We might know Dan Peña for his YouTube videos. He is the balls-busting mentor to teenage millionaires and billionaires, a business coach, teacher, advisor, and founder of the Guthrie Group, a consultancy group based in a castle in Angus, Scotland.
The Los Angeles-born and bred businessman made his wealth in oil, after starting his career as a financial analyst on Wall Street. He then went on to become the president of Great Western Resources, Inc., a Houston-based oil company that was listed on the London Stock Exchange in 1984.
Now, at 76, he is a tough love YouTube personality, garnering thousands of views on his videos, some of which are called “Don't have board members that are like you,” and “How to choose the bank for your deal.”
He’s known for myth-busting finance and cutting through the business jargon when it comes to building a business and for entrepreneurs and leaders to be high-performance individuals. But one thing that makes Peña stand out among the rest is his executive style, namely his three-piece pinstripe suits, which he jokingly refers to as his “New Orleans pimp outfit.” But his style is a serious part of deal-making.
He spoke to me about his personal style and why it is so key to dressing “like the president of your country” while conducting business.
How did you create your personal style?
Dan Peña: It’s a combination of a few things. First, I’m from the hood, east Los Angeles. Fashion of a different kind was the standard. I was only there as an adolescent. When I joined the military in 1966, I became an officer. In the U.S. congress team, you’re an officer and a general. They kept you to a certain standard. Officers couldn’t go around in slouches. “Pena you’re the sorriest excuse for an officer in this army.” That’s how they used to talk to people in the 1960s and 1970s. So I became a dress freak.
How much do you spend on your clothes?
I say $1 million, maybe more. I’ve been using bespoke tailor-made clothes for 40 years. A good suit costs anywhere between $10,000 to $13,000. I have a few hundred of them.
Who designs your suits?
I have two tailors, one is John Kent at Kent & Haste Bespoke Tailors in London, who makes clothing for the royal family. He has been making clothes for me for 35 years. I have Peter Johnson in Edinburgh, who has been making clothes for me for seven years.
Why is dressing smart so key to business?
In corporate life, I saw that the CEO and chairman of a company always dressed much better, mostly because they got paid more. I’ve always been in the money-raising business directly or indirectly; nobody is going to loan you $50m if you come up in jeans and a t-shirt. It has changed slightly. Steve Jobs and a few others have done the black t-shirt and jeans presentation. For the most part, people still wear suits, but its open collar.
What is your go-to uniform?
My uniform is a three-piece suit with a tie. If I am dressing down, I wear a bowtie. It has always boded well for me. I’m a world class speaker, I spent 25 years perfecting my speeches. I didn’t just fall off the turnip truck speaking like I do. I practice, practice, practice. When I give a seminar, I practice 2 hours before a 1-hour seminar. I now have disciples who try to dress like me. I differentiate myself; I have a gold or silver pocket watch. The only thing varied now is I don’t wear fancy shoes onstage, my arches have given out, so I wear support shoes.
Why do you tell your mentees to dress like the presidents of their country?
If you don’t like the way you look in the mirror, I assure you its going to come out in the way you talk, your body language. I’m usually the most powerful guy in the room. All the world’s presidents and prime ministers dress well. I tell kids to dress like the presidents of their country. I also like the look of John Ford.
Why red ties and blue suits, or pinstripe suits?
In the 1980s, red and blue were power colors. I didn’t do it for that. I knew the CEO of a British petroleum firm wore red ties, power color ties. They were making $5 million a year. I always try to dress better than the people I’m talking to. I’ve always been the most prepared in a room, no matter who I’m talking to. I always wanted to look as good as the best dressed guy in the room.
Check out Dan Peña’s website and his YouTube channel, the Trillion Dollar Man.
