Love's, Pilot Flying J Operators Make Forbes Richest List
ANNISTON, Ala. -- Operating large truck stop chains is big business and big money, landing three truck stop magnates on this year's Forbes 400, The Richest People in America, reported TheTrucker.com. Additionally, several members of the Walton family ranked in the top 10 for their association with Walmart.
Tom and Judy Love of Love's Travel Stops & Country Stores ranked No. 113 on the list with their estimated wealth of $3.5 billion. The Oklahoma City, Okla.-based chain has nearly 300 company-owned locations in 39 states and is said to be worth $17 billion.
Jimmy Haslam, former CEO and current chairman of Pilot Flying J, ranked No. 360 for his fortune of $1.2 billion, based on his 21 percent interest in the company. Pilot Flying J's estimated value is $6 billion, according to the report.
In August, Haslam, purchased the NFL Cleveland Browns franchise.
Both truck stop chains originally started out as single locations, with Pilot starting operations in 1958 in Gate City, Va., and Love's originating in 1964 in Watonga, Okla.
The business community agrees that both family-controlled companies have succeeded because they are well managed, have quality employeesprovide value added, price competitive, customer-oriented services to the trucking community, according to the report.