Maggie Magerko – Billionaire

Maggie Magerko, owner of building materials giant 84 Lumber, almost went broke in the Great Recession and has mounted a stunning comeback since, bringing her company back from near-bankruptcy and her net worth back from near-zero. The recovery of the housing market has a lot to do with her comeback, but smarter management has been critical as well. Before the recession, Magerko levered up the company and expanded its store base as quickly as possible. When the market collapsed, she had to close half of her 500 stores. Now she is committed to running a leaner operation with fewer stores, located in more strategic locations. Magerko learned the lumber business from her father Joe Hardy, who started 84 Lumber in 1956. Famously frugal most of his career, Hardy eventually splurged on a lavish resort in rural Pennsylvania, complete with a mini zoo, collection of vintage airplanes, slab of the Berlin Wall, and a hotel modeled on the Ritz in Paris.

Source:

1. forbes