William F. Farley

William Farley was born in Pawtucket, Rhode Island, where his father worked as a mailman and musician, and his mother worked in a factory. As a youth, Farley contributed to the family's earnings by delivering Sunday papers. Later, he worked for a toy manufacturer and as a lifeguard.

An excellent high school scholar and athlete, Farley attended Bowdoin College. After graduating in 1964 with a degree in government, he decided to travel around the United States. While in Los Angeles and in need of money, he took a job selling encyclopedias door to door; he quickly became a leading sales manager and national trainer. Changing direction in 1966, Farley enrolled in law school at Boston College. He graduated in 1969 with a law degree, and he joined the mergers and acquisitions department of NL Industries in New York City. After several years, he was transferred to Chicago to become a regional manager of NL's metals division. In 1972, he joined Lehman Brothers as an associate in corporate finance.

Farley bought his first company, Anaheim Citrus Products, in 1976. The following year, he acquired Baumfolder, a subsidiary of Bell & Howell. Farley also became a part owner of the Chicago White Sox in 1976. Between 1980 and 1985, he purchased a number of diversified companies, including Coal Creek Mining Company, Health Foods, Inc., NL Industries' Metals Group, and Northwest Industries (which included Fruit of the Loom). In the 1990s, his companies employed more than 50,000 people and had sales of more than $4 billion.

Farley then became CEO of Farley Industries, the Chicago-based family holding company; Body Wise International, a nutritional supplement marketer based in Tustin, California; and Unity Group LLC, a private security force and defense contractor that is headquartered in Washington, D.C., and that operates in high-risk areas such as Iraq, Sudan, and Indonesia.

Of his accomplishments, Farley says, "A willingness to take risks is probably a major reason for my success today. Many people could be as successful as I am, or more so, but for whatever reason they are unable to take steps that appear personally or financially risky."

Farley says his Horatio Alger Award "shows that anyone can pull himself up by the bootstraps. Working hard and seizing opportunities that come your way are the keys to making positive things happen."