Sam Walton

From Wikipedia, the free encyclopedia This article's tone or style may not reflect the formal tone used on Wikipedia. Specific concerns may be found on the talk page. See Wikipedia's guide to writing better articles for suggestions. (July 2009) This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2009)

Sam Walton

Sam, as he appears in David H. Hickman High School's yearbook Born Died Alma mater Occupation Spouse March 29, 1918 Kingfisher, Oklahoma, U.S. April 5, 1992 (aged 74) Little Rock, Arkansas, U.S. University of Missouri 1940 Founder of Walmart Helen Walton (1943 – his death)

Samuel Moore "Sam" Walton (March 29, 1918 – April 5, 1992) was a businessman and entrepreneur born in Kingfisher, Oklahoma best known for founding the retailers Wal-Mart and Sam's Club.

   

1 Early life 2 The first stores 3 A chain of Ben Franklin stores 4 The first Wal-Mart

      5 Personal life o 5. He was also tapped by QEBH. Sam became the youngest Eagle Scout in the state's history. he would deliver newspapers on a paper route. Walton decided to attend college. James. In addition. so he decided to go back to a previous profession of a mortgage man. While attending eighth grade in Shelbina. he also sold magazine subscriptions. . the well-known secret society on campus honoring the top senior men. bottled the surplus. Oklahoma on March 29. in economics. he lived with his parents on their farm until 1923. Missouri. Walton became a recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America. he worked various odd jobs. hoping to find a better way to help support his family.[clarification needed] He and his family (now with another son. his birthplace. he was voted "permanent president" of the class. Oklahoma. Walton joined the Zeta Phi chapter of Beta Theta Pi fraternity.[1] There.[2] In adult life. and drove it to customers. Walton had numerous chores to help make financial ends meet for his family as was common at the time. including waiting tables in exchange for meals. Upon graduating in 1940 with a B. Growing up during the Great Depression. Also during his time in college.A. 1918.[3] A statue of Sam Walton and his dog outside of Wal-Mart in Kingfisher. During this time. He attended the University of Missouri as an ROTC cadet. There they moved from one small town to another for several years. he was voted "Most Versatile Boy".[4] Upon graduating. Afterwards. After high school. born in 1921) moved from Oklahoma to Chesterfield. He milked the family cow. Sam's father decided farming did not generate enough income on which to raise a family.1 Death 6 Legacy 7 See also 8 References 9 Further reading 10 External links [edit] Early life Sam Walton was born to Thomas Gibson Walton and Nancy "Nannie" Lee (née Lawrence) near Kingfisher.

Holmes bought the store's inventory and fixtures for $50. Before he bought the Bentonville store.000 to secure the lease. and pass it onto his son.[4] The store was a franchise of the Butler Brothers chain. without Sam's knowledge. He opened another in Arkansas.[5] With a year left on the lease. supervising security at aircraft plants and prisoner of war camps. Iowa three days after graduating from college. Walton joined the military in the U. his wife Helen and his father managed to negotiate the purchase of a new location on the downtown square of Bentonville.[citation needed] [edit] A chain of Ben Franklin stores Walton went on to open more Ben Franklin Stores with the help of his brother. and reimburse Helen's father. and Walton had thus given up on Bentonville when his father in law. and $20. The lack of a renewal option. the tiny "Eagle" department store. paid the shop owner a final visit.000 in sales annually. desiring to reclaim the store."[when?] . who refused to renew the lease when it expired. Arkansas. It held its own.[4] In the meantime. Soon afterwards. Walton leased the space mainly to preempt his competitor from expanding. (He had just enough from the sale of the first store to close the deal.[4] This position earned him $75 a month. it was doing $250.[citation needed] However the success of the first Ben Franklin drew the attention of the landlord. which Walton called "a fair price". but didn't fare as well. plus $5. P. was down the street from his first Ben Franklin and next door to its main (Newport) competitor. it was doing $72. Walton took over management of his first variety store at the age of 26. [edit] The first stores In 1945. and the title to the building. but it failed to be as successful as his other stores. Oklahoma. father-in-law. together with the outrageous rent of 5% of sales. he opened a store with his brother James "Bud" Walton in a shopping center in Ruskin Heights. Holmes. Despite forcing Walton out. Walton made sure the shelves were consistently stocked with a wide range of goods. and 5 years under Walton. and brother-in-law.000 loan from his father-in-law. The owner of the shop next door refused 6 times. whose family had a history of retail. Arkansas where Walton negotiated the purchase of a small store.000 in sales. but the store effectively sold. In 1954.K. were early business lessons to Walton. he. a suburb of Kansas City.S. He eventually reached the rank of captain. After the expansion. Walton decided to concentrate on the retail business instead of the shopping centers and opened larger stores which were called "Walton's Family Center. on the condition that he get a 99 year lease to expand into the shop next door. Utah. He resigned in 1942 in anticipation of being inducted into the military for service in World War II. Walton purchased a Ben Franklin variety store in Newport. after leaving the military.Walton joined JC Penney as a management trainee in Des Moines.000 he had saved from his time in the Army.000. he worked at a DuPont munitions plant near Tulsa. Army Intelligence Corps. It was here that Walton pioneered many concepts that would prove to be crucial to his success. In this position he served at Fort Douglas in Salt Lake City. With the help of a $20. His second store.

1962 in Bentonville.[4] They had four children: Samuel Robson (Rob) born in 1944. Included in the effort was a willingness to find American manufacturers who could supply merchandise for the entire Wal-Mart chain at a price low enough to meet the foreign competition. the Walton brothers teamed up with the business-savvy Stefan Dasbach. The Walton family held five spots in the top ten richest people in the United States until 2005. and John Walton was a director until his death in a 2005 plane crash.[6] It was called the Wal-Mart Discount City store and located at 719 West Walnut Street. of multiple myeloma. The others are not directly involved in the company (except through their voting power as shareholders). Arkansas. The Sam and Helen R. and Alice Louise born in 1949. James Carr (Jim) born in 1948. 1943. hold smaller shares in the company. Walton and his brother Bud owned sixteen variety stores in Arkansas.960 Wal-Mart stores. Missouri. in Little Rock. John Thomas born in 1946.Walton offered managers the opportunity to become limited partners if they would invest in the store they oversaw and then invest a maximum of $1.[8] Walton supported various charitable causes. April 5.000 in new outlets as they opened. By 1962.[citation needed] [edit] Death Walton died on Sunday. [edit] Legacy . leading to the first of many stores to come. and Kansas (fifteen Ben Franklin and the one independent Fayetteville store). Walton Award was created in 1991 when the Waltons made a gift of $6 million which included an endowment in the amount of $3 million to provide annual awards to new church developments that are working in creative ways to share the Christian faith in local communities. 1992. including those of his church. Soon after. a type of blood cancer.[citation needed] [edit] The first Wal-Mart Main article: History of Wal-Mart The first true Wal-Mart opened on July 2. He launched a determined effort to market American-made products. Ann Kroenke and Nancy Laurie.[10] He left his ownership in Wal-Mart to his wife and their children: Rob Walton succeeded his father as the Chairman of the Board of Wal-Mart. This motivated the managers to always try to maximize profits and improve their managerial skills.[9] The news of his death was relayed by satellite to all 1. Two daughters of Sam's brother Bud Walton. the Presbyterian Church (USA).[7] [edit] Personal life This section requires expansion. Walton married Helen Robson on February 14. Arkansas.

Walmart operates in the U. Guatemala. Inc. China. Bush. W. El Salvador. 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.[11] At the University of Arkansas. the year Walton died). Walton was inducted into the Junior Achievement U. Nicaragua. Mr. Mexico. also runs Sam's Club warehouse stores. Japan.S. including Argentina.[10] Forbes ranked Sam Walton as the richest man in the United States from 1982 to 1988. Walton was included in Time's list of 100 most influential people of the 20th Century.S. Brazil. Wal-Mart Stores. Puerto Rico and the United Kingdom. India. Walton College of Business) is named in his honor. Business Hall of Fame in 1992. when he received the Presidential Medal of Freedom from President George H. the Business College (Sam M. Canada. and in 15 international markets. Honduras.[citation needed] (Bill Gates first headed the list in 1992. . Walton was honored for all his pioneering efforts in retail in March 1992. Costa Rica.In 1998. Chile.

Sign up to vote on this title
UsefulNot useful