Codie Sanchez runs multiple businesses by hiring top talent to operate them, sticking to simple deals explainable in five minutes, and enforcing one-page summaries for every decision. She credits Munger's "you don't do the barking" and Zell's simplicity rule as core to managing without getting bogged down.
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How do I own all of these companies without going crazy? First and foremost, I hire top talent. Munger said an incredible quote. When you get a dog, you don't do the barking for it. I can very quickly see what's happening in the business by using a set brief template. I can show it to you guys if you want. Just comment below. The second is Zell always said that if you can't explain a deal on a sheet of paper and in under five minutes, you probably shouldn't do the deal. So we focus on small, what I call boring businesses. The third thing is called one page culture. It works like this. Every time you have a new revenue line or business, or you have somebody that wants you to spend something in a company, you ask for a one page doc. When you hire people who are better than you, when you focus only on the type of deals you have an unfair advantage in, and when you put everything you need to know on one page because you are concise and efficient, then you can own multiple companies all at once.