Samuel Moore Walton (March 29, 1918 - April 5, 1992) is an American businessman and entrepreneur famous for establishing Walmart and Sam's Club retailers. Wal-Mart Stores Inc. growing into the world's largest company by revenue and the largest private company in the world. At one point in his life, he was the richest man in America.
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Samuel Moore Walton was born to Thomas Gibson Walton and Nancy Lee, in Kingfisher, Oklahoma. He lived there with his parents on their farm until 1923. However, the farm did not provide enough money to raise a family, and Thomas Walton went to the mortgage farm. He worked for his brother Walton Mortgage Company, who was an agent for Metropolitan Life Insurance, where he confiscated farmland during the Great Depression.
He and his family (now with another son, James, born in 1921) moved from Oklahoma. They moved from one town to another for several years. While attending the eighth grade in Shelbina, Missouri, Sam became the youngest Eagle Scout in the state's history. In adult life, Walton became the recipient of the Eagle Distinguished Opening Award from Boy Scouts of America.
Eventually the family moved to Columbia, Missouri. Growing during the Great Depression, he undertook tasks to help meet his family's financial needs as was common at the time. She milked the family cow, bottled the surplus, and brought it to the customer. After that, he will deliver the Columbia Daily Tribune newspaper on the paper route. In addition, he sells magazine subscriptions. After graduating from David H. Hickman High School in Columbia, he was voted "Most Versatile Boy".
After high school, Walton decided to go to college, hoping to find a better way to help support his family. He attended the University of Missouri as a ROTC cadet. During this time, he worked a variety of strange jobs, including a waiting table in exchange for meals. Also during his time at college, Walton joined the Zeta Phi chapter of the Theta Pi Beta fraternity. He was also tapped by QEBH, a well-known secret group on campus that respects senior seniors, and national military honorary societies, Scabbard and Blade. In addition, Walton served as president of the Burall Bible Class, a large class of students from the University of Missouri and Stephens College. After graduating in 1940 with a bachelor's degree in economics, he was elected a "permanent president" of the class.
Walton joined J. C. Penney as a management trainee in Des Moines, Iowa, three days after college. This position pays him $ 75 a month. Walton spent about 18 months with J. C. Penney. He resigned in 1942 in anticipation of being inducted into the military for service in World War II. Meanwhile, he works at the DuPont ammunition factory near Tulsa, Oklahoma. Soon after, Walton joined the army at the US Army Intelligence Corps, overseeing security at aircraft factories and prisoners of war camps. In this position he serves at Fort Douglas in Salt Lake City, Utah. He finally reached the rank of captain.
Maps Sam Walton
First store
In 1945, after leaving the military, Walton took over the management of his first diversity shop at the age of 26. With the help of a $ 20,000 loan from his father-in-law, plus the $ 5,000 he had saved from his time in the Army, Walton bought Ben Franklin's various stores in Newport, Arkansas. The store is a franchise of the Butler Brothers chain.
Walton pioneered many concepts that became crucial to his success. Walton made sure that the shelves were consistently filled with various items. His second store, a small "Eagle" department store, was at the end of the road from his first Ben Franklin and next to his main competitor in Newport.
With sales volume rising from $ 80,000 to $ 225,000 in three years, Walton drew the attention of landlord, P. K. Holmes, whose family has a history in retail. Admiring Sam's tremendous success, and wanting to retake the shop (and franchise rights) for his son, he refused to renew the lease. The lack of renewal options, along with a very high lease of 5% of sales, is an early business lesson to Walton. Despite forcing Walton out, Holmes purchased supplies and supplies for $ 50,000, called Walton's "fair price."
With a year left on the lease, but an effective store is sold, he, his wife Helen and his father-in-law managed to negotiate a new location purchase in Bentonville, Arkansas's downtown square. Walton negotiated a small discount store purchase, and heading into the building, on condition that he get a 99-year lease for expansion to the next store. The next shopkeeper refused six times, and Walton surrendered to Bentonville when his father-in-law, unbeknownst to Sam, paid the shopkeeper his last visit and $ 20,000 to secure the lease. He just had enough money from the first store sales to close the deal, and replaced Helen's father. They opened a business with a one-day renovation sale on May 9, 1950.
Before he bought the Bentonville store, his sales totaled $ 72,000 and increased to $ 105,000 in the first year and then $ 140,000 and $ 175,000.
Ben Franklin's chain store
With the new opening of Bentonville "Five and Dime" for business, and 220 miles away, a year left on rent in Newport, Walton who has the money must learn to delegate responsibility.
After succeeding with two stores at such a distance (and with a full postwar boom), Sam becomes enthusiastic about finding more locations and opening more Ben Franklin franchises. (Also, after spending a lot of time behind the wheel, and with his close relative James "Bud" Walton had become a pilot in the war, he decided to buy a small used airplane.He and his son, John, would succeed the pilot and record thousands of hours of guided location and expand the family business.)
In 1954, he opened a shop with his brother Bud at a shopping center in Ruskin Heights, a suburb of Kansas City, Missouri. With the help of his brother and father-in-law, Sam then opened many new stores. He encourages his managers to invest and take equity in the business, often as much as $ 1000 in their store, or the next outlet to open. (This motivated managers to hone their managerial skills and take over their roles in the company.) In 1962, along with his brother Bud, he owned 16 stores in Arkansas, Missouri, and Kansas (fifteen Ben Franklin and one independent, in Fayetteville ).
Walmart First
The first true Walmart opened on 2 July 1962, in Rogers, Arkansas. Called the Wal-Mart Discount City store, it is located at 719 West Walnut Street. He launched a determined effort to market American-made products. Included in the effort is a willingness to find an American manufacturer that can supply merchandise for the entire Walmart network at a low enough price to meet foreign competition.
As the Meijer chain grown, it caught Walton's attention. He admits that his one-stop-shopping center format is based on Meijer's innovative concept. Contrary to the common practice of American discount chain stores, Walton stores stores in small towns, not major cities. To make his model work, he emphasized logistics, especially finding stores within a one-day mileage to Walmart's regional warehouses, and distributed through his own trucking service. Efficient volume and shipping purchases allow the sale of discounted brand name merchandise. Thus, sustainable growth - from 1977 190 stores until 1985 - has been achieved.
Personal life
Walton married Helen Robson on February 14, 1943. They had four children: Samuel Robson (Rob) was born in 1944, John Thomas (1946-2005), James Carr (Jim) was born in 1948, and Alice Louise was born in 1949 Walton supported various charities. She and Helen were active in Bentonville First Presbyterian Church; Sam serves as an Elder and Sunday School teacher, teaching middle school age students. The family contributed substantially to the trial.
Death
Walton died on Sunday, April 5, 1992, of multiple myeloma, a type of bone cancer, in Little Rock, Arkansas. News of his death was delivered by satellite to all 1,960 Walmart stores. At that time, the company employs 380,000 people. Annual sales of nearly $ 50 billion flow from 1,735 Walmarts, 212 Sam's Clubs, and 13 Supercenters.
His body was buried in the Bentonville Cemetery. He abandoned his ownership in Walmart to his wife and children: Rob Walton succeeded his father as Walmart Chairman, and John Walton became director until his death in a 2005 plane crash. Others were not directly involved in the company (except through their voting power as shareholders) , but his son Jim Walton is chairman of Arvest Bank. The Walton family held five places in the ten richest men in the United States until 2005. Two of Sam's sister's daughters Bud Walton - Ann Kroenke and Nancy Laurie - had smaller shares in the company.
Legacy
Forbes placed Sam Walton as the richest man in the United States from 1982 to 1988, handing top spot to John Kluge in 1989 when editors began praising Walton's fortune with him and his four children. (Bill Gates first led the list in 1992, the year Walton died). Wal-Mart Stores, Inc. also runs the Sam's Club warehouse shops. Walmart operates in the US and in over 15 international markets, including Argentina, Brazil, Canada, Chile, China, Costa Rica, El Salvador, Guatemala, India, South Africa, Botswana, Ghana, Malawi, Mozambique, Namibia, Tanzania, Uganda, Zambia, Kenya, Lesotho, Swaziland, Honduras, Japan, Mexico, Nicaragua, and the United Kingdom.
At the University of Arkansas, Business College (Sam M. Walton College of Business) is named in his honor. Walton inaugurated into U.S. Hall of Fame Business Achievement Junior in 1992.
See also
- The Walton Family
- List of richest historical figures
- List of the richest Americans in history
References
Source
- Trimble, Vance H. (1991). Sam Walton: The Richest Inside Man Story in America . Penguin Books. ISBNÃ, 0-451-17161-6. ISBNÃ, 978-0-451- 17161-0
- Walton, Sam; John Huey (1992). Made in America: My Story . New York: Doubleday. ISBNÃ, 0-385-42616-X.
Further reading
- Bianco, Anthony (2006). The Bully of Bentonville: how low the daily low price of Wal-Mart is to hurt America . New York: Currency/Doubleday. ISBNÃ, 0-385-51356-9.
- Scott, Roy Vernon; Vance, Sandra Stringer. Wal-Mart: A History of the Retail Phenomenon of Sam Walton . ISBNÃ, 0-8057-9833-1.
External links
- "Time 100 Builders & amp; Titans: Sam Walton by John Huey". Time magazine. December 7, 1998. Archived from the original on October 18, 2000 . Retrieved March 31, 2012 . Ã, in Wayback Machine
- Sunday Sam Walton: King of Interested August 8, 2004
- Sam M. Walton College of Business, University of Arkansas
- Sam Walton in Discover the Mausoleum
- Voices of Oklahoma interview, Chapters 12-16, with Frank Robson. The first person interview was conducted on November 2, 2009, with Frank Robson, Sam Walton's brother-in-law.
Source of the article : Wikipedia
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