Hobby Lobby’s New Path

Hobby Lobbys Founder David Green (center) on October 21st, at Shades Mountain Baptist Church in Birmingham. (www.legacycoalition.com/summit)

Hobby Lobby’s Founder David Green (center) on October 21st, at Shades Mountain Baptist Church in Birmingham. (www.legacycoalition.com/summit)

Maryam Al Janabi, Reporter

Hobby Loby is nothing if not infamous. It is a store that carries various arts and crafts materials, party supplies, fabric, and home decor items. But is is equally well know for its owners, whose religious belief’s heavily influence the opporation of their business. In a Fox News interview, David Green, the owner of Hobby Lobby, announced that he’s giving up his business. His reason: “God in the true owner of [his] buisness.”  

A well-known supporter of Evangelical organizations, he attributes his success to God. He feels that passing the company down to his children would’ve been the wrong choice.  For Green, wealth can be a curse and ruin important things like marriage and children. He felt uncomfortable with giving his profits and business to himself and his family. According to him, “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.”

 “As our company grew, that idea began to bother me more and more. Well-meaning attorneys and accountants advised me to pass ownership to my children and grandchildren simply. It didn’t seem fair to me that I might change or ruin the future of grandchildren who had not yet been born.”

It’s easy to give away his company to anyone. “When I realized that I was just a steward, it was easy to give away my ownership,” said Green, whose net worth is around $14 billion. As stated by Green, his decision to give away his company is the same as the decision inspired by Yvon Chouinard, owner of Patagonia.  

Yvon and Green paved the way in Patagonia. Leading the way by giving their companies away. To a greater cause, of course. The move may also help him avoid a serious tax bill.