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Shut Up and Listen!: Hard Business Truths that Will Help You Succeed
For entrepreneurs ready to reach the next level of success, small business owner turned multibillionaire Tilman Fertitta shares the commonsense principles that have rocketed his worldwide hospitality empire to the top.
For aspiring entrepreneurs or people in business, this book will help you take your company to the next level. When you put this book down, you'll know what you're doing right and what you're doing wrong to operate your business, and if you're just getting started, it will help set you up for success.
Tilman Fertitta, also known as the Billion Dollar Buyer, started his hospitality empire thirty years ago with just one restaurant. So he knows the challenges that business owners face, as well as the common pitfalls that cause them to go under. Over the years he's stayed true to the principles that helped him scale his business to what is believed to be the largest single-shareholder company in America, with over $4 billion in revenue, including hundreds of restaurants (Landry's Seafood, Bubba Gump Shrimp Company, Morton's Steakhouse, Mastro's, The Chart House, Rainforest Caf�, and over forty more restaurant concepts) and five Golden Nugget Casinos. He's also sole owner of the NBA's Houston Rockets. In Shut Up and Listen!, he shares the key insights that made it all possible.
When entrepreneurs appear on Billion Dollar Buyer, the biggest obstacles they often face are ones they don't not knowing your numbers, not knowing your strengths and weaknesses, or not being willing to go that extra mile with your customers. Fertitta has seen it all. He knows that what you aren't paying attention to can either sink your business or become the very things that launch you to the top. As Fertitta
"You might think you know what you're doing, but I'm going to show you what you don't know."
Fertitta shares straight-talk "Tilmanisms" around six key action items that any entrepreneur can adopt
Be the Bull
No Spare Customers
Change, Change, Change
Know Your Numbers
Follow the 95/5 Rule
Take No Out of Your Vocabulary
A groundbreaking, no-holds-barred book, Shut Up and Listen! offers practical, hard-earned wisdom from one of the most successful business owners in the world.
For aspiring entrepreneurs or people in business, this book will help you take your company to the next level. When you put this book down, you'll know what you're doing right and what you're doing wrong to operate your business, and if you're just getting started, it will help set you up for success.
Tilman Fertitta, also known as the Billion Dollar Buyer, started his hospitality empire thirty years ago with just one restaurant. So he knows the challenges that business owners face, as well as the common pitfalls that cause them to go under. Over the years he's stayed true to the principles that helped him scale his business to what is believed to be the largest single-shareholder company in America, with over $4 billion in revenue, including hundreds of restaurants (Landry's Seafood, Bubba Gump Shrimp Company, Morton's Steakhouse, Mastro's, The Chart House, Rainforest Caf�, and over forty more restaurant concepts) and five Golden Nugget Casinos. He's also sole owner of the NBA's Houston Rockets. In Shut Up and Listen!, he shares the key insights that made it all possible.
When entrepreneurs appear on Billion Dollar Buyer, the biggest obstacles they often face are ones they don't not knowing your numbers, not knowing your strengths and weaknesses, or not being willing to go that extra mile with your customers. Fertitta has seen it all. He knows that what you aren't paying attention to can either sink your business or become the very things that launch you to the top. As Fertitta
"You might think you know what you're doing, but I'm going to show you what you don't know."
Fertitta shares straight-talk "Tilmanisms" around six key action items that any entrepreneur can adopt
Be the Bull
No Spare Customers
Change, Change, Change
Know Your Numbers
Follow the 95/5 Rule
Take No Out of Your Vocabulary
A groundbreaking, no-holds-barred book, Shut Up and Listen! offers practical, hard-earned wisdom from one of the most successful business owners in the world.
190 pages, Kindle Edition
Published September 17, 2019
478 people are currently reading
1839 people want to read
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Displaying 1 - 30 of 123 reviews
October 9, 2019
Truly an inspirational book.
Tilman Fertitta started with one restaurant, and somehow built a multi-billion dollar empire in one of the most notoriously fickle industries. Donald Trump and Kylie Jenner he is not, as he truly started small and went big without the cushion of a starting with an inheritance. And yet, despite being a wildly successful businessman, somehow Tilman thought it was a good idea to write down this utterly benign advice. I can't really say his advice is bad, it's just so general and trite that it's pretty useless. Never stop worrying about your business. Improve your weaknesses. Double down on your strengths. Know your numbers. The cynic would call this book a shameless money grab. Personally, I choose to belief that Tilman actually abides by his own advice, and it truly made him the successful businessman he is today. And that's why I find this book inspirational. If he can make an empire with this kind of advice, then truly anyone can do it.
Silly advice aside, Tilman missed an opportunity to throw in more business anecdotes. The guy owns a gazillion restaurants and casinos, he HAS to have some good stories in the Sweetbitter, Kitchen Confidential sort of style.
But seriously, I have no idea why I wasted my time hate-reading this book. It's been a slow offseason and its hard not to worry about the Houston Rockets when this guy is the owner.
Tilman Fertitta started with one restaurant, and somehow built a multi-billion dollar empire in one of the most notoriously fickle industries. Donald Trump and Kylie Jenner he is not, as he truly started small and went big without the cushion of a starting with an inheritance. And yet, despite being a wildly successful businessman, somehow Tilman thought it was a good idea to write down this utterly benign advice. I can't really say his advice is bad, it's just so general and trite that it's pretty useless. Never stop worrying about your business. Improve your weaknesses. Double down on your strengths. Know your numbers. The cynic would call this book a shameless money grab. Personally, I choose to belief that Tilman actually abides by his own advice, and it truly made him the successful businessman he is today. And that's why I find this book inspirational. If he can make an empire with this kind of advice, then truly anyone can do it.
Silly advice aside, Tilman missed an opportunity to throw in more business anecdotes. The guy owns a gazillion restaurants and casinos, he HAS to have some good stories in the Sweetbitter, Kitchen Confidential sort of style.
But seriously, I have no idea why I wasted my time hate-reading this book. It's been a slow offseason and its hard not to worry about the Houston Rockets when this guy is the owner.
June 10, 2020
I translated this book into Persian and as I was translating, I learned some very important lessons from it. Most of us already know them, but it was good to hear them out of Tilman Fertitta's mouth. They are:
- Good days won't last forever (neither do bad days) so save up as much money as you can.
- Never sit back and be fully satisfied at yourself. This way you and your business would never grow.
- Don't go and buy unnecessary stuff when you're wealthy, because sooner or later hard economic days will come and you won't have money for the rainy days.
- Good days won't last forever (neither do bad days) so save up as much money as you can.
- Never sit back and be fully satisfied at yourself. This way you and your business would never grow.
- Don't go and buy unnecessary stuff when you're wealthy, because sooner or later hard economic days will come and you won't have money for the rainy days.
October 29, 2019
The book has some great advice, and the fact that it came from someone who has the experience and money to back up his claims gives it credibility.
The author is in the hospitality business, with investments in restaurants, casinos, and a sports team. Naturally, his focus is on providing great customer service. He argues for the importance of hospitality in every industry. Teach your people to play happy, and leave home problems at home. Follow through with commitments, and don’t make far commitments that you can’t keep. Finally, never say no. Instead, find creative ways to satisfy customer’s demands.
Just like many of the successful business leaders, the author advocates for a good understanding of the numbers (i.e. to the decimal point) and operations of your business. Always be ready for change. Have enough working capital e.g. by getting a revolving loan when you don’t need it and when the times are good. Asking for money is a good way to lose a friendship. Keep your credit score in top form, and don’t put your lifestyle ahead of your business. There are also some specific topics, like tips for getting a lease. E.g., signing a lease is like getting a loan. Put in a cancelation clause, buyout clause, or subleasing clause just in case if the business does’t work out.
There are some ideas that are contrary to the mainstream of business ideas out there. For one, the author’s motto is “offer to the masses not the classes,” by which he means make your product, service, and price point agreeable to a wider audience. Others have advocated for making your product or service unique. I suppose this works true for the hospitality business, and you should consider what works best for your own situation. For another, he stress on the importance of detail, while other business leaders have advocated on focusing on the bigger picture, not losing your vision, and don’t micromanage people. This may be more telling of the author’s personality than anything.
On leadership, you can tell the good leaders from the bad during hard times. To be a great leader, listen first. If they’re not clear, ask. Keep meetings short and stay focused. Keep your hands dirty and no task is too small or below you. When you ask people to do things, follow up to make sure things are done. When you reprimand your workers, make sure you explain your reasoning.
On making a deal, have a walkaway offer, then walkway. Sometimes they will come back, so let the deal chase you. There will be other deals, other opportunities.
On finding business partners, look for people with different strengths from you and whose strengths complement yours, instead of people like you and people you get along with.
Like Steve Jobs, the author urges the audience to never lose the hunger. Be the best at what you are good at. Sometimes feeling poor will make you feel hungry, so stay around motivated people.
And on a final note, the author reiterates the importance of change. Change constantly. Have perspective, patience, and an eye to spot opportunities. Ask for feedback and test run new ideas. Don’t introduce something unless you know 8 out of 10 people liked it. When you take away something, make sure it doesn’t hurt the customers. A good example is that instead of taking away the free bread at the beginning of a meal, ask the customers if they would like to have bread instead.
The author has encountered a bit of luck in his days. Not many people will experience the banking crisis (thankfully). The author did, and he used it to his advantage. He was lucky to not have to pay back the money he borrowed until decades later interest free. It plays into the narrative that one should always be ready for opportunities, and even down times create opportunities, but you probably shouldn’t go out and get a bunch of loans and hope for another banking crisis.
All in all, it was a good, short, motivating read. Although it doesn’t offer any groundbreaking new ideas, it was a good reminder of the hard work and good ethics necessary for a successfully operated business. There’s a little boasting here and there, like slapping down the exorbitant deposit for his casino. But when you write a book of your successes and how you did it, you are allowed to do that.
The author is in the hospitality business, with investments in restaurants, casinos, and a sports team. Naturally, his focus is on providing great customer service. He argues for the importance of hospitality in every industry. Teach your people to play happy, and leave home problems at home. Follow through with commitments, and don’t make far commitments that you can’t keep. Finally, never say no. Instead, find creative ways to satisfy customer’s demands.
Just like many of the successful business leaders, the author advocates for a good understanding of the numbers (i.e. to the decimal point) and operations of your business. Always be ready for change. Have enough working capital e.g. by getting a revolving loan when you don’t need it and when the times are good. Asking for money is a good way to lose a friendship. Keep your credit score in top form, and don’t put your lifestyle ahead of your business. There are also some specific topics, like tips for getting a lease. E.g., signing a lease is like getting a loan. Put in a cancelation clause, buyout clause, or subleasing clause just in case if the business does’t work out.
There are some ideas that are contrary to the mainstream of business ideas out there. For one, the author’s motto is “offer to the masses not the classes,” by which he means make your product, service, and price point agreeable to a wider audience. Others have advocated for making your product or service unique. I suppose this works true for the hospitality business, and you should consider what works best for your own situation. For another, he stress on the importance of detail, while other business leaders have advocated on focusing on the bigger picture, not losing your vision, and don’t micromanage people. This may be more telling of the author’s personality than anything.
On leadership, you can tell the good leaders from the bad during hard times. To be a great leader, listen first. If they’re not clear, ask. Keep meetings short and stay focused. Keep your hands dirty and no task is too small or below you. When you ask people to do things, follow up to make sure things are done. When you reprimand your workers, make sure you explain your reasoning.
On making a deal, have a walkaway offer, then walkway. Sometimes they will come back, so let the deal chase you. There will be other deals, other opportunities.
On finding business partners, look for people with different strengths from you and whose strengths complement yours, instead of people like you and people you get along with.
Like Steve Jobs, the author urges the audience to never lose the hunger. Be the best at what you are good at. Sometimes feeling poor will make you feel hungry, so stay around motivated people.
And on a final note, the author reiterates the importance of change. Change constantly. Have perspective, patience, and an eye to spot opportunities. Ask for feedback and test run new ideas. Don’t introduce something unless you know 8 out of 10 people liked it. When you take away something, make sure it doesn’t hurt the customers. A good example is that instead of taking away the free bread at the beginning of a meal, ask the customers if they would like to have bread instead.
The author has encountered a bit of luck in his days. Not many people will experience the banking crisis (thankfully). The author did, and he used it to his advantage. He was lucky to not have to pay back the money he borrowed until decades later interest free. It plays into the narrative that one should always be ready for opportunities, and even down times create opportunities, but you probably shouldn’t go out and get a bunch of loans and hope for another banking crisis.
All in all, it was a good, short, motivating read. Although it doesn’t offer any groundbreaking new ideas, it was a good reminder of the hard work and good ethics necessary for a successfully operated business. There’s a little boasting here and there, like slapping down the exorbitant deposit for his casino. But when you write a book of your successes and how you did it, you are allowed to do that.
November 21, 2019
The photo on the book cover tells it all: I'm tougher than you, know more than you, I'm filthy rich, and I'm getting richer. Listen to me! When you complete this roughly 150 page work, you will be in awe, and even perhaps gain some useful tips for your self.
The book, albeit a true paean to Mr. Fertitta, has lots of little jewels, some but not all are neatly summarized in boxes and such. The book is worth reading, although oriented toward the restaurant, lodging, and gaming industry, where Fertitta has built an impressive empire. However it's full of useful recommendations, mainly how important it is to notice the little things and listen to your customers, and say what you mean and mean what you say. In addition, he stresses having enough working capital in reserve (or good credit lines) to be able to react to upsides and other great opportunities. Timeless advice, and true.
Bottom line, Mr. Fertitta has excelled at delivering value in the fairly common industries of food service and hotels. He knows what he is doing.
The book, albeit a true paean to Mr. Fertitta, has lots of little jewels, some but not all are neatly summarized in boxes and such. The book is worth reading, although oriented toward the restaurant, lodging, and gaming industry, where Fertitta has built an impressive empire. However it's full of useful recommendations, mainly how important it is to notice the little things and listen to your customers, and say what you mean and mean what you say. In addition, he stresses having enough working capital in reserve (or good credit lines) to be able to react to upsides and other great opportunities. Timeless advice, and true.
Bottom line, Mr. Fertitta has excelled at delivering value in the fairly common industries of food service and hotels. He knows what he is doing.
January 4, 2020
Its not everyday, guys like Tillman pick up their laptop and type their thoughts and lessons and publish it. Tillman has made Billions not just in the Restaurant business, but across various industries.
I liked how simply he puts his teachings. It reminds me how simple things really are. Customer service, hard work and discipline, the way it applies to life and business.
His real life encounters and stories alone are worth a read.
Book is concise and enjoyable to read.
I liked how simply he puts his teachings. It reminds me how simple things really are. Customer service, hard work and discipline, the way it applies to life and business.
His real life encounters and stories alone are worth a read.
Book is concise and enjoyable to read.
October 31, 2019
I expected more from this book after I listened to Tilman on a podcast. The advice is very generic and there are a lot of plugs for his TV show. He’s an incredibly successful businessman and it is nice to see he still practices what he preaches. I wish he would have picked a more educational business insider route or biography type stories / inspirational . This book is stuck in the middle and I didn’t gain much from its main points.
October 11, 2019
No new information here. Tilman toots his own horn page after page, claiming the usual "If I can do it, so can you," then admits his luck in getting financial backing. Blah blah blah... Work hard. Pay attention to detail. You're selling yourself, not your idea.
December 10, 2020
Shut Up and Listen!: Hard Business Truths that Will Help You Succeed
Introduction
In “Shut up and listen” mister Fertitta lays out the most important lessons he has learnt along the way of 35+ years of entrepreneurship.
The title could appear as self-righteous and even repulsive, but as you start reading you’ll not be disappointed by the content and get to know where the title is actually referring to.
Author
Tilman Fertitta opened his first restaurant + 35 years ago and has ever since expanded his realm with the opening of 600+ new restaurants/cafés, 5 Golden Nugget casinos and hotels, plus on top acquiring the NBA Houston Rockets.
In this book he shares his most important business insights he has acquired over the past + 35 years.
About the book (no spoilers included)
You can have a look at the table content to have a rough idea about the themes coming by. The structure of the book could be classified as logical and easy to read.
Between the different sections and subdivisions is more than enough coherence, among other things accompanied by more than enough practical examples to make it lively and relatable.
Mister Fertitta shines his light (chronologically) on hospitality, conducting your finances, the infamous 95:5 rule, seizing of opportunities and best practices for leadership.
So I’ll break down the 5 sections and give a short comment from my side:
1. The section about hospitality didn’t bring so many surprises with it. But nevertheless is the urge for perfection clearly noticeable in this section. Passion is laced through the text and in a way contagious.
2. The part about the funding, conducting of finances and financial choices is absolutely interesting. Definitely a must to read to upcoming/starting entrepreneurs.
3. I’ve never heard of the 95:5 rule, but apparently it’s advisable to look for the 5% in your business which CAN be improved, because this little percentage can result in the biggest possible growth rather than the 95% of your business which already is in place and is functioning accordingly well. I think there are useful tools shared to identify this 5%.
4. The chapter about seizing opportunities intertwines for a part with the section about the conducting of finances, but accompanied and extended with different angles/viewpoint which you should take into account.
5. The best practices for leadership consist some surprising advises, which definitely tickled my senses and gave me some food for thought.
Favorite part
“one person with passion is an asset - many people with the same level of passion are invaluable”
I like how such a successful entrepreneur recognizes how passionate, long-tenured employees, which are put on the on the right positions, where they can use the best of their abilities CAN make a difference. It looks trite, but it’s an approach which is usually not carried out in practice. It’s also a display of humility from such a successful entrepreneur, which is underscored in the following quote as well:
“There are many ways to evaluate people to help you select the right people for the right jobs. I've found no matter the specifics of the situation, there is a rule of thumb you can't go wrong with: Hire people who are stronger than you and don't be intimidated by them.”
Recommendation
The target group of this book might be the entrepreneurial type, because this whole book is written from the viewpoint of a businessman who conducts and expands businesses for so long, with exquisite success.
To me this isn’t directly applicable, because I’m a wage slave and don’t even have the ambition to pick up on entrepreneurship. So granted, not everything is golden/applicable described in the book to me. Still I found myself picking up valuable pieces of advice derived from mr. Fertitta’s mindset, which could be applied in all domains of life.
Rating 3/5
Introduction
In “Shut up and listen” mister Fertitta lays out the most important lessons he has learnt along the way of 35+ years of entrepreneurship.
The title could appear as self-righteous and even repulsive, but as you start reading you’ll not be disappointed by the content and get to know where the title is actually referring to.
Author
Tilman Fertitta opened his first restaurant + 35 years ago and has ever since expanded his realm with the opening of 600+ new restaurants/cafés, 5 Golden Nugget casinos and hotels, plus on top acquiring the NBA Houston Rockets.
In this book he shares his most important business insights he has acquired over the past + 35 years.
About the book (no spoilers included)
You can have a look at the table content to have a rough idea about the themes coming by. The structure of the book could be classified as logical and easy to read.
Between the different sections and subdivisions is more than enough coherence, among other things accompanied by more than enough practical examples to make it lively and relatable.
Mister Fertitta shines his light (chronologically) on hospitality, conducting your finances, the infamous 95:5 rule, seizing of opportunities and best practices for leadership.
So I’ll break down the 5 sections and give a short comment from my side:
1. The section about hospitality didn’t bring so many surprises with it. But nevertheless is the urge for perfection clearly noticeable in this section. Passion is laced through the text and in a way contagious.
2. The part about the funding, conducting of finances and financial choices is absolutely interesting. Definitely a must to read to upcoming/starting entrepreneurs.
3. I’ve never heard of the 95:5 rule, but apparently it’s advisable to look for the 5% in your business which CAN be improved, because this little percentage can result in the biggest possible growth rather than the 95% of your business which already is in place and is functioning accordingly well. I think there are useful tools shared to identify this 5%.
4. The chapter about seizing opportunities intertwines for a part with the section about the conducting of finances, but accompanied and extended with different angles/viewpoint which you should take into account.
5. The best practices for leadership consist some surprising advises, which definitely tickled my senses and gave me some food for thought.
Favorite part
“one person with passion is an asset - many people with the same level of passion are invaluable”
I like how such a successful entrepreneur recognizes how passionate, long-tenured employees, which are put on the on the right positions, where they can use the best of their abilities CAN make a difference. It looks trite, but it’s an approach which is usually not carried out in practice. It’s also a display of humility from such a successful entrepreneur, which is underscored in the following quote as well:
“There are many ways to evaluate people to help you select the right people for the right jobs. I've found no matter the specifics of the situation, there is a rule of thumb you can't go wrong with: Hire people who are stronger than you and don't be intimidated by them.”
Recommendation
The target group of this book might be the entrepreneurial type, because this whole book is written from the viewpoint of a businessman who conducts and expands businesses for so long, with exquisite success.
To me this isn’t directly applicable, because I’m a wage slave and don’t even have the ambition to pick up on entrepreneurship. So granted, not everything is golden/applicable described in the book to me. Still I found myself picking up valuable pieces of advice derived from mr. Fertitta’s mindset, which could be applied in all domains of life.
Rating 3/5
November 18, 2019
First of all this business book is shorter than most BUT delivers a lot of value. I love the fact the author talks from the heart and tells you what has worked and what hasn't The summary bits at the end of each chapter are useful and it is written in a language anyone can understand, basically not an academic lecture.
Some great gems, especially the 95-5 rule, where 5% of what people do in your business can make a massive difference.
Highly Recommended!
Some great gems, especially the 95-5 rule, where 5% of what people do in your business can make a massive difference.
Highly Recommended!
January 28, 2021
A lot of this is business 101 and covered better in other books. It is a quick read though.
January 10, 2026
Great book on business and leadership!
November 19, 2019
I just need to shut up listen and get my ass moving. Good book. Simple principles of followed.
January 30, 2020
a short book about fertita's principles on doing business. some are generals, some are controversial, but quite balance.
February 7, 2020
A few good tidbits
Hospitality is everything. You want to make sure that you provide for the customer.
There are no spare customers.
Make the conversation all about them and their needs.
IT'S FREE TO BE NICE BUT COSTS A LOT TO BE RUDE!
Do things at the customer's convenience, not your own.
Labor expenses should be well under 25% of total revenue.
Hospitality is everything. You want to make sure that you provide for the customer.
There are no spare customers.
Make the conversation all about them and their needs.
IT'S FREE TO BE NICE BUT COSTS A LOT TO BE RUDE!
Do things at the customer's convenience, not your own.
Labor expenses should be well under 25% of total revenue.
January 17, 2020
Audiobook. Tilman does a great job of mixing telling advice directly and telling supporting stories that back it up.
January 16, 2020
Interesting to read business advice from the owner of Landrys - who has had such an impact on the Houston area.
October 11, 2019
Basic. There's a section where he talks about appealing to the masses, not the classes. That's exactly what he did in this book. He capitalized on the good economy and the masses wanting to start their own businesses and made a basic book for a noOb that's easily inspired. There are some good reminders in the book, but don't expect anything to 'wow' you by any means. You could spend the money and read the whole book (I think it took me about two hours). However, I would recommend going to a book store, pick up the book and just skim the end of the chapters. You'll get the whole book (a process that would take maybe 10 minutes or less). Your choice.
December 6, 2019
I've been reading a lot of these types of books lately an this one had some good tips. It made me wonder if there is a Readers Advisory guide out yet on self-help books. The only issue I have is that I wish the short chapters were longer and vice versa. One takeaway I got from this book was the reminder to always look around you, to observe the little details. Also, I've noticed some of the new self-help for teen books are not age-appropriate, that's me though.
December 8, 2019
Inspiration book only. Some basic, mostly common sense advice. He really benefited from doubling down on himself in bad times. Took big risks that paid off. Some survivorship bias off course. Quick, easy read.
February 24, 2021
Enjoyed this book. Below are my notes.
Tilman Fertitta has a net worth of $4.2bn [2021] and is the sole owner of Landry’s that owns and operates restaurants, hotels, theme parks, casinos, and aquariums around the United States. The group includes well-known names such as Golden Nugget Casino and Bubba Gump Shrimp Co. “Shut up and Listen!” is about Fertitta’s best tips for aspiring entrepreneurs.
HAVE A CONSTANT CONCERN FOR YOUR BUSINESS. Your business is constantly exposed to competition and if you relax or are unfocused, you will be punished by the market. However, there is a big difference between being afraid (which we should not be) and being concerned / worried (which is healthy and developmental).
THERE ARE NO SPARE CUSTOMERS. All successful companies are in some way created around some form of hospitality / service – something many entrepreneurs do not realize. Almost no product or service is so good that it does not have competing products or services. A superb service can be what tips over the customers to your business. Fertitta has a mantra that he often says to his employees: “It’s free to be nice”.
KNOW YOUR NUMBERS. An entrepreneur must know his numbers inside out. If he is woken up in the middle of the night, he must be able to answer questions about how much working capital there is tied up in the business, delivery costs, production costs or how much of the turnover a specific customer is. Budgets are of great importance and it is good to have both weekly and monthly budgets. Some activities are also suitable for daily “flash reports”. Knowing how your business is performing on a daily basis is as important as selling your product. You do not want to be surprised 30 days after the end of a month to realize that you have made a loss.
THE 95:5-RULE – WHAT IS YOUR 5%? Most reasonably successful companies are good at 95% of what they do. It is the remaining five percent that determines whether the company thrives or not. It can be the cleanliness of the parking lot, the store or the factory, or that little extra that the customer gets but did not expect. Never be satisfied in the pursuit of improving the 5%. The 95% who work well tend to take care of itself.
SELL TO THE MASSES. Fertitta believes that we should “sell to the masses, not the classes” – that is, go for volume markets with low prices instead of premium products that only a few can afford. Companies that successfully target the masses are much less limited in what they can achieve.
WORKING CAPITAL IS EVERYTHING. Working capital is a company’s pulsating lifeblood. The amount of working capital is different for different business models and varies with seasonal variations or growth. If a company cannot finance working capital, it hampers sales during the high season. Sometimes success through an unusually large number of orders can be negative for a company with limited resources. Without available working capital to produce or buy the products, the company is forced to say no to the customers, which gives disappointed customers and a tarnished reputation.
SAVE IN GOOD TIMES. Business cycles come and go and when it is at its darkest, the opportunities can be the greatest, at the same time as bank financing may not be available. With cash, you can take market share from distressed competitors, or even take them over to fire-sale valuations. Do not fall into the trap of consuming the first success and then not have dry gunpowder when the inevitable economic downturn strikes.
BORROW WHEN YOU DON’T NEED. Make sure to arrange bank financing as soon as you can and preferably when the times are good. Then you get the best conditions and secure access to financing during future tougher times. If the conditions are good, take out a loan even if you do not need it at the moment – the option value of cash can far exceed the interest costs.
PLAN FOR THE WORST. If the business currently does not survive a “worst case” scenario, implement the necessary changes. When times are tough, we often tend to forget that it will be good again, and vice versa in good times. You have to prepare for both situations, because they are both on the way, sooner or later.
FORGE WHEN THE IRON IS HOT. In 1992, Laundry’s was listed in a hot market and overnight Fertitta’s shares were valued at $100m. Between 1993 and 2002, Landry raised $400m in equity capital. In 2004, Fertitta saw that the owner of Golden Nuggets was in financial trouble and raised $800m to take over the casino at a fire-sale price. Then came the financial crisis and Landry’s stock crashed. Fertitta, who had cash, bought out the company from the stock market. A year later, the company had recovered, and Fertitta was the sole owner of a group with $1.2bn in sales and a cash flow of $ 200m.
KEEP YOUR HUNGER – FEEL POOR. In order to be constantly evolving, it is important to never lose your hunger. Fertitta’s way of doing this is to somehow always be able to feel poor. He does this by thinking of things he really wants but cannot afford. Early in his career it was a sports car, later in his career a helicopter or a baseball team.
Tilman Fertitta has a net worth of $4.2bn [2021] and is the sole owner of Landry’s that owns and operates restaurants, hotels, theme parks, casinos, and aquariums around the United States. The group includes well-known names such as Golden Nugget Casino and Bubba Gump Shrimp Co. “Shut up and Listen!” is about Fertitta’s best tips for aspiring entrepreneurs.
HAVE A CONSTANT CONCERN FOR YOUR BUSINESS. Your business is constantly exposed to competition and if you relax or are unfocused, you will be punished by the market. However, there is a big difference between being afraid (which we should not be) and being concerned / worried (which is healthy and developmental).
THERE ARE NO SPARE CUSTOMERS. All successful companies are in some way created around some form of hospitality / service – something many entrepreneurs do not realize. Almost no product or service is so good that it does not have competing products or services. A superb service can be what tips over the customers to your business. Fertitta has a mantra that he often says to his employees: “It’s free to be nice”.
KNOW YOUR NUMBERS. An entrepreneur must know his numbers inside out. If he is woken up in the middle of the night, he must be able to answer questions about how much working capital there is tied up in the business, delivery costs, production costs or how much of the turnover a specific customer is. Budgets are of great importance and it is good to have both weekly and monthly budgets. Some activities are also suitable for daily “flash reports”. Knowing how your business is performing on a daily basis is as important as selling your product. You do not want to be surprised 30 days after the end of a month to realize that you have made a loss.
THE 95:5-RULE – WHAT IS YOUR 5%? Most reasonably successful companies are good at 95% of what they do. It is the remaining five percent that determines whether the company thrives or not. It can be the cleanliness of the parking lot, the store or the factory, or that little extra that the customer gets but did not expect. Never be satisfied in the pursuit of improving the 5%. The 95% who work well tend to take care of itself.
SELL TO THE MASSES. Fertitta believes that we should “sell to the masses, not the classes” – that is, go for volume markets with low prices instead of premium products that only a few can afford. Companies that successfully target the masses are much less limited in what they can achieve.
WORKING CAPITAL IS EVERYTHING. Working capital is a company’s pulsating lifeblood. The amount of working capital is different for different business models and varies with seasonal variations or growth. If a company cannot finance working capital, it hampers sales during the high season. Sometimes success through an unusually large number of orders can be negative for a company with limited resources. Without available working capital to produce or buy the products, the company is forced to say no to the customers, which gives disappointed customers and a tarnished reputation.
SAVE IN GOOD TIMES. Business cycles come and go and when it is at its darkest, the opportunities can be the greatest, at the same time as bank financing may not be available. With cash, you can take market share from distressed competitors, or even take them over to fire-sale valuations. Do not fall into the trap of consuming the first success and then not have dry gunpowder when the inevitable economic downturn strikes.
BORROW WHEN YOU DON’T NEED. Make sure to arrange bank financing as soon as you can and preferably when the times are good. Then you get the best conditions and secure access to financing during future tougher times. If the conditions are good, take out a loan even if you do not need it at the moment – the option value of cash can far exceed the interest costs.
PLAN FOR THE WORST. If the business currently does not survive a “worst case” scenario, implement the necessary changes. When times are tough, we often tend to forget that it will be good again, and vice versa in good times. You have to prepare for both situations, because they are both on the way, sooner or later.
FORGE WHEN THE IRON IS HOT. In 1992, Laundry’s was listed in a hot market and overnight Fertitta’s shares were valued at $100m. Between 1993 and 2002, Landry raised $400m in equity capital. In 2004, Fertitta saw that the owner of Golden Nuggets was in financial trouble and raised $800m to take over the casino at a fire-sale price. Then came the financial crisis and Landry’s stock crashed. Fertitta, who had cash, bought out the company from the stock market. A year later, the company had recovered, and Fertitta was the sole owner of a group with $1.2bn in sales and a cash flow of $ 200m.
KEEP YOUR HUNGER – FEEL POOR. In order to be constantly evolving, it is important to never lose your hunger. Fertitta’s way of doing this is to somehow always be able to feel poor. He does this by thinking of things he really wants but cannot afford. Early in his career it was a sports car, later in his career a helicopter or a baseball team.
June 13, 2020
A couple weeks ago, I was in the market for a few particular products (and not inexpensive ones at that). I thought I knew what I wanted, but I also understood my ignorance of the particular products in question, so I reached out to a local dealer who had been praised in online reviews for his friendliness and eagerness to work with customers. I said I was interested in making a purchase after a check I was awaiting came in, but in the meantime I wanted to schedule a consultation so I could make sure I was educated about this purchase. His response, instead of scheduling such an appointment, was to say "let me know when you're ready to make a purchase." I took my business elsewhere and he lost thousands of dollars in immediate revenue and a potential long-term customer. I doubt he even realizes how much money a single ill-advised sentence cost him.
It seems obvious that he's running his business improperly. Good customer service really ought to be Business 101. And yet, these experiences are innumerable. Entrepreneurs cut the wrong corners, fail to provide good service, and ultimately will go out of business. They have clearly never read this little book. Or if they have, they failed to heed the title's advice and listen to what its author has to say.
On some level, the advice in this book is basic. Really basic. Almost too basic. I often found myself thinking that far too much of the book's contents were self-evident. I was waiting for the new insights. But the thing of it is, there aren't really any new insights here. I would have welcomed them, and I would have gotten more out of this book personally if it had some, but what I realized is that new insights aren't necessarily what a lot of entrepreneurs need. Many people--like the shop owner from my first paragraph--most desperately need to return to fundamentals. They need, for example, to read this book's first chapter, "Hospitality Matters, No Matter the Business." Fertitta opened the chapter complaining about restaurants that won't serve scrambled eggs two minutes after they "officially" stop serving breakfast. I opened my review complaining about a business owner who couldn't find fifteen minutes for a customer who wanted to spend thousands of dollars. It's the same problem, and its rampant in the business world (which perhaps explains the frustration evident in this book's title).
Even people who already know the lessons contained in this book--lessons having to do with things like hospitality, knowing your numbers, attention to detail, etc., etc.--can often benefit from hearing the lesson again. For example, I try to make hospitality (or more aptly, customer service) a priority in my own business, but it's nevertheless useful to read an occasional reminder.
Beyond reminders of lessons that should be self-evident, though, this book is relatively light on practical advice. This is a problem that plagues many business books, so it's not a unique failure, but I found myself wishing for more detail regarding the book's illustrative examples. As they stand, the examples may be inspiring, but they're hardly educational. Combined with the fact that several pieces of advice are repeated several times throughout a book that's fewer than 200 pages in length, and the reader occasionally gets the feeling of just wanting something more.
That having been said, unfortunate brevity notwithstanding, it's a quick and entertaining read with advice that perhaps should go without saying in a perfect world, but desperately needed to be said in our decidedly imperfect world. It's not the kind of book that will change your life, but I nevertheless recommend it.
It seems obvious that he's running his business improperly. Good customer service really ought to be Business 101. And yet, these experiences are innumerable. Entrepreneurs cut the wrong corners, fail to provide good service, and ultimately will go out of business. They have clearly never read this little book. Or if they have, they failed to heed the title's advice and listen to what its author has to say.
On some level, the advice in this book is basic. Really basic. Almost too basic. I often found myself thinking that far too much of the book's contents were self-evident. I was waiting for the new insights. But the thing of it is, there aren't really any new insights here. I would have welcomed them, and I would have gotten more out of this book personally if it had some, but what I realized is that new insights aren't necessarily what a lot of entrepreneurs need. Many people--like the shop owner from my first paragraph--most desperately need to return to fundamentals. They need, for example, to read this book's first chapter, "Hospitality Matters, No Matter the Business." Fertitta opened the chapter complaining about restaurants that won't serve scrambled eggs two minutes after they "officially" stop serving breakfast. I opened my review complaining about a business owner who couldn't find fifteen minutes for a customer who wanted to spend thousands of dollars. It's the same problem, and its rampant in the business world (which perhaps explains the frustration evident in this book's title).
Even people who already know the lessons contained in this book--lessons having to do with things like hospitality, knowing your numbers, attention to detail, etc., etc.--can often benefit from hearing the lesson again. For example, I try to make hospitality (or more aptly, customer service) a priority in my own business, but it's nevertheless useful to read an occasional reminder.
Beyond reminders of lessons that should be self-evident, though, this book is relatively light on practical advice. This is a problem that plagues many business books, so it's not a unique failure, but I found myself wishing for more detail regarding the book's illustrative examples. As they stand, the examples may be inspiring, but they're hardly educational. Combined with the fact that several pieces of advice are repeated several times throughout a book that's fewer than 200 pages in length, and the reader occasionally gets the feeling of just wanting something more.
That having been said, unfortunate brevity notwithstanding, it's a quick and entertaining read with advice that perhaps should go without saying in a perfect world, but desperately needed to be said in our decidedly imperfect world. It's not the kind of book that will change your life, but I nevertheless recommend it.
August 10, 2020
Review of “Shut Up and Listen!” by Tilman Fertitta
I wanted to read this book because Mr. Fertitta is the owner of the Houston Rockets and a self-made business empire. He almost lost me as a reader in the introduction. He says “(As I like to say, I’m not about to go on the court and teach NBA MVP James Harden how to shoot a jump shot!)”. If I told him James Harden does not shoot jump shots what would his reaction be? Shut Up & Listen?
I lived in Houston for 43 years and witnessed the growth of his restaurant chain from the original Landry’s to its present form. Katy Texas was just an extension of the west side of Houston and we ate as a family at the original restaurant many times. The present pandemic is providing Mr. Fertitta with a challenge that will take every skill he discusses in the book.
I was a Houston Rockets fan from the inception of the Houston franchise. Having grown up in an environment where basketball was much like football is in Texas (a high school experience that was much like “Hoosiers”) I have played, refereed, coached, watched and analyzed basketball intently for over 75 years. I wanted to see what insight the book might provide on his role as the Houston Rockets owner.
It is indicative of the quality of his character that he acknowledges that his success comes from a combination of opportunity and luck as well as his operating acumen and his aggressive, smart tactics to take advantage of situations. Since I am a “numbers” guy I particularly liked Section 2: YOU’D BETTER KNOW YOUR NUMBERS AND Section 3: THE 95:5 RULE: WHAT’S YOUR “FIVE”?. These statements of fundamentals are direct and apply to most efforts; not just entrepreneurial startups. In Section 2 I would add that you need to know what numbers you need to know. These may be intuitive to Mr. Fertitta in the entertainment business but I have seen many hours and a lot of money spent gathering useless information (are there any other Dilbert fans?).
The only inconsistency that I found was in the definition of the decision-making process. In Chapter 14 he cites the value of a quick decision and then in Chapter 15 states “sometimes the best decision is no decision at all”. In the Chapter 15 example there is a conscious decision made; it was not no decision it was a decision to not do anything at the time. I think it’s just a matter of semantics.
I am particularly interested to follow Mr. Fertitta’s involvement with the Rockets. Does he have ambitions beyond ownership - such as NBA championships? As an owner there are numbers he needs to know and how to apply the 95:5 RULE to these numbers to lead to championships (an NBA championship is estimated to be worth $200 to $500 million depending on the franchise). So, is his ownership the realization of a lifelong dream or a business or both?
I wanted to read this book because Mr. Fertitta is the owner of the Houston Rockets and a self-made business empire. He almost lost me as a reader in the introduction. He says “(As I like to say, I’m not about to go on the court and teach NBA MVP James Harden how to shoot a jump shot!)”. If I told him James Harden does not shoot jump shots what would his reaction be? Shut Up & Listen?
I lived in Houston for 43 years and witnessed the growth of his restaurant chain from the original Landry’s to its present form. Katy Texas was just an extension of the west side of Houston and we ate as a family at the original restaurant many times. The present pandemic is providing Mr. Fertitta with a challenge that will take every skill he discusses in the book.
I was a Houston Rockets fan from the inception of the Houston franchise. Having grown up in an environment where basketball was much like football is in Texas (a high school experience that was much like “Hoosiers”) I have played, refereed, coached, watched and analyzed basketball intently for over 75 years. I wanted to see what insight the book might provide on his role as the Houston Rockets owner.
It is indicative of the quality of his character that he acknowledges that his success comes from a combination of opportunity and luck as well as his operating acumen and his aggressive, smart tactics to take advantage of situations. Since I am a “numbers” guy I particularly liked Section 2: YOU’D BETTER KNOW YOUR NUMBERS AND Section 3: THE 95:5 RULE: WHAT’S YOUR “FIVE”?. These statements of fundamentals are direct and apply to most efforts; not just entrepreneurial startups. In Section 2 I would add that you need to know what numbers you need to know. These may be intuitive to Mr. Fertitta in the entertainment business but I have seen many hours and a lot of money spent gathering useless information (are there any other Dilbert fans?).
The only inconsistency that I found was in the definition of the decision-making process. In Chapter 14 he cites the value of a quick decision and then in Chapter 15 states “sometimes the best decision is no decision at all”. In the Chapter 15 example there is a conscious decision made; it was not no decision it was a decision to not do anything at the time. I think it’s just a matter of semantics.
I am particularly interested to follow Mr. Fertitta’s involvement with the Rockets. Does he have ambitions beyond ownership - such as NBA championships? As an owner there are numbers he needs to know and how to apply the 95:5 RULE to these numbers to lead to championships (an NBA championship is estimated to be worth $200 to $500 million depending on the franchise). So, is his ownership the realization of a lifelong dream or a business or both?
October 24, 2019
Tilman covers the entire gamut from A to Z in a sophisticated clear delivery of the key factors to have a very successful business experience regardless of the industry you are in. These are timeless principles that comprise the realities of life and how we are to conduct ourselves as we navigate the terrain of stewardship and service to humanity. Perfect timing for all who are given the Grace to have access to this crucial information. Tilman is clearly gifted and has found significant favour in his life to get it right when it comes to utilizing time, energy and money in a most beneficial way. Anyone can can benefit from this book from every walk in life. ‘Shut Up And Listen’. Four powerful words for the title that allows an Exodus from the dangerous route of business failures into the land of genuine success by definitively employing every reality laid out in this book. You will listen several times and let it marinate into your being to transform your entire life experience. Powerful upgrade categorically!
June 16, 2021
I liked the book.
First of all I was turned in the direction of Tilman Fertita by my uncle who is a big restauranteur in mexico and shares almost all of Tilmans thinking in regards to service and hospitality and has perfected them in all his restaurants in Mexico in my point of view.
I loved to learn about the man. He is a titan in his industry and has just kept going, he full-filled a fantasy of mine to own his local sports franchise which i think is just the pinnacle of wealth (😄).
At first he seems very stuck up but as the book progreses you completely understand where he is coming from, its more of a pump up strategy.
Allot of the business pointers are pretty standard business book pointers, but as he states allot sometimes it pays to keep it simple. Cant wait to start applying many of his thoughts, especially the 95:5 rule which as i read it i could think of a LOT of little details that can stand to get corrected in my business.
Its also a very quick read so it’s definitely worth your time.
First of all I was turned in the direction of Tilman Fertita by my uncle who is a big restauranteur in mexico and shares almost all of Tilmans thinking in regards to service and hospitality and has perfected them in all his restaurants in Mexico in my point of view.
I loved to learn about the man. He is a titan in his industry and has just kept going, he full-filled a fantasy of mine to own his local sports franchise which i think is just the pinnacle of wealth (😄).
At first he seems very stuck up but as the book progreses you completely understand where he is coming from, its more of a pump up strategy.
Allot of the business pointers are pretty standard business book pointers, but as he states allot sometimes it pays to keep it simple. Cant wait to start applying many of his thoughts, especially the 95:5 rule which as i read it i could think of a LOT of little details that can stand to get corrected in my business.
Its also a very quick read so it’s definitely worth your time.
March 24, 2024
Many business books delve deep into the nuances of their topics, authored by gurus who zero in on specific challenges with expert precision. These books are typically ideal for tackling particular issues in finance or administration.
Then there are books like "7 Habits of Highly Effective People," which set their sights higher, discussing principles and ethics through narratives designed to inspire us to improve. They cover ethics applicable across all business models, offering broad principles that are universally applicable.
Enter Tilman Fertitta's "Shut Up and Listen!"—a book that doesn't quite fit the usual mold. Fertitta is a business enthusiast to his core. He's a man who takes immense pride in his work, viewing hospitality as an art form. Yet, there's an underlying theme that views capital accumulation as the ultimate game, with hospitality serving merely as a means to an end.
Fertitta embodies the Lean Philosophy, advocating for small, detailed principles that embody specific values. He believes in scaling these principles, a necessity for managing a large organisation.
One might wonder, how can meticulous attention to operational details, so evident on a small scale, be effectively expanded across an entire organisation?
Then there are books like "7 Habits of Highly Effective People," which set their sights higher, discussing principles and ethics through narratives designed to inspire us to improve. They cover ethics applicable across all business models, offering broad principles that are universally applicable.
Enter Tilman Fertitta's "Shut Up and Listen!"—a book that doesn't quite fit the usual mold. Fertitta is a business enthusiast to his core. He's a man who takes immense pride in his work, viewing hospitality as an art form. Yet, there's an underlying theme that views capital accumulation as the ultimate game, with hospitality serving merely as a means to an end.
Fertitta embodies the Lean Philosophy, advocating for small, detailed principles that embody specific values. He believes in scaling these principles, a necessity for managing a large organisation.
One might wonder, how can meticulous attention to operational details, so evident on a small scale, be effectively expanded across an entire organisation?
May 31, 2022
Before I jump into the negative and why this wasn't the book for me, I'll make it clear that I'm NOT saying that the author is dumb, or doesn't know what he's talking about, or that there's nothing you can learn from him or the book. He's very accomplished and I'm sure you can learn a lot from him.
However, 1) this book includes analogies and points about having a personal driver, brick-and-mortar business property leases, making $50 million deals, getting lines of credit with banks, and the like. There's nothing wrong with that, it just wasn't very relatable.
and 2) most of his points and suggestions can be found in any business book from the last 50 years. These tips include: say yes as much as possible/reasonable, do the extra 5%, focus on your strengths, know your numbers, stay hungry, and such. Which are fine suggestions, just nothing new.
However, 1) this book includes analogies and points about having a personal driver, brick-and-mortar business property leases, making $50 million deals, getting lines of credit with banks, and the like. There's nothing wrong with that, it just wasn't very relatable.
and 2) most of his points and suggestions can be found in any business book from the last 50 years. These tips include: say yes as much as possible/reasonable, do the extra 5%, focus on your strengths, know your numbers, stay hungry, and such. Which are fine suggestions, just nothing new.
November 23, 2023
Maybe I expected too much from such a brilliant businessman. To have done so much in a single lifetime is indeed admirable and I wanted to understand his journey better, how he grew and scaled his businesses. He writes about listening to the customer. I wonder who he feels the customer for this book will be to truly appreciate what has been written. The book was extremely generic and was in no way uniquely linked to his growth. This is possibly useful for a first time business owner who does not know that s/he should listen to customers, to understand numbers and to find partners that complement their skills. It could have been written by anyone about business in general. Was really looking forward to some personal, in-depth advice on how he grew his businesses and scaled rather than the basics of running a customer facing business.
This entire review has been hidden because of spoilers.
December 26, 2019
This book is super generic and comes in at 160 pages. I was hoping that it was a book that was short, to the point but some really great advice, but it just isn't that impressive.
At the end of each chapter is "Tilman's Targets" which is a synopsis of the chapter. Generally, 3-6 bullet points that could have come from any general blog about business.
Additionally, Tilman mentioned his show on TV a lot, to the point it feels like this was just more of a marketing ploy for the show.
For $15 160 pages isn't a lot and I was hoping that it was short because it packed a punch and like the title says, Shut Up and Listen and get some great info without so much filler, but the info wasn't really that great.
At the end of each chapter is "Tilman's Targets" which is a synopsis of the chapter. Generally, 3-6 bullet points that could have come from any general blog about business.
Additionally, Tilman mentioned his show on TV a lot, to the point it feels like this was just more of a marketing ploy for the show.
For $15 160 pages isn't a lot and I was hoping that it was short because it packed a punch and like the title says, Shut Up and Listen and get some great info without so much filler, but the info wasn't really that great.
October 22, 2019
Fantastic book, that I highly recommend to all business owners and people who want to own their own business one day.
After each chapter Tilman goes through what he calls "Tilmans targets" to show the most valuable pieces of advice from the chapter, I loved this because it's easier to go back to this book and remember all the content that he talked about in each chapter.
I did a full review off this book for those interested in learning more about it or just for those who already read it and want to remind them selves off all the valuable advises that exist in this book.
For those interested in my review of this book, here is the Youtube link: https://www.youtube.com/watch?v=ZMoSq...
After each chapter Tilman goes through what he calls "Tilmans targets" to show the most valuable pieces of advice from the chapter, I loved this because it's easier to go back to this book and remember all the content that he talked about in each chapter.
I did a full review off this book for those interested in learning more about it or just for those who already read it and want to remind them selves off all the valuable advises that exist in this book.
For those interested in my review of this book, here is the Youtube link: https://www.youtube.com/watch?v=ZMoSq...
August 9, 2020
Fertitta is a very down to earth, hard working, self made man. His story is inspirational and is motivating for anyone aspiring to begin there own business. It is also inspirational to anyone working in any type of service industry, especially if you want to move ahead in your field.
Fertitta's conversational tone makes it easy to engage with the text. His use of stories and anecdotes also makes it easy to follow. The stories make me feel as if he is saying "learn from my mistakes, and successes".
I highly recommend this book for those looking for change or need some inspiration on to up your customer service game.
Fertitta's conversational tone makes it easy to engage with the text. His use of stories and anecdotes also makes it easy to follow. The stories make me feel as if he is saying "learn from my mistakes, and successes".
I highly recommend this book for those looking for change or need some inspiration on to up your customer service game.
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