Hobby Lobby's founder gives away his company: What does it mean for Hobby Lobby stores?

"Wealth is a curse," said David Green.

Image by DangApricot, CC BY-SA 3.0, via Wikimedia Commons

Hobby Lobby is famous for its crafts supplies, unique finds, and also, its somewhat unusual (at least in America) business practices. When other stores are open 24/7, Hobby Lobby, founded by David Green, is closed on Sundays, only stays open until 8 PM, and doesn't carry spooky Halloween decorations. They also recently raised their minimum wage to $18.50 per hour.

And now, in an op-ed for Fox News, Green announced he is giving away his ownership in Hobby Lobby. In the article, Green stated, "That bigger mission and purpose helped me realize that I was just a steward, a manager of what God had entrusted me. God was the true owner of my business."

What will happen to Hobby Lobby stores?

It's not clear exactly how Green will manage giving away the business. In a recent interview with Fox & Friends Weekend, Green explained his company's voting stock was moved to a trust.

He told the hosts on the program, “Wealth can be a curse and, in most cases, if you drill down on it, wealth is a curse in terms of marriage, children, and things of that nature. So we’re stewarding our company and, therefore, our children come to work, and they get what they earn…It’s a paradigm change from ownership that can really wreck a family.”

No changes to the retail store at this time

Green said in his op-ed he wants to be a "steward" for his business, rather than an owner. "I think every CEO and business leader should consider whether they are owners or stewards. Consider the idea of where your success comes from. I’ve seen many a business with the greatest of ideas not make it, and yet others with the simplest of ideas thrive. I believe that God is the one who grants success, and with it the responsibility to be a good manager."

Though the voting stock has been moved to a trust, there have been no announcements about changing the retail stores across the country. For now, you can expect your local Hobby Lobby store to stay the same.

Patagonia owner gave up his business for climate change

Green is not the first successful business owner to give up his company, In Green's op-ed, he mentioned Yvon Chouinard, the founder of Patagonia. In September, Chouinard announced he and his family were transferring ownership of their company to an environmental nonprofit.

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