The Best Buy Company., Inc. was started by Richard M. Schulze and his partner in the year 1966. The first store was named ‘Sound of Music’ and sold only home and car stereo equipment.
They met with success immediately as they were able to reach sales in excess of $160,000 in their first year itself. In 1970 Richard became the sole owner of the store as he bought out the stakes of his partner. Till 1981, he was happy selling only his stereo equipment and with the income it generated.