Giving Ownership Of Company Away? Hobby Lobby CEO Is Doing Just That
We have a popular retail chain in Sedalia called Hobby Lobby. You can find a little bit of everything there. Many of you know, that this company is always closed on Sundays for their employees to worship. Their CEO and founder is David Green. He made a big announcement on Friday. He is giving away his ownership, for God.
David shared this announcement in an opinion piece for Fox News and here is what it said:
“As an owner, there are certain rights and responsibilities, including the right to sell the company and keep the profits for yourself and your family. As our company grew, that idea began to bother me more and more. Well-meaning attorneys and accountants advised me to simply pass ownership down to my children and grandchildren. It didn’t seem fair to me that I might change or even ruin the future of grandchildren who had not even been born yet.”
“That stewardship gave me a greater responsibility. I wasn’t supposed to take the profits of the business and use them for myself. I also had a responsibility to the employees that God had put in my charge. This is why our company pays a minimum wage of $18.50 per hour, why we close on Sunday (which had been our most profitable day of business), and why we close by 8 p.m. every day.”
David sights God as the reason for his business success. He believes he should honor God and do this as a consequence of being the steward for the company, and no longer focus on his personal profit.
The company's revenue is about $5 billion dollars annually and employ about 43,000 people. It is believed that his ownership will go into a trust.
Are you a shopper of Hobby Lobby? Why or why not? Website link is HERE. Share your thoughts.