American business mogul and entrepreneur John Robert Menard Jr. John is the owner of the Menards chain of home improvement stores in the Midwest. He formerly owned an IndyCar team.
He is the father of NASCAR Sprint Cup Series driver Paul Menard. John is the 68th richest person in the United States and is ranked 136th on the list of the world’s wealthiest individuals.
John Robert Bio/Wiki
[table id=4039 /]
John Robert Education
He earned a business degree and a psychology minor from the University of Wisconsin-Eau Claire. Menard started his business by erecting pole buildings alongside college buddies.
In Wisconsin’s Eau Claire, he set up residence. Menard, who has six children, wed Faiha Obaid, his third wife, in 2008.
John Robert Early Life
The oldest of eight children in a Catholic family of Norwegian, German, and French Canadian ancestry. Menard was captured in 1997 transporting plastic bags containing chromium and arsenic-rich wood ash to his house to be disposed of with household trash using his personal pickup vehicle.
Menard entered a not guilty plea to charges of violating records, engaging in illegal transportation, and improperly disposing of hazardous trash. For 21 infractions, Menard and his business were each given a $1.7 million fine Menard allegedly misclassified $20 million as wages instead of dividends in 2013 and wrote it off as a business cost, which led to the IRS ordering him to pay $6 million in back taxes.
In another case, the Wisconsin Supreme Court ordered Menard to pay a former attorney $1.6 million as restitution for gender discrimination and egregious underpayment. Menard was one of the numerous businessmen nominated to President Donald Trump’s economic advisory council in April 2020.
John Robert Personal Life
Six children have been born to John Robert Menard Jr.’s three spouses. Paul Menard is an American driver who specialises in stock car racing. He was born on August 21, 1980.
He currently competes in the Monster Energy NASCAR Cup Series in Richard Childress Racing’s No. 27 Chevrolet SS permanently. He part-time races the No. 2 Chevrolet Camaro for RCR in the NASCAR Xfinity Series. Paul attended Winona-Eau Claire University. He competes in auto races and runs a business.
He resides in Charlotte, North Carolina with his wife Jennifer. A girl was born to Jennifer on March 18, 2014. In June 2014, Paul Menard won the national race in Michigan, which resulted in his first NNS victory since 2006.
John Robert Professional Career
Home Depot, the second-largest retailer in the nation behind Wal-Mart, with headquarters in Atlanta, had its sights set on the Chicago market by the early 1990s. John Menard saw Chicago as the geographic centre of his domain, and he was eager to rule there. Because he didn’t have time to start from scratch, John Menard Jr. transformed a number of vacant retail spaces. Bropst was given a retail assignment in Lombard, Illinois.
The stores Menard acquired had shut down for a variety of reasons. There were many issues in Lombard. Crime. Thugs. a huge personnel issue. We cleaned up a lot of stuff, adds Bropst. With the help of 18 new Chicago locations in three formats, ranging from little Hardware Plus shops to super stores, Menards completed 1993 with $1.7 billion in sales.
The next September, Home Depot opened its first location in Chicago, and “we were ready and waiting,” according to Bropst. In 1998, Home Depot expanded into Milwaukee, another Menards stronghold. However, the actual rivalry remained in Chicago, hastening the demise of smaller regional businesses like Handy Andy, Builder’s Square, and Courtesy Home Centres.
In 1999, Lowe’s joined the market. The businesses that Home Depot and Lowe’s had previously forced out of business were comparable in size to Menards. According to Archibald, the two titans also used their size to exert pressure on DeWalt and Kohler to stop selling goods to Menards.
According to Chicago-based retail analyst Ander, three is a crowd for large box shops, and the third-best is always driven out of business. However, Menards is ranked top or second in the majority of its 11-state region, which includes Wisconsin, Minnesota, the Dakotas, Iowa, Michigan, Ohio, Indiana, Illinois, Missouri, and Nebraska.
It competes head-to-head with Home Depot in Chicago (both have about 30 stores), and with 19 stores, it rules Minneapolis-St. Paul. Menards has nine locations in metro Milwaukee, more than the five Lowe’s locations and only behind the twelve Home Depot locations. The return policy at Home Depot is legendary.
The company’s founders, Bernie Marcus and Arthur Black, described how a man attempted to return a set of tyres in the 1990s despite the fact that Home Depot didn’t sell tires in their book Built from Scratch. To get advice, the service desk agent dialled corporate headquarters. It was instructed to John Menard Jr. to ask the client how much he had paid for the tyres and to issue a refund.
The tyres were left hanging there as a constant reminder that the customer is always right. Home Depot was more concerned with the lifetime worth of the consumer than with theft and mistakes. Contrastingly, John Menard Jr.’s policy forbade returns without a receipt. However, under pressure from Home Depot, Menards’ policy changed to “If we sell it, you take it back” by the middle of the 1990s, according to Brobst.
Menard claimed that Home Depot’s ads in Chicago and Minneapolis-St. Paul, which implied that Menards provided inferior goods, was “blatantly” incorrect as the competition heated up, and was taken down by the Council of Better Business Bureaus. Menards sued Home Depot in 2003, claiming that it “ripped off” the fliers from its business and put them in its stores.
A federal magistrate mediated the conflict, which was ultimately resolved in Menards’ favour for a minor financial payment. On the racecourse, things went more smoothly. In 1997 and 1999, the Menards team won the Indy Racing League championship. He may have been overjoyed by his triumph since he immediately opened up to the media, telling one national publication that he had fantasies about ramming the CEO of Home Depot with his race vehicle.
Menards’ “excellence in brand building” in “coming head-to-head with Home Depot” was praised by Advertising Age in 1999. One of the 100 marketing wonders listed in the article was Menard. To defeat his adversaries, John Menard Jr. devised a different strategy. In 1998, he received a $20.6 million salary, which was three times the CEO salary of Lowe’s and seven times the salary of Home Depot.
A former senior business executive who requested anonymity said, “In his universe, everything is assessed by your money account.” “He kept saying that I was winning; it’s only a game,” Menard supersized his new stores in 2004 and 2005, while Lowe’s and Home Depot downsized and concentrated on creating more compact, 80,000 to 100,000 square foot urban stores.
He constructed a massive two-story store in St. Paul, Minnesota, complete with a moving walkway that transports shoppers’ carts to the second floor while passing a baby grand piano and plasma screens promoting specials. He unveiled the mother of all big boxes for home improvement in Duluth, Minnesota, a 250,000-square-foot behemoth that is more than twice the size of a regular Home Depot.
In addition to expanding his already broad range of products, John Menard Jr. also added appliance showrooms and garden centres. More monster stores are planned by the corporation. Industry experts believe it’s a significant gamble, but it might also guarantee the company’s existence.
In the meantime, John Menard Jr. has lost the marketing advantage he once had thanks to racing partnerships. The “Official Home Improvement Warehouse of NASCAR” is Home Depot, not Menards. The Nextel Cup title was won by Home Depot in 2005 with former Menards driver Tony Stewart, and Lowe’s won it in 2006.
This results in publicity that is worth millions of dollars. According to sponsorship specialist Eric Wright, Menards’ exposure to the racing industry last year was worth $22.2 million. However, Home Depot and Lowe’s were each worth $98.6 and $143.6 million, respectively.
John Robert Donations
Menard donated $15 million to Luther Midelfort Hospital in Eau Claire in January 2008. The grant helped the hospital with staff education and training as well as the creation of a new emergency services department. Menard gave the Eau Claire Area YMCA a $10 million donation in 2015.
The donation enabled the John and Fay Menard YMCA Tennis Center, which has eight courts, to take the place of the LE Phillips Tennis Center, a five-court facility that debuted in 1972. The Menard family gave $5 million to Ohio State University’s Moritz College of Law’s Drug Enforcement and Policy Center in 2019.
The grant also helps fund an endowed lecture and an annual national conference in addition to promoting the centre’s research, engagement, and student development. Menard, a supporter of conservative causes, has made contributions to the Koch brothers’ political organisations.
John Robert Net Worth and Assets
According to Bloomberg, John Menard Jr.’s net worth is expected to reach $18.4 billion in January 2023. In 1972, he started his first hardware store, and currently, it has over 262 offspring. The third-largest home improvement retail business in the nation is owned by this hardware magnate.
Menard also has an engine shop in the UK that specialises in producing engines for Team Menard and Robby Gordon Motorsports. In opposition to Menards, the EPA issued an administrative order in 2006 for damaging a stream in Sioux Falls, South Dakota, that passed through company properties by keeping a 66-inch storm sewage pipe on the stream for 1,350 linear feet and covering it with topsoil. He held the title of Wisconsin’s richest person in 2007.
He is a board associate with Polaris Industries, which specialises in producing ATVs and snowmobiles. Menards agreed to pay a $30,000 refund in 2011 for irrational state regulations that forbade the disposal of deadly trash. On a parking island in 2007, a herbicide that had been left on a pallet to freeze during the winter was dumped into the ground.
[table id=4040 /]
How much is the net worth of John Robert?
Who is John Robert’s wife?
What is John Robert’s age?
What is the name of the John Robert firm?