is littered prospcct=an~_~aking, strategy de~ision,s_~e._go-~or-iL-Jf-nob-hold-b3ci;-ior-~tteT------with-those. nodldn-t-Ilke-to-m:akc-caseo on ffie mrormauon you receive, crcumstances, Asking a prospect ror a ! telephone prospecting calls and Take no antigo. Peocle who adopt the financial commitment is a judgmt!nl c.;J1 T~ to seek a more acceptable wa~' to -onen!>andgo" philosophy usually are based on recognizing buying signals and build adient base. Simpl:' stated, if you more sensitive to reiccncn and lack the the erospect's . illinl:lness to be sold. don'! develop your telephone communisellinlo1skills to make a persuasive case for If the prospect is nul inieTt:SJ~cior Ql.iIJI. cation skills, you could be doomed to their product In their book "Succcssiu! ificd now. rail b<Jd:at some future time mediocrity-or even failure. Teit:phoru! Selling in the '80s" (Harper & and treat it as a colJi call: Ii you're gomg The telephone is the most overlooked. Row. Publishers. lnc., 1982), Martin D. to call people back. it makes a lot more misused and least understeod 5elling de- Shafiroff and Robert L Shook suggest sense for subsequent calls to be familiar vice there is. It is also the most costthat asking for the order more than once contacts, If you take the time to prepare a , ~ffeetive means of increasing your perdramatically increases closings. For man), high potential list land yuu should" you 5Qna1 sales. And the ability to market your brokers ... utilize "~uick hit" .tac:tic:s.. also should take the time to develce rel;,. ho products over the telephone is the single asking one or two questions beyond .... hat tionships . people on that list .... apith ho most important aspect o( succeMful sellthey have in their script would be pushing 'pear to be good prospects ior now or ing.for registered representatives, them to the limit.. Persistence pays olf ior sometime in the future. This is ... the ~re B}' emplo~i.m;!an approach that comthose ...,ho have learned the necessary "bonding- principle COI11i:S in. bines the savvy of outside selling teclrskills and are not programmed to ia.iL Bonding niques ith the efficiency of the tele}'Qu fTWSt make lots of colls-GO to iO When you find a qualified prospect who phone. )'OU can overeeme the rejection an hour. Why should the emphasis be on is not interested at the moment, develop a . and the builtin discouragement factor the number of calls rather than on qUJ.Iiassociated . tch.-phone marketin~ iLh ty? M:lkinj:! 60 to 7U calls an hour to relationship with tm! prospect throul,'lh teiephcne and m;;tii contact done on a There is a "'Cly ior both the caller and the: locale 200d prospects clearly indicates person bejn~ c:.alled to ~ comfcrtahlc. that your list prepmtion needs work and Tt!gUbr and S}'slCrrt;ltic basis. This is bondin~ . In a gt!nl!rai way. this method differs that you lack the ability tu break through from "v hat others teach in the treatment the n:llura.i human barriers you conironL The idea is to 2~t the prllSpcct to know oi pros~cts twho are people. not targets!. Also. 60 to 70 calls an hour is a boiler- you bener and, ulumaldy. trust and resp.."Ct you, And yuu accomphsh this by It also stresses the development of mar- room pace that tends to. make prospectrn<Jcing the prospect an integr.U part ketin~ skills u.si~ intelligent semantics ing a job easily put aside. M;my brukers your call-back srstem, and strategies that significantly improve use this approach. burn out in a short li you are in the earl:- ~ of your chances of success. time and developa resistance to prospectTo better understand this method. let's ing that prevents them irom ever doin~ it career. and in a \'t:ry ~re:s.si\'(: prospectinll posture. you could t:as.ilrba\'t! 250 to ~ine some commonly accepted pracagain. tices and their flaws: Boiler-room procedures have been us- 300 high potenual prospc.cts in your St:d. iog srsiem, And . an eriicl!!nl ur~i. ith TnC!Iitst (ail should lake CJ1IC minute or ed dfectivl:ly to sell magazine subscnr zational svstcm. ~'Uu'U have moningfuj less. It is quite narrow-minded to suggest tions, gar!Jal;W ~ Circus tickets and ccntact .. e::.choi these people as you ith thai there should be a time limit on a proother low-cost items, But is this the best determine their investment needs, You'll spt:::ting call. The len[!th oi a call should .. to present }ou.'3elf. your firm and ay be determined by the prospect's level of your products? be pb!ing the numbers game. but ",ith very qualiiied prospects ... Wt:re pre00 :I\terest and thedegree or cualificauon. Don't sell anything/always sell somequalified with J. SluOOlist and iunh~r qu.JJ .. Instead of looking at your \l,Cllch and ... ~\. thing on the first cull. Tu go into any prosified ...,ith verbal contact, With <lver.e in~ ior the gong to ~u off. you should be ~ng 011 with the preconceived idea probing. listcnina for answers-s-which will that you will or will nut try make a sale ~llin~ skills. it record 01 each contact and determine the value or non-.. alue of the is Ioolish, If the conditions exist lu make a a!.Cllin~ Str.lu:gy for each prospect, a \'t!f')'

of

to

--------------.------------. ,~..._-_._- ..._-...

..

-----------------~~.

Ii~h closi~ rate an be expected. The .prospecting formal from my workshop averages one Qua.lifieci rospect per p every five contacts. Of the Qualified prospects I'laced in the callhack (tickler) file, approximately one-third become customers. In other words. a sale is made with one out of every 15 contacts. You should easily make 15 to 20 contacts an hour. which for a tw<Hlour prospecting session .should produce at 'least two sales, Some sales "'iIl come on a firs~-time call, but most ~,11 develop after two or more calls.

F-or bonding to work there must be a

follow-through dedioted to building business and personal relationships with wellqualified or interested prospects, The frequency of contact --.ill depend on the value of the person. how close you are to a sale and the length of time you've had the prQspe~Hn-your-system. The telephone allows you the luxury of many contacts with a high potential prospect v.ithoLlt an excessive cxpendiwre of time. Conceivably, you could make monthly contacts with a prospea for a full year before anything happens. But your total invested. time may be no more than 36 minute (three minutes per call times

12 contacts) for a major sale. The Problem With Scripts When you find a prospect who is interScripts by their er: nature invite re~, ested in an in.. estment program but nol tion. People preier to be talked to rathe qualified. determine whaL if anythmg, .... than read to. And it's the rare broker wh iIl happen in the future to improve the ind has had enoush drama insrucuon l.: vidual's financial picture Ii.e., sell 2 busi- sound convincing, All !'OO need to do tl ness, real estate. Coal etc.i. if. during determine the valae of scripts is to thinJ your probing, you recognize iutllre value, about the times )'OU "''ere called by some SUy ...;th the prospect until either the one ""ho read you a sales message, Wh.:l event occurs or you determine it never "'as your impr~on? Probably not favor .,.;n. Researeh shows that focusiflil on the able . prospect's needs and l(etti~ the prospect The next time )'OU 're called at horne b; to be comfortabie with you are the r.. someone read.i~ a sales pitch. sug,g~ o most important factors contributing to that they put dO'ol:n their script and tell successful sellin~. . you about their product and why )'Oil To support the concept o( bonding. should buy u, They ",illa}..;a~ sound betconsider the following: ter. They become friendlier. more person Ei~hl)' percent of alJ sales are made able. more animated .ith their voice and after the fifth call. much more persuasive. T~also ~e_on e Forty~lghLpercent-o(-all-sal~ople-a:n-enthU:Si.asm and ccnvicnor, that was give up after the fifth call. not present .. t.he;.werere.aeing. 'hile Twenty percent cave in after the seeAdmittt:dly,we get into the h.a.bit of re.onJ call. peating curseives as 'We find .,,'Orcis and Seven percent make the third call . phrases that ",;on. for us, But saying your
and stop, message .. the attendant pauses and ith

Five percent quit a.f:.erthe fourth c.all. "uhs" .. make it much more oersonal. ill A mere 20 percent of salespeople keep Reading is precise but obvi~iy insincalling after the fourth call. and to this 20 cere, percent go 80 percent of all sales.' . Broadcasters reccgnize the value oi an'

\..\\\
a.d-lih commercial CDrripa.reci to a canned that it comes with the territory. Then script to the degree o{ chargi~ as much there are those who find the encC!S of reas three times the rate for an ad lib. Span- jection so debilitating that they art rendered ~rmanently dysfunctional-with 50~ are happy to pay the premium because of the results produced, The sin- e\'ery contact it's fourth down and \It:lj' cerity and believability of the ad lib are long yardage. There is no universal solution for hanwonh the additional price, And the skills can be learned. There is no such t.hin~ as dling rejection, hut the (allowing accumu ~ natllral born salesperson, We may have lation of thoughts and suggestions may he!p. . & prccilsposition to a certain talent. but Rejection hurts because we take it per. the ~ to ~ieve SU~ in that area sonaIly. The prospect is re;ec:ting the idea must be learned. o( the eall, not the person, Ten seconds after the c.all the prospect has completely thndlin~ Rejection An extreme example of dealing . re- forgotten iL ith Only three out o( 100 cold call prosjection is the broker who went to the library LO learn more about masochism to pects will be hostile. The othedli .ill' not see if he. too. could learn to enjoy pain be abrasive or rude. Great pert::en~es. You must go into the call ",ith the idea and humiliation. There are no easy solutions to the that you are armed "'ith the poLenti:ll to problem of handling rejection because its make people money and the ability to foundation is too ccmplicated:-it goes manage their funds in a professional manright to the emotional makeue oi an individual Some broker..
'..

this: What's the --.'O~ that can happen: Ycu had nothing going into the call. SD ii you come out of it nothing. you end ith up even.
For every conC!.:! you a'tlt:~ per day. you can expect at ie.a!,tS2.OW a ye:ar in business, An averaee 0( 10 contacts per ciay could make you S20.000 a vear.

When~er

you get really strong rejerthe'

ticn, ma.k<!anotho:r Q.\l i~~ This is

-get-back-orrthe-horn" approach. Many SlJcce:s.sful rokers mit LO h:l b

ing been diligent about malting telc!phont: prospecting calls ",-hen the?)' started O-UL The)' also admit that once the:' reached " comfort zone. the cold calls Slopp.!d. At this point. if reiem.i busines5 does not meet the attrition rate. production sum

to slip and it's baek to the

~lns

phone,

ThU!-

from the very be-

'

ginnir12 of their sales careers, 20 right at people with a determination and cenfidence that completely blocks aut the pas.sibili~' of faIlure and the (ear of rejection. Others have a. !>ensitivit}' to rejection but feel it's something that should not impede

ner, They need you. The chief cause of failure is the expec. tanc), of iailure. When you make d call Ceding tentative and i~l that the prospect is gomg to resent the mterrunuon. you probahlywiJ] be LlOSUCCr!SS:1:1. Every no gets you that much closer to a

the roller-coaster exisieace m:m)" brokers experience, The surest .. to ~t on that rollerO!\" ecaster is to get b.a.,;k an the hem, A CUrlsistcnt progn.m o( ",-dlplann.:d l.dr:. phone P!"ospectir.lZis the most productive' and cost efiective r.1t!4J"1S of genenlinl1 th..new business ;.ouu nc:t:d.

Dan
.4

Tyit:r

yes,

r,.'\J"'.

P.... _ .._

is presideru of
J. I

Dan
-

T.IIItr 0.

L .'

'lf you do not focus

on increasing-your gross production per hour through

efficient use of your

time, you risk losing

------gro711tlf.-"
II -Manage Tnne to lnaeaseCootacbl
What's the overriding secret to efficient time management? It's simple. F'rioritlze your time to make eeetaets, Get on the ~e early and stay on it until you've made your quota of contacts with prospects and clients. So many brokers never break out above a $150,CCO or S2C0,CX:O plateau because they forget the basic fact that our business is a contact sport. If you're net making contact, you're not In the-game. A few average industry statlstlcs are startling. Nationwide, the typical broker talks with 12 to 13 people per day-that includes prospects, clients, inCQming calls and outgoing calls. The average call is about fIVe minutes long. Multiply 12 times five minutes, and you get about 60 minUtes. The question is, what are the nation's broIa3fs cIoing the other seven or eight hours per day? The first step to effectIve!y manage your time Is to set clear and absolute goals regarding the number of contacts to achieve each day. '!bur gross production is tied toone thing and one thing only: your daily contact rate. A broker who has maintained a high daily contact rate, even tor , Just a taw months, will have high produc tlon. A broker with a low contact rate will have low production. ObvioUsly, contacts during WMich you are chatting at:out the weather are not going to be productive. Production requires asking for the order and asking for referrals. That Is why it is essential to set challenging but attainable goals that specify how many contacts you will make, how many orders
54
RESEARCH:

you will ask for and how many referrals you will ask for each day. Only one activity-your daily contactswill create more business for you. Managing your time efficiently to increase production per work hour means arranging your life around this guiding principal: Nott1ing is more important than being on the phone asking lor orders and referrals. Increase those numbers, and your production will automatically rise to new heights. ------Next-month:-1Q-proven-;oeas-toMlp you manage your time tor peak production.

A former top prcducing broker and branch manager over the past 10 years, Phil Broyles' company, Top Producer. has devel oped three prcgrams for increasing broker production: The Broyles System "LiveAction" Sem;nar Program, The Broyles System self-study program, and Million Dollar Producers. For information, caJI (415) 7883521 or write Top Producer. One Post Street, Suite San Francisco, C4

~..s,

94104.

had a serious prcbIem with numerous peq::iie wanting to chat. She was a wth::lrt hI'MrlQ a '):le.Jaea guard" to tend friendly, outgoing perscr: but did not want yai-otf. anything to get In the WErf of her produc - W1len)QJ open a rtfNi a.cca..z1t, ask 1he. . tIw hoUrs. Her soItJtIcn? A SClUi:1 gun. Arry cHeri "what Is the earliest I can call )QJ In time a fellow brcker waJlcad up to pass the -h mcming with a really good, profttabIe time of day, she would politely smile, say, ~ Ide87"' Put toQettler an "''d love to talk with you but I'm busy esrty incmng list c# c!Ierta!, an:l\lMp a'I rrcNI' and hH tlm full In the fac8 with he!' -~ It. ThUs)Ql' first hc:lurs c:t 1he SQJirt gu,. n didn't 1aJ<elong for p9C?1e in .~-~ wI'1en you ~ at yax 1reshest. wflI be he!' otne9 10 rt:I8lize that wtIen she was

-1. Get an early start on the day. Note that 1Iie IMf'age busine6s owner In the United States gets 10 work at 7:35 In the momillO and the average seeretary doestr1 sheW Uf'. until 8."30. There's aIr'nost an entire hour In 'the morning wnenycu can get dlredIy to the business owner

down to 1aHt-If a client comes In for a meeting, they simply bring them to the ctrl1erenca room or s8aJre a chair from
~eIse.

Ona partIeuIarty crttractNe lady broi<ar

aspnxiJdM as ~
2. Defiect c:!ist:r'8ctit: Ifs !tie same In . f!NerY otnco. il"Iefe am aJways SCI"nI outgoing ~ wcnderfuf Iunan be/ng:!l who IcM5 ~ chat. Friendty c:a'M!I sstIa 13 818 essent1a11I:l CltlI" psychoIogIeal healttI
and part of what rnai<:es life worth living. but absolutely do no( let them Interfen! with your produdMt hotr!.. Them an! a ntJn't)er Of ~ to ereat!vely defied d!stractions w!thout

busy, she meant business.

3. Don't 1'Nd The wall Street Journal. Each d:Iy Tht! ~ Street.JaJmaj ~ an ext:raatAnary amount at Information 10 the Investment work1 Most of it is a waste ct yaJl' time. Schedule four to five minutes to lc::d: at the summary CQlumns on the fra1t page, then put the Jouma1 asid9. 'M'lat If a c!lent E!7J:itedIy ca!1s and says "Old you see the artlcle a.t::outXYZ stt:d<: In ttxiay's .Journatr DOM't worry. Simply say, ""m SO busy I haven't had a charr...s to read IL 'Nha1 page is it onr This in emases the impression in the client's mind that you are an efficient, active. busy bn:lkBf. If you truly enjoy the Joumaf, save reac!Ing It for me end of me day as a reward for achieving your production

insultingthe other party.

When SCX'l'IE!01e approaches 'fOOt cleek. stand ~. 'This will prevent him or her frcm slttlng c1c:N1 and will keep a two minute conversatlon from ~ng into a 10 or 15 minute conversation. Scme brokers retTlCl\Ie all ehaJrs excapt their own from anywhere near their desk to prevent anyone from sitting

qucta.

May 1988

~-----------

--

~--~--

---~- -------~----- -- -------

Million Dollar Producers

Time Management: The Key to Increasing Gross Production by Phil Broyles

What distinguishes a $2 million producer from a $200,000 producer? One $2 miflloo producer we talked with recently noted that he had adjusted his Vt'OIicchedule sines s tended to buy more stocics, make larger transactions and have market profIts to reinvest in additional transactions. 'bday'!~ ~ ~.!:....~_arn~-.:
Ei

October 19. "Now rrn werning half days. i iIDngIng tfmes, and broi<!3rnwhO ur.der!tm:t start at 6 am. and-work untilS p.rn," He !ti'f~-afl;f;;;~::fc ~farn.'~ had been working 1O'/~ hour days, but in Cfi'~~ weII.'tro increase prc:duction response to turbulent markets, he started and keep your business growing you seseputting in more hours because he didn't lutely have to manage ~r time wef!. If)'OU want his productloo to suffer. do not focus on increasing your gross Oearty, one factor setting apart the Q~gtonR9Lhour~th[ough-efficient-use-of-----:S1-miHlon;;plus-t:lrt5REffifisfhat th-ey-work-.,----~ycur time, ycurisk losing ground. more hQurs. Million dollar croducers have a notably streng ~rk ethic,and their hours shaw it. But hours worked accounts !or only So small !=X'rtlon at the dtfferenC9 between a S2OO,ooo and a S2 million producer. Tne simple math In the chart below Illustrates this.

What Mak!I t Top Producerl

GrosI~
$2 million

UNotlzingis more important than being on the phone asking lor orders
and referrals.

Hct.JrstrYeeI( 60
50
4(l

~ 6S7
800

Increase those

1.0c0

S2OO,ooo

60

sa
80

50

40 100 The $2 mlilion produC1!l' worldng a 6O-holJr week awrag~ $6S7 gross prodt.Jctlon per worIdng hour. The $200,000 prcduC9l" WO/i(Ing s 5O-hour week averages only sac grom!: produ...'1lon per hour. What ~Iy d~lshes top pl'lXluc8r$ Is gross production per WClCidnQ hour. 1:1 maJcII money In this buslness, It's not enough just to worn long hours. 'lbu haw to work highly efficient, highly produdlw

numbers, and your production Will automatically rise to new heights. "
In ttm lOng run, survivors at today's turbulent rnarkBt!I will do well Indeed. Look back to 7'1. 72. 73 and 74 when there was 2 long p!riod at dlfficult markets. About 30 percsnt of the brokers left the business. . But thos8 at us who stayed were rewart:Ie:l when the bull market retumed: There was a trernendotJs explosion of business as mililI:lns of Investors redlscavered the steck

hc:xJrs. .
How do you make your work hou.rs more productive? The answer is etfectlve time
management.

It'll I Tougher Mmizt

Time managemt!nt Is tar more important today than six or 10 months. ago. Today's turbulent marl<ets am separating the wham from the chaff. During thesixygar bull market that i:mded on ~ober 19th, 1987, many broke~ could afford to be somewhat relaxed In theIr work habits. Clients and prospects liked the lItCCit market People

marl<8t.
ThIs means effort expended today to better manage your time and improve yewbusiness offers both near-term and longterm rewards. The near-term reward is staying In the business and feeling the satts1actlon of steadily increasing prc:duc tJon. The IonQ-term reward Is a significant
wpop" In earnings when the turbulence

subs!dtjS and we have another up marl<el

RESEARCH: May 198 53

---~------ .----~-.----~--.----

-- ~--~-------

rViiiiion Dollar Producers

.0

Ten ideas That Will Increase Your Gross Production . by Phil Broyles

Last month we discussed how success in the brokerage business can be boiled down to one essential guideline: Be certgttl your daily contact rate-that is. 'the ~ai!:C number of one-to-one conversations you have with prospects and clients-mets a Cballeoging minimum performance standard each and every worKday. Setting minimum performance goals and achieving them are two very different things. Merely thinking, "I'm going to talk wrth-25-~leevery oay"-is not going to make it happen ..To meet challenging goals that will increase your callv contact rate, 'i9u have to chanoe your worn habits. Nobody is born with success habits. For ~Ie, $2 million producers didn't start as S2 million. producers. Rather, most too producers have had to leam Oood WQrK habits because they started off exoerienc i!}9 the same frustrations and difficulties that every broke!' exoenences. The difference in many cases is simply that they were fortunate enouc:;hto receive good gWdance and had the determination to 1o11ow ttJrouoh on it We all recognize mat changing habits suen as smoking or improving your diet can be extremely difficult to accomplish.~rk habitS am 00 different. To help you gradually transictm your 'NOrK habits into ones that dlrectly increase gross prodl.lction, I have set down 10 ideas that have proven effec tIve for successful brokers. In fact, the way I came up with these ideas is by obServing the daiiy habits and techniQUes of some of the to;:l brokers across the cOuntry. 'rbu can't change work habits or go from a S2OO,ClOO gross to a. $2 million gross overnight. The "0/( to arrive at your suCt;;~ is to graduallv change a lot of !itl'l> practiW 9D a day-by=9aY.bais. Olanoe all the little ~, and over a. few months 'lOur overall RroductMtv will climb sionificantlv. What the most sUccessful producers h~ In common is that they ShOw UO ENe!}' day and act like successful oeople:...!!.1Qy. act like a Sllccessfyl oerson, over time you'll end ue beino successful. GradUally. as successful practices become habits, monetarY and caregr success naturally follows. How do you act successful in ttle broker-

age business? Here are the 10 rules we:ve .gathered from top producers across the country.

Rule :io. I: 'Write DO\',11 YOUi' .\\ost Important Worthvihile Goals

There has to be an impcrtant reason to want to achieve your success. If you don'! care deeply about the benefits of building ~r business and increasing your income, yo~ will never do it. If yotJ ~uld rath~J~e_a__ forest ranger or a POOl, it's better to clarify . that early on rather than struggle with it while attempting to be an investment broker. So be clear about your motiyation for S!4: cess in the busin~. Write down, "I want to become a $_ producer because, . :' and list all the reasons why it's impcrtant for you to QO so..

.~_ ..

Ru!e No. 2: ~fake at Least 2j Contacts per

Day, Ask. for at Least 12 Orders a Day and

Ask for at Least Three Referrals per Day

In our worn with many firms across the country helping brokers increase procuction, we have come up with what we think are fairly reasonable minimal standards at performance. Let's be generous and say that you average 10 minutes on the phone with each conversation you have. On that basis, 2S contacts per day will consume 250 minutes, or a little more than four hours f!Nery day. iO achieve those minimum standards, you're ooil19 to be on the ohope .four hourn e:mv work day, Since the average brok.er contacts only 12 to 13 people per day, this may mean a substantial increase in the number at hours that you actually spend on the phone.

Rule No. 3: ~\ake a Written Call list for Each Working Day
Each evenino before YOU leave your desk. or firm !hino in the moming wnen VOll~e in, wrrtB cbwn 25 to 45 names of peonle that you clan to contact that 2ID'3most without exceotion the big prodccers oerterm this simals task every day: Tney make a list and !ollow it.

II Rule No. 4: Set intraDay Goals

Many of the most sueeesstul brokers breal< down their da into intra-day seg RESEARCH: June 1988 39

------------------ - -- -- --

------- ---------- ---------

--_._----

..... ---

..-.-------~-

--.---.-~...-

peets may call you with questions or requests. But you can contro' how much time you spend responding to them, particularly if the call comes in during a time allotted for phone productivity. The spindle allows you to do this. When <! nonessential call comes in. do not feel under any obligation to resoond to a r~eS1.. ., Rule .':0. _'J \~'ork a 04ClX'th Dav'' .1 Ej" oJ J . immedjat,. Instead simolv write it do'loIIl An excellent techniQue that really spurs on a oiece of paper. tell the caller'" wilL productivity is the "sixth day" concept. A look into that today. Would you preter that I . . sixth da is simo __an_ extr:a_CbUDk_oLfour_to_~_cal'-you-back-late-this-attemoon- or-early--lYe hours durine the week when you are tomorrow moming with the answer?" Then doino productive ohoning. Create your sixth stick the paper on the spindle and forget day by ohoning a couoleevenings a week, about it until the time you have aJlotted ior or one evenino and a Sarurdav morning. dealing with such issues. Treat sixth day hours separately and make a sixth daiiy quota each week. ~ will Rule No.8: Don't Chat with Clients During automatically increase your productivity by Peak Phone Hours 20 percent. 'bJr clients are imQOrta.ntto you_ Client relationships are the mother's milk of the Rule ~o. 6: Blod: Out Your Entire Day, brokerage business. 'ret chattino with cliand Stick to Your Schedule ants your oroductive phone hours It's absclutely essential to soend four td\ can hurt YOU. 'lbur time is your most valufive hcurS"oer day on the phone talking wjttl . able asset, and vou simoly car not afford to prosoects and clients. Nonetheless, there SQUander it. even it it is a client calling or are ottIer things you have to do: transaction dropoirt(l in. housekeeping, developing new pfOS;lGCt The question is, How ean you get a client lists. research, sending out notes and inferoff the phone or out of the office without mation, etc. The key is not to let these offending them? The oolution is the "I've other, non0roductive activities interfere with got a problem" technique. f>.s soon as you production time. ieei a client is oecupying more of your time If you want to spend the first 30 minutes . than you want simply ~, ':Joe, I've gO! a of your day creating your calling list and problem. I'm bUilding a position in a very glancing at The 'Nail S/Teet Journal, do so. exciting stocl; today and I need to make 30 But don't take more than the allotted time, more ealls baiera the mari<at closes. Would and ~ full measure to the time scheduled you mind if we postpone this to another ior your most essential actIVity: pr~ctjye timer This technique never offends anycontacts. Schedule adequate time to take body. In fact it helps further the impression care of your ho~ng, requests for in the client's mind that you are an efficient, intormation, etc., but schedUle those aetiviproductive broker who is looking after ties late in the day, and absolutely retuse to business. do them during time allotted for phone ments-10 contacts before 10 a.m., or 20 contacts before noon. This breaks a large task down into smaller units and makes it far easier to achieve. Every time you meet an intra-day goal, you fee! a rush of Ji!l success that will propel you into fulfilling the next intra-day goal. each hour's success. you gradually heighten your consciousness of how ir tam each small step is to achieving y'Ol goals. Keeping track on a regwlar basis probably the most effective way to pes reinforce the good habits that will turn into a highly prcductive broker.
IlIil

- Rule

1J0 ,1,:,

10 Gi"e "'''ourself Rewards I na..r.

during

When you block out your days and s ule your time, don't forget to put red S1 beside-special-events-thaCare- reWards-wOrk well done. Long term, a 1Q-dayw tion may be a great reward for meetin; your yearly goals. but such a distant TE will not help you much day to day. 'ltu have to give yourself lots of little rewar "If I make 10 calls before 1Q a.m., I'll ~ myself a soda." "If I make 20 calls by r I'll have roast beet tor lunch." "If I rnak 'my quota this week, I'll take my husbar out to dinner." These are all effectNe time manage: strategies, but the first three and the 12 tWo are the most essential. The only pissue you facs is increasing the prooC!( of your work habits. Tnese habits will r ~ change unless you nave clear goals, p. closs attention to each step of your ore ress toward them, and reward yourself when they are achieved. Setting dowr: goals, tracking their achievement ano rewardino )'CUrselt aJong the way will r force productive habitS and maxe it orc sively easier for Y'OU to achieve your 0'1 worthwttile long-term goals.

-Work.

Ii Rule No. &: ~p Score

Rule :;0. i: "Spindle" ~onessential Issues

At any stationery store;:for about $1.79 or so, you can buy a piece at wood with a nail sticking up through it. This may be the
rTlO(;t important investment you can make,

1i'ack your a.c~oUshments. call tJv call. hour by hour, day bv dav and week by ~ ~ a ialtl:: sheet 10 record every contact and its rewlt. At the end of each hour allotted for productive calling, taJly
your seere and compare it with the goal for

A former tot.' producing broker and b. manager over the past 10 years, Phil Broyles' com"any, l::p Producer. has Q oped three programs for increasing br: production: The Broyles System "LiveA..--tion" Seminar Program, The Broyles System self-study program, and Millic~ Dollar Producers. For information, calf 788-3521 or . ibp Producer. One A. rrite

Street, Suite 2235, San Frsncisco. 0.

94104.

because the "spindle technique" is essential for keeplng your productivity on track. 'Tbucannot control when clients or pros-

that period of time. At the end of each day, compare your totals with daily goals. By conscientiously tracl<iD1d each contact and

40

RESEARCH: June 1988

------------

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---

-----------

NMU! THAf 'LU.

Thellr!t rtap ~

ill UJtnq CIIIM!'o\"Rldteci f&dt1 48 /l

-------------

Sv=ea
the
CQW1tr,' \:

In ae:u."tty

weeia djl'SCtly ral~~

feet. Mr OCMnI!ItlCIn c: broken ~ I
II qrect

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to 'fO'Jt a.:wtr to ~ after dNllnq 'Krth ~

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'1ft!

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mmr fM!I that .mid 0Ul' ~. If w CUI ~ I%Ic:! Ml wIth theM '-an In e d J:lOStti WIlT. "' will b! w:rr UCMtN.I In QU%" b\umea. II we let CNrfHn UI. wv
~,.llmitCNr~

all hm'II

wp ..,i::nantlally Umlt our

I
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perIonrta~."
en that hit ebm
tg

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heme, cnci try to rI2.ll

TOU

rptdflc

~..men

haw

t~t"~

ChMlu G4rllald.. In Ais rac:mt \::eel: PNZ ~. r.atea that 11mlt.at!cM e.ra cttm set br fHn of failum, am:! ~ ~ qmU thcIe !am verr little ~ . . . W. Ihou.lcl heYe nc preconeelVld l.tm.lttltlcm:. IC:l tMt pctlli ~04U CIIn ~ll'e WI to INCh tor ."hat CtNld 0.. and Ie Ii., ~ our INn ncl preo:::::u~ with ..m.rt ~: Slmptr i'\rt. peal:. ;:wm0l'mlm! We! e:i:pmeCC!! iMr. but tn.r r:iM.l pclttiwly with It. F1!I!If 18 noml4l. Not oNr lz It 0.1:.. to hawllMn. l.f you don'l haw &nT. yell al"I net ~. IIncG leer 111 DAtura! ~ to un.iaml1W~. You
should ~ m:llc:Qk ~rwvd 10 fMr
!

Your Springboard

To

Suc:ass

atmUu /wen. ~ tSlct.ly wlW &ll\:4~r.t. ~ IMrs igr}'l:lU Plrzw.llr 11~ ft.":!. ~
10iwnee1n:: t.~ en~

m.y cMr.

i fMr of!a:Wat tit mMt G ~ m e: I pal. Somepecl'J)l.e lit q~ thai are IcQ ~. I~ 'Ib.r a:m i.al1!e that v.::u..vln; \hut' qoclr!.l ~l".lMU!.!:!:Iq m diJe::'!Jle.y"'" ment. ConIequemly, th.,. iMl' !Il~ a o:lm. m1!ment to tI qoal.. or II l!:I ac!:!n I!! M'If "1'. tlunltmq '1' ft bMti !t1 1M ~ fer

=~

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I

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rm habitullt.c.! to tall:lnq tc od)"

IOQ:-l2~&~.
achIne It,

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to lNl Pl'wttr ~

rm ~
IBl
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ICoIrt tt.; he
ed~

i TOU

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br-o

pla:l. to !ncTM\I!I your rueoe P'wr !J 4 ~ !1qn you aN ciCllnq aor.utlu.nq d.Ihrwat. MeN~.
!lM~

~f..,.......,..JH
1'MI

fI'~.M

!he fMr !hat ~1 mWi it 111.thA; bUJir.aa; eel I'll hne to QO i::ed.ltl ~ ~
.1. ler 1I1\TttllJ" !JI part\C'J.l4rlr ~nt ~ !1rti. -=nc.!.y.u b:tIltiln. Thl!I

to feel

IIIII.!'

I; to lee!

concCllttatwd

~.

that 10J !or "~ Cf! "1lQht.Ciwmel t.hAt enerqy tnto !lQ.ht!nq fer )'OU.r

l'"'~

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Qoalc fMQcI aJ rurm!nq

end
'TOW'

d\lM1'

from eh411.I~

. __ ,.....CI'""" ~

fa.en WIll ~., ~ your IUCCHIi '!htt ~ ~ In theory, doun't It? TNt In j:.rad:!.ce how doM ~ l:m:m d.dl potio

/lNy#fH 6~ "'*""""y ,..... MmJ,1iIl'1 DelMr """'e41O fef I~

'''t.'--''''''-'' S-I~~
left , -...

''''''''

buan_ I. d"nenq1rq. G.tt!Dq &1'tIIti an De Il lM..ful ~CIlCti.

III

lt

1M aM

.H (411l7u..:&1S1 ~ wt"IttJ ~ """-. OM ~ IH'MC, Jcritt!: ~:r,.

CA ,04.

tI~ir -.nth III&'?

f~ cC C'Old~. No CM hUe he!.nq rljeded br 1tm'..Q1Ift. While". all \:nQIIr th&t eold ailLnq C8!I. ~ ben.tllc:!& rw.:.ltt. m=r don't cUll! to 'ftlid r'IIledOn.,

-----------------------------------

~ 1\111'. Our objective is simple. We want to buy _ at no more then $_ per share. I would ask-as an open minded businessman what you consider the bottom line. Mr. I'm not going to know when your in the right mood. I don't lrnow your astrological sign. But I know this is an exceptional value. J\1r. do you want me to c~pyou whenit's most

-,---:--'----Gemfertable-for--Y0tl,6r-when-it'-s-most-prafitabte-foryoll

7-

:"

v
Mr. , capital is the second most important asset of your life, second only to your health. Only one out of 100 Americans is fortunate enough to have any significant amount of capital, and it needs to be prudently managed. , Ci Allow us the opportunity to show you performance once in'some small way, and you will do business with us forever.

-----------------------

------~------------------ -- ----

--

-_.-

VI
{ have a broker }

I understand IY1r. but you have to .realize at my level, I'm. not trying to disrupt any of your current relationships, how~ver if I can supplement those relationships with 2 or 3 very profitable investment ideas per year, I've got to believe you'd have an open mind.

--~~;=~>~~G-==-----------{ have a broker }

wouldn't you agree that there isn't one broker in the world who has a monopoly on all the good ideas, correct?

Mr.

-----==-=~>.~~(=-=~---

l. '

.r.

if:

know. yous'successful. \Ve ~'t be calling you if you weren't successfuL Don't you agree that most people will find the money to buy the things they really want? Lets be conservative and start with a minimum position.

Wtr.

VII

"

----~-=~>~~<=-=~--f'
MI. I can appreciate your liquidity may be low, but

we're not looking for a large amount. What's more important is showing you our approach .....We don't need the money today, to take advantage of this price. We want to take a position today. will mail you your confrrmation by federal express, along with a federal express return envelope. At your convenience in the next week or so, YQU send your check by simply calling your federal express office for a pick up. I'm convinced my clients are going to make a lot of money. and I'd like to have you on the team.

1\1r. I assume if you wanted to get better performance? There's nothing wrong with taking a loss if the money is put to more effective use elsewhere. If blue polo shirts don't sell, but the green ones do, you'd mark down the blue polo's; and then take that money-and order the green! ! Could you come up with $ during the next days?
.'
.

Are all the stocks in your portfolio performing to your specifications? You must have at least one favorite stock? Well, this is my favorite and I gotta believe, because I know this business the risk/reward and timeliness here are better then 9 out of 10 of what you own . Mr. imagine yourself as a manager of your local basketball team. You've just been offered

------tne-Ghanee-to-take-on-Iwichael-lordarr,--but-it11reans-yoTI'Tlnave-----------.-
to let a mediocre player go. Wouldn't you entertain the idea of rearranging some of your assets?!

..

'

.'

.....

-',

---,.---------".,.-.---~--.------

...--------.-

..-'.-.-----,-.-

..-----~--- ..--,---,.,,-.'-----.-.'.-..

VIII
Mr . your right. There is a risk but you couldn't have these types of rewards without taking some form of risk. True . sayings like {with every opportunity there is risk} are very true in times like in times like these. But here at we work to limit that risk by doing months of confidential research . . But let's say I'm a complete imbecile and I don't know what I'm _______talking.ahout.Which I __ .... don~tJhinkjs_the-case-hecause-l~m-an--------~-.----officer of but lets say .I'm an idiot, and the stock goes down by a certain risk parameter. So we sell the stock, take the loss; you'll fIre us. Is your ~ i: a .~~:rchange? On the other life ing to ~.~ V.~I\ hand. If l~ rlJ~-r-i . ,.. .We will make money and lay the cornerstone for a long and profitable relationship .

.if(

Mr. honestly, the money you'll make on this transaction will hardly pay for a trip for you and your wife to the islands. The commission I make won't even pay for the monthly bus pass I need to go to work. What we want to do here is to make you money, generate good will arid build a long term relationship.

,.',

Lc .. :

..' we'll start out small, but rememb.er most of my . clients take 10,000 share positions. If I showed you a 35% refurnyou'd be shaking and baking to buy 10,000 shares too. Wouldn't you?? Believe me , everyone of my clients I had to beat up just like you. To buy when I wanted to buy, because they never looked pretty at the bottom. I've gotta get you excited. Put a burr under your saddle to make you move fast. Bop you on the head, to do what's good for you, like your mom did when you were a kid. If you knew what we knew about this

.Mr.

-~-----------e(:)mpany-;-youtd--be-caHirrg-us-to-buy"!-!-Just-give
the opportunity to make you money. I'm not asking for 10,000 share order. Start at whatever level you feel comfortable. I'm not asking you to get married I'm just asking for a little kiss. Give us your vote of confidence this one time, in some small way and I'll never have to ask again. Mr. . let's start with shares. Sound reasonable? ----

..
'

'.

, .....

'.:

.. -- -~--~---

L ,

IX
Mr. , we are talking today because you are a successful individual. Your success is the result of your making the right business decisions over the years. Am I right? Chances are good that you don't confer with .your wife on your day to ..day business decisions. I'm sure your wife respects your investment decisions. is interested in starting a relationship _:_. _;__ _ .~with_s_ucc_essfuLde_cjsion.-makers-like-y-o.u!self.-Lets-make-a------modest initial position of shares. Mr. I assume you and your wife agree the stock market provides many money making opportunities, and you should invest a portion of your assets in the stock market. I could understand if we were investing a large percentage of your net worth, you might want to talk to your wife. But what we're talking about~orking on a level minute to your net worth. I'm sure you will agree that in order for an investment to be successful you must buy it at the right price and at the right time. Work \vith me !!!
.

{ If all fails }

I'll tell you what :MI. I'll have my wife call your wife and we'll go nowhere together.

.,

. .. :

--

---------------------------------_._----------_.

__ .._--------------------_._---

x
Mr. I can certainly appreciate that, but I\1r. now -is the time to own. stock. Current fundamentals, cycles, -and statistics are in your favor. act NOW!! Watching it move from --'--- to-will be of no financial benefit to you. It will be an academic exercise. Mr. I'm calling you today because {stock} should be owned at $ per share
"

______________ and_no_higher.-Ihisjs--a--Y-ery-timel;L-inestInent.-I-f-i-thought-it- --._-.

could wait I wouldn't have called you todayl!l Let measkyou this, would you agree with me that timing and price are crucial in making money in the market? Great! Mr. then what I'm telling you is that we've done our homework on this stock and I'm coming to you now because the stock is currently trading at the right price and at the right time! !

I\1r. I'm not interested in just one transaction with you. I know from experience that if I make you money on the first transaction _you will do business with me in the future. Not only that, If I make you a substantial amount of money which I'm confident, I will. You will give me referrals! Correct? Fine then let's go with our minimum of shares .

... >.'

'.:

----------.-~.--~--~~----~-------

-----

-----

--~

-~------

---

- -------~

-~-----~--

. . With all due respect, I can appreciate you wanting to think about it. That consolidates the reason why I want to work with you. Mr. the whole key to our success has been timing if the market teaches us one thing it teaches us the difference between nearly right and exactly right. today {name ofcomnanv} has the full backing, representation and sponsorship from ____ ~_~_~ ~ __ Ihe_whQle_reas_on.foLm~-cal1-was-to-giye~-y:ou--the-adantage-Qf---~----~---~ our timing and to be exactly right. Were asking you to act quickly, but please remember that we are one of the most sophisticated investment houses on Wall st. At the risk of being direct. Let me propose that we begin with the minimum acceptable at .. Lets get started with _ shares for an amount of $ . We can always add to that position later. How do you normally set up your accounts? Jointly or on your own?

1f

.,1

.XI

"*

we're asking you for a business decision. The question isn't whether {companv name} is a good company. We know it is. the business decision were asking you to give us is your confidence. Allow me to show you performance. You be the judge.
WIT.

There's no substitutefor doing it right. It's important . .1v1r. . . om future relationship is going to be determined . by the success of this transaction. If I'm going to be judged on this one recommendation, I want to be judged on our timing. Mr. let's get started on a minimum number of ~ __ shares. Down the road we'll work on a larger basis. Let's begin with shares. .

You know something I've found out that when people tell me they have to think about it, what they're really saying is that I've left something out? Do you have any specific questions?
<

I can't help you think aboutit. the only thing I can help you do is make money. By delaying you restrict our ability to do the job.
Let's begin with shares.

Mr. if I'm reading you right and I think I am. Your prime objectiveis to be as certain as possible that you make the right decision, whether you think about it for 2 minutes or 2 days. the right decision is what your seeking isn't it. ....? Then let me say this. Successful businessmen and efficiency experts throughout the country agree that the best time to make a decision is when you have the necessary facts :fresh in your mind which are unclouded with other issues of the day.

XIV
Mr. , big money is made during badmarkets, not great markets. I'm not smart enough, nor is anyone on Wall st. smart enough to pinpoint the bottom. I can certainly tell you one thing Mr. we're not at the top. when nobody touches them, I'll be all over them. when the markets high and sexy, everyone's buying, that's when we'll sell and make a profit. Let's buy ___ --======. shares.now.

Mr. J don't like the market either. I agree with you. Let me ask you a question what do you do for a living? Why do people do business with you? {you're the expert the professional!} that's why people do business with us/me! because we have one of the best credentials on Wall st. Mr. I'm not asking you to buy shares ofXYZ. I'm asking you to buy $__ worth ofbrain.

~ look what do you think is going to happen when the market turns around? What do you think is going to happen to everyone who's waited on the sidelines? What do you think they'll get? Mediocre returns. Mr. I'm not interested in mediocrity.
I'm interested in substantial gains. That's why you're going to

make a lot of money with this stock. ARE YOU WITH ME??

----------

----------------------

"

:.:

xv
what business are you in? I'm sure you run your business ethically. You probably know of 1 or 2 of your competitors who weren't always on the up and up. How would you like to be judged by their reputation??

W1r.

,'.,

XVI
- I can understand that, neither do we. I'm not asking you to make a quick decision. Before you ever see this idea our top analysts have done a detailed examination of the financial statements, management and the industry. We know the company insider and out. Our decision was reached slowly. Step by step after much careful thought by our experts I'm asking you to listen

__________ _ J~sJJltS_(1fQ:urJhollghts..and_Y.QJJ.~ve--a1read~JQld-me-Y-ou------------. .. to tb~.. ---_ ..

agree with our thinking, so I'm asking you to back up the judgement you've already made .

. ':

'

..

XVII
Mr. .please don't misconstrue enthusiasm and conviction , for pressure. if i get off the phone and we don't own this stock then I haven't accomplished anything for you.

---.-,~~

..,----,-~.------

'"

'-; f' ::

'DAILY

SCHEDULE

Morning End of MTG to 12 Smile Lunch Smile

-.4-'tll j to i 1 5-t=J e 6.

Meeting

and Dial

and

Paperwork

Dial

Afternoon
'-DimlE!r

Meet.ing .

S-e
leave

0: Papc~k>

~?rG

until .--.before .10min

Smile & Dial

Clear Desk and organize for Tomorrow

"

_._-_.--

-.

--.,---

----.- ------------,r:-: ..

COLD CJ..LLS

LEADS
-------------.-

-----

_._---- --------------------

---- -_._---

,
t'!. : ,

iI

M_

r'-ft.~

I
I

ACCOUNTS

i .I
j

_._------

-----------------

---- -- -----i .
l ...

pnosrECTINC

CALLS Week
I

CONTACTS

PROSPECTS

ACCOUNTS

1.
-2. J. 4.

I
I
I

--.---. ---- .----------. Week 1. 2. 3"

4

_5_"

---1

----------:-------__------1----_-------__-__----'---- , .

~1

==~---------==-----

II

5 Week 1.: 2. 3. 4.
::l

I
II!

I.

i
I

Week 1. 2.

IV

I
I
,

J.
4.

I I

. I
I

5.

I-

.-------------.---~--

..-------.-----~---------

i l..

TEE BIG --- ---

M.ANr:S TEN

---

COM.M31.NDMENTS

Tcr BE A SUCCESSFUL

BROKER

I. LOVE THY CUSTOMER.

Don't

buy trash with

their

cash. II. DON'T BURN THEM OR CHURN TEL~. They are your bread and butter. III. IF YOU CAN'T NET IT, FORGET IT. ABC is OTC. IV. PROSPECT FO~~ER. When you s~op learning you
I

._.---.---.----._---.._.-----._------------------------------sto-p---e-arn V THE ~

i-ng-,:--------- - ----

-----------

---------- -_.-

S1<..LESMEN DON'T \ rL~VE TO LIE.

VI. NEVER DO ~dAT THEY TELL YOU TO DO UNLESS THEY ~ CHANCE. Fight it rather than ~rite it. VI!. DON'T SPEND !!, INVEST !!. Stay clever forever.
VIII. MARGIN

- --- NEVER~.

--- --- -- --

Buying power is B.S. IX. CLOSE ~ ~~CHINE, ~ DOESN'T WRITE TICKETS. x. ~ ORGANIZED. Time is money XI IF YOU'RE SAT1SFIED, START ANEW CA-REER.

F'

l.

WORDS

OF SUCCESS

Success

isn't how

far you got .... but the distance

you traveled

from where

you started.

The bigg~st working

mistake

you can make is to believe else.

----~--~------------------

that: you are

for someone

~-------------'---------.---

--- -------------- --- -------- ----

The more

freedom

you can give people to do a job the way they'd satisfaction theytll get from it.

lL~e to, the more

,.
Creating without a climat'e that gives people some independence ... losinq
",
t ,

-"

--

control ,takes alot of management .' , '

"

skill.

:"'"

PROFESSIONALS
FEEL LIla:

ARE PEOPLE

WHO DO JOBS WELL EVEN' WHEN THEY DON'T

IT.

An authority

is a person care

who can, tell you more

about something

than you really

to ,know.

Patience you but

is something

you

admire greatly

in the driver

behind

not in th.e, one ahead of you.

When your

work speaks

for itselftdon't

interrupt:.

When you

try t:o make

an impression ... the chances you will make.

are tha~

that is the impression

----

.& __

._._

..

__ ._-.--_ .. _ .. _-_.,

--------------

k.

WORDS

OF SUCCESS

suggesting

methods rather

than

dictat.ing .

them ...

gives

people

the freedom to use their

own intiative

A product

may be patented...

but nobody has ~ monopoly on

good management techniques.

-.---

--- ------------------------

-----------_._------

-----

_. -------------

---,-......,...--,--

-------------------

vil

Glen P. Calderon
44 Wa~l Street: Ney York. N.Y. 10005
...---. __ .-

.._----------

---

----------------------

---~--- ------- .--- ------- -~---------

Dear Mr. Calderon: It s a pleasure speaking .nth you. a In ~his complex business yorld correct ansYers are never easy to come by - - advice tnus.t be accurate and t:imely SO you can take full advan~age of eve~ financial .decision.
We here at

have been very successful . so successful that the affluent investor population-has basically insisted ye share our mer::hodologyv.it:h the "subst.antial investor." This is the pr:i.mereason for our contact.:ingyou.

The "inVitation" to get to meow us is imper-t:antto us . and as you Yill see may be extr~ly significant to you. ~~ you suggested ye will be opport.unity presents itself.

in

touch Yhenan Sincerely.

interesting

Charles R. !assi~ari Senior Vice Presid~~t CRl':nr enclosures

\

 ...

,-...

. .,. -:

..

-- ..---.

-----

\l

------------------------------------------~-----------Must get and maintain hard the

&

BECOMING A SUCCESSFUL8ROKER FROMSTJ. . T TO FEnSE ? ------------------------------------------------------ ;'.-Z

touch atti.tudes

- "maz i.n

- Repetition 1. Ingredien~s
E).

& Practice
to take

( over & over) hill

.-.----_. ---------~

-! am prepared

ot a Sroker
& D~sire

A). Dedication

-----

______________ --------

Onbelievab.le-Inne;r--S-trerrgtliTfIbe-i------E)~-confi~~nc~in yourself 't:.o do a j?b (99~ of the

people can't

)'
strength not to Wi~~UL

-give ~i~n~v~e~s~tm~e~n~t advice _. when you're wrong have the into a shell.
0).

Work Ba.i:l its

7days - a week
E). Understand
l).

Nature of Euisness
- orga'ni:ation habits - discipline

Work & Prospect

- follow-up
2). Be able to take constan~ --Con't rejections

say no-say maybe .so when I show you wn . you shoul~ say ye~you won't feel funny-:3}~ Rea~ize you must ~reat.e Shepard/ Sheep Rela tionfi1li
4). Homework Inside

ou't.

5).
6).

Must

build

positions

s diversify

.. this umbrella--

Showcase 2 3 maj or hits

under

H=.

----------------------nz.. e is m
Ci.-=:.=.-

Good Morning/Af~ernoon.o

My

with

iron:. Ne",' York

{Do you have a moment .. I'll be very brief?!

~;.

-----------------

, Aze you amili2r wi~~ the name

-- .

-.

(As you knowl We

are one ot cne rnos"C

succe s s zu.; ~nv=s~:.:::

One of the
guali

unigue

things

weao

at
'they

'-

':"5

t:o =.:l.::':' :::.;:::

-,

.. ~ .

t:.y q:ro\o:til

companies have
, .

before

are r ecccn i z ec i::: -::::'; :o.=.z~:;:..

. . i::. u:::~:- -::..::; .. "=:"
.

yea~we

lead
o

all W,.a'J.
f'
00 : 0

S'C~=iz=.5
"L

pJ:oi t:.s for our c.i a erins .. have been il in profits =or

e~\ me r apea ":.

ou= c~.:..e~-=z\

M=.

'What I

would

like

t:.o co

(wit:.h you

a.s ve=y

1). First, mail

you a let:.terintrocucing record

mysel~

a~o~; wi~~

our currer.t. track

anc mat:.eri~l ciesc=':"=:~=

2)

Secondly,

as we develop

an icea tha~ ~eet:.s your ?~=s==a:

object:.~ves...... cont:.ac~ yo~ and present:. t:.heidEE

~==

c.:c:u.s.:i.derat.ion.
Would ~~at be allright

wit:.hyou ? mailing addres.

If yes -- The~ all Then

quality.

I need is a proper

QUALIFY

1). I assume you a"''''' currently

"In the market"?

2). So I don't inundate of interest

.--.-t.

you, What

are your specific

_.-._---------,---------_.-_ ..

areas
,_. _

when you invest

in the ~~oc.k ma=ke~! __ .

_-

-.----.--~-----...;.----.-------.----'

3). One last like you?

Or what

question

before

I let you go - when you invest,

comfortable commitment for a guy

in a good idea, What is a is your level of

Comfortability.

4). So we do not waste each others time ...

~nat doing fits your investment buisness with us? objectives

"';: .l ... we

found an idea consider

would

you

5).

Mr.

put that forward

information to speaking

My nam~ again is out to you in today's mail.

to you in the future.

" ! will I look

-----------_

..

..,
1-

- .._ .._------------

a~~DLING

1st CALL OBJ2CTIONS

Mr.

Please

appreciate

that this call is merely

an

invitation,

there is obviously

no obligation.

We are inviting. you to review OniQue emerging growth companies

and private venture
capital opportunities.

Mr.

I can certainly

tell you have an

aversion

to
'~01:

cold sales calls....

but is it correc-: to assume you do

-.---have--an--aver-s-ion--to--ma,kng--money-:--(Can-T--na-ve

-I---:--nIi1uieT~---

~~.

When I called I did't think you'd be sitting in a cash position waiting for me to contact you. Without.
your existing the'record situation. aren't you interested ~ir.m with record
\1.;(

disturbing reviewing

in of

of small priJate performance

CCV\\j\\''1.CC{

$250

million

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'1.

net worth and a documented over the past 4 years.

of well over 100%

\ne

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Mr.

If

your company engineers

making

and selling widgets new wodget .... to and prospects

and one of your know about

developed

an wonderful customers

';ouldnt you want all your existing I it ... :

Mr.

can appreciate its '? what E'ebuary 9th is. GROUND HOG DAY! J
t4:ln I t

you knSf;:

bi I~Vl~--::L tha't fkal money is ~ade when timing and oooor-t:.J:.:::,{ . j'::::A'~L0\i2j
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<

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Mr.

Un Like other brokers firm that can document

that call you

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is the only recorc.

in wri t:.inq our performance

. .J

_._-_

..... ----.--.-~.

._.-_._--_.

__

HANDLING
Mr, _

1st C~~L OBJECTiONS

decisions based on

You make your buisness

the facts and your past exp~rience. the opportunity

We are only asking you for record and that line.

to show you our past performance buisnessman you consider

as'an open minded

the bo~tom

~~. the corner believed

If I came to you and said! it or not wouldn't you at least

-_ ... _----- _.--------

discovered

gold around you

v
/ --- -- --- -

and I needed your help to dig it ou~ whether take a look.

..---- ..'-- .-_.-_._--

---------- --_ ..-------_ ..

,_. ..._---_ .._---,----_

---

_.

-- ------ ----- ----- -- - ----

-- ---

We don't have to advertise~ of mou~h and bad.

O~r"reputation

is based

on word)

for only one reason - our success,

in both good ~imes

Don't deny yourself

the opportunity

to deal with

Our single most that wea~thy years. While

important

asset

is our reputation with

- the fact from

peop~e in America we are aggressive

have ~rusted us for over some of our capi~al reputation.

time to time, We never gamb~e with

OUI

You know why you've

our doors ....

never heard of us because

we weren't

in this business. only recently have we decided to open

If you are walking your wife outfit

down the street

(around the club)

I

with
or

and t...'1.e beautiful 'woman most

in a most: revea.ling a c your

was walking

towards you, 'would you stare glance?Mr.

wife or would you slip a little

we are that beautiful woman. We won't you don't need to tell your broker.

tell your wife and

/
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HANDLING

1ST CALL OBJECTIONS

Mr.

, you have

to appreciate man.

your popularity. wants to for you to

You are a successful, know you. know us. We donlt

intelligent

Everyone ra~her

want to know you, but

_______

----

---~--- -----------------------------------*-----.-~-

--_._--_ ..._--

.._------------_.------

--.----.----~-...-.

If #l

any of ,those
In../

"Or1- ./....:.(

other
ChJi.-

fi=ms Ican document they.have

record,

been the

firm.

I want you to rip up 'our package. calls to send you their track Mr'. who is the best.

Ask any of and decide, you will

those other for yourself be calling

me when you come

to a conclusion.

~~. Do

--------------------not be embarrassed

how have

tbe major

firms done for you? Maybe

to say, you won't be the first. suit, and not; one off the

you need a custom

tailored

rack!

./ ..

In response By now MI.

to: I get _ I hope you have the good calls

calls from the bad.

like this a week. the expertise

aqUired

to differentiate

Hk~DLING 1ST CALL OBJECTIONS .

Mr. Now it's your

just give me 30 seconds. 30 seconds and we will be finished.

Start

your

watch---I know my time is up, but I believe in equal time.

__ .;

.-- DO~~-.:t--sa---nor--say---maybe-;---So-wn en--y-oudo-say-

-ye s-:y~;-~o n '

---------------t

feel embaressed.

-_.---_._-_ .... _-_._---

HOW TO OVERCO~E NO

A."No money"

N.

"PIE

is too high"

B. "I'll call you back,

tomorrow"

C. "I'd like to watch

-- .--- ------ _.--

it

for a while"
--------_ .._------------------

----- ----~---..----------.----.:

D.

"Let me tl'link about

it"

E. "Send me a report"

F. "I don't

like the marketf,th~

market

is bad"

G.

"Too risky"

H. "I only buy Real Estate

(Etc)

I. "Lost money

in market"

J. "Stock is already

up"

K. "Let me talk to the wife"

L. "O.K. buy me a 100"

.~

M.

"Y.ouQ a good salesman"

---~-----.----------.

NO MONEY

Mr.
would not be call~ng you you agree that most they really want
?

knows your successful.

We Don'~

if you were not successful.

will find the money be conservative satisfac~ion. shares?

people Let's great

to buy the things

and start with a minimum to look back at Let's take an

posi.tion.

Six months
of

from now you are going

this first step with initial position

----- ---- -- ----------------- ~--

----------~-.-.---

..----------~----------

------~

-"------'

--

Mr-.

the amount than your

of this investment our approach.

is much less Work with us here on

1'\
\

important

seei~g

shares, ~~e whole you the advantage of timing.

reason for this call was to give T"'S\d- ~\.~\ W<., cd& 8.t S,:,:.., t,t~ .~~ ('co-J

O~

~:Xl

s~-

;J

/ I

What is your favorite Which Imagine have means make yourself

spo~t?' are you most worried of YOUI local to take on player.

I

stock in your portfolio the manager

about? team. but it Would you You

just been offered you will have the change

a chance

to let go a mediocre

Mr.

buying but

shares really

of

may

seem like a Alt..'loughn a

.. --.a';':

very big decision important

it is a small step. your relationshii? with

step in beginning

Mx.
in America,

( you axe one of the most successful

and I have never met a successful for emergency some funds

buisnessmen
buiznes5man

who

does not always keep

purposes.

'<----_ .. _

- _

--

NO MONEY

Mr .

,~' , =:.:- you have no money you 11 buy a li t t.Le

I

If you got some money you'll buy alot.

forget about it!

If you got alot,

In response _
Mr. ___

to." " I want

to sell

--.1' _-F

to buy

---

II

' I would

not sell t~at

- ,--------o-n--my-desf -a-ild--begg-~d~~'-t6 -;e-ll--i-~~--------I

' you Jumped

-------------------------- ------,-- -do not play the trading

_T ~ oF

u? ar.d i~wn

game

that ,is not part of our philosophy. I can understand capital

you have

no more for changes,

money

that, we will hold th's pOsition .... gains cycle and when your situation

the complete

we will be in touch.

'

CtAJ ,blU~) .../

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---------_._---

_ ..

_ .._---._----------------

Experience

tells me you are not going to call me back. back

When we

hang up you wil130. to mine. fresh

to your buisness and I will go back # 1

The bes t time! ,to., e a......de mak cis ion is when all the f acts a ~;:;. '';,'.-';" !;; "has been the documented

in ~n~r mind..

firm on W-~'ana'did money for ~~eir clients.

not gain that t.it.le by losir..g Let's get. star~ed wit.h

shares.

By delaying

you r~strict

our ability to do the job.

v

Ultimat.ely,

the only true test is the results:

when to buy, when to sell. That is the single

I'd ask you to judge us on that., one time. reason for this call .

. '~
";,."

.f

Mr. -;. thaUght would

this is a very it could waitt

timely investment.

It

..\.. I

we would not have called it yesterday, and buy it.t.oday.

you t.oday.

have preferred

you owned

you wan~ ~o own it

tomorrow,

let's compromise

Let me ask you something. tomorrow homework.. dollars that you do not We have spent ~~is

What more are you going to know already now? We have done our hours and thousands of

many exhaustive company

I

researching shares

for you.

Put your t.rust in

by buying

1'G

expertise. at this

Let s begin the relationship level.

--------------

-------------

C}\LL

BACK

IsnEt laid

the best
out
_i

time '"

t o ma k e a decision e W Ll_ r that 's

when all the facts are

in your now. .. re at -1e
I

... vou , and e very t ~~l.ng .l.S rresh .... ' , ... n f ran - or~ _ wher.e

mind, Mr. ____

__________
which is _____
.--_._

is the most outstanding

poised fo~ a ma;o- ga.l.n. . _ _ shares .

value

in a c.r o ou us here for-

Work with

.._--_.---

_.

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.----------------------------------~-----------------------------------------------

I WOULD

LIKE TO WATCH IT

Look - I thought more original

you were

going to come up with To achieve spectacular This

something performance it's But

than that.

you must get in before a wonder the majority the crowd mentality great opportunity. The rule is simple

the crowd. of investors

is so obvious

never use ~~is rule.

is the very factor that gives you such a - If you buy ~he same inves~en~s every-

__ 9ne.else-._is--puy ing,--you'-r-e-going to'h-avetnErsame--peYfOrrii2-nce..--.-.record - which is always me?iocre This is why This is why
Lnve semerre.s

defiantly

unconventional above

in their inves~~ents. with

we have been able to come up consistently that have soared the occasional losers we recommend.

the average, more than making

up for

Mr. is the t~e and statistics from to you. is calling

, I . can certainly to make your move. are in your favor. for ycuv., to It will you today because

appreciate Act now. Watching

that.

But, now cycles.

Current undamentals,

Let our technical move benefit

\:.

staff watch the market

will be of no economic exercise. should be owned

just be an academic

._". at _

and not higher.

Mr. thought

this is. a very it could wait

timely

investment.

If

?'

we would

not have called you today. you want ~o own and buy it today .

would have preferred it tomorrow,

you owned it yesterday,

.let' compromise s

-~-- -

....... ~-.

-----_ ..._.

WATCH IT

I want you to ~nde=stand, we can not work this way.

We can

not work with tLme delays. That is a major hamstring; it defeats the advantage we have for you. If you want it, we will buy it now! If not, frankly we passj because for your sake, it must be done right away. If you would like to begin in a small way, the amount is strictly u? to you; you have got to leave up to us.
.-..---.... --.-.-.- ..~.- ...-. ---~-- -~---------- ----

but the timing

_ ..- ...-_ ... _----_

..

--'-

--_.

--_.-_.

__ ._.

--_._-_.

- - .. ------_._-

_.-

---.-~--

----------------

--_ .._--------------

-----------------.. _ ...

---.---~--~-----.--..
,

_._-------_.----

_-_ ...
THINK

-- - .._-------.,

__ _-_
..

;'.BOUTIT ABOUT - very hard.

the results. decision. Clearly Bu~ especially the decision to

YES - I WANT YOU TO THINK

I want you to think about

buy the stock is not a major undervalued.

The stock is clearly the difficulty will be

%,

For you, Mr.,

Because

when to sell it. or

when the stock is up

per share,
to

you will want to be owning more of the st:.od<

That is going to be the for you - WHEN TO SELL IT!

as it is on its way

most difficultdecision

Mr.
question

we are askin9for ,

a business

decision

here ~

The

is notwhether

this is a good company or whetb.er now

clearly we spend more time to The Work than even our institutional clients. one time!

is ~~e right time to buy; because get the right answers de~ision is strictly with me on a performance

to give us your confidence

shares, and allow me to show you like you hav.e nevez seen before .

..:;:~:;;:::;.-I.=L.L-~_C_b_rS'_&~

but also apologize The only purpose co to show shares. make ~~ clear. both our time is s~rictly reason for this call is ~o give you Work with me here on

I want to thank you for your consideration, because I probably didn't make this offer, whieh taies

you results. the advantage ,Lat the results

The single of timing.

do the talk.ing.

We are not competing combining

with \r')\\

other

major brokerage
'Url,,,\"

firms, we are
\. o'+.lZ:L\' -\(ft.. 'N\;,

timing with opportunity.

~

$c(.

w~j\.\

iee-

\t

DQ; ~

\~L.

.Ii. "-' ~~

---_._---------

THINK

_~BOUT

IT

My clients
idea previous

tell me that the day after!

present

~hem with a new the

they usuallTremember day.

about half of what know me, respec~

I discussed

My clients

my opinion,

and

take a keen interest

decision in .:-. with us here

But they =ealize that and I know more than they could about a particular company.

in my ideas.

The

you must make is your willingness

1Il0W

to place your

confidence Work

We want

you to test our ability.

shares.

for

- - - has not just looke,d at the S the company's management. Our analys~s

&

We have met wi th and work w~t~

'\

know

chem.

il
,1

We have scrutinized

the company

inside and out./ \ole're tne.l.r

bankers.

Put your trust in

ehisone time to begin

the relationship.

------------.- -------------

SEND

LITEP..}._TURE

~oes notmass mail reports to ~en thousand people acros s the country. By t.he time you zecei. ve one of those preWe prefer packaged reports the printer has read i~; the printers family has read it and the stock has risen 4 or 5 points. accumulate our stock quietly before anyone the value we see. I want you to own
to

else recognizes a~ the range.

.

current price before it moves out of our buying

.J,-df

C3.nyou work us on

shares.

I'm sure you know when sends out a repot~f i~ tends to have a beneficial effect on the price of the s~ock. We prefer to accumulate our stock quietly before anyone else recognizes the value we see. I want you to ownat the current price before it moves out of our buying range.
-

.-

What are you lookins for ~n a report? What questions do you h~ve ? . I will be glad to send you a report. Bu~ it will JUSt flow over yc~{ desk. I have seen it happen. You will delay your inves~~en~ decision un~il the opportunity has passed. Our single most ., important asset .is our reputation, and the fact that wealthy peo?le in America have trusted us for over ~O years. While we are aggressive with some of our capLtal from tiffiE t~e, we never to gamble with our reputation. Before we come to you and tell you what I've just said about , we spe~d rnon~s and hundreds of t.:l'lousands dollars to make sure the company does of not em.barassus.
/

,I

SEND LITERATURE

Put your confidence in the t~e

once, on one occasion.

We By We

will never have to ask for your confidence a second time. have earned it. Everybody likes to make his own decisions.

a second inves~~ent opportunity presents itself, we will I would take your advice on -----1-/

are investment professionals. ( health, law, etc. ._------

\ /

. ----_.----_._---------

"-

..

- ----

--------

--------

-_.

-- - ----- - ---- ----------

--

__ ._- -

..-~.----.--------

... _----------_.---,. ...

'1

DON T LIKE
I

THE

M.;,.KZT

I don't like the market you something. Why do people

either.

I agree with

you.

Let me ask

\
---,'

What do you do for a living? do business with with you? Tha~'s why people come to

and do business

us.l:lecausewe are the experts. shares of

----_.-

I'm not asking you to buy

asking you co buy

.....--------.....

wor~h --------_...__.... .... . _------_ _.-------._-.--------------._---

~=

------------------ - ---. ---- .--

I'm
--- ---- ---

-------

/
- -

Look -what .around? sideline?

do you think

is going

to happen when

this marke~ on the returns.

turns

What will happen

to everyone who has waited they'll get? "Mediocre I'm interested going to make

. What do you think in mediocrity: why with

I'm

not interested .gains. in stock market? not important confidence. That's

in substantial a lot of money in che

me you're Have

you ever made a lot of money The number

Let's

take a position.

of shares is trust and

to me - I'm asking

you to give me your

!",

The profit the bottom

from t..J.:iese levels always are.

will

be significant.

Profits

from

Profits

from the top are small.

How often have you wished You know, before. private

you'd

bought when others that you've bought in America.

were selling? them wrong

from your own history, Buy from professionals banking firms

one of the oldest

investment

I DON'T LIY~ THE ~~RKET

Do you want to go with the conventional wisdom of Wall Street or follow one of the smartest names in the business. opportunity. T~~e advantage of what we've ~dentified as a terrific buying

.~

Investors make the very large profits, traders only make co~missions for brokers.

The state of the market has become.major news, in the Wall

f

Street Journal, the New York T~e~,' radio, television. the signal ~~at the bottom is within reach.

It!s

The very large

profits are made from these levels. That's why people like Bernarc Baruch laid the ground for enormous fortunes from these moments in History.

~-------------------------------,--- ----------.-----TOO RISKY

There

is risk.

But we could not have these types of rewards There is an old,but true saying: tells

without

same form of risk.

" With every opportunity me there are two basic

thereis reasons

risk.

My experience

why people because

do not get involved,

no money or they are hesitant understand

they do not clearly The biggest risk

how the recommendation all. in i~ .

will work.

is to~othing.at is greater

The risk of being out of the stock

...... --------- -( ~'!o9 -- -

than being

Our single

most

important people

asset

is our reputationhave trusted

the fact

is that wealthy

in America

us for over

,0 years.
of dollars

While we are aggressive months

with some of our capital and hundreds of thousands

from time to time, we spend to analyze

any recommendation.

.------

---

------------------------------~----

ONLY BUY REl>.L EST ATE

(ETC.)

You're telling me that your prime interes~ is inves~ing in value

2.S

a price that

makes

sense.

Isn't that

correct? there

Al~~ough you're concentrated on investing in real estate, are values to be found in other arenas.

LOST MONEY

IN THE ~~.KET

Capital

is the second most

important

asset

of your life,

second only to your health. is fortunate enough to have

Only one out of 100 Americans any significant and cared for. amount of capital You lost money.

and it needs to be protected has made money years.

for its clients

for more than

..- --

__ ..

--_ ..... -- ...

_--_.

... "---

-----

- .-_ .. _--

----

--

- ---

MI. lifetime

, we doni'~ want to accumulate.

to dissipate

what

it took you a

.,

-~---------.-.

STOC:K

RECO~~NDED

~~ r~READY

UP

One of the great mist~,es is made by investing company.

made

in Wall Street is perceived industry

is that when a Money

stock goes up, the opportunity in ~~e

as over.

right

and in the right

If ~~e train is going from New York to L.A. it doesn't

matter your wh~re you get on as long as your happy when you reach destination .

. '.
~.'

-~

'.' ;,......

.......

LET ME T_~K TO MY WI?E

is calling individual. right Let's business

you today because

you are a successful

Your success decisions

is the result of your making the ?~! correc~?

over the years.

be candid,

you do~'t decisions

confer ~ith your wife on your day and I'm sure your wife respects your ~eci.-i.':l.--5~.::.ri: ':":lg

to day business

inves ~.. merit; decisions .isinter-es a relationship with Let s take a modest
I

successfuf decision makers like yourself. iniaa-l--pos-t-io-n-o-f~----'with our minimum transaction of

------ar-would---- --.

you be more

comfortable :?

shares

~00

Srv..RES

Let us say the stack goes up 50 %. dollars

1

You have made for you.

I

That is not enough

to go on vacation or buy your wife

a diarno~d ring.
I
I

It is not a serious investment

want tOlbe serious with you.

\

-_ ..__

.--- ---- ---'.- ----- -

S.A~ESM.AN

, I am a terrible salesman buy .. are the guys that recomend

salesman.

The good stocks that you

the losing

\ /
but rather an astute financial advisor.

I am not a salesman,

PIE

IS TOO HIGH

If the FIE

ratio theory' always held true, then any 8 year old would be a millionaire.

kid who can do simple division