We all know who Warren Buffett is, so there’s no need for a lengthy introduction. What you might not know, however, is that he takes a uniquely personal approach to staying connected with his employees.
Believing in clear and open communication, Buffett ensures his team is always informed, inspired, and aligned toward the same goals.
Like a select few other great leaders, Buffett takes the time to regularly email his team. This practice fosters a culture of openness and the free exchange of ideas.
Fortunately for those of us outside Berkshire Hathaway, some of these emails are shared on the company website, making them accessible to everyone. Kudos to whoever manages that website!
But these emails aren’t just about work updates or announcements. They’re filled with thoughtful advice from his personal experiences and decades of business success. His words often inspire and encourage employees to grow, both at work and in their personal lives.
And if there’s anyone from whom you’d want to get life, career, and business advice, it’s Warren Buffett. He doesn’t just talk the talk—he walks the walk, proving time and again that the principles he shares truly work.
One of Buffett’s most thought-provoking pieces of advice came from an email he sent not long ago, specifically addressed to parents. In it, he suggested that parents allow their children to read their will before signing it.
This idea challenges the usual practice because wills are typically seen as private matters that parents finalize without involving their children.
The common approach has been for parents to decide how to distribute their assets and reveal the details only after their passing. This approach avoids potential conflicts or uncomfortable conversations during the parents' lifetime.
When Tradition Stands in the Way of Progress
Buffett’s suggestion flips this conventional practice on its head by encouraging openness and dialogue with children before the will is signed.
This level of transparency is unusual because many people worry that such discussions could lead to disagreements, hurt feelings, or even attempts to influence decisions.
Buffett, however, sees it differently: he argues that addressing these issues head-on while parents are still around to explain their reasoning can actually prevent misunderstandings, resentment, and family disputes in the future.
His advice challenges the societal norm of avoiding these difficult conversations, advocating instead for clarity and trust through open communication.
I chose this topic for today’s roundup because I believe it highlights a lesson that many of us, who are building wealth through our businesses and will later pass it on to our successors, tend to take for granted.
If you think about it, Buffett’s advice about wills isn’t just about families—it’s about leadership, communication, and trust.
As online sellers, we often focus on the mechanics of our business—inventory, marketing, customer service—but how often do we think about the legacy we’re building and the relationships we’re fostering within our teams or with partners?
Are we truly confident that we are nurturing leaders who can carry forward this legacy when we’re no longer here to guide them?
Building a legacy isn’t just about keeping things going—it’s about preparing the next generation to innovate, grow, and tackle challenges with confidence and purpose.
Transforming Challenges into Opportunities
At the core of Buffett’s advice lies the principle of transparency, and for online sellers, this could be transformative.
Imagine you’re running a growing e-commerce business. Maybe you’ve hired a virtual assistant, outsourced your product photography, or partnered with a supplier. Do these people understand your vision? Do they know why certain decisions are made?
Transparency in your business practices can strengthen these relationships and ensure everyone is working toward the same goal.
Take, for example, the practice of setting clear expectations with partners. Suppose you’re sourcing products from a manufacturer overseas. If you communicate openly about your quality standards, timelines, and long-term plans—no matter how finicky you sound—you’re less likely to encounter misunderstandings or disappointments.
According to a 2023 survey by HubSpot, businesses with clear communication practices are 62% more likely to retain their key partnerships. Buffett’s advice reminds us that clarity isn’t just about fairness—it’s about efficiency and sustainability.
Similarly, transparency can help you build trust with your customers. One of the biggest challenges in online selling is earning and keeping customer loyalty.
Studies show that 94% of consumers are more likely to stay loyal to brands that are transparent about their practices, such as sourcing, pricing, or sustainability efforts.
Sharing your brand’s story—like how you started, what you value, and why you do what you do—can make customers feel more connected to your business.
Think of popular brands like Allbirds, known for its detailed disclosures about sustainable materials and carbon footprint, or Warby Parker, which openly shares its pricing model and commitment to giving back through its “Buy a Pair, Give a Pair” program.
These brands have built strong customer loyalty by being honest and transparent about their operations.
Buffett’s advice about involving children in estate planning can also teach online sellers how to handle difficult conversations within their teams or with partners.
Let’s say you have a disagreement with a co-founder about how to reinvest profits. Instead of avoiding the topic or postponing it, taking Buffett’s approach means tackling the issue directly, explaining your perspective, and listening to theirs. It’s not easy, but it prevents misunderstandings from snowballing into bigger problems.
Just as Buffett recommends parents explain their decisions to avoid future family disputes, business owners can avoid conflicts by fostering open, honest communication.
Future-Proofing Your Business
Another key takeaway is planning for the unexpected. Just as Buffett advises parents to prepare their children for life after they’re gone, online sellers should think about what happens if they can no longer run their business.
Do you have a plan in place if you’re suddenly unable to manage operations? Who will take over, and how will they know what to do? Creating a “business will”—a document outlining your key processes, tools, and contacts—can save your business from chaos in your absence.
Shopify experts recommend creating a detailed operations manual, especially as your business scales, to ensure continuity and smooth handoffs.
Buffett’s advice also highlights the importance of being proactive rather than reactive. Many online sellers only address problems when they arise—whether it’s a sudden spike in return rates, a supply chain delay, or a marketing campaign that flops. But the best businesses are the ones that anticipate challenges and prepare for them.
For instance, Amazon’s best sellers don’t wait for negative reviews to pile up before taking action. They use tools like Jungle Scout to monitor feedback in real-time and adjust their listings or customer service strategies accordingly.
This proactive mindset mirrors Buffett’s approach to addressing potential issues before they turn into crises.
Lastly, Buffett’s emphasis on clarity and trust can also be applied to customer feedback. Just as he encourages families to talk openly about estate decisions, online sellers should actively seek out and listen to their customers’ opinions.
Negative reviews or complaints can feel like personal attacks, but they’re actually valuable insights into how you can improve. Responding to customer feedback with honesty and a willingness to adapt shows that you value their input.
In the end, Buffett’s advice isn’t just about wills or wealth—it’s about creating a culture of openness and trust, whether in your family or your business. For online sellers, this means being clear with your team, transparent with your customers, and proactive about planning for the future.
When you approach your business with the same honesty and foresight Buffett encourages in estate planning, you’ll find it’s not just your sales that grow—it’s your relationships, reputation, and resilience.