This Billionaire Chooses to Give His Company to All Employees Instead of Selling It

"Billionaire Chooses to Give His Company to All Employees Instead of Selling It"

Dream - A wealthy businessman named Bob Moore chose to give his company to his employees rather than selling it to someone else when he passed away.

Quoted from NDTV, Bob Moore, who owned the business through the whole grain products of Bo's Red Mill company, passed away on February 10, 2024, at the age of 94.

The death of Bob Moore has attracted attention, as he is known as a good boss to his employees. Because he preferred to give his company to 700 employees rather than selling it to a conglomerate. Moore released ownership of the company in 2010 by launching a stock ownership plan for 209 employees on his 81st birthday.

In April 2020, the company continued to grow, employing 700 workers, and the shares fully became owned by the employees before Moore passed away.

Moore does all of this because he intentionally avoids the conventional business model where owners and management prioritize their own profits over the employees. "I learned almost 70 years ago how important hard work and kindness are in achieving success. As our small business grew, I realized that I had a great opportunity to be generous. My favorite Bible verse, Matthew 7:12, says, 'Do to others what you want them to do to you.' That is something that, in my opinion, we should all live by," expressed Moore.

In another interview, Moore said that he loved the company so much that he would never sell it and therefore rejected many offers. "They thought I was just a stupid person with a disabled brain because I didn't want to sell my company. They said how foolish I was, but you can't build what I've built and become so foolish," he added.

Moore served on the company's board of directors until his death, despite retiring in 2018. He claimed that the key to his success after a lifetime of ups and downs was always staying focused on the true direction. "I have traveled all over the world. I have a beautiful home. I have been successful. I don't squander my money. It's truly enjoyable to have enough money to do these things, but there's one thing: You need to have a goal," he said.

This millionaire established a company at the age of 49. Previously, he was a gas pump owner and a store manager at JC Penney. He retired early to start a business and dedicate himself to studying the Bible.

The income of the company is estimated to reach more than $100 million in 2018, according to Forbes. Red Bob Factory sells over 200 products in more than 70 countries.

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