[DesertCat]

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OT:
Why would someone who has a company to sell, sell it to Buffet. Couldn't they just tell other potential buyers that he is interested in purchasing it, and then get a little more from someone else who knows Buffet only make good deals?

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Buffett will allow you continue to run your company. He won't make any changes to the company, or demand you to lay anyone off. He won't even bother you, you just need to send him a monthly financial summary, and any excess cash flow. And when he gives you a handshake on the deal, it's as good as done. Oh, and he'll pay cash.

Obviously, many people would just prefer more money, and aren't interested in selling to Buffett. But for a class of very successful entrepreneurs who've built family businesses over decades, working for Buffett under those terms is very attractive. It also makes it easier to have your family stay involved without exposing them to big financial risks.

If you think of what he offers, it's a psychological test that is form of self selection that's very important to Buffett. He must find owners who will stay motivated to build their businesses when they aren't owners, otherwise the business will suffer, and Buffett will have to get involved. He's got 73 subsidiaries now, he can't afford to put out fires on a regular basis.

Only a guy who really values being to continue running his business after it's sold would take less money for it. Obviously Buffett must have some other character tests he uses, but this certainly helps filter out a lot of bad apples.