01.11.2020

Diane Hendricks earned $6 billion on the siding and shingles

In 1982, at the height of the crisis in the US, Hendrix decided on a crazy idea. They laid everything they had, took out a Bank loan and opened a shop selling tiles. Before that, they spent a lot of time circling one tile factory after another to purchase the right materials – a single place sales in America did not exist. It was the beginning of American Builders & Contractors Supply Co (ABC Supply). The crisis has helped to save. The money received on credit, wife with large discount bought three unprofitable sales center tile company Bird & Sons.

When Diana was 21, she realized that he no longer loves the father of her child, and filed for divorce. It was one of the most important decisions in her life. Soon she was called by the unknown young man who introduced himself as Kenneth Hendrix. He told Diane that he had a friend who really wants to meet her. It is unknown whether there was this friend in fact but a few weeks between the young people began a romantic relationship that grew into a business partnership. Ken Hendricks was a laborer and specialized in roofing works. The couple decided to buy some cheap junk, repair it and sell it. Three years later, on their account, was nearly a hundred repaired and sold houses. Diana self-demolition of internal walls and changed the window, while Ken was busy on roofs. In 1975, the business partners were married.

For the first year of revenue was $4.5 million, the profit was invested in the purchase of another supplier of building materials. Less than six months, ABC Supply bought another 20 stores. As a result, in the third year of existence, the company took third place in the nomination “The fastest growing small business the US” by Inc. magazine 12 years sales revenue reached $1 billion, today the company is the largest distributor of building materials in the United States with more than 5,000 employees and 700 sales points.

Ken Hendricks died tragically in 2007, fell from a height on the construction site of his new home. For Diana it was a big blow, but she managed, and ABC Supply was able to overcome the crisis came soon. Diane Hendricks is now 71 years old, and she still holds the post of Chairman of the company, built with her husband. Mrs. Hendrix called the richest self-made woman in America. Since her husband’s death she increased revenue ABC Supply tripled to $9 billion. Her fortune is estimated at more than $6.2 billion – almost a billion for each of the seven children, four of whom are adopted.

In addition to ABC Supply Diana actively invested in other companies, which are controlled through a holding company Hendricks Holding Company. The Corporation includes about 30 of assets from different sectors: from metallurgy to insurance and health care. For example, Diane Hendricks owns the company NorthStar Medical Technologies which are close to become the first American company for the past 30 years, learned to isotope molybdenum-99, widely used in medical diagnostics. Now there are only two suppliers of the isotope, and their capacity is not enough. Developing spent $60 million investment Diana drew in conjunction with the Department’s national nuclear security.

In 2014, Diana, along with Vice-President Hendricks Holding Company Carl Leo invested $4.5 million in the company Gem Pharmaceuticals, conducting clinical trials of a cure for sarcoma, which, presumably, will give less complications and side effects during chemotherapy.

A lot of money Diana Hendricks allocates to support the Beloit city, where she and her husband once started ABC Supply. The locals joke that if Mrs. Hendricks doesn’t like something, she buys it and then does the. Bankrupt country club, a half-empty shopping center, abandoned buildings and even metallurgical plant, which is $40 million dollar investment turned into a business incubator Ironworks.

Few people know that in Wisconsin, a business incubator, but one of its residents, the company Comply365, which helps pilots of airlines to fill in the reports about the flights, recently received funding from the Fund for Drive Capital, founded by one of former top managers of Sequoia Capital. Diane Hendricks believes that in the early stages of companies with untested business models are not enough start-up capital, and the financial system, aimed at minimizing the risks, only stifles innovation and entrepreneurs. She believes that the duty to pay a tribute to society and help others.

In Ironworks now employs 1,000 people, Hendricks goal is to develop an incubator to 5,000 employees. Exactly as many people worked at the factory for the production of machine tools, the building is Ironworks.

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