A Conversation with Tom Breitling
Q: For you, what is the key to success in playing the hand you’ve been dealt?
Tom Breitling: When I was in high school, I thought I had been dealt a lousy hand, and it changed my life. More than anything, I aspired to be like my brothers, tall and athletic, a 6-foot-5 star of the basketball team, but I was 5 foot 9. It forced me to play the cards I was holding. I became a people person, bringing people together, recognizing their talents and respecting their abilities; it was less about me and more about the “team.” I learned to study people’s attitudes, their skills, and how they contributed. The key for me was that I always wanted to know more, to be exposed to new things, and ask the extra questions. These attributes came in handy later in life and really helped me in my partnership with Tim Poster, as we expressed our vision to others, and built a team of hard-working, loyal employees who helped create a successful business. Tim had the big vision; I took his grand ideas and applied them in a setting that encompassed 3,000 people. I became the “point guard” in the boardroom, always pushing the action by bringing everyone together.
Q: What has been the role of risk in your life and what was the greatest risk you ever took?
Tom Breitling: Risk is a part of every entrepreneur’s life. My business partner Tim understood risk. He grew up in Vegas and was wagering $20,000 on fights while still in high school. I am not a big risk taker in general. The largest bet I ever made in high school was five dollars and I never even saw a $100 bill until I went to college. The two most significant risks of my life involved Tim Poster. The first time, I quit my job and left a profession that I loved, television, in order to go into a business that I knew nothing about, hotel reservations. I was betting on Tim’s vision that we could execute this great idea, and that I could help him make it fly. The second risk came after Tim and I had made our first $105 million. He asked me to put it all on the line so that he could have his dream, buying The Golden Nugget casino.
Q: In Double or Nothing, you discuss the insights to your work that you gained from Tony Bennett. Can you elaborate?
Tom Breitling: One day during lunch, Tony surprised me by saying that entrepreneurs were “the artists of the future.” I had never perceived myself as an artist, and Tony Bennett was the last person I ever imagined would call me one. Tony defines the word. He has one of the most recognized voices in the world, his paintings hang in museums, and he is the epitome of gracious style. To hear Tony talk of his respect for business people and how he views their work as art brought a whole new and inspiring perspective to being an entrepreneur. Tony’s comment—that everyone can be an artist—spurred an innovative way of looking at business. His perception made me think about giving people the ability to be more creative in their jobs. It encouraged inventive thinking that had an immediate effect on day-to-day operations.
Q: What has been the biggest challenge to you and Tim, as partners and friends?
Tom Breitling: Initially, it was understanding and best applying our very different skills and personalities as we worked together building our business. We have always respected each other and shared the same vision, but we had to find our distinct roles within the company. One thing Tim has in spades is confidence; he’s always strong when he states his case. Searching for the best answers to problems or situations, we often got into arguments, which we called “lively discussions.” A big challenge was maintaining respect, acknowledging that the other guy just might be right, and doing so constructively. We had to put aside personal views in the interest of making the best possible decision and always moving toward our shared vision.
As friends, one of our challenges is negotiating time for work and a personal life. Tim is a pure entrepreneur and when he is in his true entrepreneurial mode, there is nothing on his mind other than business, whereas I have 1,000 hobbies and am always searching for that perfect balance between work and play. In addition, we have widely varying likes and dislikes. For example, Tim keeps his office very cold and it can be difficult to sit through a meeting there without a parka; that is definitely a challenge.