Source: Fortune
Summary
Howard Schultz, the former CEO of Starbucks, has announced that he and his wife Sheri are leaving Seattle and moving to Miami. Schultz, who built Starbucks into a global coffee empire, shared the news on LinkedIn, citing a desire for a new adventure and a more favorable business climate. The move comes after Schultz’s third stint as CEO of Starbucks, during which he battled against worker unionization. Schultz’s legacy includes popularizing the “third place” concept and providing comprehensive health care to part-time employees. He leaves behind a significant legacy in Seattle and a company with over 32,000 stores in 80 countries.
Our Reading
The announcement sounds familiar.
Howard Schultz, the billionaire founder of Starbucks, is leaving Seattle for Miami, citing a desire for a new adventure and a more favorable business climate. This move is reminiscent of other California billionaires who have fled the West Coast for Florida due to proposed taxes. Schultz’s decision comes after his third stint as CEO of Starbucks, during which he battled against worker unionization. The company has over 32,000 stores in 80 countries, dwarfing other chains like Dunkin’ Donuts.
Schultz’s legacy is hard to beat, but his departure from Seattle is also a reminder that even the most successful entrepreneurs can be driven out by unfavorable business conditions.
The numbers tell one story, but the narrative of Schultz’s departure is more complex.
Schultz’s move to Miami is a familiar tale of a billionaire seeking a more favorable tax climate.
As Schultz leaves Seattle, he takes with him a legacy that is both a testament to his success and a reminder of the challenges faced by entrepreneurs in high-tax states.
Author: Evan Null
