How Judy Faulkner Turned $70K Into $7 Billion With 4 Completely Unorthodox Moves
Judy Faulkner has built her wealth from the ground up.
The founder and CEO of medical record software provider Epic Systems started her company — then called Human Services Computing — in 1979 in her basement with $70,000 in start-up cash. Faulkner wrote the original code for the software herself and her company now supports the medical records of over 250 million patients. Epic is used by top medical centers, such as Johns Hopkins and Mayo Clinic and Faulkner maintains a 47% stake in the company, for a cool $7.8 billion net worth according to Forbes.
Here's a look at how Faulkner was able to achieve her billionaire status.
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According to Forbes, "Faulkner has steadfastly rejected outside investors, Wall Street financing and acquisitions." She has maintained this policy throughout the lifespan of the company — even when it led to a major disagreement with one of her co-founders.
"Part of my difficulty with her was me saying, 'Gosh, why don't we get some venture capital and we can build it faster?'" John Greist told Forbes. "And she said, 'No, we're not going to do that. Because we'll lose control.' And certainly, that's been her policy. And she has lived it out and proven it. I was wrong. She was right."
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Stay Curious
Faulkner has always loved solving problems. She traces her passion for math and problem-solving back to seventh grade when her math teacher would put riddles on the blackboard, Forbes reported. Faulkner has maintained this curiosity and eagerness to figure things out, which translated into her love for computer programming.
"I always liked making things out of clay and the computer was clay of the mind," she told Forbes. "Instead of physical, it was mental."
Keep Your Employees Happy
Epic's corporate campus has been called an "adult Disney World," featuring a Hogwarts-inspired Great Hall, a tree house and an "elevator to hell," according to Forbes. Faulkner has also been known to attend her company's annual customer meeting in costumes that have included Lucille Ball and the Mad Hatter. Epic's motto is: "Do good. Have fun. Make money."
Studies have shown that happy workers are more productive, so building an enjoyable work environment could be a key to Epic's success.
Do What You Love
Faulkner is now 80 years old, but she's still working at the company she founded. As of a 2021 Forbes interview, Faulkner said she had no plans to retire because she enjoys her work so much.
"I enjoy what I do," she said, "and I'd like to do it as long as I am effective and can bring value [to] the job."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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