Wealthiest Profiles

Walton Family

$51.5 billion, Bentonville

Country’s wealthiest family, owns 38 percent of world’s largest retailer, Wal-Mart Stores Inc. Phenomenal growth of nearly 880 million shares of stock (mostly held in family trust) continues, with wealth up more than 80 percent during past year. Late Sam Walton began with first store in Rogers in 1962. Wife Helen signed notes so Sam could open store No. 1. Son Robson, as reserved as Sam was sanguine, delivered papers as teen-ager, competed in Ironman Triathlon in 1985. Now guides Wal-Mart’s 3,400 total stores, $118 billion in sales and 700,000 employees worldwide as chairman. Son John, California resident, vice president of Walton Enterprises and Wal-Mart director, gave about $50 million this month toward sending 50,000 children to private schools. Son Jim chairs $2.6 billion Arvest Bank Group Inc., president of Walton Enterprises and Community Publishers Inc. in Bentonville. Daughter Alice founded Llama Co. in 1989, led efforts for development of Northwest Arkansas Regional Airport and is stockholder in Leggett & Platt Inc. and Cannon Express Inc.

Don Tyson Family

$2.4 billion, Springdale

Father, John Tyson, founded modest Tyson Feed & Hatchery in 1935, soon drove live chickens in truck to Chicago, Cleveland, Detroit, Memphis and Houston for better prices. Took it public in 1963. When he died in 1967, Tyson Foods Inc. had less than 2 percent of U.S. chicken market. Son Don, chairman until 1995, now senior chairman, grew company to 25 percent market share as world’s largest poultry company. Tyson Foods bought Hudson Foods Inc. this year. Don’s son John is company director, as is Barbara Tyson, widow of Don’s brother, Randal. Company is largest exporter of poultry, shipping 2.6 million tons last year. “What we do is simple,” Don Tyson says. “We just make things that people like to eat. That isn’t going to change no matter where we go.” Tyson Foods settled with government in December over charges of illegal gifts.

J.B. Hunt

$510 million, Lowell

Dropped out of school in eighth grade to help support family. Worked in timber mills, picked cotton, harvested grain and auctioned livestock. Served in infantry during World War II. Drove trucks for 12 years before forming company in 1962 to use rice hulls as poultry litter. Began hauling rice hulls from Delta to Northwest Arkansas. Bought Kansas trucking company in 1969 and moved it to Bentonville. Incorporated company in 1971 as J.B. Hunt Transport Services Inc. and moved to Lowell. Continued to expand company to current 7,750 tractors and almost 28,000 trailers, largest publicly traded truckload carrier in the nation. Maintains position as chairman although no longer involved in daily operations. Owns three cattle ranches in Northwest Arkansas. Developing 400-acre Lowell ranch into 970-lot housing development. Recently acquired 2,000-acre ranch in southern Missouri to form hunting club and corporate retreat. Son Bryan recently bought local auto dealership. Family owns more than 16 million shares of company stock.

John A. Cooper Jr. Family

$408 million, Bella Vista

John A. Cooper Jr. says there’s no secret to his success. “I think you’ve got to have hard work and good people around you,” says CEO of Cooper Communities Inc. Father founded firm in 1954 and it became leading developer of planned communities, most notably Bella Vista, Hot Springs Village and Cherokee Village in Arkansas. Cooper Jr. joined the company in 1962. Once had small restaurant. Named president/CEO in 1968, a post held until 1990. Stepped back into company’s top post last year. Cooper Jr. serves as director of and stockholder in Entergy Corp., Wal-Mart Stores and J.B. Hunt Transport Services Inc.

Collier Wenderoth Jr.

$336 million, Fort Smith

Owns 81 percent of OK Industries Inc., Fort Smith-based poultry and feed producer. Largest privately owned poultry company in the state based on annual revenue; 1997 revenue estimated at $768 million, up from $721 in 1996. Tight-lipped about company; only person authorized to comment on history of OK Industries and subsidiary OK Foods. Company founded in 1933 and employs about 3,000 people in Arkansas and Oklahoma.

Simmons Family

$207 million, Siloam Springs

Mark Simmons has led Simmons Foods Inc. since 1968. Company co-founded by father, M.H. “Bill” Simmons, in 1949 in Decatur. Simmons Foods, now based in Siloam Springs, ranks among 10 largest privately held U.S. poultry processing companies and ranks among top 20 of all broiler processing companies in U.S. In addition to its interest in company, which also produces pet food and eggs, family owns 4.766 percent of Arkansas State Bank in Siloam Springs, worth estimated $1.9 million. Third-generation Simmons family member, Todd Simmons, named president of environmental quality, human resources and information services in January.

Allen Family

$196 million, Siloam Springs

Roderick and Delbert Allen families own Allen Canning Co., nation’s largest independent canning company. Product line includes many Southern foods. Also own nearly 58 percent of Arkansas State Bank at Siloam Springs. Very private family. Business holdings said to be vast; fortune estimates considered very conservative.

Peterson Family

$185 million, Decatur

Peterson Industries Inc. of Decatur markets breeding stock to the poultry industry worldwide. Holdings of the Peterson family — Lloyd, Dorothy Mae and Lorranyne and Peterson Industries Inc. — include 61,350 shares, or 92.4 percent, of Decatur Bancshares Inc. valued at an estimated $23.4 million. Vic and Debra Evans, son-in-law and daughter of Lloyd Peterson, own 3,700 shares, or 5.57 percent, of bank holding company with an estimated value of $1.4 million.

Don Harp

$166 million, Fayetteville

Parents Harvard and Floy Harp started grocery store in 1930 in downtown Springdale with money saved from working in the citrus fields of California. Joined family business in 1953 after discharge from Air Force. Opened Food Palace grocery store with father. Led expansion of grocery store chain after death of father in automobile accident in 1968. Retired as president of company in 1995 and left control of 38-store chain to younger brother, Gerald. Now operates Harps Properties, developing housing subdivisions and managing rental property. Disputes estimate of his wealth as too high. “It’s several times wrong,” he says.

David Glass

$143 million, Bentonville

Successor to Sam Walton as head of the nation’s largest retailer. Son of factory worker parents in Mountain View, Mo. (pop. 1,000). Business degree from Southwest Missouri State University. Discovered by Sam Walton while working for the Consumer Markets chain and recruited to join Wal-Mart as EVP of finance in 1976. Described by Sam as “one of the finest retail talents” he had ever met. Became CFO and vice chairman in 1982, COO and president of company in 1984 and CEO in 1988. Credited with introducing technological advances that have made the logistics of the company possible. Voted Chief Executive of the Year by readers of Chief Executive magazine in 1995; finalist in all but two of the 10 years award has existed. Chairman and CEO of Kansas City Royals major league baseball team. Oldest son, Don, works in front office of organization. Considers preparing next generation of management biggest challenge before leaving Wal-Mart. Admittedly lacks much of charisma of the chain’s founder but known for attention to detail.

F.S. and Ben Garrison Family

$132 million, Harrison

Brothers F.S. (Sheridan) and Ben Garrison co-founded Garrison Motor Freight with father, also named Ben, in 1955. Sold company in 1979. Sheridan Garrison founded Arkansas Freightways in April 1982 and later renamed company American Freightways Corp. Sheridan is chairman; his brother is retired. Sheridan Garrison’s sons assume new titles on July 1: Tom Garrison will be president and COO; Will Garrison will be corporate VP and secretary/treasurer. Family fortune has declined with Freightways’ stock in past year, down 20 percent to $132 million.

H.C. “Dude”Crain Jr.

$130 million, Fort Smith

Started Crain Industries Inc. in Fort Smith in 1963 as a producer of foam and filler for use in furniture, bedding, packaging and carpet cushioning. Business divisions included Base Line Designs, a furniture manufacturing company. Sold Crain Industries and all of its divisions in 1995 for estimated $130 million to Dallas investment company Hicks Muse Tate & Furst. Crain Industries estimated annual revenue at time of sale was $230 million. No longer affiliated with company, which is called Foamex. Owned warehouse space in Fort Smith.

Gene George Family

$118 million, Springdale

Gene George learned chicken business from ground up in company founded in 1930 by father, Charles George, and older brother, Luther George. George’s Inc., a leading producer of eggs and chicken, is run today by third generation of George family, Gene’s son, Gary. In 1994, Gene George was inducted into the Arkansas Agriculture Hall of Fame. George family early investors in First National Bank of Springdale and holding company, Financial Investment Corp., which sold in 1994 to First Tennessee National Corp.; sale netted Gene George about $7.8 million and Gary George about $4.6 million. Gene George has served as director for Wal-Mart Stores Inc., J.B. Hunt Transport Services Inc. and Arkansas Protein.

Donald Soderquist

$117 million, Rogers

Wealth comes from stock in Wal-Mart Stores Inc., where he is vice chairman and COO. Net worth up 81 percent since 1995, from $51.2 million to $118 million. Owns nearly 1.5 million shares. Said to be Wal-Mart executive who most resembles company founder Sam Walton in personal style, Soderquist once reportedly showed up at Saturday morning company meeting in jam shorts and muscle T-shirt. A Wal-Mart executive since 1980.

J.T. Rose

$112 million, Rogers

Rose Care Inc. owns or leases 20 nursing homes, including 18 in Arkansas and two in Missouri. Founded by J.T. Rose more than 20 years ago, the company’s holdings include homes in Rogers, Fayetteville, Bentonville, Gravette, Fort Smith and Clarksville.

Jack Shewmaker

$104 million, Bentonville

Became a Wal-Mart Stores Inc. district manager in 1970. “It would be safe to say that in those days we all worked a minimum of 16 hours a day,” Shewmaker, 60, says in Sam Walton’s 1992 autobiography. Former president and COO, now international retail consultant. Walton called him “a brilliant, shoot-from-the-hip executive with a store manager’s mentality.” A Wal-Mart director since 1977.

Willard Walker

$100 million, Springdale

Wal-Mart Stores Inc. stock, oil holdings. First manager of Sam Walton’s five-and-dime store in Fayetteville. Store did $90,000 first year in 1952. When Wal-Mart went public in 1970, “I borrowed what seemed like an awful lot of money and bought stock with it,” Walker says in Walton’s 1992 autobiography. “[Bud Walton] told me I had more faith than he did.” Met Sam while Walker managed TG&Y store in Tulsa. Holdings with wife, Pat, conservatively estimated. Namesake for Arkansas Cancer Research Center in Little Rock.

Ed Warmack Family

$92 million, Fort Smith

Warmack & Co., a mall development company, currently owned by Ed Warmack’s son, George Warmack. Company owns malls in Jonesboro, Texarkana, Fort Smith, Salina, Kan.; Port Arthur, Texas; and Lawton and Muskogee, Okla. Fort Smith mall is largest in Arkansas at 1 million SF. Total mall footage owned is 3.66 million — estimated value of holdings varies widely. Was based in Fort Smith, but now Texarkana is company’s headquarters.

Jerry Brewer Family

$87 million, Fayetteville

Former public school teacher and coach in Fayetteville and Baytown, Texas. Worked as senior vice president of Harris County Federal Savings and Loan for 13 years before becoming entrepreneur. Bought staffing agency in Fayetteville in 1988 and started Brewer Personnel Services Inc. Son, Clete, left job in Houston selling computer software to join firm. Acquired five other companies and merged them with Brewer Personnel to form StaffMark Inc. in 1996. Took company public that year. Serves as company chairman. Clete is president and CEO. Continues aggressive acquisition plan. Family has retained almost 2.5 million shares of company stock.

Fred C. Ballman

$77.5 million, Fort Smith

Started with Baldor Electric Co., a Fort Smith-based company, in the 1940s. Was CEO from 1961-76. Former chairman, member of the board of directors from 1944-82 and again from 1992-present. Ballman’s father, Edwin C. Ballman, 85, founded Baldor in 1920 in St. Louis. Still lives in Fort Smith. Wealth built from ownership of Baldor stock, which hasn’t posted a negative year of performance in at least 10 years.

Leland E. Tollett

$70.5 million, Rogers

Chairman and CEO of Tyson Foods Inc., Tollett is native of Nashville. Attended Southern State College (now Southern Arkansas University) in Magnolia and earned bachelor’s and master’s degrees at University of Arkansas. Joined Tyson Foods as director of research and nutrition. Named general manager of broiler division in 1965. Became COO in 1981 and president in 1983. Elected to board of directors in 1984. As COO, Tollett oversaw construction or integration of 23 major facilities in 23 years.

Kenneth McGruder

$70 million, Fort Smith

Started in restaurant business in early 1960s with small Springfield, Mo., hamburger franchise, later adding stores in three other Southern towns. Cashed in and bought Kentucky Fried Chicken franchises, eventually opening eight in Arkansas and Oklahoma under umbrella of K-Mac Enterprises Inc. of Fort Smith. Began opening Taco Bell franchises in 1982 and become largest Taco Bell franchisee in world with more than 70 stores in Missouri, Arkansas, Oklahoma and Texas. K-Mac pulls in estimated annual revenue of $79 million and is worth an estimated $142 million, up from estimated $53 million last year. McGruder jumped on “co-branding” trend as early as 1993, combining KFC and Taco Bell in one location.

Sicard Family

$68 million, Fort Smith

Sicard (pronounced SEE-card) family leads second-largest nonpublic bank holding company in state, behind Arvest Bank Group Inc. First Bank holding company for Fort Smith’s 126-year-old First National Bank, worth $300 million at three times book value. Sicard’s great-grandfather, Samuel McLoud, president of bank in 1907. In 1909, McLoud authorized Fort Smith’s first skyscraper; eight-story building still houses bank. In 1977, Samuel Sicard fourth generation to become president. Sicard, also chairman and CEO, told AB in 1997 bank to remain independent for next several years. Family includes Sicard’s mother, Lucy Kathryn Harper Sicard, and his children, Melissa Caroline Sicard and Samuel Timothy Sicard.

James Wilkinson Family

$66.7 million, Greenwood

Family’s holdings include 96.83 percent of Wilkinson Banking Corp. of Greenwood, valued at $66.7 million. Holding company owns Greenwood’s Farmers Bank, with $120 million in assets.

Keenan Family

$60 million, Fayetteville

Much of family’s wealth stems from $55.6 million sale of Pace Industries Inc. to Leggett & Platt Inc. in May 1996. Pace Industries, which specializes in aluminum die-cast products, including barbecue grills, grew from business originally founded by Jess Keenan. Pace Industries was established in Harrison in 1970 and grew to include at least 12 locations before the company sold. James T. Keenan remains consultant to company.

Robert A. Young III

$46 million, Fort Smith

Major stock holdings in Arkansas Best Corp. and First Bank Corp., both based in Fort Smith.

Joe Fred Starr

$44.5 million, Fayetteville

Vice president at Tyson Foods Inc. until 1996 and director since 1969. Private investor, age 64.

Gerald Johnston

$43 million, Springdale

Former executive vice president of Tyson Foods Inc., a director since 1996. Also Fairfield Communities Inc. director, where holdings now worth more than Tyson stock.

Jim Lindsey

$42.8 million, Fayetteville

Raised on farm near Forrest City. Attended University of Arkansas on athletic scholarship as a math major. Was key member of 1964 national championship football team. Made first real estate investment in 1966 with $75,000 signing bonus from NFL’s Minnesota Vikings and loan from friendly hometown banker. “I was 21 years old. I had some money and it was burning a hole in my pocket,” Lindsey says. Sold land three years later to developers of Northwest Arkansas Mall for huge profit. Continued real estate investments in area during six-year football career. Formed Lindsey & Associates Inc. after retirement in 1973. Has built one of largest real estate companies in Arkansas with almost 100 agents and annual sales of more than $100 million. Builds, owns and operates more apartment units than any company in state. Credits hard work for his success. “I work and then I work some more.”

Roland S. Boreham

$39 million, Fort Smith

Boreham moved to Fort Smith from Los Angeles to become VP of sales for Baldor Electric Co. Director of company since 1961 and chairman since 1980. Graduate of UCLA with degree in physics and meteorology and master’s degree in electrical engineering. Accepted job at Baldor after suggesting several marketing techniques to company executives. “They told me to come here and try it if I thought it would work,” he says. Accepted cut in pay to join company. Has steered company from $4 million in annual sales to more than $600 million. Doesn’t discuss his age (73) — “It’s just a number” — and has no plans to retire. USA Truck Inc. director.

H.C. Schmieding Family

$37.5 million, Springdale

Owns H.C. Schmieding Produce wholesale operation.

Echols Family

$37.3 million, Fort Smith

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Owns about 12 percent of First Bank Corp. of Fort Smith, holding company for First National Bank in Fort Smith, Citizens Bank & Trust in Van Buren and National Bank of Sallisaw, Okla. Mont S. Echols Jr. is CFO of First Bank.

Robert M. Powell

$36.5 million, Fort Smith

Stock holdings in USA Truck Inc. of Van Buren. President and CEO of USA since 1988 and director since 1985. Was Arkansas Best Corp. executive for 28 years.

Bob L. Gaddy

$36 million, Fayetteville

Stock holdings and options in Leggett & Platt Inc., where he’s a senior vice president. Manages Pace Industries Inc. subsidiary in Fayetteville.

Hernreich Family

$34 million, Fort Smith

Owned Sigma Broadcast Inc., a Fort Smith-based television company. Sold company in 1997 for estimated $34 million to Argyle Television Co. of San Antonio. Company owned KHBS/KHOG, an ABC network affiliate. Robert Hernreich and wife, Becky, now live in Vail, Colo. Robert’s sister, Cindy Hernreich-Beller, still lives in Fort Smith. Becky Hernreich listed as one of Colorado’s largest Democratic Party campaign contributors, continuing the Friend of Bill Clinton status started in Arkansas. Hernreichs received national attention as guests to White House during Clinton’s first term as president.

James Speed

$33 million, Fort Smith

USA Truck Inc. stock holdings. Chairman of USA Truck since 1988. Former Arkansas Best Corp. executive.

Irvin Bainum Family

$31.3 million, Glenwood

Owns all of The Bank of Glenwood and Diamond State Bank in Murfreesboro as well as hotels, nursing homes and 50 percent of Glenwood Country Club.

E.G. Bradberry Family

$30 million, Fayetteville

In 1977, Bradberry founded Continental Ozark, Fayetteville-based company in business of transportation, storage, terminaling and wholesale marketing of petroleum products, primarily unleaded gasoline, diesel oil and jet fuel. Had annual sales of more than $500 million when assets sold to TransMontaigne in April 1995. After deal, Bradberry owns about 1.5 percent of the stock in TransMontaigne.

H.L. Hembree Family

$150 million, Fort Smith

Hugh Lawson Hembree has had his hand in major business and medical start-ups throughout the Fort Smith area.

He helped found Arkansas Best Corp. with his father-in-law, R.A. Young Jr., who himself started Arkansas Best Freight Systems in the 1960s. Hembree is a past chairman and CEO of Arkansas Best, which spawned Riverside Furniture Corp., USA Truck Inc., Treadco Inc. and Trans-States Lines trucking firm as well as least seven other firms. H.L.’s brother-in-law, Robert Young is chairman and CEO of Arkansas Best.

The Hembree family parlayed $20 million in stock from the sale of Fort Smith’s First Merchants Financial Corp. to Deposit Guaranty Corp. in 1995 into $64 million in First American Corp. stock now. He also owns two banks in Texas, and for six generations his family has owned Sugarhill Farms, an Arkansas River Valley farm of “several thousand acres” that grows corn, raises pigs and Black Angus cattle. His older son, Lawson, runs Sugarhill Farms and his younger son, Scott, is chairman of Trans-States.

“Lawson is very interested in agriculture,” says Hembree, who lives most of the year in Texas and has a home in Colorado Springs. “That’s fortunate because I never cared for it. My dad was always too wet, too dry, too cold, too hot. So my memories are not too fond of that.

“I’ve always been involved in the banking business, owned two or three banks, and I’ve always enjoyed that. I’ve been successful in some and not so successful in others. I’m not really an operating guy in business but have been more corporate finance oriented.”

In the 1960s, Hembree helped start St. Edward Mercy Medical Center, where the cancer center is named for him. “We took it from being a debt-ridden, defunct organization to a very well-run, very profitable hospital,” Hembree, 67, says. He’s been actively involved in the Boy Scouts of America since his sons participated and is chairman of the group’s pension plan investment committee.

Hudson Family

$250 million, Rogers

If you bought chicken feed from James T. “Red” Hudson back in 1946, he would gladly have come over to your farm in the middle of the night to cull out your hens that weren’t laying.

“It was a free service of Checkerboard Feed Stores,” says Hudson, 73, who began his career in the poultry industry with the Ralston Purina-owned feed company that year. “Sometimes, I wouldn’t get home ’til 2 or 2:30 in the morning.”

Hudson says the hen culling required training: “It was a technique.”

After growing up in Alabama and Tennessee, and spending three years in the U.S. Navy’s air division, Hudson began working for Checkerboard Feed Stores in Palatka, Fla., where his fiancée lived. He started out earning $32.50 a week as a clerk in the feed store.

“We weren’t flush,” he says. “We didn’t have a car or anything.”

After 26 years with Ralston Purina, Hudson founded Hudson Foods Inc. of Rogers in 1972 with about $100,000, “and that was mostly borrowed.”

After an outbreak of e. coli bacteria from one of his beef processing plants that led to a massive recall of beef and much negative publicity for the company, Hudson sold Hudson Foods, the fifth-largest poultry company in America, to Tyson Foods Inc. of Springdale in January. Hudson Foods had $1.7 billion in sales during its last year.

The sale gave Hudson family members 5,885,958 shares of Tyson stock and $82 million cash.

Hudson now owns Hudson & Associates, a finance company based in Rogers that is involved in poultry operations in Poland.

The Northwest Arkansas Business Journal’s rankings of the wealthiest Arkansans are not intended to be comprehensive and by their nature cannot be considered definitive.

Instead, the research provides conservative estimates of individual and family wealth based on public documents; information obtained from the individuals and companies; and industry averages and estimates as determined by financial experts.

Stock holdings were based on closing prices on June 5, 1998. They exclude stock options that are not exercisable, stock options for which no cash value could be determined and holdings that do not require disclosure by the Securities and Exchange Commission. Since public stocks trade on a minority basis, a premium of 1.2 to 1.75 times any values could be paid to acquire control of a company.

Following the guidelines used by Forbes and Fortune, the value of private company holdings is based on what a prudent business person would pay to purchase the company. Actual market values obviously would vary depending on earnings, buildings, debt, equipment and circumstances unique to an industry. There were no estate or capital gains tax considerations.

Methodology used by Business Valuation Services of Dallas to help determine private company value involved: determining an appropriate industry category; developing a list of comparable public companies; eliminating inappropriate comparables; calculating average and mean “price to sales multiples” based on the stock price of comparables on March 31, 1998; and, based on prior engagements, research and other sources, adjusting the multiple developed to reach a final conclusion. The value developed is for total capital of the business — long-term debt plus stockholders equity.

The list generally includes individuals or a “nuclear” family composed of husband and wife, parent and child, siblings, or some combination of those relationships. The Walton, Stephens and Murphy families were intentionally grouped to include all family members for various reasons. Although a single name is listed, stock may actually be owned and listed in another relative’s name.

Anyone who wants to correct, clarify or make additions to research for the rankings should send information to Jeff Hankins, Arkansas Business, P.O. Box 3686, Little Rock, AR 72203, or call either Hankins or David Smith at

(501) 372-1443.