Related Stories
Owner of Multi-Million Dollar Company Hands Over Business to Employees
Key Excerpts from Article on Website of ABC News
Posted: March 3rd, 2010
http://abcnews.go.com/WN/owner-multi-million-dollar-company-...
Before the words "whole grain" and "organic" became part of Americans' everyday vocabulary, Bob Moore knew the importance of healthful eating. In 1978, he started Bob's Red Mill Natural Foods, as a small family-run business in Oregon selling stone mill-ground whole grains. The company has since grown into a multi-million dollar business that sells more than 400 whole grain products including flours, hot cereals, and organic and gluten-free products. Moore's work is a way of life and his employees are a second family, which is why he announced this week that he's handing over the keys to his 209 employees. Moore said he's gotten countless buy-out offers over the years, but he couldn't envision selling the business to a stranger. "It's the only business decision that I could make," he said. "I don't think there's anybody worthy to run this company but the people who built it. I have employees with me right now that have been with me for 30 years. They just were committed to staying with me now and they're going to own the company." The company will now be run by an Employee Stock Ownership Plan (ESOP) -- the idea being that a company's stock is put in a retirement plan for its employees, but the stock is never held or bought directly by individuals. When a vested employee retires, he can pull out money from the trust.
Related Stories
Top Inspiring News Articles
Top Inspiring News Articles from Years Past
