Warren Buffett's Secret To Success? Run It 'Like A Small Family Business,' Says One Of His CEOs

Karen Goracke, CEO of Borsheims, has learned much from working closely with Warren Buffett. From starting as a sales associate in 1988 to eventually being interviewed by Buffett himself for the CEO role, Goracke's journey embodies a classic success story. And her best advice from the "Oracle of Omaha?" – Keep it simple and run the company like a small family business.

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Buffett's approach to business, even in the corporate giant Berkshire Hathaway, is remarkably grounded. "He wants to empower us to do what we think is best," Goracke tells Ella Hopkins in an interview with Business Insider. Buffett encourages CEOs of Berkshire's companies to make decisions autonomously, trusting them to do the right thing. This trust in leadership and his hands-off approach have been key to Goracke’s leadership style at Borsheims. "It was a big company run like a small family business," she says.

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Goracke's journey started when she was tasked with an overwhelming project: cataloging 100,000 jewelry pieces for an inventory overhaul. Despite being young and relatively new, she took on the challenge headfirst, eventually leading a team to create a controlled system – a task that caught Buffett's eye. “He wrote notes about the inventory saying it was looking good or needed improvement,” she recalls. 

Despite Buffett’s massive success, he remains humble and supportive, according to Goracke. "He’s so charming, funny and informative. I’m never nervous with him now," she says. This down-to-earth personality makes Buffett a strong leader and an inspiring mentor to his colleagues.

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Buffett isn't just about business advice. He's big on books. “He’s a huge reader,” Goracke explains, saying she’s adopted his habit of reading extensively to gain knowledge. Buffett's philosophy, which Goracke absorbed, is clear: "Knowledge is power" and being well-informed is a crucial tool for running a successful business.

Their relationship has blossomed into more than just business. Goracke feels comfortable asking Buffett about anything, from local community issues to sports. “The greatest perk of my life has been having uninterrupted time with Warren,” she admits. Though she remains respectful, only reaching out a couple of times a year, their connection is valuable.

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Buffett’s advice on strengths has been key for Goracke's leadership. He advises honing in on what you do best, which she takes seriously. "As a buyer, I was good at understanding inventory levels and how that drives the business," she shares, noting that her deep understanding of the business mechanics has been one of her greatest assets.

Working for Buffett isn’t all about big corporate moves; it's about trust, empowerment and simplicity. Goracke's leadership at Borsheims reflects that approach – she runs it like a family business, just as Buffett suggested.

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