Berkshire Hathaway's legendary late vice chairman, Charlie Munger, has repeatedly lauded the entrepreneurial prowess of late Rose "Mrs. B" Blumkin, the founder of Nebraska Furniture Mart.
What Happened: Blumkin established Nebraska Furniture Mart in 1937, which later evolved into one of North America's largest home furnishing stores. Berkshire Hathaway purchased Nebraska Furniture Mart in 1983.
Both Munger and Warren Buffett have frequently spoken about Blumkin's influence on the company's culture and philosophy.
In a 2017 interview, Munger fondly remembered her and said that despite her inability to read or write in English, she could perform complex mental arithmetic.
Munger also shared a light-hearted story about Blumkin's work ethic, revealing that she would call her sons "bums" if they worked less than 100 hours a week, even after they had become wealthy.
"She was a very bossy, domineering, hard-working woman, and she worked herself 100 hours a week," he recalled fondly.
Why It Matters: Blumkin moved to the U.S. in her early twenties from Russia and started Nebraska Furniture Mart with a $500 loan from her brother. Mrs. B also invested her savings.
The acquisition of Nebraska Furniture Mart by Berkshire Hathaway in 1983 was a significant milestone in the company's history.
Buffett considered the deal one of the best of his career, reported Business Insider. "spiring business managers should look hard at the plain, but rare, attributes that produced Mrs. B's incredible success," he wrote in a 2013 letter to Berkshire's shareholders.
Adding, "If they absorb Mrs. B's lessons, they need none from me."
Mrs. B passed away at the age of 104, but her legacy remains deeply ingrained in her family's business.
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