Eco entrepreneur gives away his company to his employees
Bob Moore spent his life building up his health food company, Bob's Red Mill Natural Foods. On his 81st birthday, he gave it all away to the people who helped him most -- his employees.
Wed, Mar 03 2010 at 12:24 PM
Bob Moore started Bob's Red Mill foods
with his wife Charlee in 1978 because he loved healthy food and old-world technologies like stone grinding. His 209-employee company sells hundreds of stone-ground products from flours to bread mixes to cereals and was estimated in 2004 to be worth more than $24 million
. The company has stated that they've grown at an annual rate of between 20 and 30 percent every year since.
On Bob's 81st birthday, he sprung the news on employees gathered for his party that he was giving them the company. The whole thing.
It's not surprising to hear that Moore's company has been bombarded with buyout offers over the past few years. He could have easily sold out and walked away a very rich man, but he decided to go a different route and setup an employee stock-ownership plan in which the company stock is placed into a trust in benefit of the employees. They receive money based on the company performance when they quit or retire. You can read more about the plan on the Bob's Red Mill website
and in this MNN story
and on their blog
Well played sir.
Here's a clip from ABC News about Moore's gift:
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