John Robert Menard Jr. (born January 22, 1940) is an American billionaire businessman, and the founder and owner of Menards, a Midwestern chain of home improvement stores. He is a former INDYCAR racing team owner, and the father of former NASCAR Cup Series driver Paul Menard. He is the son of John Robert Menard Sr (1917–1988). As of 11 June 2021, Bloomberg Billionaires Index ranked him the 103rd-richest person in the world with a net worth of US$18.9 billion.
The majority of Menard’s fortune is derived from his 89% ownership of Menard Inc., according to a 2008 US Tax Court filing. It’s the 31st biggest retailer in the US according to the National Retail Federation Top 100 Retailers list for 2021. The company has more than 300 stores in 15 US States, according to its website.
Menard Inc. had revenue of $13.1 billion in 2021, according to the National Retail Federation’s website. Its valuation is based on the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of two publicly traded peer companies: Home Depot and Lowe’s.
Jeff Abbott, a spokesperson for Menard, didn’t respond to emailed requests for comment on the net worth calculation.
Biography
John Robert Menard Jr., the eldest of eight children, was born in Eau Claire, Wisconsin, in 1940. His father taught math at the University of Wisconsin-Eau Claire, and his mother was a Catholic grade-school teacher.
The family moved to the countryside to build one of the state’s largest dairy herds before he entered high school, according to the Milwaukee Magazine. His father hired a company to build a pole barn where Menard worked during the summer. After two years working with the pole barn company, John got his own team and began his construction career to help pay for his education at the University of Wisconsin-Eau Claire in 1959.
Menard opened his first hardware store in 1960. He leveraged the contacts he made in the construction business to help the company expand. Today, Menards is the third-largest home-improvement chain in the US with more than 280 stores in 14 central US states.
A racing fan, Menard bought his first racing car in 1979. His son, Paul, races for a NASCAR team that the company co-sponsors. He won the Spirit Cup at the Brickyard 400 in 2011. He’s also a thoroughbred horse owner, with $13 million invested in 31 thoroughbreds, according to the Indianapolis Business Journal in December 2010.
The billionaire lives in Eau Claire, Wisconsin with six children.
Milestones
- 1940 John Robert Menard Jr. is born in Eau Claire, Wisconsin.
- 1959 Begins career in the construction business to help pay for college.
- 1960 Enters the retail hardware business by founding Menard Inc.
- 1963 Graduates from the University of Wisconsin-Eau Claire.
- 2004 Charlie Menard wins 2004 NASCAR Late Model championship.
- 2008 Donates $15 million to Eau Claire’s Luther Midelfort Hospital.
- 2011 Son Paul’s racing team wins the Brickyard 400.
- 2012 Retires from the board of Polaris Industries.
