Bob Moore, the founder of Bob’s Red Mill, left an indelible mark on the lives of his employees when he transferred ownership of his company to them. This remarkable gesture not only secured the future of his business but also demonstrated his commitment to the well-being of his employees.
Moore’s journey to success was anything but conventional. At the age of 49, he started Bob’s Red Mill, a company that would go on to become a leading producer of whole grain products. His dedication to providing high-quality products earned him a loyal customer base, and by 2018, his company was estimated to be worth over $100 million.
Despite receiving numerous offers from prospective buyers, Moore remained resolute in his decision not to sell. His love for the company and its employees was unwavering, and he was determined to protect their interests. In an interview with Fortune, Moore expressed his frustration with the constant calls from suitors, saying, “They thought I was just a lame-brained idiot because I didn’t want to sell my company.”
Moore’s financial partner introduced him to the concept of employee stock ownership plans (ESOPs), which allowed employees to acquire a stake in the company. On Moore’s 81st birthday in 2010, the ESOP papers were signed, giving the employees one-third of the company. By April 2020, the business was fully employee-owned, with over 700 employees benefiting from Moore’s selfless decision.
Moore’s approach to business was characterized by transparency and open communication. He encouraged employees to contribute their ideas and fostered a sense of community within the company. Through his remarkable legacy, Moore demonstrated that business success is not just about profit, but also about people.
