Early Life
Susan Gail Alfond was born in 1946 to Dorothy (née Levine) and Harold Alfond in Maine. Her father, Harold Alfond, founded the Dexter Shoe Company in 1958. Growing up in a Jewish family, Alfond was raised with values of hard work and community involvement, which have significantly influenced her later philanthropic endeavors.
Rise to Success
Alfond's significant wealth stems from the sale of Dexter Shoe Company. In 1993, Harold Alfond sold the company to Warren Buffett's Berkshire Hathaway for $420 million in stock. This decision proved highly lucrative, as the Berkshire Hathaway shares appreciated significantly over the years, making Susan Alfond one of the wealthiest individuals in the United States.
Key Business Strategies
Susan Alfond's wealth management strategy has primarily involved holding and allowing the Berkshire Hathaway stock to grow. This passive investment approach has been highly successful due to Berkshire Hathaway's strong performance under Warren Buffett's leadership. The family’s financial decisions have been focused on long-term value, as well.
Philanthropy
Susan Alfond is known for her philanthropic efforts, particularly through the Harold Alfond Foundation, which her father established in 1950. The foundation supports education, healthcare, and community development, with a focus on initiatives in Maine. The Harold Alfond Foundation has also contributed towards youth programs, healthcare facilities and community projects in Maine, including a $80 million gift to the University of Maine Athletics in 2024 and a $320 million commitment to the University of Maine System.