Career Lessons from “Billion Dollar Buyer”

Career Lessons from Billion Dollar Buyer

Like articles I’ve written based on “Shark Tank,” “The Profit,” “Kitchen Nightmares,” and “Bar Rescue,” I find these business “reality” shows interesting from a variety of business perspectives.  In addition, I started seeing messages for job seekers, with unique points of view based on the various themes of the different shows and the unique personalities of the shows’ personalities.

“Billion Dollar Buyer” is a reality TV show starring business owner, Tilman Fertitta, CEO and owner of Landry’s, Inc. Each hour-long episode features Fertitta traveling the nation to sample new and innovative hospitality products.

Lesson #1 – Networking – Referrals

There’s a very quick message available to job seekers in the first few moments of every “Billion Dollar Buyer” episode.  The companies that Tilman is going to visit are referred to him by members of his staffs – from all the different restaurants, casinos, and entertainment brands.  Hiring guru Lou Adler suggests that 60% of your job search should be spent networking.  It is interesting how this is emphasized by the introduction of companies in “Billion Dollar Buyer.”  Tilman’s professionals are staying in tune with new ideas and possible companies.  As a job seeker, networking is a powerful way for companies to become aware of your interest.  LinkedIn has become a major platform for networking.  Your job search plan must contain a plan that focuses on sparking a company’s interest in you.

 Lesson #2 – Know the Company – Know the Candidate

There’s a two-way message here that is clearly portrayed in “Billion Dollar Buyer.”  When Tilman first visits a potential “partner,” he’s armed with obvious information provided by the referral.  But more importantly, he starts with “interest-questions-experience.”  That’s a great formula!  His interest almost always starts with wanting to know who the people are who started the business and the “how & why” it got started.  He asks excellent probing questions that most of the time are answered well.  More on this point later.  Finally, in most cases he wants to “experience” the business, making the product, trying on the clothes – whatever he can do to get a real “feel” for the business.

While I’ve seen most of the business owners do a good job of answering Tilman’s questions about their business, there are several examples where the owners are clearly unprepared.  Particularly they are examples of owners unfamiliar with their own numbers – sales, costs, etc.  What’s interesting among some of the possible “partners” on “Billion Dollar Buyer,” the businesses helped on “The Profit,” and the “pitches” from “Shark Tank,” is that this is a frequent problem.  I have a strong mantra for job seekers that states: “Practice – Practice – Practice.”  If you fortunate enough to be interviewed by someone asking good questions, you’ll likely be asked for the specific results of your work. There’s a clear message here that restates that as Prepare – Prepare – Prepare!”

Lesson #3 – Accomplishments – The Challenge

One of the most important elements in “Billion Dollar Buyer” is the opportunity for the potential partner to demonstrate their products in one of Tilman’s businesses.  Every one of these “tests” is a very real, very serious opportunity for the potential partner to prove the value of their products.  For some possible partners, it might be a relatively simple test to prepare for.  For example, Tilman invites a company to provide samples of their sauces, or jams, or drink mixes for a test at one of his restaurants.  In other cases, the challenges are much more complicated, involving significant preparation and cost (which Tilman apparently covers).  There are episodes where Tilman commissions significant lighting fixtures for one of his restaurants or doing a complete mockup of a café for one of his casinos.  Tilman Fertitta wants the small businesses he visits to succeed and frequently makes offers just to give them a chance – even if it’s something that might not lead to a major deal with his company.  He also offers frequent second chances.

In whatever format Tilman offers for the challenge, this is based on accomplishments.  And it’s fascinating to watch because almost every episode offers examples of potential partners who:

• Have or haven’t done their homework on the nature of the setting for the “test.” More than once potential partners admit the test is occurring in a restaurant they’re never visited.  This shocks me – and provides the exact wrong example for job seekers.  If you’re offered an opportunity to test your product at a restaurant, you should be checking out the restaurant’s website, perusing the menu, and visiting the restaurant to experience service, food, etc.

• Listen or don’t listen to directions from Tilman. While most potential partners react exactly as directed by Tilman, there are several examples where potential partners almost do the exact opposite of what Tilman requires.  I find this fascinating from the hiring side of the job search; I see insights that would almost immediately disqualify a candidate.  In several “Billion Dollar Buyer” episodes, the “failure to make a deal” is obvious based on these behaviors.  In today’s world, indicating a willingness to learn, a willingness to change, is guaranteed to be a positive factor for a job search or on-going career success.

• Offer accomplishments or excuses. This is perhaps the most important because it’s tied to the overwhelming evidence that is focusing on accomplishments, what you’ve done, with specific, measurable results is the key to success for your resume, your LinkedIn profile, and your interview preparation.  Tilman often shows frustration with potential partners who don’t focus on what they can do – but offer excuses for something that’s “happened to them.”

It’s interesting to note that Tilman is very calm as he interacts with potential partners, calmer than the mostly calm, but sometimes irritated Marcus Lemonis from “The Profit,” and completely opposite of the frequently fiery Gordon Ramsey (“Kitchen Nightmares”) or Jon Taffer (“Bar Rescue”).  Perhaps there’s another message here for job seekers: the need to be prepared for interviewers with different personalities.

Conclusion

In some ways, the messages from “Billion Dollar Buyer” are different from some of the other reality shows.  However, the messages focusing on preparation, practice, awareness, and a focus on achievements are consistent – and important for job seekers and anyone focusing on career success.

About the Author

Jim Schreier is a management, leadership, and human resources consultant with a significant interest in providing resources to job seekers.  He’s the author of “Audition for Your Next Job, Observations on Resumes, Interviewing, Networking, and More – Based on the Performing Arts.”  His websites include www.212-careers.com and www.farcliffs.com.