The Craig School of Business has benefited from a real-life example of a business concept taught in its classrooms: asset appreciation. The value of the largest individual gift in Missouri Western history has grown to 140 percent of the amount pledged.
Steven L. Craig, founder and CEO of Craig Realty Group of Newport Beach, Calif., pledged $5.5 million to the Missouri Western Foundation in 2008 to establish the Craig School of Business. Most of the gift was in the form of shares of ownership in Woodburn Company Stores, a shopping center in Woodburn, Ore. The sale of that shopping center was completed in June 2013. With the sale of the property, and more than $2.5 million in distributions prior to the sale, the total value of Craig’s gift has soared to $7,738,589.20.
“It’s fitting that the entrepreneurial spirit Steve Craig is helping to nurture in our students has made the largest gift in Missouri Western’s history even larger than anybody anticipated,” said Dr. Robert Vartabedian, Missouri Western’s president. “I applaud his creativity and thank him for his generosity.”
“I am grateful that Missouri Western is embracing the entrepreneurial ideals that can have long-lasting economic and personal benefits. My dream is for this gift to elevate not only the university but the entire northwest Missouri region,” Craig said.
Because of his interest in helping to develop an entrepreneurship focus in the Craig School of Business, Craig initiated a partnership between Missouri Western and Rocky Mountain Chocolate Factory in 2009 that has resulted in alumni currently owning and operating 14 RMCF stores in 10 states. Additionally, another alumnus owns and operates a Fresca’s Mexican Grill that had been owned by Craig.
The Craig School is also developing a Center for Entrepreneurship and an entrepreneurship minor. Franchise opportunities for students will be expanding as well, thanks to a $207,000 grant the Craig School received last year.
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