Bootstrap billionaire dies
Wisconsin business Titan Ken Hendricks who rose from high school drop out to head a construction supply empire died earlier today from injuries sustained in an accident at his home.
See this report from the Janesville Gazette for more details.
Forward Janesville president John Beckord told the paper the entrepreneur was always willing to help others trying to bootstrap their way up as he had done.
Here's a partial time line created by the newspaper documenting Hendrick's remarkable rise:
Early years: He starts to learn about the building trades with his father, a Janesville roofing contractor. He drops out of high school in 11th grade and marries his girlfriend. He founds his own roofing companies, but after 17 years he gives his companies to his employees. He marries his second wife, Diane, in 1975.
1982-During the economic slowdown of 1982, Ken and Diane take a risk and acquire three supply centers from Bird & Sons. They found American Builders and Contractors Supply. Hendricks' idea was that builders should be treated better by suppliers than the way he often was treated.
1998-ABC Supply reaches $1 billion in sales.
2007-ABC Supply has over 350 centers in 45 states and is one of the nation's largest wholesale distributors of exterior building products.
Forbes puts Hendricks at No. 107 on its list of the wealthiest 400 Americans, with an estimated net worth of $2.6 billion.
For more on this inspiring entrepreneur check out his company's website here.
December 23rd, 2007 at 6:27 pm
The loss of Ken Hendricks is a big tragedy. I got to know Ken Hendricks through my work with the Rockford Area Ventures developing the Essex building (a former munitions factory) that he had recently purchased. Many of us involved with the project were excited about repurposing the facility as a global center for innovation. Ken was an inspirational character—little ego, optimistic, entrepreneurial and a man of great accomplishments. I remember a number of meetings with him revolving around the future of the Rockford economy—K-12 education, leadership, business incubators, emerging markets, green technology, wind turbines and broadband access among others. His insights were respected and he was always encouraging those around him to get on with the job. He was a visionary and, more significant, an actionary. He will certainly be missed.
Egils Milbergs
Center for Accelerating Innovation
http://www.innovate.typepad.com
December 23rd, 2007 at 8:02 pm
Thanks Egils.
I must admit I never knew much about Ken Hendricks’ accomplishments until reading more about him following announcement of his death and was only vaguely aware of his company not being involved in the building trade. I have to say what I read in my research impressed me. Thanks for sharing these important memories.