unstinting

Wefinditmeaningfulwhenanownercaresaboutwhomhesellsto.Weliketodobusinesswithsomeonewholoveshiscompany,notjustthemoneythatasalewillbringhim(thoughwecertainlyunderstandwhyhelikesthataswell).Whenthisemotionalattachmentexists,itsignalsthatimportantqualitieswilllikelybefoundwithinthebusiness:honestaccounting,prideofproduct,respectforcustomers,andaloyalgroupofassociateshavingastrongsenseofdirection.Thereverseisapttobetrue,also.Whenanownerauctionsoffhisbusiness,exhibitingatotallackofinterestinwhatfollows,youwillfrequentlyfindthatithasbeendressedupforsale,particularlywhenthesellerisa“financialowner.”Andifownersbehavewithlittleregardfortheirbusinessanditspeople,theirconductwilloftencontaminateattitudesandpracticesthroughoutthecompany.Whenabusinessmasterpiecehasbeencreatedbyalifetime—orseverallifetimes—ofunstintingcareandexceptionaltalent,itshouldbeimportanttotheownerwhatcorporationisentrustedtocarryonitshistory.CharlieandIbelieveBerkshireprovidesanalmostuniquehome.Wetakeourobligationstothepeoplewhocreatedabusinessveryseriously,andBerkshire’sownershipstructureensuresthatwecanfulfillourpromises.WhenwetellJohnJustinthathisbusinesswillremainheadquarteredinFortWorth,orassuretheBridgefamilythatitsoperationwillnotbemergedwithanotherjeweler,thesesellerscantakethosepromisestothebank.Howmuchbetteritisforthe“painter”ofabusinessRembrandttopersonallyselectitspermanenthomethantohaveatrustofficeroruninterestedheirsauctionitoff.Throughouttheyearswehavehadgreatexperienceswiththosewhorecognizethattruthandapplyittotheirbusinesscreations.We’llleavetheauctionstoothers.