Bob’s Red Mill founder transferred company ownership to employees

Bob Moore, founder of the Bob’s Red Mill brand known for its whole grain products and benevolence toward employees, died on Saturday at 94.

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00:00 Bob Moore, the founder of Bob's Red Mill, passed away at 94 years old and left the company to his

00:04 employees. Moore started his company at 49 years old after careers as a gas station owner and store

00:10 manager at a JCPenney. He never disclosed his personal wealth, but the numbers prove he was

00:14 almost certainly a millionaire. In 2018, Bob's Red Mill was estimated to have over $100 million

00:19 in revenue, according to Forbes. Moore loved the company so much that he refused to sell it even

00:24 after getting so many offers. So instead, he left the company to his employees. And that wasn't the

00:28 only giving gesture Moore made. In 2010, on his 81st birthday, Moore opened an employee stock

00:33 ownership plan for his 209 employees. Bob's Red Mill soon grew to 700 employees and was 100%

00:39 employee-owned as of April 2020. Moore told Fortune he did this because he wanted to avoid

00:44 company models where owners and managers prioritize their own profit above workers.

00:48 He retired in 2018 but remained a board member up until his death. And he told Fortune the secret

00:53 to a lifetime of success is simple, you need to have a purpose.