Judy Love An Oklahoman is among the wealthiest women in America. Judy Love, who co-founded Love’s Travel Stops & Country Stores with her husband, Tom, claimed the No. 2 spot on USA Today’s list of “America’s richest self-made women.”
According to the USA Today list, Love and her family have a net worth of $10.2 billion. Her husband, Tom, died in March.
Love, 86, responded with humor on Thursday when she learned about her placement on the wealthiest women listing.
The billionaire said finding out her name was on the list “was about as much fun for me as watching golden oldies and discovering Elvis dyed his hair from light brown to black — never know what you’re going to read in the paper.”
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Love and her husband founded Love’s Travel Stops & Country Stores in 1964 by leasing an abandoned gas station in Watonga. Within a few years, the company had 40 stations and began to open convenience stores alongside the pumps. Oklahoma City-based Love’s now operates more than 600 locations in 42 states.
Overview
Love is the co-founder of Love’s Travel Stops & Country Stores, a US fuel and consumer products business. The Oklahoma City-based company operates a diversified chain of convenience stores, gas stations and logistics operations. It has more than 600 locations in 42 states and annual revenue of about $25.5 billion.
Love’s fortune derives from Love’s Travel Stops & Country Stores, which operates fueling stations and convenience stores across the U.S., as well as commodity and fuel transport businesses. The company has more than 600 locations in 42 states, according to its website.
This analysis assumes that the business is wholly-owned by the Love family and attributes Judy Love full-ownership to reflect her status as co-founder and family matriarch. The valuation was updated on May 19, 2023 and this led to an increase in the calculation of about $5 billion.
The company had revenue of $25.5 billion in 2021, according to Forbes. Revenue is compared to the average enterprise value-to-sales and enterprise value-to-Ebitda multiple of three publicly traded companies: Murphy USA Inc, Casey’s General Stores Inc and Marathon Petroleum Corp.
Brett Dawson, a spokesperson for Love’s Travel Stops, didn’t respond to requests for comment on the net worth calculation.
Biography
Judy Love was born in Oklahoma City in 1937. She met her soon-to-be husband, Tom, when studying at Oklahoma State University, and the two married in 1960. A aspiring entrepreneur, Tom Love acquired the lease to a gas station in an abandoned building in the city of Watonga for $150 a month in 1964.
With Judy working as bookkeeper, Tom began to grow the lone gas station into a network and expanded into food in 1972 with the opening of an on-site convenience store. A spike in oil prices due to the OPEC embargo a year later further emphasized the need to diversify.
The company changed its name from Musket Corporation to Love’s Travel Stops & Country Stores in 1986. Over the next few decades, the business grew to include roadside-assistance hubs, fast-food franchises, hotels and a compressed natural gas-provider. The business had more than 550 locations in 41 states in 2021, according to its website.
Judy ceased working full-time at the company in 1975 in order to go back to college to study interior design. An active philanthropist, she serves on the board of a half-dozen Oklahoma nonprofits. She was inducted into the Oklahoma Heritage Association’s Hall of Fame in 2010 and received the Lifetime Achievement Award from Oklahoma City University in recognition of her charitable activities.
Tom Love died in March 2023 in his hometown of Oklahoma City after an extended illness, according to a company statement.
Milestones
- 1937 Judy Love is born in Oklahoma City.
- 1960 Marries Tom Love on the day after Christmas in order to save money on flowers.
- 1964 With husband, Tom, leases an abandoned filling station in Watonga, Oklahoma.
- 1972 Opens first convenience store in Guymon, Oklahoma.
- 1973 Members of OPEC announce an oil embargo, causing gas prices to spike.
- 1975 Leaves full-time position at Love’s to study interior designer.
- 1992 Love’s partners with Taco Bell to operate restaurants in company’s stores.
- 2010 Inducted into the Oklahoma Heritage Association’s Hall of Fame.
The Love family is known for philanthropy
The Love family has been widely known for its philanthropy, and Judy Love, as matriarch, has led the way. The Tom and Judy Love Foundation has donated funds to many Oklahoma organizations over the years, including Positive Tomorrows, the Oklahoma Hall of Fame and the Archdiocese of Oklahoma City, as well as out-of-state organizations and groups. The family also has supported other organizations, including the University of Oklahoma, Oklahoma State University, Children’s Miracle Network Hospitals and United Way.
