Misfit Entrepreneur August 2021 - 262: Lessons, Wisdom, and How to Succeed with One of America’s Top Oilmen, Bob Burr

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Dave Lukas Chats with Bob Burr

262: Lessons, Wisdom, and How to Succeed with One of America’s Top Oilmen, Bob Burr

This week’s Misfit Entrepreneur is Robert Burr. Bob is one of kind. He’s been in the oil business for over 40 years and has generated hundreds of millions of dollars during his career. He’s shared the stage with everyone from Robert Kiyosaki to Peter Schiff educating people on the opportunities, benefits, and risks of investing in oil and gas.

Bob is a master syndicator and deal strategist…but you know what, he retired a number of years ago and after spending almost every day on the golf course and with grandkids, he felt the urge to come back. It it was the pandemic that made him jump back in with both feet because it created some of the best oil and gas opportunities he says he’s ever seen.

I asked him to come on to share his wealth of knowledge on investing in oil and gas and his philosophies on business.

www.Burrite.com

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Show Notes

Bob started out in the insurance business in the 70’s and had huge success. He was making more money than he ever thought he would. His brother got into the oil business and recruited him to help sell the investments. His brother would run the business and he would raise the money. The timing proved to be tough as it came right as oil and gas embargoes started, but they worked their way through and went on to have massive success over many years.

As Bob says, “It wasn’t easy, but it has been a passionate, life-fulfilling mission that he would not trade.”
Bob wrote about his story in his book, Leaving Your Pack.

At the 6 min mark, Bob talks about a conversation with his dad that helped put him on his path and about “being in the game.”

“The day I can no longer compete in life is the day I hope God takes me…”
All this is, life, is a big game and we get to play and compete every day.
Everyone has 24 hours. You have to show up for your 24 hours and keep showing up.

Talk to us about the types of things and deals you do in oil and gas…

Bob talks first about the geological side and how it is very hard when starting. You have to try multiple fields to find one that is good.
He hit big on one field and sold it in the early 90’s to marathon and was able to retire.
After many years of retirement, his boys got into the business. He decided to help them avoid a lot of the early mistakes and come out of retirement.
One of the benefits of oil and gas is the tax advantages – up to 90% in the first year against your income.
Bob raises money to drill his wells and targets a 3-year payout alongside the tax advantage.
He focuses on good, solid income producing wells that will product for many years.
The drop in oil prices during the virus was an opportunity of a lifetime for him and his investors.

What are the risks that people should know about when investing in oil and gas?

Conventional new well drilling is successful about 20% of the time, so pretty risky.
Bob focuses on proven oil fields that are already producing and getting a piece of them.
Proven production and proven recoverable reserves are key to limiting risk.
In some cases, Bob will drill the well with his money to test it out and if he finds oil, he will then use investor money to build the well out. This is least risky for the investor.
Bob is obsessed with making money for his investors and has built his reputation on it.

At the 26 min mark, Bob talks about the tax-free way to “roll” oil gains like a 1031 exchange and defer taxes…
What are the principles you build your businesses on?

Bob wasn’t great with people – his brother ran the business side and Bob brought in the money.
But then he lost his brother and had to come to grips with who he was and change because he was a selfish person.
He soul searched and really made a commitment to become someone who truly loves his people. Initially, he thought he would “fake it til he made it,” but in the act of caring and putting his people first, he began to change and become that person.
It’s the same with partners/investors – without them, you cannot win, so take care of them and help them.
“In order to have a successful business, you have to sincerely, from your soul, love your people.”

Other great lessons about entrepreneurship and how to succeed from your journey?

Getting into a deal is a lot easier than getting out of one.
It’s better to kill a deal than to get into a bad one.
Be so sensitive.
Don’t do business with people that have an acidic personality. Do business with people that have a soul and heart.
Success is not easy. Educate yourself to be ready and know the good and bad sides and be prepared either way.

Best Quote

In order to have a successful business, you have to sincerely, from your soul, love your people.

You can’t do anything without passion. If you are not being fulfilled spiritually, you cannot give it every it requires.

You must have total commitment. Once you decide, commit.

Take care of your spiritual relationship with God and love people.

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