Hobby Lobby Owner Says He ‘Chose God’ Over Profits
You'll hear many stories about business owners who end up selling their companies. You don't hear too many situations of a business owner simply giving one away, however. But that is exactly what the owner of Hobby Lobby has decided.
KCRG reports that David Green, the former CEO of Hobby Lobby, wrote that he "choose God" when it came to the decision to give away ownership of the company. In an opinion piece that was published by Fox News, Green talked about how his faith guided his decision to not only give away the company but also how he viewed his role as CEO.
In the article, Green stated that his success as the owner of Hobby Lobby comes from God and that he considers himself a steward of the company rather than the owner, according to KCRG. He also noted that business owners in similar positions should also consider whether they are owners or stewards. Green went on to say that as the owner of Hobby Lobby he has the right to sell it for profit and keep the money for his family. But KCRG reports that the idea bothered him 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.
KCRG reports that there is no word yet on how Green will transfer the ownership of Hobby Lobby. But the former CEO did reference the former owner of Patagonia, who gave his company away to a trust in September. That trust will use all profits of the company to help fund efforts to fight climate change.