Tom Love net worth was a reflection of his entrepreneurial success, but his impact went far beyond his financial achievements.
Explore the story of this remarkable entrepreneur and philanthropist, from his humble beginnings to his multi-billion dollar empire.
Discover how Tom Love’s legacy continues to make a difference in the world, and how his story can inspire others to pursue their dreams.
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How much is Tom Love Net Worth?
According to Forbes’ 2022 Billionaires list, Tom Love’s net worth as of April 4, 2022, was $9.7 billion. Tom and Judy Love are the founders, owners, and top executives of Love’s Travel Stops & Country Stores, a chain of convenience stores and gas stations across the United States.
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How did Tom Love Start?
In 1964, Tom and Judy Love founded Love’s Travel Stops & Country Stores (Earlier Musket Corporation), a convenience store chain that began with the leasing of a gas station in Watonga, Oklahoma for $5,000.
Today, Love’s has grown into a national chain with over 490 locations across 41 states, generating an estimated $20 billion in annual revenue. The couple’s entrepreneurial success has become a family affair, with three of their four children also working for the company.
Tom served as the chairman of Love’s, while Judy is the executive secretary. In January 2018, the couple demonstrated their commitment to education by donating $5 million to the University of Oklahoma’s business college.
Philanthropic Activities
Tom and Judy Love Foundation
Through the Tom and Judy Love Foundation, Tom and Judy Love championed philanthropic initiatives and donated approximately $1.8 million in a recent year. The couple was renowned for their philanthropic support of the University of Oklahoma, where they were significant benefactors. Additionally, they generously supported various other institutions throughout Oklahoma.
University of Oklahoma
In the realm of education and youth, the Love family has been steadfast in their support of the University of Oklahoma, which is home to the Tom Love Division of Entrepreneurship and Economic Development as well as the Tom Love Endowed Scholarship in Entrepreneurship.
Charity to Other Institutions
Their philanthropic efforts have extended to institutions such as Price College, the Sam Noble Museum, President’s Associates, and the Heart Rhythm Institute, among others, all affiliated with the University of Oklahoma. St. John’s University, where Tom Love also attended, has also received support.
The Love family has been actively involved in supporting their community, particularly in Oklahoma and other heartland states.
Their beneficiaries have included the:
- American Heart Association
- Meade Public Library Foundation
- Nichols Hills Parks, Salvation Army
- Oklahoma Hall of Fame
- National Cowboy & Western Heritage Museum among others.
The Love Family Affiliated Fund of Oklahoma City Community Foundation is another channel through which the family channels their philanthropic efforts, supporting causes like Access Sports, Archdiocese of Oklahoma City, Oklahoma City All Sports, and United Way of Central Oklahoma.
While the majority of their giving takes place in Oklahoma, daughter Jenny chairs the board of Children’s Miracle Network Hospitals in Utah, which is also a recipient of their philanthropic support.
Source: Insidephilanthropy.com
Tom Love Legacy and His Death
Tom Love, the co-founder of Love’s Travel Stops & Country Stores, passed away at the age of 85 in his hometown of Oklahoma City on March 7. He had been serving as the company’s executive chair until his death. Love was highly regarded for his modesty, amicable nature, magnanimity, and willingness to assist others.
Throughout his 59 years in developing the company alongside his wife and business partner, Judy, Love demonstrated an unwavering commitment to honesty and integrity. These values continue to underpin the company’s culture and will do so moving forward.
Love was renowned for his attentive listening and genuine interest in the stories of both employees and customers.
Shane Wharton, the president of Love’s, paid tribute to Love as a man of principle who embodied the values that the company stands for. His passing is a significant loss, but his legacy will live on, inspiring and guiding the company’s future direction.