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After several struggles, Cone's team would have a strong team of locals Johnny Abarrientos, Jojo Lastimosa, Bong Hawkins, Jeffrey Cariaso and Poch Juinio, while having import Sean Chambers for the Milkmen. From 1994 to 1998, the Milkmen won eight titles in 14 conferences during the stretch. The highlight of that run though would come in the 1996 season when Alaska won the coveted PBA Grand Slam, becoming the third franchise and the fourth team to win a Grand Slam in the history of the PBA.
On July 17, 2006, Manila Standard reported that after his 17 years of service Alaska is set to terminate Cone depending on a meeting between both parties after Cone's contract with the Aces expired on July 15. Rumors also speculated that his replacement will be his former assistant, former National team mentor Chot Reyes, with Cone staying on as team consultant.
However, a day later, the Aces' official website reported that Cone has agreed to a new deal to stay on as the team's head coach for the 2006–07 PBA season. Terms of the contract were not disclosed.
On September 1, 2011, Alaska team owner Wilfred Uytengsu announced that it has "released Tim Cone as head coach of the Alaska Aces" after his 22 years of Service for the Alaska Aces Uytengsu remarked that Cone requested to be released a week earlier. Cone was quick to deny in a press conference that he is set to coach B-Meg Llamados, another PBA team.
On September 14, 2011, Tim Cone was at the B-Meg Llamados practice that day and was introduced as the new head coach. He tapped former Alaska players Johnny Abarrientos and Jeffrey Cariaso as assistant coaches. The two new assistant coaches were joined by current assistant coach Koy Banal. 
On October 25, 2013, the Llamados, now named as Star Hotshots, under Cone's tutelage, won the PBA Governors Cup championship, after beating Petron Blaze Boosters. By winning the season-ending best-of-seven series 4-3, the former Purefoods ballclub won its second championship over the last five conferences and more importantly the career 15th title for Cone, putting the veteran coach in the company of the great Baby Dalupan at the top of the all-time list. 
On February 26, 2014, Cone won his 16th PBA title as he guided the Mixers to their 11th title against the Rain or Shine Elasto Painters. They beat the E-Painters in six games. With this win, he broke legendary Baby Dalupan's record. On May 15, 2014, San Mig Coffee Mixers beat the Talk N' Text Tropang Texters in Game 4 of Best of 5 series, where San Mig earned the rare Grand Slam. This championship gives Tim Cone his 17th PBA Title.  He clinched his 18th title, also made history by being the first mentor to win two Grand Slams after he steered San Mig Coffee to become a Grand Slam Champions or a four straight championship in the 2014 Governors’ Cup.
Cone was born in the United States and grew up in Oregon. He moved to the Philippines when he was nine years old after his father came to the country to work in the logging industry.  He, along with his mother and sister, moved to Manila. He and his sister finished high school in International School Manila. He went on to attend college in the United States, spending two years at Menlo College in California where he played basketball. He finished his collegiate education at George Washington University. Cone said he had never thought of a career in basketball because “when you’re growing up as a young man, you don’t dream of being a coach.”
Cone is married to Cristina Viaplana with whom he has three children.