"Never be afraid to do a deal in a changing environment," says Bobby Lyle Jr., president and chief executive of Lyco Holdings Inc., a Dallas company that is in oil and gas, real estate, banking and other endeavors. "Timing is everything. But always be prepared to adjust your deal." Lyle shared stories of the many transactions he has made in the past 25 years, and how he financed them, during a presentation on oil and gas investing for institutions at the Southern Methodist University's Cox School of Business in Dallas recently. Lyle is an alum and significant donor to the school. Lyle has used timing along the way, ever since he started his oil and gas company in 1981 with a $1-million loan. By developing trusted relationships with bankers and institutional investors such as Minnesota Mutual Life Insurance and Prudential Insurance, he has been able to bankroll numerous projects. One of his first big deals was to buy the oil and gas assets being divested by Bethlehem Steel in June 1983. He heard on the radio that the steel company had just suffered its worst quarterly loss ever, so he called them to find out if they had any oil and gas assets, and if they would like to sell them. One lesson learned: "Know your market and don't be afraid to make that call-you never know where your next deal is coming from." For more on this, see the August issue of Oil and Gas Investor. For a subscription, call 713-260-6441.

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