Employees Reap Benefits of Loyalty – Owner Gives Multimillion Dollar Company to Workers

Bob Moore celebrated his 81st birthday with the gift of giving as he turned over his company, Bob’s Red Mill Natural Foods, to his 209 employees during a recent birthday celebration. This heartwarming story renews our faith in the American business system.  The plan allows participants to take from The Employee Stock Ownership Plan (ESOP) to enhance their retirement goals. In turn, the company contributes its stock to the plan to be held in trust for the benefit of its employees. The stock is never bought or held directly.  Vested employees are given annual reports detailing respective stakes in the company, but receive their due amount when they quit or retire.

The idea stemmed from the fact that Bob felt his employees had too much value and contributed to the company growth for him to sell it to outsiders.  In his live announcement on ABC World News, Bob said:  “It’s the only business decision that I could make. 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.”

Bob Moore has succeeded in creating healthier food products and encouraging efficient business practices at the same time.  He appears to be a man that practices what he preaches, and learns from mistakes to create value for the present and future.  By example, the customers and employees of Bob’ Red Mill Natural Foods are his primary concern and driving force.  His gift of corporate ownership has given new meaning to the term “employee retention.”  Good luck Bob!

© 2018 Coyle Hospitality Group 2016. Reproduction of any material without written authorization is strictly prohibited.

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