Five Takeaways from Billionaire Restauranteur and Casino Magnate Tillman Fertitta

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Subject: Five Takeaways from Billionaire Restauranteur and Casino Magnate Tillman Fertitta

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Tillman Fertitta is an American billionaire businessman and TV personality. He is CEO and owner of Landry's, Inc. He also owns the Houston Rockets and is chairman of the board of regents of the University of Houston System (despite being a dropout). In 2021, his net worth was estimated at $6.2 billion. But he began learning the restaurant business from the ground up, first working at his father's restaurant. Now he owns approximately 600 restaurants and casinos in multiple countries.

First things first, make a decision. "Just decide that [you're] going to get from point A to point B and going to work hard and do whatever it takes. Okay?"

Work hard at what you do. People say “why do you not retire? Why do you get up and go to work every morning?” Because that’s my hobby. And I tell everybody out there, “God gave us all a talent. Okay, I don’t care what it is. But the first thing you got to do is find something that you like doing, okay, and find out that God-given gift that God gave you because as talented as we are, there’s so many things I can’t do.” Okay, there’s so many things I can’t do. But I found out what I could do, and that’s understand business. And so it’s my hobby, and sport every day.

Do what you say you are going to do. If you’re in business, always do what you say you’re going to do. When I go buy something for somebody, you say you’re going to deliver this on this day, I expect you to deliver it. So always, always leave yourself room because nothing happens the way you think it’s going to happen.

Expect the unexpected. Watch for the unexpected, because the unexpected always happens. During the covid pandemic, all (every single one) of his businesses was shut down. But he weathered the situation by making a series of unpopular decisions at the time. In the interview, he goes into a lot more detail on how he built his business for flexibility in the inevitable crisis.

Always have liquidity. Always keep liquidity. Liquidity has saved me. Always, always have liquidity. Doesn't matter what's going on but those debt payments and payroll still come and as a business owner, you are expected to pay them. Crisis can't be an excuse. Mr. Fertitta stresses the importance of maintaining good business credit, good relationships with lenders, and having adequate reserves. This has helped him survive the many downturns he has weather. For more detail, download the notes from his talk by clicking here.

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Subject: Five Takeaways from Billionaire Restauranteur and Casino Magnate Tillman Fertitta