Jake Jabs Donates $3 Million to Alma Mater

December 9, 2010  by in UnCategorized   

By Home Furnishings Business in Community/Charitable Support on December 10, 2010

American Furniture Warehouse CEO Jake Jabs has donated more than $3 million to Montana State University's College of Business.

"This gift, from a man who grew up in a small town in Montana, will have an impact on generations of students from Montana and elsewhere," said Dan Moshavi, dean of the College of Business at MSU in Bozeman. "It will pave the way for thousands of MSU students to hone their entrepreneurial skills."

Moshavi said that the gift will be earmarked for the newly renamed Jake Jabs Center for Entrepreneurship for the New West. A portion of the gift will be used immediately to provide entrepreneurship-related services and learning opportunities for students, such as one-on-one mentoring and coaching and hosting entrepreneurs in residence. In addition, a separate fund has been established to provide scholarships to College of Business students studying entrepreneurship.

Jabs' father, who had no formal education beyond the second grade but who believed strongly in its value, is part of what inspired Jabs to invest in education, Jabs said. Jabs, a 1952 MSU graduate, also credits his parents, who immigrated from Russia and Poland, for providing him with a strong work ethic, and Jabs' father shared with his children his belief that education was essential.

"My dad always wanted us to get an education," Jabs said during a recent visit to MSU. "He always said he felt left out. My dad only had the opportunity to go through the second grade in Poland, and my mother only went through the seventh grade. Both of them encouraged us to get an education, saying it opens doors for you. It gives you opportunities that you wouldn't have otherwise. So, my dad gave us enough money to start in college.

"Education gives you the confidence to take risks, and to be successful in life you have to have take risks," Jabs added.

Thornton, Col.-based American Furniture Warehouse now has 11 stores, 1,400 employees and $330 million in annual sales. Jabs, 80, remains responsible for the day-to-day operations of the company and also oversees the company's team of buyers, often traveling to Asia on purchasing trips.