Holmquist was born in Hallock, Minnesota. He was the son of Minnesota State Representative, Victor Holmquist. He attended Minnehaha Academy High School and the Augustana Lutheran Synod Minnesota College. He graduated from the University of Minnesota; B.S.; (1936) and M.A.; Educational Administration, (1940). He worked as a lumber dealer and in 1942, he started a family owned lumber business. Holmquist later served as Superintendent and Principal of Grove City schools.[3]