What I learned from reading What I Learned Before I Sold to Warren Buffett: An Entrepreneur's Guide to Developing a Highly Successful Company by Barnett Helzberg Jr.
As I walked 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 didnt want some financial butcher carving up this jewel and selling it piecemeal.
As the woman said her goodbyes and turned to go, and as Buffet prepared to cross the street, I saw my own opportunity.
Stepping forward, I thrust out my hand.
Hello, Mister Buffett, I said.
Im Barnett Helsberg of Helzberg diamonds in Kansas City.
I didnt 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 79 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.