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Executive Profile: David A. Rich

David Rich net worth:

$1.5 Billion

David Rich net worth: David Rich is an American billionaire who has a net worth of $1.5 billion dollars. David A. Rich was number 236 on the 2009 Forbes list of richest Americans. Born in Mississippi, Mr. Rich claims Jackson as his hometown. His grandfather, Robert Rich, Sr. made soy-based whipped cream and coffee creamer products, and his business eventually boomed into a frozen food giant. David’s father, Bob (Robert Jr.), inherited the business, Rich Foods, in 1978, and kept the business in the family. When Bob died, David inherited 44% of the business, now called Rich Products Corporation, and it is still partly in his possession. David is 64 and is an ordained priest in Mississippi.

How He Made His Fortune

David’s father, Bob, really amplified the scope of food that could be delivered from his company to the public. Without Bob’s hard work, David would have a much more difficult company to uphold. Because Bob built it up strong, David was able to follow the procedures his father put in place to keep the business running successfully. David may have inherited the business, but as business owner, he must continue to run a thriving company. As of 2009, Rich Products Corporation had no layoffs, and bonuses for employees still continue despite the recession. He has helped to expand the company to create even more products than when his father was alive. David has been able to keep the right employees to run the company to keep it going all of this time, and keep it going successfully.

Where is He Now?

David’s main passion is to be a pastor to his church in Mississippi. Although he made his riches by expanding a large corporation into an even larger corporation, David’s heart will always be with the church. His company is currently worth $1,500 million.

What Can We Learn from David A. Rich?

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By expanding the horizons of his company and creating more products, Rich Products Corporation was able to increase their profits. The food industry will always do well because everyone always needs food. Food is one of the only items that people will always spend their money on. Even if they don’t have enough money to pay the bills, food will usually still keep popping up on the dinner table. In following his father’s footsteps, David widened the clientele scope of interest in what the business had to offer, which led to gaining even more customers.

By choosing and keeping the proper employees that know how to run his large corporation, David continues to be partially in charge of a flourishing business. In following procedures that have been known to work, David has kept his business alive through a recession.

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Brian Meiggs
Brian Meiggs
Brian is the chief editor of Finance Write and is a personal finance expert who has spent the last few years writing about how Millennials can make smarter money moves. He has been quoted in several online publications, including Yahoo! Finance, NASDAQ, MSN Money, AOL, Discover Bank, GOBankingRates, Student Loan Hero, Fit Small Business, Cheapism, SmartAsset, Bankrate, RISE Credit, AllBusiness, Cheddar, Commonbond, Niche, Rewire, Credit Donkey, Debt.com, and more. He uses the free Personal Capital app to manage his cash flow and net worth.

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