Owner of Bob’s Red Mill Natural Foods Gives His Company To His 209 Employees

[no_hypocrisy]

Moore's work is a way of life and his employees are a second family, which is why he announced this week that he's handing over the keys to his 209 employees.

Moore said he's gotten countless buy-out offers over the years, but he couldn't envision selling the business to a stranger.

"It's the only business decision that I could make," he said. "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."

The company will now be run by an Employee Stock Ownership Plan (ESOP) -- the idea being that a company's stock is put in a retirement plan for its employees, but the stock is never held or bought directly by individuals. When a vested employee retires, he can pull out money from the trust.

http://abcnews.go.com/WN/owner-multi-million-dollar-company-hands-business-employees/story?id=9875038#.UKI-qmfYH2z

[wellstone dem]

1. I love Bob's Red Mill Products

And now I have the perfect excuse to buy more.,

[Scuba]

2. I do now...

Reminds me of the story of a small 9-hole golf course, owned by a man with no family. In his will, he deeded it to the city, with a couple provisions. The local high school kids had to get free green fees, and the current employees had to be retained at their current salaries.

The city was ecstatic, and jumped on the deal. Then they found out the mostly very young employees flipping burgers and mowing greens were making more than the mayor.


Back in the day, the course was called Pine Creek, but known affectionately as "Lefty's". It's in LaCrescent, MN.

[MrYikes]

3. great story, perked me up

but had a date of February 2010.

[MH1]

34. That explains it

I was wondering why the bag of 8-grain cereal I have in my cabinet says "employee owned" on it. I just noticed that a couple days ago. I've been buying that product for years.

[Anthony McCarthy]

4. Hurray

What a difference in a week when Papa Johns and other big businesses are screwing their employees so they don't have to provide them with benefits.

I'm going to buy that Bob's teff flour I've been hesitating to buy because of the price. Their products are very good quality.

[geardaddy]

20. Jimmy John's too.

http://www.huffingtonpost.com/2012/06/11/romney-obama-jimmy-johns-economy_n_1588023.html

[ET Awful]

5. Didn't that happen a few years ago?

I seem to recall hearing about this at least 2 years ago or so.

Still, it just made a good company great. . I've been using their products for a long time.

[Momgonepostal]

18. the story says 2010...

So, you're right...not LBN, but still cool!

[geckosfeet]

6. Nice story. But any company can have and ESOP for it's employees. I have worked at

a fairly well known multinational corporation that employed tens of thousands and a smaller company of around 100 people - that both had ESOP's. You have the option to buy stock at a discount and can set up convenient weekly stock purchases. But it is also a guarantee that the companies stock will be sold at the current price.

[harun]

19. Buying it at a discount is a Purchase Plan, not an Ownership Plan

Different animal.

No employee buys shares with what this guy did.

[PoliticAverse]

28. BTW, Enron had an ESOP. n/t

[rhett o rick]

7. Great story. I use "Bob's Red Mill" products. nm

[liberal N proud]

8. That is a fantastic story.

Good for those people and good for Moore, he probably received more satisfaction from doing that than all the money in the world could buy.

The 1% need to take a lesson from this guy!

[kelliekat44]

9. Been a loyal consumer of his products for years. Why aren't there more like him? It's not hard

to be considerate, kind, and successful.

[amuse bouche]

10. Fanatsic news

I've been a loyal customer for more than a decade. They sell hard to find grains and their 10 grain hot cereal is great

Check out their online catalog

[trailmonkee]

11. non gmo too

from his website:

Are your products genetically modified?

No. All of our products originate from identity-preserved, non-GMO seeds. This means that the seed planted in the ground is non-GMO. We do not guarantee the complete absence of GMO materials in our products because of wind drift, pollinators and our lack of testing equipment.

[dixiegrrrrl]

23. Ohh..good to know there is no GMO.

I buy gluten free flour mixes, in bulk from them.
lovely to hear the company will be taken care of by employees.

[AnneD]

12. I have bought Bob's Red Mill Products for years.....

excellent organics. The move doesn't surprise at all if you know the company. Good on you Mr. Moore. You are a blessing.

[Ganja Ninja]

13. I've just stared buying his stuff about a year ago.

Very good and healthy too.

[AnneD]

30. You can get the hard to find grains.....

I generally do not like pancakes but love pancakes made of buckwheat (I discovered blue corn recently). I love it. I like their rye flour too.

Years ago, when they tried to locate the Federal Nuclear Waste site under the Ogallala Aquifer, Red Mill was instrumental in activating a grass roots campaign against it. The Aquifer feeds the grain in west Texas and supplies water to much of the Midwest. Contamination would have been deadly. I remember getting notices on the back of the package with addresses to contact. I sent letters and I bet many others did too. I have been loyal to them every since then and that was in the early 70's.

I make some things with regular flour, but Red Mil is like, organic gourmet to me.

[patrice]

14. Red Mill is the BEST! Big product line. I always buy Red Mill. nt

[Bernardo de La Paz]

15. It's good news. I buy their ground flax seed. Contrast this with Applebees and Papa John. nt

[thereismore]

25. Do not buy flax seeds, seriously.

They lower good cholesterol, and are useless for omega-3 fatty acids too. Not for people. I buy almond meal and potato starch from them.

[Bernardo de La Paz]

31. Reference? Do you have that backwards? Here's a reference:

http://www.mayoclinic.com/health/flaxseed/AN01258

Flaxseed is high in fiber, omega-3 fatty acids and phytochemicals called lignans. [...] Both flaxseed and flaxseed oil have been used to help reduce total blood cholesterol and low-density lipoprotein (LDL, or "bad&quot cholesterol levels

[thereismore]

37. There are other factors that cause HDL to go down in men - double blind study

Flaxseed and cardiovascular risk factors: results from a double blind, randomized, controlled clinical trial.
http://www.ncbi.nlm.nih.gov/pubmed?term=18460483

"In men, flaxseed reduced HDL-C concentrations by a net of 16% (p = 0.03) and 9% (p = 0.05) at 5 and 10 weeks, respectively."

[Bernardo de La Paz]

38. Thanks for the reference.

[FailureToCommunicate]

16. Gotta love this new "ESOP" fable!

[bongbong]

17. There are precedents

One of the oldest employee-centric firms is Lincoln Electric. It formed its ESOP in 1925. Best welding equipment in the world.

[peacebird]

21. Have been a loyal customer since the early 80's. Great products, & apparently a great boss!

[montanto]

22. Too cool!! I just bought a bunch of their stuff this weekend!!

Glad to support.

[freshwest]

24. Pefect, no disconnect between ownership/workers. Bob, enjoy your retirement.

Real free enterprise in action, not invisible hands.

[Duer 157099]

26. Socialist!!!

[hollysmom]

27. and the world is better for him being in it.

[grasswire]

29. they have a great online STORE

You can order anything from them.

[Blue Owl]

32. I'm gonna make the switch to Bob's

Always liked their no-nonsense products.

[Cha]

33. I've bought their products a lot over the years.

This is heartwarming to see.. thanks, no_hypocrisy

[defacto7]

35. Glad this came up....

Bob’s Red Mill... great stuff.

Thanks for being a real, Bob!!

[eridani]

36. Their variety is really incredible

I get their pure gluten to add to whole wheat flour, barley, oat--all kinds of stuff. Very high quality. I'm sure the company will be in good hands.