YouSaid · the spoken record

Barnett

lines on the record: 54
first: 2022-11-29
most recent: 2022-11-29
sittings or episodes: 1
sources: podcast

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“We associate ourselves with some real jewels of the American business world, he said, and I think it's quite fitting that Hellsberg joins this collection of jewels. It's just exactly the kind of company that we like to invest in. It's got outstanding management. I would hate to compete with you, fellows. I'd rather be on your side of the fence, and that's the side we're going to be on. My dream buyer for the family business all along was Warren Buffett. I knew we could trust him to keep the headquarters in Kansas City. resist changing the company's character and retain the jobs of all of our associates. It might have been simpler to sell to the highest bidder, but that notion seemed as sensible as choosing a brain surgeon based on the lowest price rather than on talent and reputation. That sounds like something Buffett would say himself. But that notion seemed as sensible as choosing a brain surgeon based on the lowest price rather than on talent and reputation.”
2022-11-29 · Founders · #279 What I Learned Before I Sold to Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source
“Sidewalk and pique his curiosity in your family company. As I walked away, I wondered whether my approach might have seemed abrupt, if not downright presumptuous. Yet I felt certain that our successful three generation family business made a perfect fit with Buffett's Berkshire Hathaway, which Fortune Magazine had repeatedly named as one of the ten most respected companies in America. In nineteen ninety four, Berkshire's eleven point nine billion dollar net worth was greater than Coca Cola and PepsiCo combined. It was at the time a collection of thirty businesses, including such signature names as seas, candies, worldbook, and Nebraska furniture mark. It was the largest shareholder in Gillette, Coca Cola, and American Express. Imagine our gut busting pride when as the third generation owners of Hellsburg, Buffett later explained why he decided to buy our business.”
2022-11-29 · Founders · #279 What I Learned Before I Sold to Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source
“This jewel and selling it piecemeal. As the woman said her goodbyes and turned to go, and as Buffett prepared to cross the street, I saw my own opportunity. Stepping forward I thrust out my hand. Hello, Mr Buffett, I said, I'm Barnett Hellsberg of Hellsburg Diamonds in Kansas City. I didn't sense any recognition in his face, but he politely shook my hand and said hello, willing to hear me out. Then, right there on the sidewalk, I told one of the most astute businessmen in America why he ought to consider buying our family's seventy nine year old jewelry business. I believe that our company matches your criteria for investment, I said, to which he replied simply, send me the information it will be confidential. My conversation with Buffett lasted no more than half a minute. My idea, of course, was to grab his attention. How often do you encounter Warren Buffett on a”
2022-11-29 · Founders · #279 What I Learned Before I Sold to Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source
“As I walk past the Plaza Hotel on a glorious May morning in 1994, I heard someone call out, Warren Buffett, turning in the direction of the voice I saw a woman stop Buffett on the sidewalk and start a friendly conversation with him. Buffett listened patiently to the woman, who, as it turned out, was a shareholder of Berkshire Hathaway. At the time, the legendary investor was the second richest man in the United States. As it happened, I was in New York that day to meet with our financial advisors at Morgan Stanley to talk about our company, which at the time operated 143 jewelry stores nationwide. Personally, I felt uncomfortable expanding the company beyond my ability to know every single manager on a first name basis. We had grown well beyond that point, and we were still growing. We had no interest in going public, and we certainly didn't want some financial butcher carving”
2022-11-29 · Founders · #279 What I Learned Before I Sold to Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source