Kim Kardashian. According to the net worth accounted in the year 2014, he is ranked at position 10 of Forbes list of world billionaires. So there were actually eight, like the real life "Waltons" :) [8] 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. [28] The family made substantial contributions to the congregation. Despite forcing Walton out, Holmes bought the store's inventory and fixtures for $50,000, which Walton called "a fair price". In his free time, Walton and Helen were active members of the Bentonville Church of Christ. [16], 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. Sam had set up his ownership of Wal-Mart's stock in a family partnership that largely avoided estate taxes. Walton joined J. C. Penney as a management trainee in Des Moines, Iowa,[10] three days after graduating from college. [37], 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. [13] 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. She was ranked the 18th-richest person and the second richest woman in the world as of April 2019. Samuel Robson, an eldest son of Sam and Helen Walton is currently a chairman of the company. Sam Walton founded Walmart on July 2, 1952 after working for retail giant J.C. Penny for several years. [20], Sam Walton is regarded as one of the greatest project entrepreneurs in the retail chain industry. Jim Walton is the youngest son of Sam Walton. To take one example, earlier this year, Alice Walton, the daughter of Sam, bought a painting worth $35 million--Asher Durant's Kindered Spirits. In 1992, President George H. W. Bush awarded Walton the Presidential Medal of Freedom. Walton and his wife Helen raised four children: Rob, John, Jim, and Alice. As a young child actor, her role on The Waltons marked her foray into the world of screen acting. Alice Walton is the daughter and heiress of Walmart. John Thomas Walton, son of Sam Walton, served in US war and was a football star in his college days. He eventually reached the rank of captain. The Walton family held five spots in the top ten richest people in the United States until 2005. Thomas Gibson worked for his brother’s Walton Mortgage firm. )[18] 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). 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. Walmart founder Sam Walton left an estimated $100 billion fortune to his wife and four children when he died. New York, 1998. Sam Walton: Made In America by Sam Walton and J. Huey. Born in Oklahoma #43. He worked for his brother's Walton Mortgage Company, which was an agent for Metropolitan Life Insurance,[3][4] where he foreclosed on farms during the Great Depression. [30] The news of his death was relayed by satellite to all 1,960 Walmart stores. It transcends the limits of a traditional book about… Born on March 29 #23. Also during his time in college, Walton joined the Zeta Phi chapter of Beta Theta Pi fraternity. Sam Walton wearing an original Wal-Mart name tag. He served in military and through hard work and dedication, reached the rank of Captain. He had a great passion for learning. 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. Walton pioneered many concepts that became crucial to his success. Admiring Sam's great success, and desiring to reclaim the store (and franchise rights) for his son he refused to renew the lease. Ivanka Trump. Jim Walton. everyone-business-people, students, teachers, parents, and children. In this position he served at Fort Douglas in Salt Lake City, Utah. He was voted the "Most Versatile Boy" in his senior year of high school. Elizabeth Walton, the character portrayed by Kami Cotler, was one of the youngest members of the Walton family. Soon afterwards, Walton joined the military in the U.S. Army Intelligence Corps, supervising security at aircraft plants and prisoner of war camps. was an American businessman and entrepreneur best known for founding the retailers Walmart and Sam's Club. Wal-Mart Stores, Inc. also runs Sam's Club warehouse stores. [6] In adult life, Walton became a recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America.[7]. Leaders can study Sam Walton’s leadership skills and use them as a model to sharpen their own skills. He worked on his family’s farm and also served as a Navy pilot in World War II. Alice, 63, is a former money manager who founded and … A wife of Walmart founder, Helen was ranked richest American and eleventh 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. Walton's model offered two advantages. 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. 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. Sam Walton married Helen Robsonon February 14th, 1943. Thus, sustained growth— from 1977's 190 stores to 1985's 800— was achieved. [15], 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. He had two brothers, S. Robson Walton and Jim Walton and a sister, Alice Walton. Lukas Walton- $17.6 billion. The greeter explained that his main job was to discourage shoplifters from taking unpaid merchandise out of the store through the entrance. While attending eighth grade in Shelbina, Missouri, Sam became the youngest Eagle Scout in the state's history. MaryEllen 4. [10], 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". VIDEO 1:16 01:16. Walton realized while serving in the army, that he wanted to go into retailing and to go into business for himself.[11]. 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. Sam Walton. "I certainly salute them," says S. Robson (Rob) Walton, the eldest of the couple’s four children, when asked about the Giving Pledge members. 4. Samuel Moore Walton (March 29, 1918 – April 5, 1992) James Bud Walton was the brother of Sam Walton and he had been the pillar for Sam Walton. The youngest of Sam Walton's children, Alice Walton, 68, is reportedly worth $40.5 billion. Recommended For You. [12] He resigned in 1942 in anticipation of being inducted into the military for service in World War II. [32], In 1998, Walton was included in Time's list of 100 most influential people of the 20th Century. John-Boy 2. Walmart also began a legion of mega retail stores with fresh outlook and consumer satisfaction. [14] Walton made sure the shelves were consistently stocked with a wide range of goods. Walton spent approximately 18 months with J. C. He and Helen were active in 1st Presbyterian Church in Bentonville;[27] Sam served as an Elder and a Sunday School teacher, teaching high school age students. New York, 1992. A CEO of family owned Arvest Bank, he is currently on the strategic planning and finance committees. He lived there with his parents on their farm until 1923. 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. Walton was survived by his wife Christy and their son Lukas. . He milked the family cow, bottled the surplus, and drove it to customers. He had four children with Helen Robson, whom he married in February 1943. Walton was inducted into the Junior Achievement U.S. Business Hall of Fame in 1992. With the help of his brother and father-in-law, Sam went on to open many new variety stores. [8] This position paid him $75 a month. [9] Upon graduating in 1940 with a bachelor's degree in economics, he was voted "permanent president" of the class. . 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. [2] For a period of time, Walton was the richest man in America. Sam Walton was able to provide leadership to transform his innovative concepts into a revolution within the industry. Married and Divorced – Melani Lowman-Walton, Second Wife – Married and Divorced – Carolyn Funk. The lack of a renewal option, together with the prohibitively high rent of 5% of sales, were early business lessons to Walton. [23], As the Meijer store chain grew, it caught the attention of Walton. Samuel Robson, an eldest son of Sam and Helen Walton is currently a chairman of … 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. They're worth more than $30 billion each, according to the Bloomberg Billionaires Index. [15] He is the co-founder of Children’s Scholarship Fund, an organization which aims to provide tuition scholarships for not so advantaged youngsters. Most Popular #9690. Bush. Interesting Facts about Sam Walton. He is regarded as co-founder of Walmart. H… 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. 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. [31] At the time, his company employed 380,000 people. 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. Sam Walton's official biography. Alice Louise Walton is the daughter of Walmart founder Samuel Walton. Associated Press He married Helen Robson on Valentine's Day in 1942, and together they had four children: Rob, John, Jim, and Alice. The Walton family as a whole has donated an estimated $700 million, largely due to John’s advocacy. Born in 1918 #5. 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. In the year 2013, he was enlisted in the Forbes 400 list of richest people and was ranked at position nine. Penney. Two daughters of Sam's brother Bud Walton—Ann Kroenke and Nancy Laurie—hold smaller shares in the company. Sam Walton was the founder of ‘Walmart’, a leading multinational retail corporation in United States. Founded in 1962, today the company has thousands of stores all over the world. 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. [25]. Afterwards, he would deliver Columbia Daily Tribune newspapers on a paper route. [8] Upon graduating from David H. Hickman High School in Columbia, he was voted "Most Versatile Boy". He had four children including three boys (Rob, John, and Jim) and one daughter (Alice). [17], 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. Associated With. Samuel Moore Walton was born to Thomas Gibson Walton and Nancy Lee, in Kingfisher, Oklahoma. Sam Walton is best known for being the founder of Wal-Mart, the most successful retail outlet in the world. ', and 'High expectations are the key to everything.' During their marriage, they had four children. First Name Sam #25. Jason 3. Put it this way: When Sam Walton died, it was hardly a taxable event. During this time, he worked various odd jobs, including waiting tables in exchange for meals. He was married and divorced twice and does not have any children with any of his spouses. Walton was delighted and shared the innovation with “associates” throughout his chain. His right attitude and innovation in the store management took him to the ladder of success. The Walton family made considerable donations to this congregation over the course of his lifetime. [10], His remains are interred at the Bentonville Cemetery. 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. Wal-Mart Stores Inc. grew to be the world's largest corporation by revenue as well as the biggest private employer in the world. Sam Walton Popularity . She was only 6 years old at the time but acting seemed to come naturally to her. However, farming did not provide enough money to raise a family, and Thomas Walton went into farm mortgaging. Japan, Mexico, Nicaragua and the United Kingdom. [10], 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. [36], At the University of Arkansas, the Business College (Sam M. Walton College of Business) is named in his honor. She delivered her responsibility towards the organization and their four children. 1948) four children: Lynne McNabb: Ann Walton Kroenke (b. In 1998, Walton was included in Time's list of 100 most influential people of the 20th Century. 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 . Jim Bob 7. 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 … His favorite pastime was hunting. These children were Samuel Robson (1944), John Thomas (1946), James Carr (1948) and Alice Louise (1949). If people believe in themselves it s amazing what they can accomplish. Buying in volume and efficient delivery permitted sale of discounted name brand merchandise. Both he and his son John would later become accomplished pilots and log thousands of hours scouting locations and expanding the family business. 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. Erin 5. 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. How Wal-Mart Is Destroying America (And the World): And What You Can Do About It by Bill Quinn. [34] (Bill Gates first headed the list in 1992, the year Walton died). In 1945, after leaving the military, Walton took over management of his first variety store at the age of 26. Contributors to Lincoln included Alice Walton, the youngest of Sam and Helen Walton’s four children. At only 33, Lukas Walton is the 4th richest member of the Walton clan. 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. Annual sales of nearly $50 billion flowed from 1,735 Walmarts, 212 Sam’s Clubs, and 13 Supercenters. After the demise of Sam Walton, the ownership and management was controlled by his wife Helen. )[18], In 1954, he opened a store with his brother Bud in a shopping center in Ruskin Heights, a suburb of Kansas City, Missouri. Contrary to the prevailing practice of American discount store chains, Walton located stores in smaller towns, not larger cities. [22] Called the Wal-Mart Discount City store, it was located at 719 West Walnut Street. [8] The store was a franchise of the Butler Brothers chain. 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. Forbes list of billionaires (2004) Walton family; References His tremendous inheritance helped make his daughter, Alice Walton, the richest woman in the world. 7 October 1949) unknown (divorced) James Carr (Jim) Walton (b. In 1985 Forbes magazine named Walton the wealthiest man in the United States, a … Jim Bob had a twin that died at birth, Joseph Zebulan. 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. Samuel Robson. Walton died on Sunday, April 5th, 1992. 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. To be near consumers, the only option at the time was to open outlets in small towns. [21], The first true Walmart opened on July 2, 1962, in Rogers, Arkansas. Walton married Helen Robson on February 14, 1943. Voices of Oklahoma interview, Chapters 12-16, with Frank Robson. 78 quotes from Sam Walton: 'Outstanding leaders go out of their way to boost the self esteem of their personnel. Elizabeth PS. 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. He attended the University of Missouri as an ROTC cadet. See also. 5. Megan Willett-Wei and Mike Nudelman Oct 9, 2013, 11:56 AM The Waltons are the richest family in America. Berkeley, 2000. They opened for business with a one-day remodeling sale on May 9, 1950. He opened Walmart in the year 1962 which was called Wal-Mart Discount City store. (This motivated the managers to sharpen their managerial skills and take ownership over their role in the enterprise. The store is well known for great value and great customer service. Walton served as an Elder and as a Sunday School teacher. The couple had four children: S. Robson, John, James and Alice. He launched a determined effort to market American-made products. The family achieved many milestones in the retail business. Four of the 10 richest Americans are Walton family members. These billionaires are handing over their fortune to charity and not their kids. 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. 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. Growing up during the Great Depression, he did chores to help make financial ends meet for his family as was common at the time. [31], 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. 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. After high school, Walton decided to attend college, hoping to find a better way to help support his family. He was previously married to Mary Ann Gunn, who later became a judge in Arkansas. [8] In the meantime, he worked at a DuPont munitions plant near Tulsa, Oklahoma. Eventually the family moved to Columbia, Missouri. [24] He had just enough left from the sale of the first store to close the deal, and reimburse Helen's father. Ben 6. In addition, he sold magazine subscriptions. ', 'Sam Walton: I had to pick myself up and get on with it, do it all over again, only even better this time. Her estimated net worth accounted to US$34.3 billion in the year 2014 which made her the third richest woman in the world. They moved from one small town to another for several years, mostly in Missouri. [5], He and his family (now with another son, James, born in 1921) moved from Oklahoma. His family saw lot of hardships during Great Depression and had to work in several jobs in order to earn their livelihood. He also was positioned as the chairman of a venture capital firm called True North Partners. Walton died on Sunday, April 5, 1992, of multiple myeloma, a type of blood cancer,[29] in Little Rock, Arkansas. His children pledged approximately $2 billion to the Walton Family Foundation. … Let us take a look at Walton’s profile and the family tree: Sam Walton was born to Thomas Gibson near Kingfisher, Oklahoma. 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. 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. The order is: 1. [18][19], 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. Alice Walton: The only daughter of Sam and Helen Walton, Alice Louise Walton, 56, is also the youngest of the Walton children. [14], 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. In Sam We Trust: The Untold Story of Sam Walton and How Wal-Mart Is Devouring the World by Bob Ortega. Additionally, Walton served as president of Burall Bible Class, a large class of students from the University of Missouri and Stephens College. Sam Walton who pioneered in the territory of large discount stores built the empire of Walmart. Despite being the "richest man in America", Sam drove a red Ford pickup. Even after his death in 1992, his legacy continues to inspire other leaders who would like to enjoy the same success. [33] 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. 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