Richard DeVos co-founder of Amway dies

Richard DeVos, the co-founder of Amway, died Thursday 9-6-2018Richard DeVos, the co-founder of Amway, died Thursday 9-6-2018.
Sad to hear of the passing of Amway co-founder, Orlando Magic owner, and philanthropist Rich DeVos. Thank you Rich for helping to create an industry that has allowed my family and I to dream bigger and create financial peace.

One of my favorite quotes from his book “Compassionate Capitalism” is Credo 5: “We believe that work is good only if it leads the worker to freedom, reward, recognition, and hope. Therefore, if our work is not satisfying (financially, spiritually, psychologically), we need to end that work as quickly as we can and begin work that is.”

Thank you for richly blessing our country, and indeed the world, with your generous gifts and contributions.

Richard DeVos death, at age 92. He died at his home in Ada, Michigan, near Amway’s headquarters. The cause was complications from an infection.

DeVos had been president of Amway from its 1959 founding until he retired in 1993. He was also the father-in-law of Betsy DeVos, the US education secretary. His family still co-owns Amway with the family of co-founder Jay Van Andel. DeVos and his family has a combined fortune worth $5.5 billion, according to Forbes’ list of richest people.

Amway started the move away from traditional brick-and-mortar stores decades before the internet changed the way people shopped.

The company’s products aren’t sold in stores. Instead it uses a network of independent salespeople who buy products and sell them directly to people in their communities.

DeVos and Van Andel were among a handful of people who created an entire industry: multi-level marketing companies. It wasn’t the first such direct retailer, but it was a leader in the field.

Amway is still successful: It reported sales of $8.6 billion last year. It uses a network of 3 million sales people worldwide.

The multi-level marketing industry as a whole posted global sales of about $190 billion, according to its industry trade group.

DeVos and Van Andel first got into the business in 1949 when they invested $49 to become distributors for Nutrilite, a manufacturer and direct seller of vitamins. They founded Amway ten years later with an all-purpose cleaner, L.O.C., as their only product. They coined the name a short-hand for “American Way.”

It eventually grew to a lineup of 450 products, including Nutrilite.

I am VERY thankful to have been in the Amway business 30 years ago. I was with Amway for 5 years and it changed the path of my life in a VERY big way. I am forever greatful to have known Rich DeVos.
God Bless you RIP

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