A businessman who decided against selling his company instead chose to pass ownership to his employees.
Bob Moore, who founded Bob’s Red Mill, passed away on February 10, 2024, at the age of 94 in Milwaukie, Oregon.
Over his lifetime, he demonstrated that it’s never too late for a career change, launching Bob’s Red Mill at 49 in 1978.
Renowned for its whole grain offerings, the brand was established after Moore had careers as a gas station owner and a JCPenny store manager.
Though Moore kept his net worth confidential, it was reported by Forbes that the company generated over $100 million in revenue by 2018.
The company flourished, offering a vast array of products primarily centered on whole grains, along with baking mixes, beans, seeds, nuts, dried fruits, spices, and herbs.
Bob’s Red Mill also became pioneers in the production of gluten-free flours and baking mixes.
Despite numerous offers from potential buyers, Moore expressed to Fortune his deep affection for the company and his decision never to sell it.
But as he and his senior colleagues approached retirement age, they knew planning for the company’s future and its employees’ security was essential.
In the face of persistent interest from buyers, Moore stood firm. “People continually reach out to me, interested in buying my company, like they’re doing me a great favor,” Moore told Fortune in 2022. “They say they’re going to take it off my hands and give me a lot of money.
“They’re so enamored with themselves that it became difficult to even answer my phone.
“They thought I was just a lame-brained idiot because I didn’t want to sell my company. They told me how stupid I was, but you can’t build what I’ve built and be really stupid.”
Moore’s financial advisor began investigating employee stock ownership plans (ESOPs), which grant workers a stake in the company.
The decision was finalized, and the ESOP documents were signed on Moore’s 81st birthday in 2010, granting one-third of the company to the employees.
With over 700 employees by 2020, the business transitioned to being fully employee-owned by April that year, as reported by Business Insider.
Throughout his life, Moore valued transparency in business operations.
Unlike some managers who avoid certain topics, Moore encouraged ‘open dialogue’ and held town halls to ensure employees could freely present their ideas.