Encouraging investors to believe in the vision
Lofquist funded Magnus through a combination of personal finances and debt financing from regional banks. In the beginning it was difficult to convince banks and customers to believe in Magnus' capabilities and Lofquist's vision. However, a large return on invested capital allowed the company the ability to move beyond its focus on all-natural waxes and renewable fuels to produce, package and distribute custom, all-natural animal feeds for the dairy, cattle, poultry, swine and equine industries. Today, Magnus companies convert vegetable oils into natural, renewable materials used by some of the biggest brands in business-to-business and consumer products manufacturing, distribution and marketing.
National Entrepreneur Of The Year 2012 Distribution and Manufacturing Category finalists
In addition to Lofquist, the Ernst & Young National Entrepreneur Of The Year Distribution and Manufacturing finalists were: Larry Lukis, Chairman and Founder, and Brad Cleveland, President and CEO, Proto Labs, based in Maple Plain, Minn., a world-leading manufacturer of custom parts for prototyping and short-run production; Mike Buchen, CEO, SKYDEX Technologies, Inc., based in Kansas City, Mo., is a solutions-based company focused on blast mitigation, cushioning, impact absorption and vibration reduction; and Daniel Jones, CEO, Encore Wire, based in McKinney, Texas, one of the nation's top manufacturers of electrical building wire.National Entrepreneur Of The Year ® 2012 Overall Award winner Hamdi Ulukaya, Founder of Chobani, was named the Ernst & Young National Entrepreneur Of The Year ® 2012 Overall Award winner. Video and photos To view video clips of all of the Entrepreneur Of The Year winners, please visit ey.com/us/eoy. Photos of the winners are also available by request. Sponsors Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are nationally sponsored in the United States by SAP America and the Ewing Marion Kauffman Foundation. About Ernst & Young's Entrepreneur Of The Year Ernst & Young's Entrepreneur Of The Year is the world's most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in 50 countries.