This Millionaire Transferred Ownership Of His Firm To 700 Employees, Here’s Why
The millionaire established Bob’s Red Mill at the age of 49.
Bob Moore, the founder of Bob’s Red Mill, died at the age of 94 on February 10, 2024. His company is best known for its whole grain products and benevolence towards employees. Mr Moore had established a unique ownership structure for his natural food firm. Rather than selling out to a food conglomerate, he gave his 700 employees full ownership of the company, as per a report in Fortune.
Mr Moore had previously given up ownership in 2010, launching an employee stock ownership plan for his then 209 employees on his 81st birthday. The firm, which had grown to 700 workers by April 2020, became entirely employee-owned long before he died.
He told the outlet that he intended to avoid conventional business models in which owners and management prioritise their profits over employees. “I learned almost 70 years ago how integral hard work and kindness is to success,” Mr Moore said. “As our small business grew, I realized I had a great opportunity for generosity. My favourite bible scripture, Matthew 7:12, says do unto others what you’d want them to do unto you. That’s something I think we should all live by,” he continued.
The businessman said in 2018 that Bob’s Red Mill was “an absolute dream come true”. In another interview, he said that he loved the company so much that he would never sell it and therefore resisted many offers. “They thought I was just a lame-brained idiot because I didn’t want to sell my company. They told me how stupid I was, but you can’t build what I’ve built and be really stupid,” he added.
Mr Moore was on the company’s board until his death, even though he retired in 2018. He claimed that his key to success after a lifetime of ups and downs was always focusing on his true north. “I’ve travelled all over the world. I have a lovely home. I’ve been successful. I haven’t squandered my money. It’s a wonderful pleasure to have enough to do these things, but here’s the thing: You need to have a purpose,” he said.
The millionaire established the company at the age of 49. Before this, he was a gas station owner and store manager at J.C. Penney. He came out of early retirement to start the business and he had dedicated himself to the study of the Bible. His company’s revenue was estimated to be over $100 million in revenue as of 2018, according to Forbes. Bob’s Red Mill sells over 200 products in more than 70 countries.
Announcing Mr Moore’s death, the company said, “Bob’s passion, ingenuity and respect for others will forever inspire the employee-owners of Bob’s Red Mill, and we will carry on his legacy by bringing wholesome foods to people around the world. We will truly miss his energy and larger-than-life personality.”
