This millionaire transferred ownership of his company to 700 employees and here’s why

The millionaire established Bob’s Red Mill at the age of 49.

Bob Moore, the founder of Bob’s Red Mill, passed away on February 10, 2024 at the age of 94. His company is known for its whole grain products and kindness to its employees. Mr. Moore established a unique ownership structure for his natural foods company. Instead of selling the company to a food group, he handed over full ownership of the company to 700 employees, the Financial Times reported. wealth.

Mr Moore had previously relinquished ownership in 2010 and launched an employee stock ownership plan for the then 209 employees on his 81st birthday. As of April 2020, the company had 700 employees and was fully employee-owned long before his death.

He told the outlet he intended to avoid the traditional business model in which owners and management put profits ahead of employees. “Nearly 70 years ago, I learned that hard work and kindness were integral to success,” Mr. Moore said. “As our small business continued to grow, I realized I had a generous opportunity. My favorite The Bible verse Matthew 7:12 says, do unto others as you would have them do unto you. I think that’s something we should all live by. Pass,” he continued.

The businessman said in 2018 that Bob’s Red Mill was “an absolute dream come true.” In another interview, he said he liked the company so much that he would never sell it and turned down numerous takeover offers. “They thought I was just an idiot with a bad brain because I didn’t want to sell my company. They told me how stupid I was, but you can’t build what I built and that was really stupid,” he added.

Mr. Moore remained a member of the company’s board of directors until his death, although he retired in 2018. He claims that after going through a lifetime of ups and downs, the key to his success has always been to focus on his true direction. “I’ve traveled all over the world. I have a lovely home. I’m successful. I don’t waste my money. It’s such a joy to have enough money to do these things, but here’s the thing: You need to have a goal ,”He said.

The millionaire founded the company at the age of 49. Prior to that, he was a gas station owner and store manager for JC Penney. He retired early, started a business, and devoted himself to Bible study.It is estimated that his company’s revenue will exceed $100 million as of 2018 Forbes. Bob’s Red Mill sells more than 200 products in more than 70 countries.

Announcing the death of Mr. Moore the company stated“Bob’s passion, ingenuity, and respect for others will forever inspire employee-owners of Bob’s Red Mill, and we will continue his legacy of bringing healthy food to people around the world. We will truly miss him.” Energy and transcendence…life personality.”