In business, if you are successful enough to attract the attention of billionaire Warren Buffett, who then invests in your company, chances are you have done something right.

Such was the case for Bill Child, former chief executive officer of R.C. Willey Home Furnishings, who took the company from sales of $250,000 in 1953 to $257 million in 1995, when he sold the company to Berkshire Hathaway Inc.— the Omaha, Neb.-based conglomerate holding company headed by Buffett.

Child is the subject of the recently released book "How to Build a Business Warren Buffett Would Buy," authored by Jeff Benedict. Child and Benedict were featured speakers at a luncheon at the Salt Lake City Marriott City Center Hotel Wednesday before an audience of local business leaders.

Child said persuading Buffett to invest in his company and expand the business into other states took some convincing, but proved to be profitable for both men. In the book, Child described selling the furniture chain to Buffett as "the climax" of his business career.

During a question-and-answer session following his formal remarks, Child said today's economic turmoil does present some challenges.

"Times are tough," he said. "The recent financial chaos … has to affect everyone."

While the economy has slowed considerably over the past year, the situation will improve, just like it has following previous downturns, he said.

If businesses are to succeed in the long run, they must be able to make the adjustments necessary to recover when the turnaround occurs, he added.

Child said change is an essential ingredient for success in the retail industry. Companies that don't adapt don't last, he said.

His advice for aspiring entrepreneurs included "to avoid unnecessary debt," hire good and capable people, be honest and make decisions with a long-term view.

"Know your business, know your market and be adequately financed as much as you possible can," he said.

E-mail: jlee@desnews.com