News & Events
Diplomat Specialty Pharmacy leader up for Ernst & Young Entrepreneur of the Year regional award; Company buys two Great Lakes Technology Centre buildings for expansion into Flint
10 June 10
From The Flint Journal on mlive.com
by Melissa Burden
FLINT TOWNSHIP, Michigan—The head of the nation’s largest privately held specialty pharmacy company is up for a big entrepreneurial award June 10, just days after his company bought a Flint building that will serve as the base of its major expansion.
Phil Hagerman, president and chief executive officer of Diplomat Specialty Pharmacy that plans to add 1,000 new jobs in five years, is one of 25 finalists for Ernst & Young’s Entrepreneur of The Year, Michigan and Northwest Ohio. Nominees will be honored June 10 in Dearborn.
“It is exciting for me and an honor that’s pretty unexpected,” he said.
Diplomat, though, is on a fast track to growth. It announced in April plans to relocate its headquarters from Flint Township into Flint and has committed to adding more than 1,000 new jobs, most of which will be in the Flint area.
Hagerman said the company last week closed on Building B and Building C at the Great Lakes Technology Centre in Flint and could start moving in some workers in 60 to 90 days.
He said Diplomat had planned to buy Building B, a 340,000-square-foot space for $880,000, but decided to make an offer on Building C, a 210,000-square-foot warehouse space connected to Building B.
Hagerman said there were issues such as separating utilities between the connected buildings, so Diplomat offered the Florida doctor who bought it in a 2009 auction what he had paid for it, plus taxes. That was about $635,000.
“We believe the space we have in front will attract some new businesses,” Hagerman said, adding they are working now to lease some space out and will have warehouse and distribution space available for pharmaceutical companies.
Diplomat, which has earned awards such as being named one of the fastest growing companies in America by Inc. Magazine last year and this week receiving an Economic Bright Spot from CORP! Magazine, nominated Hagerman for the Ernst & Young award.
Dan Roelofs, communications director for Diplomat, said the company nominated Hagerman not only for all he has done for Diplomat, but what he is doing for the Flint area.
“We believe no one is more deserving than Phil to receive the award,” Roelofs said. “His contagious enthusiasm drives and motivates all of us who work for him, and his vision has served to create new jobs in Flint. Phil took some risks investing in technology, support staff and building a top notch executive team, but it paid off as Diplomat has experienced explosive growth over the past six years. Plus he’s just an all around great guy.”
Ernst & Young has celebrated outstanding entrepreneurs for 24 years and honors entrepreneurs through 26 regional programs, said LisaBower, director of marketing for Ernst & Young in Detroit.
An independent panel of judges generally selects seven to 10 winners on the regional level — in categories such as health and sciences or manufacturing — and winners go on to Ernst & Young’s national Entrepreneur of the Year awards in November in Palm Springs, Calif.
“Even becoming a finalist at all really is something to be celebrated,” Bower said, adding entrepreneurs who are creating jobs,growing their companies and seeing new market opportunities may be chosen.
article found on mlive