Latest news with #DianeHendricks
Forbes
3 hours ago
- Business
- Forbes
Small Business Toolkit: Advice On Taxes, Business Structure, Funding And More
New and threatened tariffs. Expiring tax breaks. Tighter lending rules at the Small Business Administration (SBA). Small business owners face lots of challenges and uncertainty these days. But then, starting and running a small business has always been tough. And yet, small businesses remain the mainstay of the U.S. economy, creating jobs, millionaires, and in some cases, big companies and billionaires. Diane Hendricks, #1 on Forbes' new list of America's Richest Self-Made Women, with a net worth of $22.5 billion, started a roofing supply business with her late husband, Ken, in Wisconsin in 1982. Under her watch, ABC Supply, which she owns and has chaired since Ken's death in 2007, has grown to more than 900 branch locations and $20 billion in sales. Peter Cancro started making sandwiches at a Jersey Shore sandwich shop in 1971 at the age of 14, bought out the owner before his high school graduation, and built Jersey Mike's into a chain with more than 3,000 locations, before finally selling a majority stake this year to private equity firm Blackstone. He's now worth $4.9 billion. Today, the U.S. has more than 33 million small businesses, employing nearly 62 million Americans, some 46% of private sector employees. According to the SBA, from 1995 to 2021, small businesses created 17.3 million net new jobs, accounting for 63% of the net jobs created during this period. Underlying that impressive net job growth number, however, are millions of small business births and closures. About one in five of all small businesses fail in their first year and one in two succumb in the first five years. This new Forbes Small Business Toolkit aims to help you beat the odds, with information on choosing the right entity, assembling your professional team, filing and paying taxes on time, managing small business loans, and more. Despite the drama in Washington, some of these business basics won't change. But some will change–so we intend to keep the Toolkit updated, with developments business owners are likely too busy to track on their own. Small businesses have faced greater-than-normal challenges in recent months as they struggle to navigate President Trump's tariffs and tax proposals. The threat of tariffs (and tariffs already imposed) have already resulted in higher expenses and supply chain disruptions for some small businesses. And more are likely coming. Since tariffs are paid for by U.S. companies that import goods and materials, many small businesses will have to pay more for what they buy, yet may not be able to pass along the full cost increases to customers. The most recent National Federation of Independent Business Small Business Optimism Index shows retailers, in particular, have had their enthusiasm curbed by tariffs. The Republican tax bill, as passed last month by the House, included some wins for small businesses. It restored expensing and made the existing Section 199A deduction for small businesses that pass through their profits to the owner's tax return (S corps, partnerships and the self-employed) permanent and more generous. But those hoping that a business-friendly Senate might push even further by lowering corporate tax rates, too, likely won't get their wish. The cost of the bill (and how it increases the federal deficit and debt) may mean we'll see less, not more, tax relief for businesses, as it makes its way through the Senate and the reconciliation process. Adding to the uncertainty, interest rates and other costs remain high, making borrowing tricky at a time when assistance from federal agencies like the SBA has been reduced (the agency has announced plans to reduce its workforce by 43%) and loan guarantee rules tightened. Reduced staffing at the IRS (the agency expects to lose at least 20,000 employees) means there are fewer representatives available to answer the phones and help resolve tax disputes—some of those tax issues, like liens, can paralyze a small business if not resolved in a timely manner. There are some bright spots. Earlier this year, the Treasury Department walked back most of the Corporate Transparency Act (CTA), limiting its scope to foreign companies. Before the revision, an estimated 32.6 million companies were potentially subject to reporting requirements, with significant penalties for noncompliance. The administration has also signaled that more regulatory rollback is coming, though businesses aren't yet sure what that might look like. With so much uncertainty—and more changes on the way—we suggest bookmarking this Toolkit and checking back for our updates.
Forbes
3 days ago
- Business
- Forbes
Forbes Daily: Chime, America's Largest Digital Bank Faces, IPO Reality
America's most successful self-made women are richer than ever before. The 100 entrepreneurs, executives and entertainers on Forbes' tenth annual ranking are worth a collective record of $155 billion. The list includes 38 billionaires, who made their fortunes through everything from cars to cosmetics to chardonnay. The list is once again topped by billionaire Diane Hendricks, the 78-year-old chair and owner of roofing and building materials wholesaler ABC Supply. But it also features newcomers like the majority owner of the Washington Spirit Michele Kang, and musician and actor Selena Gomez. And more than half of the women on the list saw their fortunes grow since last year. Photo Illustration by Davide Bonaldo/SOPA Images/LightRocket via Getty Images Chime, America's largest digital bank, is aiming for an IPO valuation of about $11 billion, a sharp drop from the $25 billion it fetched in a private fundraise in August 2021, near the peak of the fintech market bubble. But despite economic uncertainty, the 13-year-old bank is moving forward with its IPO plan, having grown its active customer base to 8.6 million by offering a no-fee checking account and debit card. In its latest economic outlook report, the Organization for Economic Cooperation and Development—an intergovernmental group that includes 38 of the world's top economies—warned that global economic growth is set to face a significant slowdown due to increased uncertainty over President Donald Trump's tariffs. The OECD projects that global economic growth will drop from 3.3% in 2024 to 2.9% in 2025 and 2026, with the U.S. economy expected to be among the hardest hit. Wall Street's top watchdog, the Financial Industry Regulatory Authority, scored a key victory as the Supreme Court declined to hear a penny stock broker's legal challenge to its constitutionality. But FINRA still faces a threat in a new bill in Congress that would move the self-regulatory body's key powers to the SEC. Photo by Beata Zawrzel/NurPhoto via Getty Images As Elon Musk still aims to make X an 'everything app,' he said this week he will start rolling out XChat, an encrypted messaging and calling platform that could be a competitor to WhatsApp. The update will expand the platform's direct messaging function, which Musk says will include encryption, file sharing, vanishing messages and audio or visual phone calls that can be made without a phone number. Kristi Noem testified before a House committee in May about the Department of Homeland Security's budget request. Homeland Security Secretary Kristi Noem often emphasizes her rough-and-tumble rural roots, but today she's worth about $5 million, Forbes estimates. Much of that is due to her husband Bryon's insurance business: Noem Insurance has generated $1.1 million in salary and profits for him over the past two years. David Richardson, the acting head of FEMA, reportedly told staffers he was unaware that the U.S. had a hurricane season. While an agency spokesperson told various outlets the comments were made as a joke, they come as FEMA's workforce has been severely gutted by DOGE, with the USA Today reporting that about 2,000 of the agency's 6,100 full-time staff have been fired or resigned in recent months. Skims cofounder Kim Kardashian, TV talk show queen Oprah Winfrey and pop star Beyoncé Knowles-Carter Even celebrities are feeling the effects of the cooling economy. Forbes' new list of America's Richest Self-Made Women features 16 celebrities among its ranks, worth a combined $14.1 billion. But after years of booming entrepreneurship, the market is softening for celebrity-backed companies: Other than Selena Gomez, most of the stars' fortunes are little changed from a year ago. The suspect in the attack on a Boulder, Colorado gathering in support of Israeli hostages in Gaza was charged with a federal hate crime Monday after telling authorities while in custody that he wanted to 'kill all Zionist people.' Mohamed Soliman threw two Molotov cocktails at the group gathered in front of the Boulder Courthouse on Sunday and yelled 'Free Palestine!' leaving eight injured, according to court documents. Gun control laws in Maryland and Rhode Island will stay in place, the Supreme Court ruled, as it declined to take up challenges to the bans. Nine states have assault weapons bans in place, as gun control has become a hot topic at the Supreme Court. Chris and Angie Long privately financed the Kansas City Current's $140 million CPKC Stadium When CPKC Stadium, the new home of the National Women's Soccer League's Kansas City Current, opened in March 2024, it was the first venue in the world developed primarily for a professional women's sports franchise. And while that milestone would be impressive enough on its own, the value that the 11,500-seat stadium has unlocked for the Current has been nothing short of transformative. The team, which previously played at Children's Mercy Park as a tenant under MLS's Sporting Kansas City, saw a 'more than $20 million revenue swing' in its first season at its new home, says Angie Long, who bought the franchise in 2020 with her husband Chris and privately financed the construction of the $140 million stadium. By bolstering business lines such as premium seating and tapping into new streams, including concessions, naming rights and third-party events, the Current generated $36 million in revenue in 2024—the best mark in the NWSL and nearly quadruple the league's median of $9.5 million, according to Forbes estimates. The club is now worth an estimated $275 million, second only to $280 million Angel City FC, despite playing in the fourth-smallest market in the 14-team league. The way the Longs see it, the growth has only just begun. The Current purposely held back in certain areas last season—limiting the number of non-NWSL events they hosted to keep the field pristine, for instance, and retaining some sponsorship assets until they had a better handle on what they were selling. With those guardrails now being lifted, the franchise is projecting $45 million in revenue in 2025. 'We're scratching the surface in every single way,' says Angie Long, a Kansas City native. WHY IT MATTERS 'Most other NWSL clubs would face plenty of hurdles trying to replicate the Current's model, but everyone around the sport is paying close attention to the experiment unfolding in Kansas City, and as the league continues to expand beyond 14 teams, facilities are becoming a much more important part of bids by new host markets,' says Forbes staff writer Justin Birnbaum. 'Women's soccer remains a long way from catching up to established men's pro leagues, but the Current are blazing a trail toward billion-dollar team valuations—perhaps in the not-too-distant future.' MORE The NWSL's Most Valuable Teams 2025 The buy now, pay later industry has exploded in recent years, but shares of Affirm Holdings have fallen in 2025. The default rate on such loans is rising, though industry executives say they're not worried: 13%: Affirm's stock losses so far this year $560 billion: The size of the BNPL industry in 2025, according to one report 'A Band-Aid on top of their credit card debt': How a former Consumer Financial Protection Bureau official described Americans' use of buy now, pay later loans to the New York Times If you've just found out you've been laid off, the next few days and weeks are critical. Don't panic apply just because you're anxious—it's better to identify a few employers you want to work for, connect with decision-makers at these companies and find the jobs for which they're hiring. And if you've been out of the job market for a number of years, consider rebranding yourself to highlight your most in-demand skills. We're officially in hurricane season, but another natural phenomenon is also approaching U.S. skies. What is it? A. The northern lights B. Tornadoes C. Saharan dust D. Wildfire smoke Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
Forbes
3 days ago
- Business
- Forbes
Selena Gomez, Michele Kang Join Taylor Swift, Kim Kardashian Among America's 100 Richest Self-Made Women
Bigger fortunes. More billionaires. Increasing impact. We mark the 10th anniversary of our annual list of America's most successful self-made women by celebrating how far these 100 entrepreneurs, executives and entertainers have come. Together these ceiling-breakers are worth a combined $155 billion, more than ever before. There are 38 billionaires this year, with fortunes originating in everything from cars to cosmetics to Chardonnay. That's more than double the 18 billionaires we found on our first list in 2015 and an increase from 31 billionaires in 2024. The minimum net worth to make the cut is $350 million, up from $300 million last year. Back in 2015, when we ranked only 50 women, the minimum to qualify was $250 million. Thirty-six members of the original list from a decade ago made the 2025 edition. Jamel Toppin for Forbes One of those list originals–and the richest this year–is billionaire Diane Hendricks, the 78-year-old chair and owner of roofing and building materials wholesaler ABC Supply. She takes the top spot for the eighth consecutive year, with an estimated $22.3 billion fortune. Hendricks, who cofounded ABC Supply in 1982 with her husband Ken (who died in 2007) has been No. 1 for all but two years–she ranked No. 2 in 2015 and 2017. Her fortune has risen sixfold since appearing on the first list with a net worth of $3.7 billion. Revenue at the Wisconsin-based company has grown from $4.8 billion in 2014 to $20.7 billion last year. Among this year's nine newcomers are three billionaires, including the majority owner of the National Women's Soccer League's Washington Spirit, Michele Kang, who sold her health care IT company Cognosante to Accenture for more than $1 billion last year (more on Kang here); Lauren Leichtman, a private equity investor who with her husband bought the National Women's Soccer League's San Diego Wave in October; and Iranian immigrant and biotech executive and investor Maky Zanganeh, who helped turn around and sell drug developer Pharmacyclics to AbbVie for $21 billion in 2015 and today runs Summit Therapeutics with her husband (and fellow billionaire) Robert Duggan. The highest profile and youngest newcomer is musician and actress Selena Gomez, who at 32 is worth an estimated $700 million. The vast majority of the star's fortune comes from her stake in Rare Beauty, the cosmetics company she founded in 2020 and that Forbes estimates is now worth $1.3 billion. (For more on how Gomez built her fortune, see here.) She is now one of 16 celebrities in the ranks. The oldest newcomer is Gail Federici, 76, a hair care entrepreneur who founded her current company, Color Wow, in 2013. Other new faces include two executives at sizzling chip design firm Nvidia: chief financial officer Collete Kress, who joined the semiconductor company in 2013, reportedly after her two young sons endorsed the brand, which they knew as the designer of the chips powering their favorite computer games; and Debora Shoquist, Nvidia's executive vice president of operations and an 18-year veteran of the company, who oversees the logistics and supply chain. Eight members of last year's list became billionaires in the past year, several thanks to higher valuations of private tech companies. That includes SpaceX President Gwynne Shotwell; Daniela Amodei, president and one of seven cofounders of AI unicorn Anthropic; Theresia Gouw, America's wealthiest female venture capitalist thanks to her time as a partner at Accel; and Lucy Guo, who became the world's youngest self-made female billionaire at age 30 in April. Her fortune grew 160% since last year due to the increased value of Scale AI, the artificial intelligence data labeling firm that she cofounded in 2016 with Alexandr Wang, enough to make her the biggest gainer in percentage terms. A sale of insider shares in April pushed the value of the privately held firm to $25 billion, up from $13.8 billion. Though Guo left Scale AI in 2018 and went on to found OnlyFans competitor Passes, she has held on to a nearly 5% stake, which now makes up the vast majority of her net worth. Cofounder of Little Caesar's pizza chain, Marian Ilitch is the biggest gainer in dollar terms, up $2.3 billion from a year ago to an estimated $6.9 billion fortune, thanks in part to a more than $1 billion jump in the value of the NHL's Detroit Red Wings, which she owns. Alice Schwartz, cofounder of research and diagnostic firm Bio-Rad Laboratories, is the oldest member of the list, at age 98. Kylie Jenner, who made her debut on the list at age 21, holds onto her position as the youngest member, at 27. More than half of the women on the list–58–saw their fortunes grow since last year, while the net worths of 12 members are unchanged from 2024. Twenty-one are worth less than last year, including pop star Rihanna, whose net worth slipped by $400 million to an estimated $1 billion, due to setbacks at her key businesses. The CEO of her lingerie brand Savage X Fenty quit in August 2024 to take over Victoria's Secret, and investors marked down their valuation of the company. Sales are estimated to be flat at Fenty Beauty, the cosmetics line which she co-owns with luxury conglomerate LVMH. Sara Liu, who cofounded data storage and server maker Super Micro Computer was a billionaire last year, lost $540 million as shares of Super Micro plunged nearly 60% in the past year. Six members of the 2024 list dropped off the ranking altogether, including dating app Bumble founder Whitney Wolfe Herd and Pepsico's former chairman and CEO Indra Nooyi, as shares of their companies tumbled 50% and 20% respectively, in the past year. Three others, all members of the original 2015 list, died: Love's truck stop cofounder Judy Love, who was 87; casino entrepreneur Elaine Wynn, 82; and former YouTube CEO Susan Wojcicki, 56. To compile net worths, Forbes valued individual assets including stakes in public companies using stock prices from May 2, 2025. We valued private companies by consulting with outside experts and conservatively comparing them with public companies. To be eligible for the list, women have to have substantially made their own fortunes in the U.S. and/or be U.S. citizens or permanent residents. While none inherited their wealth, some climbed farther and overcame more obstacles to get into the ranks. To measure just how far some have come, women are given a self-made score of 6 (hired hand) to 10 (rags-to-riches entrepreneur). We attempted to vet numbers with all list entrants. Some cooperated, others didn't. Ages are as of June 3, 2025. For more information, including details on the self-made scores, see
Yahoo
13-05-2025
- Business
- Yahoo
What's the net worth of Diane Hendricks, Wisconsin's richest person?
The name of Wisconsin's richest person probably won't surprise you, but her net worth might. Forbes recently crowned Diane Hendricks as the wealthiest person in Wisconsin. She dethroned John Menard Jr., who had held the top spot for at least the past three years. It's the latest in a long line of wealth-related superlatives for Hendricks, who co-founded Beloit-based ABC Supply Co., the largest wholesale distributor of roofing supplies and one of the largest distributors of siding and windows in North America. Hendricks edged out Menard in Forbes' April 2025 list of the richest people in the world, clinching 90th place, while he came in 92nd. In 2024, she once again topped the Forbes' list of richest self-made women in America — the seventh year in a row she's led the list. So, how much is she worth? As of May 13, Hendricks had a real-time net worth of $22.3 billion, according to Forbes. She is one of 10 women nationwide who are the richest residents of their states. In 1982, Hendricks co-founded ABC Supply with her husband, Ken. She has been the chairwoman and sole owner since his death in 2007. ABC Supply currently more than 700 locations across the U.S. and Canada, according to its website. Hendricks also owns a real estate development firm and a holding company with stakes in 18 businesses, Forbes reported in 2022. Alongside her business ventures, Hendricks has been a heavyweight donor to Republican campaigns and candidates for years. This article originally appeared on Milwaukee Journal Sentinel: What's the net worth of Wisconsin's richest person, Diane Hendricks?
Yahoo
12-05-2025
- Business
- Yahoo
John Menard, Jr. is no longer the richest person in Wisconsin, Forbes says
Billionaire Diane Hendricks has overtaken John Menard, Jr. as the richest person in Wisconsin, according to Forbes' 2025 list of the wealthiest person in each U.S. state. With a network of $21.9 billion, Hendricks is one of 10 women nationwide who are the richest residents of their states. She is the co-founder of Beloit-based ABC Supply Co., the largest wholesale distributor of roofing supplies and one of the largest distributors of siding and windows in North America. Before this year, Eau Claire resident Menard, who owns the home improvement retailer Menards, was named Wisconsin's richest person for at least three consecutive years. As of May 12, his real-time net worth was $21.7 billion, according to Forbes. Hendricks also edged out Menard in Forbes' April 2025 list of the richest people in the world, clinching 90th place, while he came in 92nd. In 2024, she once again topped the Forbes' list of richest self-made women in America — the seventh year in a row she's led the list. Here's what else to know about Diane Hendricks and her company, ABC Supply. In 1982, Hendricks co-founded ABC Supply with her husband, Ken. She has been the chairwoman and sole owner since his death in 2007. ABC Supply currently more than 700 locations across the U.S. and Canada, according to its website. Hendricks also owns a real estate development firm and a holding company with stakes in 18 businesses, Forbes reported in 2022. Alongside her business ventures, Hendricks has been a heavyweight donor to Republican campaigns and candidates for years. In 2016, President Donald Trump appointed her to his campaign's economic advisory team, and she donated more than $1 million to his 2020 re-election campaign. Leading up the 2024 election, Hendricks donated at least $15 million to Trump's Make America Great Again Inc., according to records from the Federal Election Commission, and spoke in support of Trump at the Republican National Convention in Milwaukee. In recent months, various suppliers serving ABC Supply have increased their prices in the wake of the Trump administration's sweeping tariffs. On May 1, the company posted a blog on its website with tips for contractors on how to handle the economic uncertainty. Hendricks grew up on a dairy farm in Osseo, a city south of Eau Claire with a population of just under 1,800. She was one of nine daughters and moved to Janesville at 17 years old with her first husband, according to Forbes. Hendricks later divorced and married Ken, and the couple founded ABC Supply in Beloit. Today, she lives in Afton, which is between Beloit and Janesville. Hendricks is 78 years old. This article originally appeared on Milwaukee Journal Sentinel: Diane Hendricks named richest person in Wisconsin for 2025 by Forbes
