Early Life and Career Aspirations

Growing up on a dairy farm in Osseo, Wisconsin, Diane Hendricks always pictured her future self wearing suits, driving nice cars, and working in a city. Today, the 77-year-old has an estimated net worth of $20.9 billion — nearly double her reported net worth from just two years ago — topping Forbes’ most recent list of America’s Richest Self-Made Women for the seventh year in a row.

Her fortune is largely from her roofing supplies company, ABC Supply. Hendricks built the Beloit, Wisconsin-based company with her late husband in 1982, and she is currently its chairwoman. She owns 100% of the company, according to the company’s website. ABC Supply brought in $20.4 billion in revenue last year and has more than 900 branch locations, according to Forbes.

A Farm-Grown Work Ethic

At age 10, Hendricks looked out a window and thought, “I don’t want to be a farmer, and I don’t want to marry a farmer,” she told Forbes last year. Instead, she pictured herself wearing a “blue suit and having a nice car and being independent,” she said. That epiphany, combined with watching her parents work on the farm, made Hendricks dream of a career of her own. Then she got pregnant at age 17 and finished her senior year of high school while living at home.

Three years later, she filed for divorce from her high school sweetheart and, as a single mother, got by on a series of odd jobs — even working as a Playboy Bunny waitress — while building a real estate career. “That’s when I really started to look at a career, a career I’d always dreamt of having, which was being in business,” said Hendricks.

After she met and married roof contractor Ken Hendricks in the 1970s, the duo co-founded ABC Supply. The company hit $1 billion in annual sales for the first time in 1998, according to the company’s website.

Controversies and Contributions

The success hasn’t come without controversy. In 2016, the first year Hendricks topped the America’s Richest Self-Made Women list, the Milwaukee Journal Sentinel reported that she “didn’t pay a dime in state income tax from 2012 through 2014.” She also didn’t owe any money in state taxes in 2010, according to the news outlet.

That’s not necessarily illegal, ABC Supply tax director Scott Bianchini told CNBC Make It in 2022. The company had changed its tax classification from a C-corp to an S-corp during those years. Under Wisconsin state law, corporations can apply to be S-corps on a federal level and C-corps on a state level, meaning ABC Supply could elect out of state tax-option status — potentially including any checks made out from the company to Hendricks — if all of its federal taxes were paid off.

Hendricks is still based near Beloit, which has fewer than 37,000 residents. She’s bought and transformed several of the town’s historic buildings and older businesses and spent millions of dollars on local projects to rebuild abandoned properties and bring in new businesses to the state, according to Forbes.

In 2017, Hendricks opened a local career center to host skill workshops for middle and high schoolers on topics like coding and construction. The program aimed to expose teens to “the value of a job,” she told Forbes at the time.

“Children are like, ‘Wow, is that how a welder works?’” Hendricks said. “They can go to vocational school and become a welder that’ll pay $50,000 a year. Those are good jobs. Really good jobs.”

Personal Life and Philanthropy

Beyond her business ventures, Hendricks has been active in philanthropy and local development. Her commitment to Beloit and its revitalization is evident through her investments in the town. She has restored historical landmarks and established new community spaces, contributing to the town’s economic growth and cultural preservation.

Hendricks’ life story, from a young girl on a dairy farm to a self-made billionaire, underscores the importance of determination, hard work, and resilience. Her journey is a testament to the potential for success regardless of one’s beginnings, and her efforts to give back to her community reflect her dedication to creating opportunities for future generations.

Her vision for the future includes continued expansion and innovation within ABC Supply, as well as ongoing community engagement and support for educational initiatives. Hendricks’ impact on the business world and her local community remains profound, and her legacy as a pioneering woman in industry continues to inspire many.

Legacy and Future Goals

Looking ahead, Hendricks aims to further expand ABC Supply’s market reach and explore new business ventures. Her dedication to improving education and job opportunities in her community remains unwavering. She plans to launch more educational programs and vocational training centers to equip the next generation with the skills needed to succeed in today’s competitive job market.

Hendricks also envisions greater philanthropic efforts, focusing on initiatives that support underprivileged communities and foster economic development. Her commitment to creating a lasting positive impact on society exemplifies her role as not just a business leader but also a visionary philanthropist.

Conclusion

In conclusion, Diane Hendricks' remarkable journey from a dairy farm to the pinnacle of business success is a powerful narrative of perseverance, innovation, and giving back. Her story continues to inspire and motivate aspiring entrepreneurs and community leaders, showcasing the transformative power of hard work and dedication.

Recent Achievements and Future Plans

Recently, Hendricks has been recognized for her significant contributions to both the business world and her community. She was honored with the prestigious Horatio Alger Award, celebrating her as an individual who has succeeded despite facing adversities. This recognition further solidifies her status as a role model for aspiring business leaders.

In terms of future plans, Hendricks aims to diversify her investment portfolio by venturing into new industries, including technology and renewable energy. She believes that these sectors hold the key to future economic growth and sustainability. By investing in innovative technologies, Hendricks hopes to drive progress and create more job opportunities, aligning with her long-standing commitment to economic development.

Moreover, Hendricks is also focused on expanding ABC Supply’s presence internationally. With a strategic plan to enter emerging markets, she envisions significant growth potential for the company. Her goal is to make ABC Supply a global leader in the roofing supplies industry, thereby increasing its market share and revenue.

Final Thoughts

Diane Hendricks’ journey is a testament to the power of vision, resilience, and hard work. From her humble beginnings on a dairy farm to becoming one of the wealthiest self-made women in America, her story is an inspiration to many. As she continues to break barriers and set new benchmarks in the business world, Hendricks’ legacy will undoubtedly be remembered for generations to come. Her unwavering commitment to community development and philanthropy further highlights the impact of her work beyond the corporate realm, making her a true icon of success and benevolence.