ENTREPRENEUR OF THE YEAR AWARDS: The Andersons, Inc.

The Andersons, Inc., founded by the Anderson family in 1947 in Maumee, Ohio, has grown into a diversified company with interests in the grain, ethanol, and plant nutrient sectors of US agriculture, as well as in railcar marketing, industrial products formulation, turf products production, and general

In 1996, The Andersons decided to go public after two decades of moderate growth. Since then, the company has grown from $10 per share in 2002 to a stock price of over $115 per share in early May 2006. The company now employs nearly 3,000 people.

It is important to observe that a 50-plus year old now public company with so much history behaves and feels very entrepreneurial. Michael Anderson, CEO and third generation Anderson, stated: "You can't take your eye off the ball," referring to the core values that the company was founded on by his grandfather. The core beliefs are focusing on first serving others - especially the customer and community - while fairly and responsibly fulfilling obligations to shareholders.

The Andersons has a decentralized and collaborative structure with the company as a whole responsible for its growth and success. The business model focuses on "knowing what you are good at, knowing what isn't working, and being able to deal with challenges." The company feels that it is important to "identify your space and from that space, leverage your capabilities into an adjacent space," meaning know your products and capabilities and expanding into alternative uses.

Adhering to this concept, The Andersons continues to develop multiple uses of products already in production. For example, corncob byproduct from the grain business segment hasproduced around 100 alternative uses. Kitty litter made from corncob byproduct and airport runway de-icer made from fertilizer are just two examples of products produced and distributed from capitalizing on alternative uses. In addition, The Andersons recognizes "adjacent" uses and recently invested in the construction of three ethanol plants, building upon its successes in the grain business. Additionally, a large expansion in the railcar marketing, leasing, and repair business has led this business segment to essentially triple during the past two years. The Andersons'business model is truly focused on seizing the opportunity and carefully making decisions that are built to last.

Not all ventures are successful. The company faces challenges everyday and when some plans do not work out: "Learn to, eat crow and then learn to like it" is the company philosophy. The Andersons uses this strategy to position itself appropriately within the industry, which requires being able to recognize when to grow and when to downsize. At The

Andersons, there are no failures, only things to improve upon and from which to learn.

As an example, The Andersons recently pulled back from the consumer lawn care sector to. focus its efforts more on the professional lawn care business. This method of learning from experiences along with living the core values is what keeps the growth stable and the company successful.'IbeAndersonsviews itself as the same core company it was when founded in 1947. It is a company that is able to recognize its entrepreneurial strengths and expand on-diem, while living its core beliefs day in and day out.

The Andersons feels that appreciating the family side of the business is very important as well as the non-family side. Keeping the core values and sustaining the desire to be in business is what has kept 'Me Andersons successful, according to the company.

The company's "tithing" philosophy traces back to the 1940s. The Andersons; encourages employee involvement in the community. With programs such as Adopt a School, The Andersons has volunteered financial support and employee time to tutor students. A Friday jeans day program where proceeds go to Adopt a School was established where one Friday per month, employees can donate $2 to wearjeans and also receive a sticker to show they supported. Employee community support is so high that often employees will still donate and proudly wear their support sticker even if they are still wearing their khakis on Friday.

The Andersons has also established The Andersons Foundation, made a large land donation to the Toledo Community Foundation that established theAndersons Fur)d,and continually sponsors other local events, such as the Wildwood Metropark 5K Run. The Andersons strives to promote goodwill by acknowledging its role in the community..

The future for The Andersons is all about seizing opportunity. The company believes that the future is based on maintaining discipline established by the Anderson family and maintaining sustainable growth. Improvement and discipline are everyday factors that are lived at The Andersons.