859 How to Build a Multi-Billion Dollar Empire with Tilman Fertitta

SEPARATE FROM THE PACK . We all want to be successful. Some of us even want to be wealthy. Some think that to achieve success they need to become someone different. What if you could achieve your goal just by being yourself? Perhaps the change isn't who you are but what you are doing. Maybe it's your habits or a lack of hunger. The important thing is to separate yourself from the pack. But where does the mentality of a winner truly come from? On today's episode of The School of Greatness, I talk about being a bull in your profession and being a boss that everyone wants to work with, with one of the world’s leading businessmen in hospitality and sports: Tilman Fertitta. Tilman Joseph Fertitta is an accomplished businessman, entrepreneur, author, and television personality. He is the chairman, CEO, and sole owner of Fertitta Entertainment, one of the largest restaurant corporations in the U. S. He also owns the NBA’s Houston Rockets. Tilman teaches us that the things we want are within our grasp. We have to be the bull in the room and learn how to take what we want. So get ready to learn how to let go of fear on Episode 859. Some Questions I Ask: How do you keep a competitive edge? (7:15) What should you look at when you are acquiring a business? (16:40) How do you stay grounded? (28:20) What is your definition of greatness? (42:00) In This Episode You Will Learn: How to cultivate a culture that makes employees want to stay (10:30) Why you shouldn't get caught up in things that don't matter (15:50) Why you should always take advantage of a good deal (17:50) How Tilman has raised grounded children as a wealthy parent (25:00) Staying grounded and why TIlman thinks it’s important (28:20) Tilman’s best advice on how to borrow money for a business deal (30:35) Why you should relentlessly pursue your talents (39:29) If you enjoyed this episode, check out the video, show notes, and more at http://www.lewishowes.com/859 and follow at instagram.com/lewishowes Get more from Lewis! Get my New York Times Bestselling book, Make Money Easy! Get The Greatness Mindset audiobook on SpotifyText Lewis AIYouTubeInstagramWebsiteTiktokFacebookX

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:01Lewis Howes?

  This is episode number 859 with the Houston Rockets owner and billion-dollar buyer, Tillman Fertitta. Welcome to the School of Greatness. My name is Lewis Howes, former pro athlete turned lifestyle entrepreneur. And each week, we bring you an inspiring person or message to help you discover how to unlock your inner greatness. Thanks for spending some time with me today. Now let the class begin. John Quincy Adams said, "If your actions inspire others to dream more, learn more, do more, and become more, you are a leader."

• 0:46Lewis Howes?

  I am so excited about this because I just had the opportunity to sit down with Tillman Fertitta. And what an incredible life story, journey, and how he's built this amazing empire organically, just starting out with one restaurant and building over decades. It's so amazing to see what he's been able to create, how he still continues to treat people with respect, look people in the eyes, no matter what level they are at service, and really be a great leader. And I had this amazing opportunity with him to just really dive in on how he built everything

• 1:25Lewis Howes?

  organically to becoming a multi-billionaire and having one of the largest restaurant and entertainment organizations in the country. And if you don't know who he is, he's an accomplished businessman and recognized as a world leader in the dining, hospitality, entertainment, and gaming industries. He's the sole owner of Fertitta Entertainment, which owns the restaurant giant Landry's, the Golden Nugget Casinos and Hotels, and the NBA's Houston Rockets. Through his restaurant and hospitality company, Tillman owns more than 600 properties in 36 states and in over 15 countries.

• 2:05Lewis Howes?

  He is one of the largest employers in the nation with more than 60,000 employees. 60,000 people he employs. He also owns 50% of Catch Hospitality, one of Los Angeles and New York's most popular eateries, which we had Eugene Rem on about two months prior. So you can go listen to that episode because he talks about Tillman in there as well. And he's been named Entrepreneur of the Year from Ernst & Young and was inducted into the Texas Business Hall of Fame as the second youngest inductee. And in 2018, he was named Restaurateur of the Year by the Greater Houston Restaurant Association and named Executive of the Year by the Houston Sports Authority.

• 2:49Lewis Howes?

  His first business book is out right now. It's called Shut Up and Listen, and I highly recommend you get it because it's got practical lessons and strategies that I haven't heard from other business leaders yet. And in this interview, we talk about how burnout is a state of mind and why hard work and your success is your choice. And he talks to me about how he's never been burnt out and the secret to why he's never been burnt out. We also talk about what Tillman means when he says, be the bull, and why you should always be the bull in your industry and that why that will make everyone want to work with you. Why paying a premium for something is sometimes more about a business strategy than an acquisition.

• 3:34Lewis Howes?

  He bought the Houston Rockets for the most expensive price of any NBA franchise ever, and most people weren't willing to pay that, and he talked about why he did it. The importance of not outliving your business and staying within your means regardless of your success. The key to being financially prepared for your future, and Tillman's top advice on asking for money. That and so much more wisdom, and I'm so excited for you to dive into this. Make sure to share this with your friends over on Instagram, tag myself, @lewishouse, and tag Tillman as well. The episode is lewishouse.com/859, and make sure to text us the one friend right now while you're listening and say, hey, check this interview out, all about how to build

• 4:18Lewis Howes?

  a multi-billion dollar empire with Tillman Fertitta and how he started out with just one restaurant. It's amazing to see what he's created and what you can learn from his life story and all of his experience. And now, without further ado, let's dive into this episode with the one, the only Tillman Fertitta.

• 4:42Lewis Howes?

  I'm so excited about this. We're here with the man Tillman. Thank you so much for being here.

• 4:45Tilman Fertitta?

  Absolutely. Looking forward to it, my friend.

• 4:47Lewis Howes?

  I'm so excited. Your new book is out, Shut Up and Listen. I've been going through it and there's not many books that I like to read. I like to skim a lot of books, but I'm really diving into the stories of yours. I really appreciate it. And there's, every once in a while, there are people that I really want to learn from. And I've been excited about this interview because you've done something that very few people have ever done. You've built an empire and it's amazing what you've created in the last 30, 30-plus years of your business. And I love that you keep taking risks. We were just talking about this off-camera about how you're hungry about this book project. This book project is probably making you the least amount of money.

• 5:24Tilman Fertitta?

  Trust me. I spend more money flying my G5 to do interviews than I'm ever gonna make from the book.

• 5:29Lewis Howes?

  Exactly. So this is making you, this is making you the least amount of money probably. A big impact, you know, it's making you some money, but it's also, you're just like, I'm so hungry and I'm willing to sacrifice to stay competitive. And you were telling me that most people aren't willing to stay competitive for a long time. And that's what's really, I've seen and admired about you is how you're able to buy the Houston Rockets, how you're able to do these big projects and buy these things because you're so competitive consistently over decades. Where most people go in for three to five years, something doesn't work out, and then they stop their competitive edge. So how do you keep that edge?

• 6:03Tilman Fertitta?

  You know, it's really interesting because I, I did an interview yesterday with somebody who's really popular right now. And they're very young and yet they said they already have those, those valleys where they went into a funk like they were burnt out.

• 6:17Lewis Howes?

  Right. After like two years of working hard as well.

• 6:19Tilman Fertitta?

  Yeah, yeah. And I just said, you know what's funny is I've never had a burnout, ever. I've been, and I've been, I've been going like this for, for a long time.

• 6:29Lewis Howes?

  Decades.

• 6:29Tilman Fertitta?

  Thirty-five, forty years even. I mean, I started going at it in my teens hard and, and. I never had that burnout. And I think that's kind of a state of mind that you're gonna get burnt out if you wanna get burnt out. But I always was going like this and so I just kinda felt like I'm so fortunate to have it going. Why should I ever let the momentum go the other way? And then, of course, you know, one of my great sayings is there's positive people and negative people. And when you're with a negative person or you're with a positive person, one of two things is gonna happen. The negative person is gonna make the positive person negative.

• 7:06Lewis Howes?

  Yeah.

• 7:07Tilman Fertitta?

  Or you're gonna take the negative person and make them positive. So I've always paid attention to who I've always been around also. And I never wanted to be around people that didn't want to achieve.

• 7:17Lewis Howes?

  Right.

• 7:18Tilman Fertitta?

  And but I've never even come close to saying, I'm done, I'm burnt out, I'm not doing this anymore.

• 7:24Lewis Howes?

  Right. How do you spot the people who are truly wanting to achieve and who have that positive energy? Because sometimes people, you could bring people on your team and they could have that in the beginning, but they could kinda lose that or they could spin off a negative cycle. Do you, are you very loyal to the people that you have in your companies? You know. Give them multiple chances or is it like, okay, enough is enough, like.

• 7:47Tilman Fertitta?

  What a great question that is because I even list a bunch of people at the front of this book.

• 7:52Lewis Howes?

  I saw that, yeah.

• 7:53Tilman Fertitta?

  Who really helped make me become who I am. Because even though I'm the leader, I'm the bull, you are dependent on people when you build a company my size of 60,000 people.

• 8:05Lewis Howes?

  That's it? Pretty small, right?

• 8:07Tilman Fertitta?

  And I truly, I truly probably have 25 vice presidents that averaged 25 years.

• 8:15Lewis Howes?

  Wow.

• 8:15Tilman Fertitta?

  Okay, and I tease my people about this all the time.

• 8:18Lewis Howes?

  Wow.

• 8:18Tilman Fertitta?

  I go, I never, ever in the last 35 years have probably lost direct answers to me. Maybe one or two people. And so why are y'all losing them every year?

• 8:31Lewis Howes?

  Right, right.

• 8:32Tilman Fertitta?

  And so if, when people ask me, what are you most proud of? And I think it's the people that truly deal with me on a day-to-day basis. Even my assistants, I have one for 27 years and I'm one for 26 years. You know, that truly grew up with me, you know, that were young girls.

• 8:50Lewis Howes?

  Right, right, right, right, right.

• 8:52Tilman Fertitta?

  And.

• 8:54Tilman Fertitta?

  And so, and I think it is if they'd tell you, they'd say, "That's the hardest [bleep] to work for in the world, but I would not work for anybody else."

• 9:00Lewis Howes?

  Wow.

• 9:00Tilman Fertitta?

  I think that's what they would all tell you.

• 9:01Lewis Howes?

  I mean, in a world where it seems like everyone wants to change jobs every year or two because they want something new and exciting, how do you cultivate that culture or environment where they're like still excited every year? Is it because you're acquiring new companies all the time?

• 9:16Tilman Fertitta?

  I think that's part of it is that they know that we're the bull and that even in tough times, if I call them into my boardroom, it's not, "Hey, we're getting bought out." It's, "Who are we buying?" Because we eat the weak in bad times.

• 9:31Lewis Howes?

  Wow.

• 9:32Tilman Fertitta?

  So, I think it's leadership, respect, it's knowing that we're the bull out there in our industries.

• 9:41Lewis Howes?

  For those who don't know what you mean by the bull, who haven't read the book, what does that mean to be the bull?

• 9:45Tilman Fertitta?

  Just, you're the ones always that everybody else is worried about. It's, "We bought a couple of companies in the last week."

• 9:53Lewis Howes?

  Right.

• 9:53Tilman Fertitta?

  And it's because we were opportunists and we're the ones who can always deliver.

• 9:58Lewis Howes?

  Wow.

• 9:58Tilman Fertitta?

  And we're the ones who have the funding, the due diligence to do it quickly. We outwork people. A lawyer of mine who handles all the M and A, he was at the office from 9:00 a.m. Sunday a week ago till Monday night at 9:00 p.m., 36 straight hours getting a deal done. Okay, it's just, it's just a culture of, "We are the best."

• 10:22Tilman Fertitta?

  And not that there's not great companies out there and, you know, we're just still in the whole world, a company.

• 10:27Lewis Howes?

  Right.

• 10:27Tilman Fertitta?

  And what we do and doing mergers and acquisitions and the rest of business or gaming business or whatever, aquariums, amusement parks. But we outworked everybody to get the Houston Rockets. I mean, my team during Hurricane Harvey, when everybody was flooding, was still at the office trying to get that contract signed because we wanted it done by Monday of Labor Day. And...

• 10:49Lewis Howes?

  During the big flood in Houston?

• 10:51Tilman Fertitta?

  Yeah, 100%. And, but the Houston Rockets went on the market on July 17th and we signed the deal up on September the 5th for the most money ever paid for a professional sports team. And so, it's just saying, "We're gonna get it done before anybody else can."

• 11:07Lewis Howes?

  Now, why pay the most premium? Why not try to like create the win-win, get the best deal for yourself? Why say, "I'm gonna overpay"? Maybe it's not an overpay in your mind, but why do that? And when everyone's telling you, ah, maybe that's a little too much, you know?

• 11:22Tilman Fertitta?

  Because I listen, I listen, and I'm gonna tell you what I heard. I heard from some very, very smart people, and this is one of the reasons that the book's titled, Shut Up and Listen, is because I do listen. I had some really smart people who know a lot of people who went after sports franchises, say they quit too soon, it's the biggest regret they ever had.

• 11:49Lewis Howes?

  Meaning they sold the business?

• 11:50Tilman Fertitta?

  No, no, no, no, no. They went after, say, the L.A. Clippers, they went after the Golden State Warriors, they went after, and, and they, and people that could afford to do it. And, and they just said, oh, I'm not gonna pay that extra hundred million, or two hundred million, or whatever, and then they had to go buy a team in the years to come somewhere else, not in their hometown.

• 12:08Lewis Howes?

  Wow, or minor league team or something, yeah, whatever.

• 12:10Tilman Fertitta?

  Whatever, and, and, and so I was told, there's never been a team sell for less in sports, and it's just a mistake you don't make. And so I listened to people and said, you, you could regret this. And, and it's kinda funny, but I already knew I was not gonna lose, okay? I was not gonna lose this opportunity, and when other people, I even had the, the Tad Brown, who, who I've known for years, who runs the business side of the team even today, called me at one point and said, y'all aren't in the room kicking tires like some of the other people. Are you losing interest? I said, no, Tad, I haven't lost interest at all. I said, everybody else is in there trying to justify, how do you pay two billion dollars? Because they made it really clear that they wouldn't sell it for under two billion.

• 12:54Lewis Howes?

  Wow.

• 12:55Tilman Fertitta?

  They're all trying to figure out how you pay that for it. I was out there making sure I could raise the money, and so...

• 13:00Lewis Howes?

  I like that.

• 13:01Tilman Fertitta?

  No, seriously, because...

• 13:02Lewis Howes?

  You weren't even thinking, you were saying, I'm going...

• 13:04Tilman Fertitta?

  Right, I knew that the team, on a bad year, is gonna make forty million, and on a good year, is gonna make ninety million, okay? I knew that, okay? And I'd known Tad for fifteen years. But if you start trying to say, okay, if it makes forty million, or it makes eighty million, do you pay one point nine million, billion, or one point eight billion, or two point two billion? It has nothing to do with it, okay? Okay, and so while everybody else, and, and... was doing due diligence that way. Even people that have a lot more money than me, okay? They're trying to get there and they missed, they missed the box, okay? They, they, they, they were looking at the wrong thing instead of realizing this is a 10 year play. And I could promise you one thing, I bought this team in 2000 and what 16?

• 13:48Lewis Howes?

  Yep.

• 13:49Tilman Fertitta?

  In 2026, it'll be worth $3 billion.

• 13:52Lewis Howes?

  Really?

• 13:53Tilman Fertitta?

  Yes, okay, it's already moved up in value. So, so it's, it's just, it's, it's just the feel and, and, and, and knowing what to do and not getting caught up in the due diligence that doesn't matter. And I think one of the reasons I've been successful is because nobody does due diligence on an acquisition more than my team does. But it's, it's just don't get caught up in, in the things that don't matter. Like price of a few hundred million.

• 14:20Tilman Fertitta?

  And then, and you know what's so funny? And then you know how I got their attention? Everybody else wrote letters and they said, okay, we, we want everybody's letter of intent today. Everybody had all the potential buyers, all the potential buyers. Everybody had all kinds of ins and outs and everything. And you know what I did? I said, I'm gonna put up $100 million non-refundable.

• 14:40Lewis Howes?

  Love that.

• 14:41Tilman Fertitta?

  No financing contingency, no NBA approval contingency. And if something happens, I'll walk away and lose it. Okay, so that.

• 14:48Lewis Howes?

  With the previous owner.

• 14:49Tilman Fertitta?

  Yeah, with the previous owner, yeah.

• 14:51Lewis Howes?

  Wow, no one else would go in.

• 14:52Tilman Fertitta?

  Nobody else would do that.

• 14:53Lewis Howes?

  And you were willing.

• 14:54Tilman Fertitta?

  That's the second time I've done that and it worked for me because of my great casino in Lake Charles, right outside of Houston. I did the same thing.

• 14:59Lewis Howes?

  Fifty million, right at 40 million?

• 15:00Tilman Fertitta?

  Fifty million, fifty million, yeah. So it's worked for me twice. What is the hope I have the opportunity to do it again that it's something I want that bad?

• 15:08Lewis Howes?

  What is the things that people should be looking at? You mentioned people are looking at the wrong things. They're thinking about the price or the other things. What should they be thinking about if they want to acquire something? Whether you're a small business owner that wants to acquire something for a hundred grand? Or you're, you know, a billionaire like yourself trying to acquire something for 2.2 billion? What is the thing they look for?

• 15:28Tilman Fertitta?

  Well, if it's something that you really, really want and you can afford and it doesn't really matter, you should just go get it, okay?

• 15:35Lewis Howes?

  Why, is that for the peace of mind?

• 15:37Tilman Fertitta?

  Just for the peace of mind and so you never regret it, okay? I can go back 20, 25 years ago and I've been asked this the last few days, what is? I had a chance to buy this unbelievable car collection about 25 years ago that had great muscle cars. Right when they were, it was unbelievable. And I was really buying it at a bargain because the father had died, the son was selling it.

• 15:58Lewis Howes?

  One of the big money, yeah.

• 15:59Tilman Fertitta?

  And, and I lost a deal over a couple hundred thousand dollars that today if I own that, I would just walk in there and say, this is mine. I just love it. And, and I, and I learned a lesson and 25 years later, that's the one deal that comes back and haunts me because I negotiated a little bit too hard for something that really mattered. Now, let's look at in box of a real business deal. You can't get caught up emotionally. There's always another deal. And I walk away from deals all the time.

• 16:28Lewis Howes?

  Really?

• 16:29Tilman Fertitta?

  All the time because there's, there's always another deal. But you know what? There's only so many great car collections. There's only one NBA team and you're on hometown, okay? And so there's certain things you don't worry about. And that's where you have to be smart and say, there's always another casino to buy.

• 16:47Lewis Howes?

  Restaurant to buy.

• 16:48Tilman Fertitta?

  Restaurant company to buy, but keep it right. Know what's in the box and know what's out of the box.

• 16:54Lewis Howes?

  I'm glad you said that because I, I acquired something a couple of years ago that I was, I did this move without knowing I was doing a Tillman move. Greatness.com was available and it was probably overpriced.

• 17:06Tilman Fertitta?

  What was it?

• 17:06Lewis Howes?

  Greatness.com.

• 17:07Tilman Fertitta?

  Okay.

• 17:08Lewis Howes?

  In my space, you know, there's only one word for domain and my, my word is greatness with the school.

• 17:13Tilman Fertitta?

  Right, right.

• 17:14Lewis Howes?

  Greatness podcast. And I wanted to build something bigger than just this show. Wanted to build a media engine around this word that every athlete uses. When I see them talking about it on social media and press conferences.

• 17:24Tilman Fertitta?

  100% greatness.

• 17:25Lewis Howes?

  Brands talk about it in their slogans. Built for greatness, pursuit of greatness.

• 17:29Tilman Fertitta?

  I love that. I truly love that.

• 17:31Lewis Howes?

  This word. I don't want anyone else to have the word. I want to own it. There's only one domain in the world. You know, it's like a franchise of one. And I was just like, I want that.

• 17:40Tilman Fertitta?

  And were you able to get it?

• 17:41Lewis Howes?

  I bought it, yeah.

• 17:42Tilman Fertitta?

  For, I know, but I'm surprised you could get it trademarked because it's a word.

• 17:47Lewis Howes?

  I don't have a trademark, just the domain.

• 17:48Tilman Fertitta?

  Okay, just the domain for a podcast or something?

• 17:51Lewis Howes?

  For anything I want to build on it, for my media engine, or yeah, content, for all that stuff. My books, everything that I have, I can build around that word. But it gave, and I haven't used it yet. I just have it, it just redirects to my personal site because I want to build it the right way.

• 18:05Tilman Fertitta?

  I love it though, I love that.

• 18:07Lewis Howes?

  But for me, it gives me peace of mind that no one else can build something, it can fuse my audience.

• 18:10Tilman Fertitta?

  No, because it's such a strong word.

• 18:12Lewis Howes?

  Strong.

• 18:12Tilman Fertitta?

  And it's something that we all are after every day. You know, the people who want to be.

• 18:17Lewis Howes?

  Exactly.

• 18:18Tilman Fertitta?

  Okay, and so I love that in you.

• 18:20Lewis Howes?

  Yeah, yeah, so I got to learn how to continue to level up like you're doing now. I'm curious, who was the most influential person in your life growing up?

• 18:27Tilman Fertitta?

  There wasn't, there just.

• 18:29Lewis Howes?

  There wasn't one?

• 18:29Tilman Fertitta?

  No, there just, I would love to say there was, but there were a lot of people that were even family members that were entrepreneurs that had some success. I mean, not great success, but were still very successful. There were people in Houston, there were people that I just watched around the world and you just said, God. But I never had that one person, but I saw little things that different people did. And I picked up different things.

• 18:57Lewis Howes?

  Lots of mentors, lots of, yeah.

• 18:58Tilman Fertitta?

  Yeah, and I kind of looked and I liked the way this person handled themselves. I kind of liked the way this person handled themselves about this. I just never had that one person and maybe I wish I did, but I just.

• 19:08Lewis Howes?

  Turned out okay, yeah.

• 19:09Tilman Fertitta?

  No, it's okay.

• 19:10Lewis Howes?

  What was the mistake or hard lesson you learned in your early years or in your teen years that really embarrassed you, that really made you feel ashamed or not proud about yourself that you did that, or you said that, or you acted in a certain way, or someone, you really let someone down that has stuck with you all these years?

• 19:31Tilman Fertitta?

  You know, I have to say, I never had that big hit over the head with, where I had to, you know, sell a car, sell a house or whatever because things weren't going well. And yet I've been through some tough times. But also, and I talk about this in the book. Don't ever outlive where you are in your business life.

• 19:54Lewis Howes?

  What's that mean?

• 19:55Tilman Fertitta?

  What that means is, is that there's so many people that get a little success in a business and they go get a lifestyle that is bigger than the business. And then all of a sudden, the business takes a dip a little bit and they've got to keep up this lifestyle. So they're sucking more money out of the business than they should. I complain to my people all the time, I'm poor, I don't have any money. Because I always put everything back in the business and I just try to take out a few crumbs to live on. Because I've always made the business first and not me first. But that's why I have a great business and I own 100% of it. So it really doesn't matter. But a lot of people start, they start with a company and they become entrepreneurs. They get some success and they're buying more houses they can afford

• 20:40Tilman Fertitta?

  or more cars or art or they philanthropy. Oh, I want to be recognized for giving this away. And then all of a sudden their business dips and they can't do it anymore. And then their business fails because they took all the money out and they're not putting it back in because they're trying to keep their lifestyle. I always made my business number one. I never put myself ahead of my business. And that's one of the reasons I've gone like this.

• 21:03Lewis Howes?

  Wow.

• 21:03Tilman Fertitta?

  Never put anything ahead of it.

• 21:05Lewis Howes?

  Wow. Was there an embarrassing time as like a teenager before you got into business where you did something, you're like, man, I shouldn't have done that or said that, you know, in your teen years?

• 21:15Tilman Fertitta?

  You know, I've said so many things I shouldn't have said, but I just don't, I don't have that one, I just don't have it.

• 21:21Lewis Howes?

  On memory of that, yeah.

• 21:22Tilman Fertitta?

  No, I just don't have, you know, sure, we all did stupid crap, but I just don't have that one.

• 21:27Lewis Howes?

  Is there anything you did that you weren't proud of? Whether it be, maybe it was a personal relationship or with family or you?

• 21:34Tilman Fertitta?

  I just don't have it. I just don't have it.

• 21:36Lewis Howes?

  I'm just curious.

• 21:36Tilman Fertitta?

  No.

• 21:37Lewis Howes?

  There was anything like that shaped you?

• 21:38Tilman Fertitta?

  And maybe it's...

• 21:41Tilman Fertitta?

  I've always been a positive person and I just.

• 21:44Lewis Howes?

  Where did you gain that positivity from?

• 21:45Tilman Fertitta?

  I don't know. I think you're born with it somewhat and I always wanted to succeed. You know, do I wish I wouldn't have dropped out of college because I was making money because I only had like thirty two hours to go? Uh, yeah, but you know what? But now I'm the longest running chairman of the water regions of that university, so it really doesn't matter, doesn't it?

• 22:04Lewis Howes?

  Yeah, exactly, exactly.

• 22:05Tilman Fertitta?

  But that bothered me for a long time that I never finished school. But then as you become more and more successful and you see all these other guys in the Forbes four hundred two that never finished school. Because because there's something in us that we just can't, we can't have those handcuffs on it. We were making money and I can't deal with going to class. I gotta, I gotta make money. And when I was twenty one years old, I was already making, you know, a couple hundred thousand a year. That's, that's big money back then.

• 22:34Lewis Howes?

  Back in what the?

• 22:36Tilman Fertitta?

  Yeah, the early eighties.

• 22:37Lewis Howes?

  Wow, that's big money.

• 22:38Tilman Fertitta?

  It big money, you know, and people don't realize that when you say I was making a couple hundred thousand dollars, but that was big money.

• 22:45Lewis Howes?

  Huge money.

• 22:46Tilman Fertitta?

  So.

• 22:46Lewis Howes?

  Now, I'm always curious about, I don't have kids and you have four kids, right?

• 22:50Tilman Fertitta?

  Yes.

• 22:50Lewis Howes?

  I'm always curious to ask my very financially successful mentors who have kids. Because I want to prepare, prepare myself for my future. And I'm always asking, how do you raise kids that aren't entitled? When you essentially have everything available, when you could buy them a car, when you could buy them the nicest, you know, trips or whatever it may be, when they do get to go on the jet, I'm not just saying that they do or not with you, but how are you? Not trained, but how do you educate and cultivate? Great kids, because what I've heard about you and your kids is that they're very respectful. I don't know if all of them are, but I've heard.

• 23:28Tilman Fertitta?

  No, no, no, every single parent will tell you.

• 23:30Lewis Howes?

  They care deeply about people, they're courteous.

• 23:33Tilman Fertitta?

  You would never know they grew up in the lifestyle they have because they've grown up from the beginning, you know, they.

• 23:39Lewis Howes?

  Yeah, so how did you?

• 23:39Tilman Fertitta?

  They grew up flying on, because I had my first jet in ninety one and I think the first one was born in ninety two, so, so.

• 23:47Lewis Howes?

  So how did you teach them? How did you leave them?

• 23:50Tilman Fertitta?

  You know, I think their mother had a lot to do with it because she's very balanced. We just never act like we were that special and they always saw me work hard. I was special because. We had nice things, but I never acted like I was special. They still saw me talk to everybody, dress the same, be nice to everybody. And they just, they just picked it up. And at the same time, I mean, they've gotten on my ass because they, they went to the right schools and they lived in the right neighborhood. And so therefore they had lots of friends that were spoiled. They also looked at the people that were generational money, that you go back generations

• 24:31Tilman Fertitta?

  and, and, and they didn't like what they saw in those kids and how their parents acted and realized that they just, they just weren't motivated people. And they just, they're just, I've made them realize that you're not going to go to a club just because your, your friends do and can buy $5,000 bottles whenever you want. Okay, like a lot of their friends have credit cards. So that they've been on me many times and through their college years and saying, you know, it's embarrassing to us because everybody knows we have more money than them and we can't, we can't keep up with them.

• 25:08Lewis Howes?

  Right.

• 25:08Tilman Fertitta?

  And I said, well, that's good for you. They'll see how much we appreciate the dollar.

• 25:11Lewis Howes?

  Wow.

• 25:12Tilman Fertitta?

  And, and, and believe me, they're not hurting, trust me.

• 25:14Lewis Howes?

  They got nice lives.

• 25:16Tilman Fertitta?

  But, but, but I, I didn't make it where you can just go spend whatever you want. I mean, it's, it's always, hey, can I please go do this?

• 25:24Lewis Howes?

  They have to make a.

• 25:26Tilman Fertitta?

  Right, because I'm, let me tell you something. I still watch every dollar I spend. I still walk through a store and if I'm going to buy a jacket, I want to look at it. And I think if the perceived value was too expensive, I don't buy it. Okay? And I, and they, they've always seen me do that. You know, whether we were in Capri or, or Rome or, or Saint-Tropez, they'll see me look at something, I say, that's ridiculous for that. We're just, you know.

• 25:50Lewis Howes?

  You don't just say, give me the best of everything.

• 25:52Tilman Fertitta?

  No, I mean, so they, they never saw their mother or me act like that. And, and, and so they, they looked, even though, you know, they, they've flown here on helicopters everywhere, they, they still see, but that was more for convenience. They see us watch how we spend money. And that's the smartest thing you can do.

• 26:13Lewis Howes?

  How did you keep this attitude for yourself when I'm sure a lot of your friends who have accumulated wealth over the years, maybe you saw them start to change that grounded attitude? How did you keep that for yourself when? So many people are pitching you, you know, on your TV show, which is great. It's like everyone's coming to you for the answers. Everyone wants an opportunity from you. Everyone's got the deal. Everyone's... How do you stay grounded? And I'm sure you're, you know...

• 26:36Tilman Fertitta?

  It just happened over a period of time. You know, it's not like I was a tech baby and I had an app and all of a sudden I wake up and I'm worth this, you know? It's been like this for 35, 40 years, since I was 20 years old. And so, I just, I never had that issue. And so, I didn't wake up one day and I was rich. I mean, even when I took my company public in 93, I was already worth a few million dollars. And so, you know, even though you got a bunch of paper net worth, it just still wasn't...

• 27:06Lewis Howes?

  So the paper net worth, I think, was 100 million at that time?

• 27:09Tilman Fertitta?

  Yeah, yeah, yeah.

• 27:09Lewis Howes?

  And then, what changed for you mentally when you saw that kind of paper net worth? When you're like, okay, I was worth a few million or whatever it was then, but now I'm on paper worth?

• 27:19Tilman Fertitta?

  Well, I mean, once again, I was smart enough to realize that that paper net worth could go away. I watched many companies have IPOs and then three years later, you know, tank. And so, I didn't... I know there's a paddle for everybody's ass and I talk about it in the book. And I think that's probably what I could give everybody out there who's ever made a few dollars. You better watch for it. Even today, you know, and I came out yesterday, was number 140 on the Forbes list, 4.9 billion. I still get up every day and worry and worry if that paddle's gonna get my ass, okay? And the day you stop worrying and you just spend freely, the paddle's gonna get you. Because you don't know what's gonna happen. Is our government gonna change to a socialist government?

• 28:02Tilman Fertitta?

  Is all of a sudden somebody gonna come out and the millennials say, "We're never gonna eat meat again"?

• 28:06Lewis Howes?

  Right, right, right, right.

• 28:07Tilman Fertitta?

  You know, you just don't know. But, but, but we've seen some crazy things happen in our world and during my lifetime and your lifetime already. So, so, so remember, I mean, I'm the one who grew up and you had one telephone in the house and if you wanted to talk to your friends, you went to that telephone. And it was just a different world. It was just a different world.

• 28:28Lewis Howes?

  You talk about, I've never borrowed money or raised money, but you talk about the importance of getting cash when you are already making a lot of money. Why should someone like myself or a business owner get a line of credit? Get cash out even if they're already thriving and doing well and they've got cash in the bank? What's the importance of that?

• 28:48Tilman Fertitta?

  Well, everybody does different things and you gotta do with what you're comfortable with. And I've always been comfortable with borrowing money. But that's also my success because the way you look at every... Unless you're a tech baby again, the world was created because of leveraged finance, okay? There's the reason that you had all the tech companies and the media companies and the great big casinos in Vegas, the things that cost billions of dollars.

• 29:19Lewis Howes?

  They had to raise a lot of money.

• 29:20Tilman Fertitta?

  You did it with leveraged finance with my good friend in California, Michael Milken, really came up with. But that's why there was such an explosiveness in the 80s because of leveraged finance. I've always been scared of debt, but I haven't been scared of debt. I never had a problem with using it, but I talk in my book is... This is the problem that we all do. Is say you have a small business and you wanna go out and borrow some money and you do a performa for the bank, a budget, you know, to keep it simple for people. People always give a budget that is the best-case scenario and they start to drink their own Kool-Aid and think that's what they're gonna do. Well, one of the things that I've...

• 30:03Lewis Howes?

  The projections. I'm like, here's where we're gonna be in three years and five years.

• 30:06Tilman Fertitta?

  Yeah, even next year. And what I've always done, as I've done that for the bank, but even today, in a deal that I bought last week, I want a worst-case scenario. The world's coming apart, okay? And all of a sudden, all your expense accounts are gone and are people still gonna eat steaks? And I run a budget and a performa based on that. So, best-case scenario, worst-case scenario. Because you know what happens 80% of the time? The worst case scenario.

• 30:35Lewis Howes?

  Really?

• 30:36Tilman Fertitta?

  Yes, that's just life.

• 30:37Lewis Howes?

  Right.

• 30:38Tilman Fertitta?

  And that's a tool that I've always used. Because you, what happens is they give that to the bank or to whoever. And all of a sudden, you start drinking your own Kool-Aid, like that's easy to do. It's not easy to do. Being successful in business is not easy.

• 30:52Lewis Howes?

  Yeah.

• 30:52Tilman Fertitta?

  But that's why I talk about just simple tools in here. When Harper Collins came to me, they didn't say, "We want a life story." "We see you on your show, we see you on these business talk shows, we read these articles. We want you to write about your tools, why you've never failed and you've made it through all these recessions." Whether you're a carpet person or you're an entrepreneur. Why did you get to go like this and never really went like this?

• 31:19Lewis Howes?

  Right, right.

• 31:20Tilman Fertitta?

  So.

• 31:21Lewis Howes?

  I want to go back to your family for a second. Is there anything that you do with your kids? Like a ritual or a gratitude practice or something over a dinner table? Or is there anything you say to them at night? Maybe not anymore because they're more grown up. But when they were growing up, was there something you said to them every night or every morning? Or was there a practice that you had as a father with your kids?

• 31:42Tilman Fertitta?

  I never did. I've never, I've never been one to try to make my kids something that they aren't. And so, "You're gonna go play baseball, or you're gonna take piano lessons, or you're gonna..." We've always kind of let them do whatever they wanted to do. But at the same time, I've taught them, it's nice to be important, it's more important to be nice. And I've taught them, even today, I just said, "Y'all have learned..." They've learned a lot too. Where I'm very observant, they've learned a lot by watching other families that have money. And I've told them, "You see what all these people do? They go and the next generation's become recluses and really don't want to be bothered because they don't want people asking them. And they've lost their power and their juice. Y'all can have this power and juice in this city, in this state, in this country for the next 100 years.

• 32:27Lewis Howes?

  Wow.

• 32:27Tilman Fertitta?

  Don't give it up.

• 32:28Lewis Howes?

  Wow.

• 32:29Tilman Fertitta?

  Don't become a recluse just because, "Oh, you don't..." Have to do something every day and stay relevant.

• 32:37Lewis Howes?

  Sure.

• 32:37Tilman Fertitta?

  So many rich families, you go look at all your great wealthy, wealthy families and look at the generations below them. They just kind of live in a cave.

• 32:45Lewis Howes?

  Live off the money that keeps coming in.

• 32:47Tilman Fertitta?

  The trust or whatever, and they're not relevant anymore.

• 32:50Lewis Howes?

  Why is it important to stay relevant?

• 32:51Tilman Fertitta?

  I just think it's important to stay relevant. I think it's relevant to continue philanthropy and give back to your community. And there's nothing wrong with being a leader in your community. And just because I'm still on boards that I was on 10, 15 years ago and it's just, well, now that I'm worth a few billion dollars, I should change? Why should I change? My ego that, oh, well, you shouldn't be on the Better Business Bureau board. That's no big deal. That's when you're up and coming, you know, or I've just never changed. I just, I've just never changed.

• 33:26Lewis Howes?

  You've evolved, you've grown, but you haven't changed.

• 33:28Tilman Fertitta?

  100%, but I'll, you know, I'll still be in this dining room and if I see something I don't like, I don't have a problem with going over there and telling the busboy, hey, remember those people there? They deserve that table where their feet go, just as clean as the table on top, you know? I don't, I've never changed. You know, I'm not going to embarrass them, but I don't have any problem in talking to people and training people today.

• 33:53Lewis Howes?

  How long have you been married for?

• 33:55Tilman Fertitta?

  Uh, 30 years.

• 33:56Lewis Howes?

  30 years? That was a trick question. Yeah, I was kidding. Bob quiz, 30 years. Do you think you'd be where you are today in business without being married to your wife for 30 years?

• 34:09Tilman Fertitta?

  I think a wife is very important and very supportive. You know, you could easily be married to a wife that wanted to go out and spend money and you didn't put the money back in your business. And Paige always was very supportive of everything, never once was not supportive.

• 34:27Lewis Howes?

  Really?

• 34:28Tilman Fertitta?

  Not one time.

• 34:29Lewis Howes?

  Wow. Do you think you'd be where you're at today without that marriage, without that relationship?

• 34:33Tilman Fertitta?

  I don't know. I just know she was always very supportive.

• 34:36Lewis Howes?

  Supportive. That's great. That's great.

• 34:40Lewis Howes?

  Now, what is the thing that is missing in your life? Because it seems like you have everything. You've got the family, you've got the businesses, you've got your sports franchise.

• 34:48Tilman Fertitta?

  I mean, honestly, nothing. Honestly, nothing. Honestly, nothing. You know, I'm very fortunate, but I know that too, though. I mean, you always want more. You're always working on the next deal. But I cannot complain. I mean, but as we all know, there's a paddle for everybody's ass every day.

• 35:08Lewis Howes?

  Yeah. And is there anything you're afraid of?

• 35:11Tilman Fertitta?

  Fear nothing, but worry about everything.

• 35:13Lewis Howes?

  Yeah.

• 35:14Tilman Fertitta?

  Fear nothing, though.

• 35:16Lewis Howes?

  I love this. I've got a few questions left for you, and this has been really inspiring. Is your show on still? Or?

• 35:23Tilman Fertitta?

  Not this year.

• 35:25Lewis Howes?

  I loved it.

• 35:26Tilman Fertitta?

  I know, but the problem is, and you should understand this with production and everything, is they want to shoot 12 shows because you bring the crews together. And the first year I shot six shows, and then we shot 12 shows, and then we shot 12 shows. And so they want to shoot 12, and I want to shoot six. I just can't give up four months. And then another, and then the fifth month going back and re-editing and green screen. So it truly takes...

• 35:54Lewis Howes?

  It's a lot of work.

• 35:55Tilman Fertitta?

  It is truly full-time, basically. You know, four days a week for five months. And yeah, I love going to the basketball games. And all of a sudden, I'm sitting here playing the Lakers or the Clippers at home this year, and I have to be on the other end of the United States, you know, to shoot a show. So I'll do six, but I'm not doing 12.

• 36:14Lewis Howes?

  Yeah, I hear you. It's a great show, though. If people want to go watch and binge it, it's a lot of fun. You do an amazing job of educating the viewer of how to run business better.

• 36:22Tilman Fertitta?

  It is. It's simple. But that's the gift that God gave me. He didn't give me a lot of other talents, but He gave me knowing numbers.

• 36:27Lewis Howes?

  I love it. I want you to... This is one of my final questions. I want you to imagine that it's your last day on earth, far off in the future, okay? It could be 100 years, it could be 200, it could be whatever. But you get to choose the day that you get to die, right? You get to choose the day that you move on. And imagine that you've accomplished everything you want. Every dream you have now or later, you've accomplished it. You own the league, you own every league. Whatever it is you want to do, you own every restaurant. You've created it. You see your family grow and flourish. You see everything you want. But for whatever reason, you can't leave any of the messages you've put out into the world. Behind, you have to take all your messages and all your work with you. So there's nothing left for people to see that you've created in the world. Just hypothetical.

• 37:11Lewis Howes?

  But imagine you get to leave behind three lessons to the world. Three things that are your truths, that you know to be true for you. That would be lessons that you would want to leave behind. And this is all people would have, is access to your information. Lessons that you would share with the world. What would you say are three truths that you have?

• 37:32Tilman Fertitta?

  Always try to do the right thing. Never give up. Find out what, what, take out the never give up. Always do the right thing. Find out what you're good at. And I don't care if, if you're an interviewer, or the greatest chef, or whatever. Find out what you truly enjoy doing and do it. It's not always about just making money. But take that God given talent that he gave you. Cause I believe everybody has a talent. That they're better at some, at that than the majority of the other people. Okay? And then probably, uh,

• 38:08Tilman Fertitta?

  third, just remember you can always separate yourself from everybody else. If you want to. I do believe that. At that field that you understand.

• 38:17Lewis Howes?

  Yeah, I like that. Okay.

• 38:19Tilman Fertitta?

  So.

• 38:20Lewis Howes?

  Uh, well, I want to acknowledge you, Tillman, because ever since I found out about you, it was because of your TV show a couple of years ago. When I, when I watched it, I was like, who is this guy? And I started learning more about you. I really acknowledge you for the genuineness you have in your heart towards the people around you. At least from what I've experienced, what I've seen, what I've seen, everything. I'm sure you have your moments, but it's like, you bring, you bring a sense of care. With all the empire that you have, you still care about people. And I think that shows on how successful you continue to become is that you have an amazing heart and you care about human beings. You care about listening. Cause most leaders with empires don't want to listen, they want to talk. And you listen very well. So I really, now even before we started the interview, you asked, asking me questions.

• 39:04Lewis Howes?

  And I really acknowledge that about your heart. So thank you for, for all that you do. Make sure you guys get this book, Shut Up and Listen, really cool. I've been loving it. I haven't finished the last 20, 30 pages. So I'm excited to finish it and learn more about your story. But get this book right now, Shut Up and Listen. It's going to be helpful for your life, for your business. The final question is, what is your definition of greatness?

• 39:26Tilman Fertitta?

  What is your definition of greatness? Everybody can't be the GOAT, the greatest of all time. And so, everybody's got to find that greatness within themselves. And regardless, if she's going to go home and tell herself, "I'm the best camera person." Or my regional over there who says, "You know what? I'm going to be the best regional and have better numbers and have better restaurants than anybody else." Everybody's got to define their own greatness. Because different people expect different greatness out of themselves. And that's what makes us all special.

• 40:02Lewis Howes?

  I love it.

• 40:02Tilman Fertitta?

  It's what different people find happiness different ways, too. So, you've got to find out what you're comfortable in in this world.

• 40:10Lewis Howes?

  Yeah.

• 40:10Tilman Fertitta?

  So.

• 40:11Lewis Howes?

  Oh, man. Thank you so much, sir. I appreciate you very much.

• 40:13Tilman Fertitta?

  Appreciate you.

• 40:20Lewis Howes?

  Wow, my friend. I hope you enjoyed this episode. I'm so grateful for Tillman for opening up, for sharing his wisdom and getting personal about his life as well. If you enjoyed this, make sure to share it with a friend. LewisHowes.com/859. Text "one friend" right now. You can be a hero in their life. You can be a champion. You can be a giver by sending that link to one friend. Or just copy and paste the link on the podcast app that you're listening to. Apple Podcasts, Spotify, or anywhere that you're listening to your podcasts. Send that link to one friend and say, "Hey, let me know what you think about this. I really enjoyed this part of the episode." And start a dialogue. Be a giver in your life. Share it on Instagram stories. LewisHowes on Instagram. And make sure to tag Tillman as well.

• 41:05Lewis Howes?

  I'm sure he would appreciate seeing this. And just use the link, LewisHowes.com/859. Or again, the podcast link where you're listening to it. So grateful for all the wisdom that I get to learn and get to share with you. My goal is to constantly bring the brightest, the smartest, the most experienced individuals on different walks of life to help you take your life to the next level. This was all about business and really taking your business ideas to the next level, your career. Your finances, everything. You have the power to transform your life. It's up to you to learn the knowledge and the information. And my mission is to continue to bring you the best information possible. So, thank you for being a part of this.

• 41:50Lewis Howes?

  Thank you for making this community what it is. This would not be a powerful community without you specifically. So grateful again for Tillman for bringing us all this information. And John Quincy Adams said, "If your actions inspire others to dream more, learn more, do more, and become more, you are a leader." Yes. When you focus on yourself, what you lack, what you don't have, what you're stressed out about, what the world isn't giving you, what's unfair, who hurt you, who criticized you, who judged you, who said no to you, when you focus on that, you are not becoming a leader in the lives of other people. It's when you overcome the things that aren't helping you in your life.

• 42:32Lewis Howes?

  When you become more fearless, when you have more courage, when you do the uncomfortable things, when you seek discomfort, when you dive into the unknown, that's when you start to inspire other people. And you become more of the leader you were born and designed to be. My friend, I hope you enjoyed this episode. And as always, you know what time it is. It's time to go out there and do something great.