Richard B. Cohen
| Richard B. Cohen | |
|---|---|
| Born | 1952 (age 63–64) |
| Residence | Keene, New Hampshire, U.S. |
| Nationality | United States |
| Known for | CEO and owner of C&S Wholesale Grocers |
| Net worth |
 $11.0 billion USD (August 2013)[1] |
| Spouse(s) | Jan Cohen; 3 children |
| Parent(s) | Lester Cohen (father) |
Richard B. "Rick" Cohen (born 1952) is an American billionaire; and the CEO and sole owner of C&S Wholesale Grocers, the largest wholesale grocery supply company in the United States.
Biography
Cohen was born to a Jewish family.[2] In 1918, Cohen's grandfather, Israel Cohen, co-founded the food distributor, C&S Wholesalers in Worcester, Massachusetts.[1][3] Israel's son, Lester, a bomber navigator during World War II, expanded the business into supplying military bases.[3] In 1970, Richard Cohen graduated from the Deerfield Academy in Deerfield, Massachusetts and then in 1974, he graduated from the University of Pennsylvania with a degree in accounting, and joined the family company. After a painful union strike, he persuaded his father to move the company to Brattleboro, Vermont.[3]
In 1989, Cohen took control of C&S after his father retired. In 2003, he moved the company headquarters to Keene, New Hampshire.[3] As the food distribution business is very low margin and customer retention is critical,[3] Cohen has grown the company by focusing on efficiencies and customer support.[1] C&S has been able to attain excellent efficiencies - less than 2 percent of the orders processed have errors or omissions - by using generous performance incentives combined with self-managed teams of workers who are responsible for assembling customer orders thereby eliminating costly supervisors.[3] If a customer is having trouble, rather than letting them go bankrupt (and losing them as a customer), Cohen will often purchase them outright, restructure their operations, and then sell them later for a profit.[4] Since 2008, Cohen has been a director at the Food Marketing Institute and is a director of Food Distribution Institute.[1]
Cohen has also mastered the art of deductions and fines with many of the C&S suppliers to amass such a fortune. These deductions typically consist of $150 for arriving more than 30 minutes late to an appointment. $150 for not arriving on the day scheduled. $20 for any damaged product. $150 if the carrier's company name who brings the product isn't printed on the invoice. This includes rental trucks a company may utilize to make deliveries or 3rd party carriers. $150 if the case quantity isn't printed on the invoice. $150 if a pallet is broken. $20 if a pallet is loaded sideways in a truck. Most deductions are taken without the driver's knowledge until the supplier receives their check. They are then allowed to file a claim that may take 6 to 8 weeks to process. Almost all claims are denied.
Philanthropy
The Holocaust studies center at Keene State College was renamed after the Cohens in thanks of their financial support.[1] In 2002, Cohen was a national finalist for Ernst & Young's Entrepreneur of the Year award. He was also awarded an honorary doctorate from Assumption College. He serves on the Board of Trustees at the Deerfield Academy in Massachusetts.[1]
Personal life
Cohen is married to Jan Cohen, executive producer of the Kaddish Project, a touring musical on genocide; the couple have three daughters.[3]
References
- 1 2 3 4 5 6 The Daily Mail: "Revealed, America's most modest billionaire: Tycoon worth $11bn is so down-to-earth that neighbors don't recognize him - on street where average home is $294,000" By Helen Pow August 5, 2013
- ↑ The Tablet Magazine: "The Jewish Billionaire No One's Heard Of" by Adam Chandler, August 5, 2013.
- 1 2 3 4 5 6 7 Bloomberg: "Hidden Billionaire Cohen Hauls Fortune in Unmarked Trucks" by Brendan Coffey & Zohair Siraj, August 5, 2013; accessed May 3, 2014.
- ↑ Coffey, Brendan and Siraj, Zohair. "Hidden Billionaire Cohen Hauls Fortune in Unmarked Trucks", Bloomberg, 5 August 2013. Accessed 23 May 2016.