Forget that. The 56-year-old chairman and CEO of Headwaters Inc. and recipient of the MountainWest Capital Network's 2007 Entrepreneur of the Year award says the honor is not about him.
"What this award really means to me is that we have had some great employees at Headwaters who have done a very good job," says Benson, who will be honored at a Feb. 15 luncheon at Little America Hotel. "This recognition is really about Headwaters' success. That's how I see it."
Still, it was under Benson's leadership that Headwaters rebounded from a failing company to a $1 billion-plus revenue concern today, based in South Jordan.
In 1999, when the former Foundation Health Systems executive moved to Head-waters' helm, the synthetic fuels company - which also makes construction materials derived from coal combustion byproducts such as fly ash - was more than $28 million in the red on $6.7 million in revenues.
Fiscal 2004 saw Head-waters top $550 million in revenue; at the end of 2005, the company topped the $1 billion mark for the first time and has not looked back. For its most recent quarter, Headwaters reported $17 million in earnings on $275 million in revenues. It employs more than 4,000.
"The turnaround was driven by a combination of [Benson's] personal capital investment and his leadership," says Devin Thorpe, president of MountainWest Capital Network. "It is that special combination of risking capital and running a business that defines a person as a successful entrepreneur."
After his wife of 31 years, Gael, and their four children and four grandchildren, Benson says there are two things that he treasures most: his employees and the corporate mission they share.
"It's fun to watch employees learn and improve their skills," he says. "And as a company, we feel our products not only are of value to our customers, but to society and the environment."
Along with processing coal fly ash into a substitute ingredient in concrete, Headwaters has developed new methods for converting old, heavy oils into diesel and gasoline fuels.
"Our mission is very oriented toward increasing the value of the world's natural resources by using technology to use less and get more out of what we use, whether it's fossil fuels, coal or [recovering] waste oil," Benson says.
What is this honored entrepreneur's best advice to those starting new businesses?
"The key to success is starting with a strong value proposition for your customers," Benson says, noting that the formula includes both worthwhile, quality products and good customer service.
"Develop a close relationship with your customers . . . ask for their feedback," he adds. "We clearly live in a very competitive world. There is tremendous pressure on any company to differentiate itself from its competitors."
bmims@sltrib.com
* WHEN: Noon, Feb. 15
* WHERE: Little America Hotel
* COST: Free for MountainWest Capital Network members; others $35
* RSVP: By Feb. 13 at www.mwcn.org
