Hobby Lobby Owner David Green Is Giving Away His Firm
The billionaire owner of the craft store Hobby Lobby has said that he has decided to "give away ownership of Hobby Lobby." He added, "I chose God."
David Green, 80, founded the company in 1972 in Oklahoma. He's grown the family firm into a $6.4 billion chain.
Green wrote on Friday, "As an owner, you have certain rights and responsibilities, like the right to sell the business and keep the money for yourself and your family."
"As our business grew, I started to bother more about that idea. Lawyers and accountants who meant well told me to just give the property to my children and grandchildren.
"It didn't seem fair to me that I could change or even ruin the future of grandchildren who hadn't even been born yet."
Evangelical Christian Barnhart
, proprietor of a Tennessee construction company, gave it to the NCF in 2007. He still runs it but hasn't been paid since 2007.
Green talked about his religious beliefs, but unlike Barnhart, he didn't say who would take over the company, when, or on what terms.
In addition, it is unclear whether he intends to donate not only Hobby Lobby but also his personal wealth as well.
David's older son Mart is a "Ministry Investment Officer," and his younger son Steve is the company's president.