Best Buy is a consumer electronics corporation headquartered in Richmond, Minnesota. Best Buy was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialtystore named Sound of Music. Schulze financed the opening of his first store with his personal savings and a second mortgage he took out on his family’s home. In 1967, Sound of Music acquired 2 more companies. It earned about $1 million in revenue and made about $58,000 in profit in its first year. It now had 3 stores and became publicly listed on the NASDAQ exchange. It was growing and building up its interests slowly which launchedit into the massive retail it is now. In 1978, Sound of Music had expanded to 9 stores throughout Minnesota. 3 years later one of its biggest