35 - TILMAN FERTITTA - Owner of the Houston Rockets and CEO of Landry's
Believe in change and I believe in change change change and if you don't change you're going to get rolling over welcome to a brand new episode of off record who we interview high-achieving people from Ashton Kutcher to co founder of netflix about their secrets to success before we get started. I wanted to share with you a new project. I'm working on called. I taxed but first a story. When I was nineteen years old studying computer science at University of Illinois I was working on his side project. I decided to tweet one day about that side project and ended up getting help funding Mentorship from a serial entrepreneur investor Keefer boy. If it weren't for that tweet I would be in a much different place now. I would like to return the favor but this time over tax message. If you are ambitious technical and tinkering text me six five zero five zero five nine nine eight four text me what you are working on and why and or what a non traditional things you were doing growing up every month we will take ten people and injured them to incredible mentors from the likes of Marc Randolph. The founder of net flicks Sean Rad founder of tender of all Ravi Kant the founder of Angel's Crest Kevin Hart's founder of Event Bright Steve Huffman the founder of Rabbit Lucy blow the founder of scale. Ai Beth Turner whose investor at S v Angel Jao Kareem the founder of Youtube Max Kodak who co-founded Neuro Link with Elon Musk and many more to learn more go to first tax DOT COM or tax may six five zero five zero five nine nine nine eight four this week I speak to tillman for Tita a self made billionaire owner of the Houston Rockets Chairman of Landry's a hospitality and entertainment payment inspire encompassing over six hundred restaurants various casinos and even amusement parks tillman brand new book out called shut up and listen in this this week's episode we talked about his upbringing where he got his earliest business lessons what it feels like to be on the Forbes four hundred list of richest people on the planet and the importance ordinance of adapting to new technological cycles and business. Thank you so much for joining on the show today. Hey it's exciting always good to talk to a fellow Houstonians awesome well. You have this new book coming out. Shut up and listen. Why write this book now. You know kind of interesting. I always thought about writing a book but I said I'm going to do it but I'm a little older when I'm not doing deals because I'll make it more of a tell all all that harpercollins contacted me and said we'd like you to write a business management book and we want it to be not a life story but more of how you did it. We've picked up all your articles. All your Tillman `ISMs of know your numbers are no spare customers. Take no out of a tabulated the 95-5 rule be platform and so we sat down and they wrote me out a nice check and it was kind of exciting a New York publisher would want to do this then. It's a really good book. We put a lot of effort into it like we do anything around here and I think it's great for entrepreneurs and great for anybody audie. It's more of a lifestyle but this is the best way to do it scraped here and I want to go back to Tillman in high school and in College. What were you like. They surely couldn't make an A. in English even if I tried a more better history numbers math what I was good at normal guy. I you know I would like to say I was a leader at a teacher once though tell me we can tell you for leader Mr Potato. We just need a lead in the right direction though so blade football. I'd like to think that I was in the right groups not that that matters anymore but everything goes but a lot of fun in high school. I think get your best. Years of your life is high school. I really do think that end today. You're on the Forbes list. You built billion dollar businesses you own the rockets split. I'm curious in your twenties or in college. What were your unresolved questions. That made you worry at the time were first off. I was always very competitive and always wanted to be successful restful and even when I was in my twenties do that. I had an entrepreneurial brain even in high school and college. Is that a new that what I wanted to do and so you know I had the passion and I always had that theory of you know you do whatever it takes to get from point eight point though you know. I think my derive had a lot to do with it. I I'll believe that God gives you gifts and I can't play an instrument. I can't draw can't do lots of things but gave me a great business mind and so I see the opportunity entity and what were some of the things that you wish you had started doing or done more up much earlier in your life like specifically actions and activities with compounding effects. Are you know. I think I basically did what around wanted to do. I don't know that there's anything that I didn't do. He'll always trading stocks in high school. I mean so I knew that I had a brain for business and I knew I I didn't have a brain for and like I said you know started kind of do what I do even back then. What are some of your favorite tillman `ISMs that you want to be more popular. Oh no the ones I kinda threw at you. The ninety five five ruled your numbers. You know when things are really good. We think they're never going to be bad when things is a really bad. We forget that they're ever going to be good again. You know B Platt be does. I don't care if your dog which you that morning or you're fighting with your girlfriend. You know go go to work and play happy. Know your numbers look for the five percent wrong because ninety five percent of everything is right and you pay attention to the details on and on and on long from getting started decades ago I imagine you've had to evolve and evolve and evolve. What's that been like when you started this business. The world was a very different different place than it is today. How have you gone to dislike continue to grow well. You got to believe in change and other leading change change change and if you don't change you're gonNA get run over and no different than doing this right now. Somebody would have said five years ago. You'RE GONNA do in podcast you said what and a podcast is so this is the mainstream today social media's the mainstream television and the world is changing and what people watch and do when you'd better change with the going to get left behind and although I'm from Houston Texas I live in San Francisco and a lot of people in Silicon Valley. We'll be listening to this. How has technology impacted Your Business. And what do you want to see out of Silicon Valley that you haven't seen yet gosh I think they're staying ahead of us. from an analysis standpoint one of the things that if somebody said why you've been successful Tesla in your company and I would say because of analysis and we always know where we are will it made that possible as the great technology that we can be anywhere. I could be sitting there talking to somebody who's having dinner at San Francisco and look on my phone and say you know the services really slow tonight in this restaurant I would look at my phone and see what hourly early payroll or is in that restaurant currently and say you know what we're running too good of hourly payroll that means we don't have enough help there but it's just the amazing technology technology. Today is unbelievable. What do you wish if you had a magic wand. If you could invent anything today what would you invent that Silicon Valley one Joan fine figure route why air travel is exactly what it is and nineteen fifty that we're not going any faster in an airplane and I think in Silicon Valley could figure out that technology. We didn't take no seriously I mean think about it. You know air travel is no faster today than it was seventy years ago. That is very very true. I hope that changes soon but on the reference you employ how many people fifty thousand plus people yes. The restaurants casinos the amusement for everything. Ed with automation spoke out here in San Francisco Bunch. How do you think about that internally. No one hundred percent. I mean because of the cost of labor today you know being able to start using automation and do anything in your kitchens or your front of the House or your reservations. Which is there today? That's something that we would love see. Silicon Valley is improve even at a faster paced and they even are today and you have forecast. Is that right. Yes what have you you learn from your tits. They live in a different world and that's the world of tomorrow and so you need to think more like them or you're gonNA lose your customers and so it gets back to the change change change. What have they told you to change that. You were like no. That's wrong and then you were your prevent Now. Believe it or not nothing nothing because one of the reasons I've been successful is that I do listen and I do try to stay ahead of what's going on and so I don't fight it at all yeah. Ah for some of their ideas that you didn't fight you know everything from analysis to doing podcast or more important than doing tv today and different things like that got got an avid question about hard decisions surgeon running billion dollar businesses. You have to make some pretty critical at hardest citizens. Do you have any tactics around making challenging decisions. You know on a go. She ate hard but even when negotiate hard at the end. You say to somebody if you don't feel good about this. You need to feel good about it. You've you've got to go. She ate hard but everybody's got to feel good about the deal and talk a little bit about mentors who has mentor impacted you most in your business career in your personal personal life etc.. Who who would you want to thank you know I I get asked this all the time and even my kids and they realize because they've been with me that I never had that one mentor you're just kind of always watch successful people at everything and try to pay attention to certain things they did and how they lived and that was my mentor torch but I truly never had that one mentor got today. You are incredibly successful. I read that you've pretty much done everything you wanted to do in your business likely you're still playing the game. You're still out out there. What's keeping you up at night. What's worrying you. You know I worry about everything all the time but nothing keeps me up at night up real good about everything but always worry about everything in the day you stop worrying about everything that is when there's a paddle. Everybody's ass and that's another one. I might tilmis. There's a paddle for everybody's ass and I'm curious from a management perspective or from an entrepreneurial perspective other. CEO's what are some of the ineffective things. You see young people do that. You wish exchange young people today are too impatient and I think they're trying to gain too much knowledge to quick and trying to move up the ladder to quick instead of making sure that you understand the Business Nisa what you're doing and I can tell you I mean you can be the smartest person in the room but I'm GONNA out. Do you have history and there's nothing like experience. I don't care how smart what you are. You better have some experience. What would you recommend in that. I experienced take right out of school. If you are someone young and you don't really know what you want to be doing yet you gotta decide sad. If you have a business mind you WANNA be an entrepreneur go get your MBA but you know that it comes natural or does it come natural. The biggest thing you've got to do was God gave us all all a gift and you know what that gift is and that's what you need to go toward. You've got to take the gift guide gave you because he made us all different and gave us all different talents got it and then. I guess I guess if you're like. I don't have the gift one of the listeners. What questions when you ask yourself if you were that person. Is You know what were you doing as a kid actually aged absolutely that's exactly what I would say you. Were doing something as a kid that you liked doing that. You realized you were little better than the majority of the people you were doing it with. I don't care if it's playing games or or whatever okay then we'll find a way to get on game shows then right and could you ever expected did the amount of success had when you're in your twenties. You always thought that I would be successful. Okay and you know I can remember seeing seeing the first Forbes four hundred and I think you had to the last people on it. Were at two hundred million will now today. I think they're last people on it or close institute billion so you just never think that way. I knew I would be successful did always dream about being on the Forbes four hundred absolutely everything the thing that I think it comes out next week and I think I'm like thirty something that I would be that high you know or like the four hundred twentieth richest person in the world absolutely not I mean and that's why when people come to me and say I want to do what you did what you lower your expectations a little. You know. Let's read earned that first hundred million Elliot. Let's not worry about trying to get the five billion yet right because I could tell you everybody this. The first ten million in the first one hundred million is the hardest okay and and when you can get there that's when you're able to even move up quicker. You gotta find a way to make that first ten. Are you aiming for number. One on the Forbes list absolutely absolutely not absolutely not there's always somebody with a bigger playing a bigger house than the bigger boat somebody bigger on the fords four hundred so Nah so if I could just always say that two hundred I'll be pretty happy and what's something that you know. You could be doing right now but you haven't done yet personally. Personally professionally do more cardio since it's hard to Houston summer. Call thank you so much you come in to you. If you're in Houston southbound Symington right we'll do.