Bloomberg TV's Betty Liu traveled to Willcox, AZ (population 4,000), for a one-on-one with Howard Buffett--Warren's son--as he prepares to step in for his father as the non-executive chairman of Berkshire Hathaway.

Howard, who is on four boards including Berkshire and Coca-Cola, contemplates his future, saying that he's "been preparing all my life. I've always had this great opportunity to observe my Dad and watch his behavior and watch his interactions with people."

Howard said that "protecting Berkshire's culture means that I need to make sure that people feel that they've been treated fairly, that whatever my dad committed to them remains committed."

Watch this video for more on Howard, including his unlikely friendship with Eva Longoria.