Diane Hendricks is not a celebrity in the traditional sense. Be that as it may, this female billionaire just topped Forbes’ Self-Made Women list for the seventh year in a row. Not only that, but her journey to successful entrepreneurship is one worth telling.
With that in mind, this is the incredible story of Diane Hendricks and her company, ABC Supply…
Richest Self-Made Female Billionaire’s Success was NOT Overnight
Hendricks’ roofing supply enterprise, ABC Supply, is worth $154 billion. And, her personal net worth is currently an impressive $20 billion. However, her route to this status was not quick and easy.
Diane was the daughter of dairy farmers in Wisconsin — to which she credits her work ethic. Nevertheless, she never saw herself taking over the family business…
“I SAW MYSELF WEARING A NICE BLUE SUIT AND HAVING A NICE CAR AND BEING INDEPENDENT.”
Diane Hendricks via CNBC
After trying her hand at other career paths, Hendricks saw the opportunity that real estate gave women and became a realtor.
From there, she met her late husband — Ken Hendricks — and they founded ABC Supply in 1982. Still, it would be years before their business put her on the top of the Self-Made Female Billionaires list.
ABC’s real claim to fame came after Ken and Diane found out what customers really wanted…
CHOICES.
Before ABC, local manufacturers provided certain supply styles for building — limiting buyers’ options.
This situation inspired Diane and Ken Hendricks to create a nationwide wholesale network that made ABC unique.
The Hendricks diligently worked and improved ABC Supply year after year until Ken passed away in 2007.
Diane led the corporation, but months later she made a big gamble in one of the largest recessions to date…
Diane Hendricks’ BIGGEST Risk…
In 2008, the subprime mortgage crisis caused a catastrophic ripple effect. As a result, many businesses lost a significant amount of their valuation.
ONE OF THOSE COMPANIES WAS ONE OF ABC’S LARGEST COMPETITORS, BRADCO.
However, to acquire Bradco, Hendricks would need to sell 40% of her ABC Shares for capital…
But, Diane Hendricks did it. Made an incredible profit. And, bought all her shares back three years later.
The powerhouse female billionaire shared all the details and severity of the risk in this Forbes interview.
While making these big moves, Diane has never forgotten the town that allowed ABC to flourish. As such, she has found ways to say, “Thank you.”
How Hendricks & ABC Supply Share Their Success
Before Hendricks was a female billionaire, she worked late nights with her husband on roofing plans in Beloit, Wisconsin.
Beloit is where the Hendricks got ABC Supply’s big breaks such as partnerships and first store location.
So when the town took a hit in the recession, Diane did something about it…
Bought and restored historic buildings…
Donated to initiatives to bring back commerce…
And, opened a career center for school-aged children to learn valuable life skills.
All in all, Diane Hendricks did not have a runaway success story. That said, she earned every bit of her self-made female billionaire status and uses her wealth to make a difference.
That seems pretty 10X to us.
Be Great,
GCTV Staff
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