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Foster Friess was born in 1940 in Rice Lake, Wisconsin, a town of approximately 5,000 people. His father was a cattle dealer with a high school education and his mother dropped out of 8th grade to pick cotton{{citation needed|date=July 2011}} on the family farm to rescue it from bankruptcy. While earning a degree in Business Administration from the [[University of Wisconsin]], he served as president of the Chi Phi Fraternity, enrolled in the Reserve Officers' Training Corps (ROTC) and was named one of the "ten most outstanding senior men." In 1962 Foster married Lynnette Estes and two sons, two daughters and eight grandchildren followed.