What Warren Buffett’s Not Afraid of Death Diet Can Teach Entrepreneurs
While you might eat McDonald’s, See’s Candy, or Dairy Queen as an infrequent cheat meal, Warren Buffett enjoys his McNuggets and Coke at least three times a week. The 88-year-old is the third richest man in the world and recently told the Financial Times, “I’m not bothered by the thought of my death.” Although not the best option for those trying to keep their weight down, Buffett’s viewpoint can teach us valuable lessons on avoiding burnout and succession preparedness.
Avoiding Burnout. As the leader of the billion holding company Berkshire Hathaway, Buffett oversees the activities of the conglomerate’s many entities in many different industries. The job no doubt comes with challenges and stress that he has had to adapt to over the years. As with any entrepreneur, learning to enjoy life while pursuing success in business is a delicate balance to find. Many hard workers are too afraid to take vacation days, won’t appreciate their accomplishments, and will run themselves into the ground. Being able to take time for yourself whether that’s eating your favorite junk food meal or taking a vacation is vital to maintaining your mental health as well as your company’s longevity.
Succession Preparedness. Although Buffett’s succession plan for Berkshire Hathaway is still unknown, he is very aware of the upcoming need to choose a successor. In the company’s’ recent letter to shareholders, Buffett praised three of the company’s executives, and many surmise these are his top picks for the next CEO. Like Buffett, being aware of your company’s and your own future can help ensure that your business will continue to succeed. Proper business planning is a complex and on-going effort, but with the help of expert counsel, your legacy will be able to remain intact and flourish.
Talley shares the same entrepreneurial spirit that has helped propel our clients to their current levels of success. With over 25 years of experience helping high net worth individuals and business owners, Talley has the expertise necessary to assist entrepreneurs throughout their entire journey, from formation through succession.