29.8 C
Nicosia
Monday, May 20, 2024

The story of a golden name: Why the McDonald brothers regretted becoming millionaires

Must read

Today, McDonald's has a market capitalization of $215 billion

Η ιστορΙα ενος χρυσοονoματο ς: ΓιατΙ τα αδΕρφια McDonald μετανιωσαν π&omicron

Richard McDonald, the pioneer of fast food and the man whose name bears the world's largest restaurant chain, dies at the age of 89. What few people know is that Dick McDonald and his brother Maurice lost through their hands the fortunes created by the business empire that still makes their name known around the world.

The two brothers were the sons of a poor family of Irish immigrants to the US. Their father worked in a shoe factory, from which he was fired after 42 years, on the grounds that he was simply too old for the job. Seeing their father without a salary and without a pension after decades of hard work, the brothers vowed to become millionaires by the age of 50 and left for California.

The restaurant they opened in San Bernardino in 1948, with innovations they came up with to serve more customers faster, was to become the foundation upon which the fast food industry was built. Their idea to serve food at a reasonable cost and in a short time “gave birth” to an industry worth several billions.

Η ιστορλα ενσ χρ υσοy ονoματος: Γιατi τα αδeρφια McDonald μ ετανιωσαν που ιοyχοι

But their decision to partner with Ray Kroc, an electrical appliance salesman who was impressed by their concept, would prove fatal. The businessman “captured” the business and their ideas, turned McDonald's into a chain, as a result of which the names of the two brothers were largely “erased” from the history of this business success story.

Kroc he was a milkshake machine salesman from Chicago. When he learned that a business needed a large quantity of his blenders, he got in his car to see this restaurant up close. And it didn't take him long to see why McDonald's needed so many blenders.

Seeing the success of the model the two brothers had developed, the next thing that sold them was the…. himself. Kroc undertook to turn McDonald's into a chain by selling the franchise rights. He opened his own restaurant, which would be the first of many to follow.

Η ιστορλα ενσ χρ υσοy ονoματος: Γιατi τα αδeρφια McDonald μ ετανιωσαν που ιοyχοι

In 1961, McDonald's sold the rights to the business and their name to Kroc for $2.7 million. “All of a sudden, after we sold, he upgraded himself to a founder,” Dick McDonald said in a 1991 interview. “Until we sold, there was no mention of Kroc as a founder. If we knew, he'd still be selling milkshake blenders.”

“I needed the McDonald's name and the golden arches. What do you do with a name like Kroc?', he admitted in a 1973 interview.

The brothers eventually became millionaires (when they sold the business, they had estimated they wanted about a million each, after paying taxes). But Ray Kroc left behind a $1 billion fortune when he died. Today, McDonald's has a market capitalization of $215 billion.

< iframe width='300px' height='500px' src='https://www.adstorebluebird.cy/api/banner/ServeBanner?zoneId=2734' frameborder='0' scrolling='no'>

Source: www.kathimerini.com.cy

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article