Who replaces Warren Buffett?
The obvious answer is only half right.
Greg Abel has been Berkshire Hathaway's CEO since January. Buffett's verdict on him, in Friday's letter to shareholders: "He has been making the decisions that matter for some time now, and I have not had to think twice about any of them."
But on Friday, at 96 and after more than 60 years in charge, Buffett also gave up the chairman's seat. That went to his son Howard, a Berkshire director since 1993.
In Buffett's words: "Greg runs the company; Howard will guard its culture and values - both worth more than anything on our balance sheet."
Two people. Because it was never one job.
Every owner of an established business does both. You run the company. And you carry what it stands for. Usually only the first one has a job title.
So the search for a successor stalls, because it's a search for one person who can do both. That person rarely exists.
Split the job and each half becomes something you can hand over.
Which half of yours could you hand over today? And who is guarding the other?
