Warren Buffett once bought a $1.7 billion company over the phone. Another time, he wired billions for a business he never visited, because he didn't feel like getting on a plane.



So when he told an RV executive, &#34;You name your salary, and I'll pay it,&#34; it wasn't out of character. But it was still extraordinary.



In his 2024 letter to Berkshire Hathaway shareholders, Buffett shared the story of Pete Liegl, the late founder of Indiana-based RV manufacturer Forest River. Liegl wasn't a household name, but Buffett credits him with generating &#34;many billions&#34; in wealth for shareholders—and considers the deal one of his best.



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<h2>He'd Pay Whatever Salary Was Named</h2>



Buffett first heard about Forest River in a letter. Liegl owned 100% of the company and wanted to sell. He even named his price upfront. Buffett liked the simplicity. After asking a few RV dealers about Forest River's reputation and liking what he heard, he invited Liegl to Omaha, Nebraska, for a meeting.



What followed was classic Buffett: no games, no appraisals, no drawn-out negotiations.



When the topic of salary came up, Buffett asked Liegl what he wanted to be paid and told him that whatever number he gave, he'd accept it.



&#34;I asked Pete what his compensation should be, adding that whatever he said, I would accept,&#34; Buffett wrote. &#34;This, I should add, is not an approach I recommend for general use.&#34;



Liegl didn't ask for millions. Instead, he requested $100,000 per year—the same salary Buffett took as Berkshire's CEO for decades. Then he added a 10% bonus on profits above the current run rate. Buffett said yes without blinking.



The deal was sealed. No one-lawyer-per-minute fee. No spreadsheet battles over earnouts. And no drama later. &#34;Those vague terms never caused a problem,&#34; Buffett wrote.



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<h2>Buffett's Favorite Kind of Deal</h2>



Buffett is famously allergic to complexity. He prefers simple businesses, simple math, and people he can trust. He's made deals in minutes, often without leaving Nebraska, because what matters most to him isn't a perfect pitch deck—it's character and accounting.



And in Liegl, he found both.



After the deal closed, Liegl stayed on and ran Forest River for nearly two decades. According to Buffett, he &#34;shot the lights out&#34; and outperformed every competitor. He kept working until his death in 2024 at age 80. 



Buffett doesn't often praise by name. But this time, he made an exception. &#34;Pete Liegl was a natural,&#34; he wrote.



<h2>No Fancy Degrees. No Nonsense.</h2>



Buffett also used the story to reinforce one of his oldest beliefs: credentials don't matter nearly as much as competence. &#34;I never look at where a candidate has gone to school. Never,&#34; he wrote. Instead, he values raw talent, sound judgment, and integrity—traits he saw in Liegl.



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That philosophy has led him to buy companies without seeing the factory floor, skip formal site visits, and rely almost entirely on what the numbers—and his gut—tell him.



Liegl had the numbers. Buffett had the gut.



<h2>Winners Blossom. Mistakes Fade.</h2>



Buffett admits he's made mistakes—bad acquisitions, poor judgment calls, overconfidence in people who didn't deserve it. But Forest River wasn't one of them. It was the kind of decision that makes up for all the rest.



&#34;Mistakes fade away; winners can forever blossom,&#34; he wrote.



Liegl, by Buffett's account, was one of the biggest winners in Berkshire's history—and all it took to get the deal done was a letter, a handshake, and a number scribbled on a page.



No one needed a second opinion.



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Image: Shutterstock

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Warren Buffett's acquisition of Indiana RV maker Forest River exemplifies his straightforward approach to business. He allowed founder Pete Liegl to name his salary, which was set at $100,000 plus a 10% profit bonus. Buffett praised Liegl for generating significant wealth for shareholders and emphasized that character and competence matter more than credentials. The deal, finalized without complex negotiations, led to Forest River's success under Liegl's leadership until his passing in 2024. Buffett reflects on this acquisition as a highlight in his career, showcasing his preference for simplicity in business dealings.

- Warren Buffett praised the late Pete Liegl, founder of Forest River, for creating significant shareholder wealth and described their simple deal process.  
- Liegl named his salary at $100,000 with a 10% profit bonus, and Buffett appreciated the straightforward negotiations, avoiding complications.  
- Buffett emphasized that success comes from integrity and competence, not formal credentials, and recognized Liegl as a standout contributor to Berkshire Hathaway.

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Warren Buffett Bought an Indiana RV Maker and Let the CEO Name His Own Salary—Whatever It Was, He'd Pay It. 'This Is Not an Approach I Recommend'