What I Learned Before I Sold to Warren Buffett: An Entrepreneur’s Guide to Developing a Highly Successful Company

Barnett C. Helzberg Jr., Barnett Helzberg9780471271147, 0471271144

Expert advice for those who want to create a solid companyThrough hard work and determination Barnett Helzberg built his small family owned business-Helzberg Diamonds-into a successful company that caught the attention of Warren Buffett. Buffett was so impressed with the business that in 1995 he decided to purchase Helzberg Diamonds through his holding company Berkshire Hathaway. Helzberg shares his thirty years of experience in running a successful business and outlines the steps needed to prosper within a challenging business environment. Through “helpful hints” and words of wisdom, Helzberg offers a proven road map for entrepreneurs and business owners looking to build a solid company that will stand the test of time. What I Learned Before I Sold to Warren Buffett is a comprehensive guide that will help readers get their businesses on the right track.Barnett C. Helzberg Jr. (Kansas City, MO) was President of Helzberg Diamonds, Inc. from 1962 to 1995, a period during which he expanded his family-owned business to 143 stores in twenty-three states. His business practices have been a key ingredient to the success of Helzberg Diamonds.

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Table of contents :
Cover……Page 1
What I Learned Before I Sold to Warren Buffett……Page 2
Acknowledgments……Page 10
Contents……Page 12
A Confession of Plagiarism……Page 16
Selling to the World’s Best Invester……Page 18
Know Thyself: What It Takes to Be an Entrepreneur……Page 26
Managing……Page 32
1. Concerning Yourself with Only the Controllables……Page 34
2. Making Your Business Different……Page 36
3. Highest and Best Use of Your Time……Page 40
4. Super Service:Friend to the Entrepreneur……Page 43
5. Keeping Customers……Page 49
6. Your Complaining Customers:Your Greatest Opportunity……Page 51
7. Managing Risk……Page 54
8. Should Incentives Be Based on Profit or Volume?……Page 58
9. Consultants:Bane or Bargain……Page 60
10. Keeping Your Ego in Check……Page 62
11. Setting Specific Measureable Goals……Page 65
12. Believing in People……Page 67
13. Never Burn a Bridge……Page 70
14. Planning for DisasterMarkets……Page 72
15. Turnaround Time at Helzberg Diamonds……Page 74
16. Testing New Ideas:Stacking Your Deck for Success……Page 77
17. How to Avoid Overreacting to Problems……Page 81
18. Integrity:A Long-Run Profit Maker……Page 83
19. Having Fun……Page 85
20. What Are Profits For?……Page 88
21. A Sense of Urgency……Page 91
22. Execution Is the Key, Not the Idea……Page 93
Decision Making……Page 96
23. Learning and Growing from Your Mistakes……Page 98
24. The Paralysis of Analysis versus Knee-Jerk Decisions……Page 101
25. Embracing Growing Markets……Page 104
26. Borrowing Wisdom and Knowledge about Your Business……Page 106
27. Gathering Information……Page 110
28. Following Your Gut:When You Should Trust Your Own Feelings……Page 114
29. Priceless Information:Focus Groups……Page 118
30. Treasure the Contrarian:Why Constructive Criticism Is Healthy……Page 122
31. Sticking by Your Overall Objective: Why a Quick Profit Can Be a Bad Detour……Page 125
32. On Not Giving Up!……Page 127
33. On Giving Up!……Page 129
34. Judging Your Customer’s World, Not Your Own World……Page 132
35. Do You View Your Associates As Go-Getters or Slackers?……Page 134
36. The Positive Fallout from Enron……Page 136
37. How to Have Uncanny Luck……Page 138
38. Prehistoric Man Looks at Going Public……Page 140
39. What Did I Learn?……Page 142
40. How to Raise Your Prices……Page 144
41. An Open Letter to the Entrepreneur to Be……Page 146
42. Should You Make the Plunge?……Page 149
Hiring……Page 152
43. Hiring Wisely: How to Choose Good People……Page 154
44. When to Look Outside or Stay Inside to Fill That Job……Page 161
45. Hiring the Right Lawyer, CPA, or Other Professional……Page 164
46. Building on Everyone’s Strengths……Page 166
47. Selling to and Hiring Friends and Relatives……Page 169
Inspiring……Page 172
48. Recognizing Great Work:How to Motivate Associates……Page 174
49. Encouraging High Achievers……Page 178
50. Leaving Your Campsite Better Than You Found It!……Page 182
51. Ownership……Page 185
52. On Humility and Arrogance……Page 187
53. When Bad News Is Good News……Page 190
54. Expectations……Page 192
55. Unintended Consequences……Page 194
Communicating……Page 198
56. Digging Out the Answer……Page 200
57. How to Kill New Ideas and Communication……Page 203
58. Listening and Learning:Why Silence Is a Valuable Skill……Page 205
59. Mentors: Pro and Con……Page 207
60. Building and Retaining Your Credibility……Page 210
61. The Question Is Not, “Are You Teaching?” The Question Is, “What Are You Teaching?”……Page 213
62. Dignifying Every Task:How to Win Your Associate’s Commitment and Use Their Expertise……Page 216
63. Asking: The Best Communication……Page 219
64. Negotiating: Learn It or Delegate It……Page 220
65. In Marketing, Don’t Say It — Be It……Page 222
66. Preparing for Controversial Meetings……Page 224
67. Shortening Those Damn Meetings and Making Them More Effective!……Page 226
68. Marty Ross’s Magic Follow-Up System……Page 230
69. Your Struggle to Get Honest Feedback……Page 233
70. To Lunch or Not to Lunch with Your Client, Supplier, or Associate……Page 236
71. Avoid Those Buzzwords and Alphabet Soup……Page 238
72. Should You Communicate Your Success……Page 240
73. Avoiding the Use of “ I” —and Using It Properly……Page 242
74. No Surprises……Page 244
75. Care and Feeding of Your Associates……Page 246
76. Care and Feeding of Your Suppliers……Page 249
77. Care and Feeding of Your Lenders……Page 251
Focusing……Page 254
78. What Business Are You Really In?……Page 256
79. Balancing Your Life . . . Work, Play, Children, Health, and Money……Page 259
80. Giving Back……Page 262
Recommended Readings……Page 264
Index……Page 266