Warren Buffett Wants Son To Be Successor For Berkshire Hathaway

By: Jennifer Hong
12/10/2011 09:26 AM ET

Warren Buffett – Warren Buffett wants his son, Howard, to be his successor because he would serve as a guardian of the company’s traditions and practices.

Howard, a farmer with no college degree, also understands the “values” of his company. Now, just because his son doesn’t have a college degree doesn’t make him not credible or experienced. There are many people without college degrees who are highly successful (Steve Jobs, Bill Gates, etc), and since every person is different, that shouldn’t be used against someone.

However, the experience is at question, and perhaps a concern to shareholders.

Buffett wants his son to become “non-executive chairman” after he dies, an unpaid position in which Howard would not direct the strategy of the multibillion dollar investment firm.

Howard Buffett says he’s just fine with that role, as long as he can keep growing corn and soybeans.

The elder Buffett built Berkshire Hathaway through shrewd investments in companies whose success has propelled the holding firm to legendary status in the investment world.

Shares in Berkshire Hathaway trade at over $100,000 apiece; Buffett wants it to stay a conservative, value-based company.

“You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way. That changes the way that decisions are made in reference to the shareholders,” Buffett told CBS. “The odds of that happening are very, very, very low, but having Howie there adds just one extra layer of protection,” says Buffett.