Hobby Lobby founder David Green giving away company because he ‘chose God’

David Green, the CEO of the arts and crafts retail chain, likened his decision to similar moves by the owners of Patagonia and Barnhart Crane.

at $1.2 billion, may have saved himself from paying more than $700 million in capital gains taxes by transferring 98% of Patagonia’s shares to a nonprofit.David Green

“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.”Green said that he grew uncomfortable with the idea of a business owner selling the firm and “keep[ing] the profits for yourself and your family.”“Well-meaning attorneys and accountants advised me to simply pass ownership down to my children and grandchildren.

He recalled a period in the 1980s when “I nearly lost the business” after having “grown proud thinking that I had the Midas touch.”

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