This past weekend, the Fort Worth Report published an article on my question for Warren Buffett at this year’s annual Berkshire Hathaway Shareholders’ Meeting—often called “The Woodstock for Capitalists,” according to reporter Bob Francis.
Francis equated my being chosen to ask a question—the first question, in fact—to winning the lottery. As soon as I was handed my numbered ticket for a chance to ask a question, I knew I would be lucky. I looked down at it and I told the guy right then, “This is my year.” I said, “I’ve got this.” And he looked at me and said, “How do you know that?” I said, “Because you just handed me my lucky number.” He’d handed me number 18.
My question for Buffett was about the problem of most parents failing to prepare their kids for the inheritance coming their way. In particular, if the estate includes a family business, most parents fail to do business succession planning to plan for who will run the business on the day when, not if, the founder is no longer there to run it.
Marvin E. Blum
Marvin Blum “won the lottery” at this year’s Berkshire Hathaway Shareholders’ Meeting.