Annual sales of nearly $50 billion flowed from 1,735 Walmarts, 212 Sam’s Clubs, and 13 Supercenters. Founded in 1962, today the company has thousands of stores all over the world. In 1945, after leaving the military, Walton took over management of his first variety store at the age of 26. , Sam Walton is regarded as one of the greatest project entrepreneurs in the retail chain industry. The greeter explained that his main job was to discourage shoplifters from taking unpaid merchandise out of the store through the entrance. , His remains are interred at the Bentonville Cemetery. Sam Walton wearing an original Wal-Mart name tag. First, existing competition was limited and secondly, if a store was large enough to control business in a town and its surrounding areas, other merchants would be discouraged from entering the market. Kim Kardashian. Two daughters of Sam's brother Bud Walton—Ann Kroenke and Nancy Laurie—hold smaller shares in the company. His family saw lot of hardships during Great Depression and had to work in several jobs in order to earn their livelihood. Eventually the family moved to Columbia, Missouri. Walton was honored for his work in retail in March 1992, just one month before his death, when he received the Presidential Medal of Freedom from then-President George H. W. Bush. Recommended For You. Japan, Mexico, Nicaragua and the United Kingdom. The Walton family as a whole has donated an estimated $700 million, largely due to John’s advocacy. Why Wal-Mart Works; and Why That Drives Some People C-R-A-Z-Y, https://en.wikipedia.org/w/index.php?title=Sam_Walton&oldid=992797334, Wikipedia indefinitely move-protected pages, All Wikipedia articles written in American English, Infobox person using certain parameters when dead, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with CANTIC identifiers, Wikipedia articles with CINII identifiers, Wikipedia articles with SNAC-ID identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 7 December 2020, at 04:01.  In adult life, Walton became a recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America.. Walton and his wife Helen raised four children: Rob, John, Jim, and Alice. Walton was delighted and shared the innovation with “associates” throughout his chain. , With a year left on the lease, but the store effectively sold, he, his wife Helen and his father-in-law managed to negotiate the purchase of a new location on the downtown square of Bentonville, Arkansas. He is the co-founder of Children’s Scholarship Fund, an organization which aims to provide tuition scholarships for not so advantaged youngsters. The store is well known for great value and great customer service. Sam Walton who pioneered in the territory of large discount stores built the empire of Walmart. She was ranked the 18th-richest person and the second richest woman in the world as of April 2019. 1948) four children: Lynne McNabb: Ann Walton Kroenke (b. , Furthermore, he elaborated that he learned from a very early age that it was important for them as kids to help provide for the home, to be givers rather than takers. His favorite pastime was hunting. Walton pioneered many concepts that became crucial to his success. , Walmart is a privately controlled economic institution and has both positive and negative impact everywhere it establishes a store and creates the so called "Walmart Effect". , As the Meijer store chain grew, it caught the attention of Walton. He is regarded as co-founder of Walmart. He was voted the "Most Versatile Boy" in his senior year of high school. To take one example, earlier this year, Alice Walton, the daughter of Sam, bought a painting worth $35 million--Asher Durant's Kindered Spirits.  The news of his death was relayed by satellite to all 1,960 Walmart stores. He had four children with Helen Robson, whom he married in February 1943. Walmart also began a legion of mega retail stores with fresh outlook and consumer satisfaction. His second store, the tiny "Eagle" department store, was down the street from his first Ben Franklin and next door to its main competitor in Newport. During this time, he worked various odd jobs, including waiting tables in exchange for meals. Sam Walton's official biography. She delivered her responsibility towards the organization and their four children. The three children of Walmart founder Sam Walton co-own Walton Enterprises, which is the biggest shareholder of the company and the reason behind their wealth. Thus, sustained growth— from 1977's 190 stores to 1985's 800— was achieved. In 1992, President George H. W. Bush awarded Walton the Presidential Medal of Freedom. Leaders can study Sam Walton’s leadership skills and use them as a model to sharpen their own skills. Alice Walton is the daughter and heiress of Walmart. Praise for The 10 Rules Of Sam Walton "The 10 Rules of Sam Walton is one of those books that should be read and regularly reread by . Megan Willett-Wei and Mike Nudelman Oct 9, 2013, 11:56 AM The Waltons are the richest family in America. He worked on his family’s farm and also served as a Navy pilot in World War II.  Upon graduating from David H. Hickman High School in Columbia, he was voted "Most Versatile Boy". Walton died on Sunday, April 5th, 1992. New York, 1992. Walton was survived by his wife Christy and their son Lukas.  He resigned in 1942 in anticipation of being inducted into the military for service in World War II. He opened Walmart in the year 1962 which was called Wal-Mart Discount City store. He had a great passion for learning.  The store was a franchise of the Butler Brothers chain.  At the time, his company employed 380,000 people. Afterwards, he would deliver Columbia Daily Tribune newspapers on a paper route. Jason 3. A wife of Walmart founder, Helen was ranked richest American and eleventh richest woman in the world. Walton joined J. C. Penney as a management trainee in Des Moines, Iowa, three days after graduating from college. Soon afterwards, Walton joined the military in the U.S. Army Intelligence Corps, supervising security at aircraft plants and prisoner of war camps. Born in Oklahoma #43. John Thomas Walton, son of Sam Walton, served in US war and was a football star in his college days. He was also tapped by QEBH, the well-known secret society on campus honoring the top senior men, and the national military honor society Scabbard and Blade. Interesting Facts about Sam Walton. Growing up during the Great Depression, he did chores to help make financial ends meet for his family as was common at the time. Associated Press He married Helen Robson on Valentine's Day in 1942, and together they had four children: Rob, John, Jim, and Alice. Penney. He encouraged his managers to invest and take an equity stake in the business, often as much as $1000 in their store, or the next outlet to open. So there were actually eight, like the real life "Waltons" :) They opened for business with a one-day remodeling sale on May 9, 1950. ), In 1954, he opened a store with his brother Bud in a shopping center in Ruskin Heights, a suburb of Kansas City, Missouri. He was married and divorced twice and does not have any children with any of his spouses. These billionaires are handing over their fortune to charity and not their kids.  In 1985 Forbes magazine named Walton the wealthiest man in the United States, a … In addition, he sold magazine subscriptions. So at the time of Sam Walton's death, each of his four children held 20% of Walton Enterprises, while Sam owned 10%, as did his wife, Helen.  Walton made sure the shelves were consistently stocked with a wide range of goods. He had four children including three boys (Rob, John, and Jim) and one daughter (Alice). Four of the 10 richest Americans are Walton family members. He left his ownership in Walmart to his wife and their children: Rob Walton succeeded his father as the Chairman of Walmart, and John Walton was a director until his death in a 2005 plane crash. Sam Walton was an American businessman who founded the Wal-Mart Stores Inc. which grew to be the world’s largest corporation by revenue as well as the biggest private employer in the world. He also was positioned as the chairman of a venture capital firm called True North Partners. Elizabeth PS. The others are not directly involved in the company (except through their voting power as shareholders), however his son Jim Walton is chairman of Arvest Bank. With the help of his brother and father-in-law, Sam went on to open many new variety stores. H… Put it this way: When Sam Walton died, it was hardly a taxable event. Her estimated net worth accounted to US$34.3 billion in the year 2014 which made her the third richest woman in the world. Elizabeth Walton, the character portrayed by Kami Cotler, was one of the youngest members of the Walton family. "I certainly salute them," says S. Robson (Rob) Walton, the eldest of the couple’s four children, when asked about the Giving Pledge members. At only 33, Lukas Walton is the 4th richest member of the Walton clan. (This motivated the managers to sharpen their managerial skills and take ownership over their role in the enterprise. Admiring Sam's great success, and desiring to reclaim the store (and franchise rights) for his son he refused to renew the lease. However, farming did not provide enough money to raise a family, and Thomas Walton went into farm mortgaging. The family achieved many milestones in the retail business. 78 quotes from Sam Walton: 'Outstanding leaders go out of their way to boost the self esteem of their personnel.  For a period of time, Walton was the richest man in America. He frequently made unannounced visits to Walmarts around the country to learn what local innovations were working that then could be shared with other Walmarts. He launched a determined effort to market American-made products. Wal-Mart Stores Inc. grew to be the world's largest corporation by revenue as well as the biggest private employer in the world. Wal-Mart Stores, Inc. also runs Sam's Club warehouse stores. , Forbes ranked Sam Walton as the richest person in the United States from 1982-88, ceding the top spot to John Kluge in 1989 when the editors began to credit Walton's fortune jointly to him and his four children. In the year 2013, he was enlisted in the Forbes 400 list of richest people and was ranked at position nine. The owner of the shop next door refused six times, and Walton gave up on Bentonville when his father-in-law, without Sam's knowledge, paid the shop owner a final visit and $20,000 to secure the lease. After high school, Walton decided to attend college, hoping to find a better way to help support his family. Samuel Moore Walton was born to Thomas Gibson Walton and Nancy Lee, in Kingfisher, Oklahoma. They moved from one small town to another for several years, mostly in Missouri. ', and 'High expectations are the key to everything.' The couple had four children: S. Robson, John, James and Alice. Contrary to the prevailing practice of American discount store chains, Walton located stores in smaller towns, not larger cities.  This position paid him $75 a month. He was previously married to Mary Ann Gunn, who later became a judge in Arkansas. In his free time, Walton and Helen were active members of the Bentonville Church of Christ. 7 October 1949) unknown (divorced) James Carr (Jim) Walton (b. He milked the family cow, bottled the surplus, and drove it to customers. Born on March 29 #23. They're worth more than $30 billion each, according to the Bloomberg Billionaires Index.  With the help of a $20,000 loan from his father-in-law, plus $5,000 he had saved from his time in the Army, Walton purchased a Ben Franklin variety store in Newport, Arkansas. Walton's model offered two advantages. Bush. was an American businessman and entrepreneur best known for founding the retailers Walmart and Sam's Club. The order is: 1. Included in the effort was a willingness to find American manufacturers who could supply merchandise for the entire Walmart chain at a price low enough to meet the foreign competition. He lived there with his parents on their farm until 1923. Jim Walton. Sam Walton, 74, the folksy but hard-driving business pioneer who built Wal-Mart from a single general store to the largest retail chain in the nation, died yesterday at a hospital in Little Rock, Ark. Sam had set up his ownership of Wal-Mart's stock in a family partnership that largely avoided estate taxes. , At the University of Arkansas, the Business College (Sam M. Walton College of Business) is named in his honor. He had two brothers, S. Robson Walton and Jim Walton and a sister, Alice Walton. Jim Bob 7. . Sam Walton was the founder of ‘Walmart’, a leading multinational retail corporation in United States. Additionally, Walton served as president of Burall Bible Class, a large class of students from the University of Missouri and Stephens College.  They had four children: Samuel Robson (Rob) born in 1944, John Thomas (1946–2005), James Carr (Jim) born in 1948, and Alice Louise born in 1949. Jim, Rob and Alice Walton are the children of Walmart founder Sam Walton, while Christy Walton — the world's richest woman — is the widow of their brother, who died in 2005. Alice, 63, is a former money manager who founded and … Berkeley, 2000. 4. Associated With. Sam Walton. According to Walton, if he offered prices as good or better than stores in cities that were four hours away by car, people would shop at home. But it’s a club that members of the richest family in America, the descendants of Wal-Mart Stores founder Sam Walton and his wife, Helen, have decided not to join. Jim Walton is the youngest son of Sam Walton. . Walton realized while serving in the army, that he wanted to go into retailing and to go into business for himself..  Walmart operates in the United States and in more than fifteen 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, , In 1998, Walton was included in Time's list of 100 most influential people of the 20th Century. Lukas Walton- $17.6 billion.  The family made substantial contributions to the congregation. The youngest of Sam Walton's children, Alice Walton, 68, is reportedly worth $40.5 billion. Ivanka Trump. It transcends the limits of a traditional book about… Ben 6. ) By 1962, along with his brother Bud, he owned 16 stores in Arkansas, Missouri, and Kansas (fifteen Ben Franklin's and one independent, in Fayetteville). According to the net worth accounted in the year 2014, he is ranked at position 10 of Forbes list of world billionaires. , With the new Bentonville "Five and Dime" opening for business, and 220 miles away, a year left on the lease in Newport, the money-strapped young Walton had to learn to delegate responsibility. Erin 5. Sam Walton is best known for being the founder of Wal-Mart, the most successful retail outlet in the world.  Called the Wal-Mart Discount City store, it was located at 719 West Walnut Street. Let us take a look at Walton’s profile and the family tree: Sam Walton was born to Thomas Gibson near Kingfisher, Oklahoma. Walmart founder Sam Walton left an estimated $100 billion fortune to his wife and four children when he died. VIDEO 1:16 01:16. Most Popular #9690. Samuel Robson, an eldest son of Sam and Helen Walton is currently a chairman of … everyone-business-people, students, teachers, parents, and children. MaryEllen 4. He worked for his brother's Walton Mortgage Company, which was an agent for Metropolitan Life Insurance, where he foreclosed on farms during the Great Depression. , The first true Walmart opened on July 2, 1962, in Rogers, Arkansas. His net worth accounted to $34.2 billion as of March 2014 and made him include as 11th richest person in the world in the year 2012. To be near consumers, the only option at the time was to open outlets in small towns. Forbes list of billionaires (2004) Walton family; References  (Bill Gates first headed the list in 1992, the year Walton died). Sam Walton was able to provide leadership to transform his innovative concepts into a revolution within the industry. The lack of a renewal option, together with the prohibitively high rent of 5% of sales, were early business lessons to Walton. , He and his family (now with another son, James, born in 1921) moved from Oklahoma. Walton served as an Elder and as a Sunday School teacher. How Wal-Mart Is Destroying America (And the World): And What You Can Do About It by Bill Quinn. His right attitude and innovation in the store management took him to the ladder of success. Voices of Oklahoma interview, Chapters 12-16, with Frank Robson.  Walton supported various charitable causes. Married and Divorced – Melani Lowman-Walton, Second Wife – Married and Divorced – Carolyn Funk. Samuel Moore Walton (March 29, 1918 – April 5, 1992) , Before he bought the Bentonville store, it was doing $72,000 in sales and it increased to $105,000 in the first year and then $140,000 and $175,000. Born in 1918 #5. See also. A CEO of family owned Arvest Bank, he is currently on the strategic planning and finance committees. Thomas Gibson worked for his brother’s Walton Mortgage firm. 5. Named the richest man in the United States by Forbes magazine in 1985, Walton opened the first Walmart in 1962 and built it into a chain that … With the sales volume growing from $80,000 to $225,000 in three years, Walton drew the attention of the landlord, P. K. Holmes, whose family had a history in retail.  Walton was honored for his work in retail in March 1992, just one month before his death, when he received the Presidential Medal of Freedom from then-President George H. W. She was only 6 years old at the time but acting seemed to come naturally to her.  In the meantime, he worked at a DuPont munitions plant near Tulsa, Oklahoma. First Name Sam #25. Their Walton Family Foundation, established by the late Sam and Helen Walton in 1988, is considered a heavyweight in the world of nonprofits with just under $2 billion in assets. Sam Walton founded Walmart on July 2, 1952 after working for retail giant J.C. Penny for several years. , After succeeding with two stores at such a distance (and with the postwar baby boom in full effect), Sam became enthusiastic about scouting more locations and opening more Ben Franklin franchises. The Walton family made considerable donations to this congregation over the course of his lifetime. Walton married Helen Robson on February 14, 1943. He attended the University of Missouri as an ROTC cadet. Samuel Robson. Walton was also a strong proponent of education and school vouchers, helping establish the Children’s Scholarship Fund with the goal of sending low-income children to private schools. , list of 100 most influential people of the 20th Century, "Lessons from Sam Walton: How a social-local strategy brings the human touch back to business", "Ben Franklin store, a throwback to the five-and-dime, finally closes", "Fred Meijer, West Michigan billionaire grocery magnate, dies at 91", "Presbyterian obit on Wal-Mart founder's widow", "In Sam We Trust: The Untold Story of Sam Walton and How Wal-Mart Is Devouring America", "Walmart's test store for new technology, Sam's Club Now, opens next week in Dallas", "Time 100 Builders & Titans: Sam Walton by John Huey", Week Sam Walton: The King of the Discounters August 8, 2004, Sam M. Walton College of Business, University of Arkansas. In Sam We Trust: The Untold Story of Sam Walton and How Wal-Mart Is Devouring the World by Bob Ortega. ', 'Sam Walton: I had to pick myself up and get on with it, do it all over again, only even better this time. Buying in volume and efficient delivery permitted sale of discounted name brand merchandise. His tremendous inheritance helped make his daughter, Alice Walton, the richest woman in the world. (Also, having spent countless hours behind the wheel, and with his close brother James "Bud" Walton having been a pilot in the war, he decided to buy a small second-hand airplane. New York, 1998. During their marriage, they had four children. In this position he served at Fort Douglas in Salt Lake City, Utah.  Sam Walton married Helen Robsonon February 14th, 1943. John-Boy 2. His children pledged approximately $2 billion to the Walton Family Foundation. Both he and his son John would later become accomplished pilots and log thousands of hours scouting locations and expanding the family business. Alice Louise Walton is the daughter of Walmart founder Samuel Walton. He had just enough left from the sale of the first store to close the deal, and reimburse Helen's father. Walton was inducted into the Junior Achievement U.S. Business Hall of Fame in 1992. Walton spent approximately 18 months with J. C. Samuel Robson, an eldest son of Sam and Helen Walton is currently a chairman of the company. John Thomas Walton (8 October 1946–27 June 2005) Lukas Walton: Samuel Moore (Sam) Walton (29 March 1918–6 April 1992) Christy Walton: Helen Robson Kemper (3 December 1919–19 April 2007) Alice Louise Walton (b. Alice Walton: The only daughter of Sam and Helen Walton, Alice Louise Walton, 56, is also the youngest of the Walton children. In 1998, Walton was included in Time's list of 100 most influential people of the 20th Century. He and Helen were active in 1st Presbyterian Church in Bentonville; Sam served as an Elder and a Sunday School teacher, teaching high school age students. Walton died in 1992 of bone cancer just as his franchise had become one of the biggest in the entire world, however the company would remain in the family the entire time. While attending eighth grade in Shelbina, Missouri, Sam became the youngest Eagle Scout in the state's history. Jim Bob had a twin that died at birth, Joseph Zebulan. Even after his death in 1992, his legacy continues to inspire other leaders who would like to enjoy the same success. These children were Samuel Robson (1944), John Thomas (1946), James Carr (1948) and Alice Louise (1949). He came to acknowledge that his one-stop-shopping center format was based on Meijer’s original innovative concept. After the demise of Sam Walton, the ownership and management was controlled by his wife Helen. If people believe in themselves it s amazing what they can accomplish.  Upon graduating in 1940 with a bachelor's degree in economics, he was voted "permanent president" of the class. Sam Walton: Made In America by Sam Walton and J. Huey. Walton negotiated the purchase of a small discount store, and the title to the building, on the condition that he get a 99-year lease to expand into the shop next door. The Walton family held five spots in the top ten richest people in the United States until 2005. Walton died on Sunday, April 5, 1992, of multiple myeloma, a type of blood cancer, in Little Rock, Arkansas. He served in military and through hard work and dedication, reached the rank of Captain. On one of those visits he was puzzled by a greeter saying “hello” at the entrance of the store and asked the fellow what he was doing. , To make his model work, he emphasized logistics, particularly locating stores within a day's drive of Walmart's regional warehouses, and distributed through its own trucking service. As a young child actor, her role on The Waltons marked her foray into the world of screen acting. . He eventually reached the rank of captain. 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