The founder of Hobby Lobby announced that he will be giving away his company and will not sell it for profit or keep it in the family.
Owner David Green says his success with the business is all because of God and he has no intentions of getting money off of it by selling it. Instead, he explained that he sees himself more as a steward than an owner of his company.
“When I realized that I was just a steward, it was easy to give away my ownership,” Green announced.
Not only has Green decided not to profit off the sale of his business, but he has also chosen not to pass it down to his children out of fear that they would be stuck with a burden.
“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,” he said. “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.”
It’s unclear how Green will give the company away, however, he recently moved 100% of Hobby Lobby’s voting stock to a trust.