Millionaire Transfers Full Ownership Of His Business To 700 Employees; Here's Why

Bob Moore died at his home on Saturday, February 10, at 94. (Image: bobsredmill.com)

Bob Moore, the man behind Bob’s Red Mill, died on February 10 at the age of 94. His business is widely known for its whole grain goods and employee-friendly policies. Before he passed away, Moore had set up a special ownership structure for his company that produces natural foods.

As per Fortune, he gave full ownership of the company to his 700 employees instead of selling it to any food conglomerate. The company announced Moore’s death by saying, “We will truly miss his energy and larger-than-life personality.”

Moore had previously given up ownership in 2010 on his 81st birthday, launching an employee stock ownership plan for his then-209 employees. Long before his death, the company, which had grown to 700 employees by April 2020, became completely employee-owned. He told the business magazine that he planned to stay away from traditional business models, which put the interests of owners and management ahead of those of their workers.

“I learned almost 70 years ago how integral hard work and kindness is to success. As our small business grew, I realised I had a great opportunity for generosity,” Fortune quoted Moore as saying. “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 added.

In 2018, the businessman described Bob’s Red Mill as “an absolute dream come true.” He stated in a different interview that he rejected numerous offers because he loved the company too much to sell it.

Despite having retired from the company in 2018, Moore remained a board member until his demise. He asserted that maintaining a constant focus on his true north was the secret to his success following a lifetime of ups and downs.

“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,” Moore told the magazine.

Moore founded the company when he was 49 years old. He previously owned a petrol station and worked as a store manager at JCPenney, a department store chain. The millionaire came out of early retirement to start his own business, and he had dedicated himself to Bible study. According to Forbes, his company’s revenue was expected to exceed $100 million in 2018. Notably, Bob’s Red Mill sells over 200 items in over 70 countries.