Millionaire gifts full ownership of company to 700 employees before passing away
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Oregon: Bob Moore, the visionary behind Bob's Red Mill, known for its whole grain products, passed away at the age of 94 on February 10, 2024.
The millionaire's legacy extends beyond his natural food firm, as he took a remarkable step by transferring complete ownership of the company to its 700 employees, deviating from the traditional approach of selling to a conglomerate.
Having initiated an employee stock ownership plan in 2010 on his 81st birthday, Moore had already relinquished ownership to his 209 employees at that time.
By April 2020, the company had expanded to 700 workers, all of whom became full owners under this unique structure, emphasising Moore's commitment to a business model where employees share in the success of the company.
Moore's decision to embrace employee ownership was fueled by a desire to depart from conventional business models that prioritise profits over the welfare of employees.
In an interview, he said, "I learned almost 70 years ago how integral hard work and kindness are to success. As our small business grew, I realised I had a great opportunity for generosity." Moore highlighted the importance of embodying the golden rule, stating, "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."
Resisting numerous offers to sell his beloved company, Moore, in 2018, described Bob's Red Mill as "an absolute dream come true." Despite retiring in 2018, he remained on the company's board until his demise, emphasising the importance of staying true to one's principles. Moore attributed his success to unwavering dedication to his purpose, stating, "You need to have a purpose."
Founding the company at the age of 49 after a career shift from being a gas station owner and store manager at J.C. Penney, Moore's business acumen and commitment to wholesome foods propelled Bob's Red Mill to estimated revenues exceeding $100 million as of 2018. The company's product line, comprising over 200 items, is distributed in more than 70 countries.
Following Moore's passing, the company released a statement acknowledging his impact, saying, "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."
