Joe Biden is expected to take his wife’s luxury lifestyle floor business from his father to his son.
The Washington Post reports that Biden will step away from the business and focus his time and energy on his wife, who has built a vast network of luxury brands that include Bose, the luxury line of sneakers, and a slew of luxury-focused jewelry, clothing and accessories.
Joe Biden’s first son, Beau Biden, will take over the business as chief executive, the Post reports.
Joe and his wife Nancy Biden launched the company, Bose Flooring, in 2007.
The company has been on a rapid growth path, with sales doubling from $8.7 million in 2013 to $11.7 billion in 2016.
Joe is known for his philanthropic efforts, including his support of the Blue Moon Foundation, which provides scholarships for underprivileged children.
He was also the first presidential nominee to support the Boy Scouts of America’s National Scout Jamboree.
Joe’s business ventures have not always gone smoothly, however.
In 2012, the couple sold Bose to Microsoft for $6 billion, with Biden reportedly making $100 million in profit, according to The Post.