Nebraska Furniture Mart

“The manufacturer confirmed her assessment, uncovering an astonishingly large criminal operation at the mill where workers were stealing yarn, diluting quality, and pocketing the difference. An entire fraud operation was exposed, not by auditors or quality cont…”

“They shook hands on the deal. No lawyers, no audit, no inventory count. They later put their agreement in writing in a one-page document.”

“This time, Buffett made sure she signed a non-compete agreement lasting five years beyond her separation from the company.”

“After briefly considering retirement, she opened Miss B's Warehouse in a converted grocery distribution center directly across the street from the Nebraska Furniture Mart.”

“With a 500 dollar loan from one of her brothers, she opened a basement store beneath Isidore's shop. She called it Nebraska Furniture Mart.”

“She cleared 250,000 dollars in revenue in three days, which allowed her to pay all of her bills, and finally stopped her from having to sell the furniture from her own house.”

“Selling 10% above cost, going the extra mile for customers, and growing through volume.”

“By 1993, at age 99, she had reconciled with her grandsons and sold Miss B's Warehouse back to Nebraska Furniture Mark for 4.94 million.”

“Her son Louis and his family subsequently bought back 10%, making Berkshire's final purchase price about fifty-five million.”