Naegele grew up in Minnetonka, Minnesota, and was a star goaltender at Minnetonka High School. A 1961 graduate of Dartmouth College, Naegele inherited his father's billboard company and eventually became wealthy in his own right. Later, he was the owner of Rollerblade, an in-line skate manufacturer, and prospered during the in-line skating craze of the 1980s and 1990s. He sold his stake in 1995, and donated the proceeds to every employee of the company.
