[citation needed] In 1966, mortgaging his home, he founded an audio equipment store named Sound of Music in Saint Paul.
The sale was a hit, and he renamed the chain Best Buy and shifted the model to a superstore format with 18,000-sq-ft stores, everyday low prices, and a heavy advertising budget.
[citation needed] The format was very popular and thanks to increased demand for consumer electronics (especially with the advent of VCRs), the chain grew to 40 stores in 1989.
[citation needed] In May 2012, Schulze announced that he was stepping down as Best Buy chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee.
Private equity investors and he sought three board seats in exchange for acquiring a minority stake in the company, but he was not able to line up the funding.
The Richfield, Minnesota-based retailer also announced that two former executives, Brad Anderson and Al Lenzmeier, will serve as Schulze's representatives on the board of directors.
[17] As part of its entrepreneurship initiative, RMSFF donated $500,000 annually to support scholars, faculty, and an online idea exchange, as of 2015.