Warren Buffett, the “Oracle of Omaha”, just announced he’s officially passing the baton to Greg Abel as the next CEO of Berkshire Hathaway.
And while that might seem like big-time Wall Street news, it’s a masterclass for every small business owner, especially during National Small Business Week.
What made Buffett great isn’t just the billions. It’s the way he thinks. As someone who’s lost everything and built it back (with a little scar tissue and a lot of books), I can tell you that those principles work just as well for a 3-person business as they do for a $900 billion empire.
The best entrepreneurs think long-term
Buffett didn’t become one of the most respected financial minds in the world by chasing every shiny object. He played the long game. He bought businesses he believed in. He held on. He stayed calm when everyone else panicked.
Sound familiar? It should.
Small business owners are long-term thinkers by default. We invest our time, our money, and our hearts into something we hope will last.
Want to build a lasting business? Here’s the Buffett way (and mine, too):
Don’t just chase revenue. Build value.
Don’t try to be everything to everyone. Be excellent for someone.
Don’t pivot every time the market sneezes. Commit to what works and refine it.
Humility scales
Buffett is worth billions, and he still lives in the same house he bought in 1958. He eats McDonald’s for breakfast (so I hear). He’s not flashy. He’s focused.
That kind of humility is a superpower in small business. Because when we get too big for our britches, we stop listening to our customers. We stop improving. We start thinking we’re invincible.
Been there. Paid the price.
Buffett reminds us that simple works. That you don’t have to be loud to lead. That real success is about consistency, not charisma.
Money is a tool, not a trophy
Greg Abel, the man Buffett handpicked to succeed him, will be responsible for managing hundreds of billions of dollars. But do you know what Buffett cares more about than money?
Discipline. Integrity. Stewardship.
That’s the kind of financial thinking that small businesses need more of.
As entrepreneurs, we’ve got to treat our cash like rocket fuel, not a campfire. It’s not just about how much you make, but how wisely you manage it.
Leadership is legacy
Buffett didn’t pick Greg Abel randomly. He watched him, mentored him, and let him grow within the company. He gave him responsibility before handing him the reins.
That’s not just succession planning — that’s leadership.
And whether you have a team of 30 or you’re just starting with a virtual assistant, the same rule applies: Grow people. Mentor them. Give them room to lead.
It’s not about letting go of control — it’s about building something that can outlive you.
Final thoughts: Small business, big wisdom
This Small Business Week, I hope you’ll take a page from Buffett’s playbook (and mine too):
Think long-term. Stay humble. Manage money with purpose. Lead with integrity. Prepare others to succeed.
You don’t need billions in the bank to build something extraordinary.
You just need vision, values, and a plan you’ll follow.
Let’s make Buffett proud in our own small, scrappy, and purpose-driven way.
Wishing you health and wealth.
-Mike