The Berkshire Hathaway of The Internet

Now let’s look at Warren Buffett’s process for buying a business:

  1. 😀 The Letter (1 day)
    He asks the seller to send him a simple letter explaining why he should buy their company, sharing some key financials and their asking price.
  2. 😁 Analysis (2–5 days)
    If he likes the business, the management, and the price, he digs in.
  3. 😆 The Offer (1 day)
    He calls or writes the owner and makes a fair offer.
  4. 😊 The Handshake (2–3 days)
    If the buyer agrees to the price, they agree to the details, and he sends over as short contract devoid of legal jargon.
  5. 😎 Closing (4–8 weeks)
    They work through all the usual legal stuff and get the deal done. If the owner is stuck on any minor details like working capital or sentimental items, he lets them win because he knows that, in the big picture, they aren’t worth haggling over.