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Boe was born in Estherville, Iowa in 1921. In 1950, he received his master's from Chicago Booth's Executive MBA Program, graduating with the program's 6th group.

He served as a director of Sears, Roebuck & Co.; Seraco Enterprises, Inc.; NICOR Inc. and Northern Illinois Gas Company; the Health Insurance Association of America; and the Chicago Association of Commerce and Industry. In addition, he was president and director of the Protestant Foundation of Greater Chicago and president and CEO of the Lyric Opera of Chicago. He also served as a trustee of the Savings and Profit Sharing of Sears Employees and Drake University and was a member of the Northwestern University Associates, the University of Chicago Citizens Board, and the Council on Chicago Booth.