William Stephenson (son of James Stephenson and Mary Colly) was born about 1778 in New Jersey and died about 1870 in Kenton County, Kentucky. He married Elizabeth “Betsy” Woollums on June 25, 1801 in Harrison County, KY. She was the daughter of John Woollums and Elizabeth unknown. They lived in Harrison and Scott Counties, Kentucky briefly. William, along with brothers Aaron and Zadock, moved to Campbell County, KY in 1812 and settled in what is now known as Kenton County. Here he built a house, shop and water grist mill of hewn logs. He was given the nickname of "Boss Billie" or "Boss Stephenson" because he was always called upon to supervise construction work in the area where he lived, near the town of Piner. He was a carpenter, millwright, stone mason and cooper. Despite his short height (5'8") and relative smallness (170 lb), William was very stout and was noted far and wide for his immense strength. It was said that no man was ever known to hold him down, "As strong as Boss Stephenson" was a common saying. He helped build several mills in northern Kentucky, including the one build by his son James in Boone County, Kentucky in the 1830's. In addition to raising a large family, he and his wife cared for several orphans and paupers. These included Kitty Woollums, Gary Storey, Matilda Short and P. Mahan. There is some evidence to suggest he may have remarried after the death of Betsy. He died about 1870 at the home of his son John W. Stephenson in Kenton County, Kentucky. His casket was taken in a horse drawn carriage to the cemetery, where Rev. Lampton, an ironside Baptist preacher, delivered the funeral sermon. The district where William lived was named "Stephenson's Precinct" and still bears that name, as does the road to his farm still bear the name "Stephenson Road" in his honor.

Children of William Stephenson and Elizabeth “Betsy” Woollums are:

James A. Stephenson b. March 21, 1802, KY
John W. Stephenson b. Jan. 29 ,1803, KY KY
Zachariah W. Stephenson b. Nov. 3, 1807, KY
Sarah Ann Stephenson b. Nov. 4 1810, KY
Reuben W. Stephenson b. July 24, 1814, KY
Charles C. Stephenson b. June 12 ,1816, KY
Rebecca F. Stephenson b. Nov. 17, 1820, KY
Elizabeth Stephenson b. April 25, 1826, KY