Diane Hendricks overcame obstacle after obstacle to launch ABC Supply in 1982. Now, she’s the richest self-made woman in the U.S. for the fifth year running.
The success hasn't come without controversy. In 2016, the first year Hendricks topped the Forbes 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 tells CNBC Make It that the company had changed its tax classification from a C-corp to an S-corp during those years., 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.
Today, Hendricks is still based in Beloit, which has less than 37,000 residents. According to Forbes, she's spent millions of dollars on local projects to rebuild abandoned properties and bring in new businesses to the state. In 2017, Hendricks opened a local career center, which hosts workshops to teach middle and high schoolers skills like coding and construction. She told Forbes that the program aims to expose teens to"the value of a job."
"Children are like, 'Wow, is that how a welder works?'" she 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."
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