The Lifestyle Investor - Investing, Passive Income, Wealth 137: Putting People First and Redefining Philanthropy with David Green
How do you transform a $600 startup into a thriving multi-billion dollar business that not only endures, but flourishes for decades?
This remarkable feat is achieved by only a select few, and our guest on today's episode, David Green, is one of those exceptional individuals.
David is the Founder and CEO of Hobby Lobby, the world’s largest privately owned arts and crafts retailer. Since founding it in 1972, he grew his company from its modest beginnings to an astonishing $8 billion empire, employing nearly 50,000 individuals across 970 stores nationwide.
David’s business model places paramount importance on the well-being of his employees, guided by his unwavering faith and a purpose that extends beyond mere profits. It is this unconventional approach that David attributes to the enduring success of Hobby Lobby.
A tangible manifestation of this philosophy is evident in the fact that all Hobby Lobby stores close their doors on Sundays, allowing employees to dedicate time to their faith, family, and well-being. Moreover, Hobby Lobby's commitment to giving back is truly remarkable. The company generously donates over half of its annual profits to charity, all while maintaining a strong and sustainable financial standing. These decisions not only align with David's core values but also serve as a testament to the fact that a business can thrive while remaining dedicated to its higher purpose.
In this episode, you’ll learn:
✅ The story of how David built the most profitable private retail chain store in the country on a $600 loan.
✅ How David, despite being a billionaire, maintains a humble outlook and does not associate wealth with personal value.
✅ The compelling reasons behind David's decision to give away his multi-billion dollar company.
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