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Lewis HowesHow to Build a Multi-Billion Dollar Empire | Tilman Fertitta and Lewis Howes
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40 min read · 8,173 words- 0:00 – 0:34
“Be the bull”: opportunistic acquisitions and a culture of delivering fast
- TFTilman Fertitta
You're the ones always that everybody else is worried about.
- LHLewis Howes
Mm.
- TFTilman Fertitta
It, it's, we bought a couple of companies in the last week.
- LHLewis Howes
Right.
- TFTilman Fertitta
And it's because we were opportunist, and we're the ones who can always deliver.
- LHLewis Howes
Wow.
- TFTilman Fertitta
Okay? It's just, it's just a culture of we are the best. [upbeat music]
- 0:34 – 3:20
Sustaining competitiveness without burnout
- LHLewis Howes
I'm so excited about this. We're here with the man, Tilman. Thank you so much for being here.
- TFTilman Fertitta
Absolutely.
- LHLewis Howes
I appreciate you very much.
- TFTilman Fertitta
Looking forward to it, my friend.
- LHLewis 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, so I really appreciate it. And there's... Every, every once in a while, there are people that I really wanna 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-
- TFTilman Fertitta
Yeah
- LHLewis Howes
... of your business. And I love that you keep taking risks. We were just talking about this off-camera about how you were hungry about this book project. This book project is probably making you the least amount of money-
- TFTilman Fertitta
[laughs] Trust me
- LHLewis Howes
... of any project. [laughs]
- TFTilman Fertitta
I spend more money flying my G5-
- LHLewis Howes
Right
- TFTilman Fertitta
... to do interviews than I'm ever gonna make from the book.
- LHLewis Howes
Exactly.
- TFTilman Fertitta
[laughs]
- LHLewis Howes
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, you know, 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. How do you keep that edge?
- TFTilman Fertitta
You know, it's really interesting 'cause I, I, I did an interview yesterday with somebody who's really popular right now. And, 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.
- LHLewis Howes
Right. After like-
- TFTilman Fertitta
And yeah
- LHLewis Howes
... two years of working hard or something like that.
- TFTilman 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, uh, a long time.
- LHLewis Howes
[laughs] Decades.
- TFTilman Fertitta
35, 40 years even.
- LHLewis Howes
Wow.
- TFTilman Fertitta
I mean, I started going at it in my teens hard, and, and, uh, I never had that burnout.
- LHLewis Howes
Mm.
- TFTilman Fertitta
I, and I think that's kind of a state of mind that, uh, if you... You're gonna get burnt out if you wanna get burnt out. But, but I, I always was going like this, and so I just kind of felt like I'm so fortunate to, to, to have it going. Why should I ever let the momentum-
- LHLewis Howes
Mm
- TFTilman Fertitta
... go the other way?
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
And then of course, you know, one of my great sayings is there's positive people and negative people. And, 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-
- 3:20 – 4:58
Building loyalty at scale: long-tenured leaders and high standards
- LHLewis 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 on, in your companies-
- TFTilman Fertitta
You know, it's-
- LHLewis Howes
... like to give them multiple chances, or is it like, "Okay, enough is enough," like-
- TFTilman Fertitta
No, you're-
- LHLewis Howes
... cutthroat?
- TFTilman Fertitta
What a great question that is because, uh, I even list a bunch of people at the front of this book-
- LHLewis Howes
Yeah, I saw that. Yeah
- TFTilman Fertitta
... who really, 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.
- LHLewis Howes
That's it?
- TFTilman Fertitta
And, and-
- LHLewis Howes
Pretty small, right? [laughs]
- TFTilman Fertitta
[laughs] And, and I truly, I truly, uh, probably have 25 vice presidents that average 25 years.
- LHLewis Howes
Wow.
- TFTilman Fertitta
Okay? I, and I tease my people about this all the time.
- LHLewis Howes
Wow.
- TFTilman Fertitta
I go, "I never, ever, in the last 35 years, have probably lost, direct answers to me, maybe one or two people."
- LHLewis Howes
Mm.
- TFTilman Fertitta
"And so why are y'all losing them every year?" [laughs]
- LHLewis Howes
Right, right.
- TFTilman Fertitta
And, and, and so if... when people ask me, "What, what are you most proud of?" And I, 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-
- LHLewis Howes
Wow
- TFTilman Fertitta
... and, um, one for 26 years.
- LHLewis Howes
Wow.
- TFTilman Fertitta
You know, they truly grew up with me. You know, they were young girls, [laughs] or not young girls anymore.
- LHLewis Howes
Right, right, right, right, right, right.
- TFTilman Fertitta
[laughs] And, and, uh, and I, and so... And, and I think it is. If they'd tell you, they'd say, "That's the hardest son of a bitch to work for in the world-
- LHLewis Howes
I bet you that
- TFTilman Fertitta
... but I would not work for anybody else."
- LHLewis Howes
Wow.
- TFTilman Fertitta
I think that's what they would all tell you.
- 4:58 – 7:10
“We eat the weak in bad times”: what “the bull” means in practice
- LHLewis Howes
Well, 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, uh, culture or environment where they're, like, still excited every year? Is it 'cause you're acquiring new companies all the time and-
- TFTilman Fertitta
Well, I, I think that's part of it is, that they know that, that we're the bull and, and that, uh, you know, 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-
- LHLewis Howes
Mm
- TFTilman Fertitta
... we eat the weak in bad times, so.
- LHLewis Howes
Wow.
- TFTilman Fertitta
So it's, I think it's leadership, you know, respect. It's, it's, it's knowing that-
- LHLewis Howes
Mm
- TFTilman Fertitta
... that, that we're the bull out there in our industries and, and, uh-
- LHLewis Howes
For those don't, don't know what you mean by the bull who haven't read the book, what does that mean to be the bull?
- TFTilman Fertitta
Just you're the ones always that everybody else is worried about.
- LHLewis Howes
Mm.
- TFTilman Fertitta
It, it's... We bought a couple of companies in the last week.
- LHLewis Howes
Right.
- TFTilman Fertitta
And it's because we were opportunist, and we're the ones who can always deliver.
- LHLewis Howes
Wow.
- TFTilman Fertitta
And, and we're the ones who have the funding, the due diligence to do it quickly. We outwork people. We, you know, a, a l- a lawyer of mine who handles all the M&A, he was at the office from 9:00 AM Sunday a week ago till Monday night at 9:00 PM, 36 straight hours-
- LHLewis Howes
Wow
- TFTilman Fertitta
... getting a deal done. Okay, it's just, it's just a culture of we are the best. [laughs]
- LHLewis Howes
[laughs]
- TFTilman Fertitta
And, and, uh, not that there's not great companies out there.
- LHLewis Howes
Sure.
- TFTilman Fertitta
And, you know, we're just still in the whole world, you know, a company.
- LHLewis Howes
Right.
- TFTilman Fertitta
But, but, uh, and, and what we do, and, and doing mergers and acquisitions in the restaurant business or gaming business or whatever, aquariums, amusement parks.
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
But, but we outworked everybody to, 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-
- LHLewis Howes
Wow
- TFTilman Fertitta
... Monday of Labor Day. And, and, uh-
- LHLewis Howes
During the big flood in Houston-
- TFTilman Fertitta
Yeah, yeah
- 7:10 – 11:13
Why he paid the premium for the Houston Rockets
- LHLewis 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-
- TFTilman Fertitta
[laughs]
- LHLewis Howes
... but why do that and when everyone's telling you, "Uh, maybe that's a little too much," you know?
- TFTilman Fertitta
Because I, I, I listen. I listen, and I'm gonna tell you what I heard.
- LHLewis Howes
Hmm.
- TFTilman Fertitta
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. And, and, um, 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. And-
- LHLewis Howes
Meaning they sold the bus-
- TFTilman Fertitta
No, no, no, no, no, no
- LHLewis Howes
... they sold the franchise or they-
- TFTilman Fertitta
They went after, say, the LA Clippers, or 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 100 million or 200 million or whatever," and then they had to go buy a team in the years to come somewhere else, not in their hometown-
- LHLewis Howes
Right, or, or a minor league team or something
- TFTilman Fertitta
... and, and pay more-
- LHLewis Howes
Yeah, whatever
- TFTilman Fertitta
... or what- whatever. And, and-
- LHLewis Howes
Wow
- TFTilman Fertitta
... and so I was told there's, you know, you're, there's never been a team sell for less [laughs] in sports. And, and it's just a mistake you don't make. And so I listened to people and said-
- LHLewis Howes
Interesting
- TFTilman Fertitta
... "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, call me at one point and said, "Y'all weren'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 $2 billion," 'cause they made it really clear that they wouldn't sell it for under two billion.
- LHLewis Howes
Wow.
- TFTilman 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-
- LHLewis Howes
I like that
- TFTilman Fertitta
... [sighs] and no, seriously, because-
- LHLewis Howes
You weren't even thinking
- TFTilman Fertitta
... what-
- LHLewis Howes
You were saying, "I'm going-"
- TFTilman Fertitta
No, I was not. Oh-
- LHLewis Howes
Yeah
- TFTilman Fertitta
... right. I knew that the team on a bad year is gonna make 40 million, and on a good year is gonna make 90 million, okay? I knew that, okay?
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
And I'd known Tad for 15 years. But if you start trying to say, "Okay, if it makes 40 million or it makes 80 million-
- 11:13 – 13:07
What matters (and what doesn’t) in deals: regret, emotion, and “in the box vs. out of the box”
- LHLewis Howes
What are the-
- TFTilman Fertitta
I hope I have the opportunity to do it again-
- LHLewis Howes
I, uh-
- TFTilman Fertitta
... that it's something I want that bad. [laughs]
- LHLewis Howes
[laughs] What is the things that people should be looking at? You mentioned people are looking at the wrong things. Th- 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 100 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?
- TFTilman Fertitta
Well, if it's something that you really, really want and you can afford and it doesn't really matter-
- LHLewis Howes
Mm-hmm
- TFTilman Fertitta
... uh, you should just go get it, okay? If it's-
- LHLewis Howes
Why? Is that for the peace of mind?
- TFTilman Fertitta
Because-
- LHLewis Howes
Is that for the-
- TFTilman Fertitta
Just for the peace of mind and so you never regret it, okay?
- LHLewis Howes
Hmm.
- TFTilman Fertitta
I, uh, I can go back 20, 25 years ago, and I've [laughs] been asked this the last few days. What is... I, I had a chance to buy this unbelievable car collection about 25 years ago that had great muscle cars right when they were co- It was unbelievable.
- LHLewis Howes
Yeah.
- TFTilman Fertitta
And I was really buying it at a bargain because the father had died. The son was selling it.
- LHLewis Howes
Wanted to get money.
- TFTilman Fertitta
Didn't give a damn.
- LHLewis Howes
Yeah.
- TFTilman Fertitta
And, and, and I, I lost a deal over a couple hundred thousand dollars that today, if I owned that, I would just walk in there and say, "This is mine."
- LHLewis Howes
Yeah.
- TFTilman Fertitta
I just love it. And, and I, and I learned a lesson. And, and 25 years later, that's the one deal that comes back and haunts me, 'cause I negotiated a little bit too hard for something that really mattered.
- LHLewis Howes
Mm.
- TFTilman Fertitta
Now, if so- 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.
- LHLewis Howes
Really?
- TFTilman Fertitta
All the time, because there's, there's always another deal. But you know what? There's only so many great car collections.
- LHLewis Howes
There's only so many pro sports teams.
- TFTilman Fertitta
There's only one NBA team in your own hometown.
- LHLewis Howes
Right.
- TFTilman Fertitta
Okay? And so there's certain things you don't worry about.
- 13:07 – 14:34
Lewis’s example: buying Greatness.com as a one-of-one asset
- LHLewis Howes
I'm glad you said that because I, I acquired something a couple years ago that I was... I did this move without knowing I was doing a Tilman move. Uh, Greatness.com was available, and it was probably overpriced.
- TFTilman Fertitta
What was it?
- LHLewis Howes
Greatness.com.
- TFTilman Fertitta
Oh, okay. Okay.
- LHLewis Howes
In my space, you know, there's only one word for a domain, and my, my word is greatness with the School-
- TFTilman Fertitta
Right, right, right
- LHLewis Howes
... School of Greatness podcast.
- TFTilman Fertitta
Sure, sure.
- LHLewis Howes
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, in press conferences-
- TFTilman Fertitta
100%, greatness
- LHLewis Howes
... all the other brands talk about it in their slogans.
- TFTilman Fertitta
It's greatness.
- LHLewis Howes
Built for greatness, pursuit of greatness.
- TFTilman Fertitta
I love that.
- LHLewis Howes
And I was just like-
- TFTilman Fertitta
I truly love that
- LHLewis Howes
... I wanna own this word. I don't want anyone else to have the word, I wanna own it, and there's only one domain in the world. You know, it's like this franchise of one. And I was just like, "I want that."
- TFTilman Fertitta
I'm s- And were you able to get it?
- LHLewis Howes
I bought it, yeah.
- TFTilman Fertitta
For... I know, but I'm surprised you could get it trademarked because it's a word.
- LHLewis Howes
Oh, not a trademark.
- TFTilman Fertitta
Or did you trademark-
- LHLewis Howes
Just a domain
- TFTilman Fertitta
Okay.
- LHLewis Howes
Just a domain.
- TFTilman Fertitta
Just a domain-
- LHLewis Howes
Yeah, so I can build-
- TFTilman Fertitta
... for a podcast or something
- LHLewis Howes
... for anything I wanna build on it.
- TFTilman Fertitta
Okay.
- 14:34 – 15:26
No single role model: learning from many people, plus a lingering college regret
- LHLewis Howes
Yeah, yeah. So I, so I gotta learn how to continue to level up like you're doing now. Um, I'm curious, who was the most influential person in your life growing up?
- TFTilman Fertitta
Yeah, there, there, there wasn't. There just...
- LHLewis Howes
There wasn't one?
- TFTilman Fertitta
There, no. There just... I, I would love to say there was, but, uh, uh, there were a, a lot of people that were even family members that were entrepreneurs, uh, that had some success. I mean, not great success, but were still very successful. Uh, th- 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.
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
And, and I picked up different things.
- LHLewis Howes
Lots of mentors.
- TFTilman Fertitta
Yeah.
- LHLewis Howes
Lots of, yeah.
- TFTilman Fertitta
Like, yeah. And I, and I kinda looked, and I liked the way this person handled themselves. I kinda liked the way this person handled themselves about this.
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
I just never had that one person.
- LHLewis Howes
Yeah.
- TFTilman Fertitta
And I, maybe I wish I did, but I, I just didn't.
- LHLewis Howes
It turned out okay, yeah. [laughs]
- TFTilman Fertitta
No, it's okay.
- 15:26 – 19:06
Business first: don’t build a lifestyle bigger than the company
- LHLewis 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, uh, you know, 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?
- TFTilman Fertitta
You know, I-
- LHLewis Howes
The lesson
- TFTilman Fertitta
... I have, I have to say I never had that big, you know, hit over the head with, uh, where I had to s- w- you know, sell a car or sell a house or whatever because things weren't going well. And yet, I've been through some tough times.
- LHLewis Howes
Oh, yeah.
- TFTilman Fertitta
But, but, but also, and I, I talk about this in the book, don't ever outlive where you are in, in, in your business life. And, you know-
- LHLewis Howes
What's that mean?
- TFTilman 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-
- LHLewis Howes
Mm-hmm
- TFTilman Fertitta
... that is bigger than the business. And then all of a sudden, the business takes a dip a little bit and, and, and they've gotta keep up this lifestyle.
- LHLewis Howes
Mm.
- TFTilman Fertitta
So they're sucking more money out of the business than they should. You know, I complain to my people all the time, "I, I'm poor. I don't have any money."
- LHLewis Howes
[laughs]
- TFTilman Fertitta
Because, because I always put everything back in the business, and I just try to take out a few crumbs to, to, to live on.
- LHLewis Howes
Right, right, yeah.
- TFTilman Fertitta
Be- because I've always made the business first-
- LHLewis Howes
Mm-hmm
- TFTilman Fertitta
... and not me first.
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
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, and they become entrepreneurs. They get some success, and they're buying more houses-
- LHLewis Howes
Yeah
- TFTilman Fertitta
... they can afford, or more cars, or art, or they, they l- philanthropy. "Oh, I wanna 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 'cause they took all the money out, and they're not putting it back in 'cause they're trying to keep their lifestyle. I always made my business number one. I never put myself-
- LHLewis Howes
Mm
- TFTilman Fertitta
... ahead of my business.
- LHLewis Howes
Wow.
- TFTilman Fertitta
And that's one of the reasons I've gone like this.
- LHLewis Howes
Wow.
- TFTilman Fertitta
Never put anything ahead of it.
- LHLewis Howes
Wow. Was there an embarrassing time as, like, a teenager before you got into business where you did something and you were like, "Man, I shouldn't have done that or said that," you know, in your teen years or-
- TFTilman Fertitta
You know, I've said so many things I shouldn't have said.
- 19:06 – 22:41
Raising respectful kids with wealth: modeling behavior and controlling spending
- LHLewis Howes
Now, I'm always curious about... I don't have kids, and you have four kids, right?
- TFTilman Fertitta
Kids, yes.
- LHLewis Howes
I'm always curious to ask my, um-
- TFTilman Fertitta
Good people
- LHLewis Howes
... very s- financially successful, uh, mentors who have kids, 'cause I wanna prepare, prepare myself for my future. And I'm, 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 saying that they do or not with you, but how are you, not train, but how do you educate and cultivate great kids? 'Cause I, 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 know I've heard-
- TFTilman Fertitta
No, all four of them. No, no, no
- LHLewis Howes
... that they're very respectful.
- TFTilman Fertitta
Every single parent will tell you-
- LHLewis Howes
They care deeply about-
- TFTilman Fertitta
Yeah
- LHLewis Howes
... people, they're courteous.
- TFTilman Fertitta
You would never know they grew up in the lifestyle they have.
- LHLewis Howes
Nice.
- TFTilman Fertitta
'Cause they've grown up at, from the beginning. You know, they-
- LHLewis Howes
So, yeah, so how did you-
- TFTilman Fertitta
They, they grew up flying on... 'Cause I had my first jet in '91, and I think the first one was born in '92. So, so-
- LHLewis Howes
So how did you teach them? How did you-
- TFTilman Fertitta
Y- you know, I just-
- LHLewis Howes
... lead them?
- TFTilman Fertitta
You know, I think their mother had a lot to do with it.
- LHLewis Howes
Mm.
- TFTilman Fertitta
'Cause she's very, uh, balanced. And, and, uh, 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.
- LHLewis Howes
Mm.
- TFTilman Fertitta
They still saw me talk to everybody, dress the same, be nice to everybody. Um, and they just, they just picked it up. And, and, and, uh, at, at the same time, I mean, they've gotten on my ass because-
- LHLewis Howes
[laughs]
- TFTilman Fertitta
... th- they, they went to the right schools, and they-
- LHLewis Howes
Mm
- TFTilman Fertitta
... 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.
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
That you go back generations, and, and, and they didn't like what they saw in those kids and how-
- 22:41 – 32:04
Staying grounded: gradual wealth, constant vigilance, and staying relevant in the community
- LHLewis 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...
- TFTilman Fertitta
It, it just happened over a period of time. You know, it's not like I was a, a tech baby, and I had an app, and all of a sudden I wake up-
- LHLewis Howes
Yeah
- TFTilman Fertitta
... and I'm worth this.
- LHLewis Howes
Yeah, yeah.
- TFTilman Fertitta
You know, it's been like this for 35, 40 years, you know, since I was 20 years old. And so it, it... I just, I never had that issue. And so-
- LHLewis Howes
Yeah
- TFTilman Fertitta
... I didn't wake up one day and I was rich. I mean-
- LHLewis Howes
Right
- TFTilman Fertitta
... 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-
- LHLewis Howes
Right
- TFTilman Fertitta
... still wasn't-
- LHLewis Howes
So the paper net worth I think was 100 million at that time.
- TFTilman Fertitta
Yeah, yeah, yeah, yeah.
- LHLewis 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...
- TFTilman Fertitta
Well, I mean, once again, uh, 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-
- LHLewis Howes
And then tanks
- TFTilman Fertitta
... you know, tank. And so I didn't... Uh, I know there's a paddle for everybody's ass, and, and-
- LHLewis Howes
Right
- TFTilman Fertitta
... and I talk about it in the book, and, and I think that's probably, you know, what I could give everybody out there who's ever made a few dollars. Uh, you better watch for... Even today, you know, when 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-
- LHLewis Howes
That's crazy
- TFTilman Fertitta
... is gonna get my ass.
- LHLewis Howes
Wow.
- TFTilman Fertitta
Okay. And, and the day you stop worrying and you just spend freely, the paddle's gonna get you. 'Cause you don't know what's gonna happen. Is our government gonna change to a socialist government?
- LHLewis Howes
Mm-hmm.
- TFTilman Fertitta
Is, is all of a sudden, somebody gonna come out and the millennials say, "We're never gonna eat meat again" [laughs]
- LHLewis Howes
Right, right, right, right.
- TFTilman Fertitta
You know, you just don't know.
- LHLewis Howes
Yeah.
- TFTilman Fertitta
But, but, but we've seen some crazy things happen in our world and during my lifetime and, and, uh, I- In your lifetime already
- 32:04 – 37:21
Tools and principles to leave behind: production tradeoffs, three truths, and defining greatness
- LHLewis Howes
I love this. Uh, I've got a few questions left for you, and this has been really inspiring. Your sh- is your show on still? Or... 'Cause I love it.
- TFTilman Fertitta
N- not, not, not this year. And, and-
- LHLewis Howes
I loved it.
- TFTilman Fertitta
I know.
- LHLewis Howes
Yeah.
- TFTilman Fertitta
But the problem is, and you should understand this with production and everything, is-
- LHLewis Howes
Oh, it haunts me forever
- TFTilman Fertitta
... they, they wanna shoot 12 shows-
- LHLewis Howes
Oh, yeah
- TFTilman Fertitta
... because you bring the crews together. And the first year, I shot six shows, and then we shot 12 shows, and then we shot-
- LHLewis Howes
That's a lot of work
- TFTilman Fertitta
... 12 shows.
- LHLewis Howes
That's a lot of work.
- TFTilman Fertitta
And so they want to shoot 12, and I wanna shoot six.
- LHLewis Howes
Yeah.
- TFTilman Fertitta
I just can't give up four months.
- LHLewis Howes
It's a lot of work.
- TFTilman Fertitta
And then another f- and then a, the fifth month going back and re-editing and green screen, so it truly takes-
- LHLewis Howes
It's a lot of work
- TFTilman Fertitta
... it is truly full-time, basically. You know, four days a week-
- LHLewis Howes
Yeah
- TFTilman Fertitta
... for, for, for five months.
- LHLewis Howes
It's a lot.
- TFTilman Fertitta
And, and, yeah, I love going to the basketball games, and all of a sudden, I'm, 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.
- LHLewis Howes
Yeah. I know the feeling.
- TFTilman Fertitta
So I'll do six, but I'm not doing 12.
- LHLewis Howes
Yeah, I hear you. It's a great show, though.
- TFTilman Fertitta
It was fun.
- LHLewis Howes
If you wanna go watch and binge it-
- TFTilman Fertitta
A lot of fun
Episode duration: 37:36
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Transcript of episode 5PX67d4XCTk