So I had the pleasure of watching Mr. Jon Huntsman Jr. yesterday.
First a little background, before I get to why I am blogging about him.
A great man who came from humble beginnings, his house had a dirt floor and was made of cardboard. Another great man saw something in the child, and as a result gave him a scholarship to the Wharton School of Business.
After a stint in the Navy he wanted to start a chemical company, but had no money. So instead he invented something to make money so he could start the company. That invention was K-Tel. You remember those record albums? Yup, that was his. Eventually he got the money he needed to start his Chemical Co.
Every now and again, during tougher times, he would sell about 40% of his company only to buy it back later. One time he struck a deal, with a handshake with Great Lakes Chemical to buy a $54 Million stake in his company. But it took the lawyers 6 months to draft the contract. In that time, the stake they were buying raised by $200 Million. The buyer suggest they split it at $125 Million as a result. Now this is where most people fail.
Jon Huntsman Jr. looked the buyer in the eye and said "I gave you my word and shook your hand at $54 Million. Nothing that has changed since matters, that is the deal" So Great Lakes bought a $250 Million stake in Huntsman Chemical for only $54 Million.
How much better a place would we be living in, if everyone acted the same
EDIT: I forgot to mention, Jon Huntsman Jr. is a Billionaire, who long before Buffet/Gates movement has pledged to die penniless. He invented the egg carton, big mac clam shell container, and so many many more things. What he did was create something that is used in many many products.
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