The Marigold Effect的动态

The KFC Story: A Testament to Persistence in Business?? ?? Colonel Sanders' Recipe for Success: The story of KFC (Kentucky Fried Chicken) and its founder, Colonel Harland Sanders, is a true testament to persistence in business. Colonel Sanders faced numerous challenges and setbacks throughout his life. Born in 1890, he held various jobs and business ventures, including a service station, where he cooked for travelers. It was here that he developed his unique blend of 11 herbs and spices for his fried chicken recipe. In 1930, at the age of 40, Sanders began franchising his fried chicken recipe, traveling from restaurant to restaurant to sell his idea. He faced rejection from hundreds of restaurants before finally finding a partner who believed in his recipe. Together, they opened the first KFC franchise in Utah in 1952. Despite finding success with his franchised restaurants, Sanders faced another challenge when a new interstate highway bypassed his original restaurant, causing a significant drop in sales. Undeterred, Sanders sold his business at the age of 65 and set out to franchise his recipe nationwide. By 1964, there were over 600 KFC franchises across the United States and Canada. Sanders continued to be actively involved in the company's operations and marketing until his passing in 1980. Today, KFC is a global brand, known for its delicious fried chicken. Colonel Sanders' story reminds us that success doesn't happen overnight. It takes perseverance, determination, and a willingness to learn from failures. As entrepreneurs, we can draw inspiration from Colonel Sanders' journey. His story teaches us that with persistence and a belief in our vision, we can overcome any obstacle and achieve success.?? #PersistencePaysOff #KFC #ColonelSanders #BusinessPersistence #EmeraldExpectationsAccounting #YourBizIsAGem #VirtualBookkeeping #Bookkeeping #CFO #TaxaAdvisory #Accounting #TaxProfessional

Ever wonder why McDonald's corporate always wants to own its real estate instead of leasing from you? A cool way to find out is to stream the true-story movie "The Founder" on Apple TV, Amazon Prime Video or Netflix. Ray Kroc (played by Michael Keaton) was McDonald's CEO from 1967 to 1973. The burger chain had been struggling during its early days to make a profit from the growing McDonald's franchise empire until Kroc hired as his consultant Harry J. Sonneborn (played by B. J. Novak who played on The Office TV comedy series). In a dramatic clip from the film, Sonneborn told Kroc: "You don't seem to realize what business you're in. You're not in the burger business. You're in the real estate business." Sonneborn continued, "You don't build an empire off a 1.4 percent cut of a 15-cent hamburger. You build it by owning the land upon which that burger is cooked. What you ought to be doing is buying up plots of land then turning around and leasing said plots to franchisees who as a condition of their deal should be permitted to lease from you?–?and you alone. This will provide you with two things: 1. A steady up-front revenue stream. Money flows in before the first stake is in the ground. 2. Greater capital for expansion, which in turn fuels further land acquisition, which in turn fuels further expansion and so on... Land. That's where the money is."

Harland Sanders struggled throughout his childhood and into adulthood; he would make it halfway through his life before he would catch his biggest break. Even though he experienced immense hardships, he found a way to persevere. That hard work eventually made him into a multimillionaire known across the world. You know him as the famous Colonel Sander’s, the founder of Kentucky Fried Chicken. When he was around six years old his father died, leaving Sanders to become the main caretaker and cook for his younger siblings. After dropping out of school in the seventh grade, he would work in various jobs over the next few years: from selling insurance to a railroad fireman, a steamboat operator and even a lawyer. None of those stuck with him. At age 40, he began cooking at a service station, selling his chicken. It became so popular that they removed the gas pumps and converted it into a full restaurant. His biggest problem was the cook time for chicken took about 30 minutes, and since it was the best-selling menu item he wanted to find a way to make it faster. He created a new cooking process using a pressure cooker to reduce the time to less than half. News spread and people traveled far just to try his fried chicken recipe. He perfected his recipe in 1938 ?and he expanded his business by opening a café. The success was short lived, about a year later his first restaurant burned down and by the time it was rebuilt he had to shut it down due to World War II. He eventually had to sell the new café and a few years later his original restaurant. After the war he tried to franchise the restaurant. His famous recipe was rejected 1,009 times before anyone accepted it as Sander’s ‘secret recipe’. Sanders was now over 60 years old, living off his $105 social security check, but still resilient. He packed his pressure cookers in his car and his secret spice blend and journeyed across the US to present his franchise deals to restaurant owners. He shared samples, offered to show them how to make it and in exchange made a $0.04 commission on every piece of chicken sold. This led to him opening his first franchise in Utah. Finally, after all his hard work, he decided to sell his franchise to a group of investors. At the time he had over 600 locations in several countries. Now there are over 20,000 KFC locations worldwide. Sanders was able to overcome many obstacles in his life and push through the setbacks. He lived a great life following?some basic rules. “I only have two rules: Do all you can, and do the best you can.”

Harland Sanders struggled throughout his childhood and into adulthood; he would make it halfway through his life before he would catch his biggest break. Even though he experienced immense hardships, he found a way to persevere. That hard work eventually made him into a multimillionaire known across the world. You know him as the famous Colonel Sander's, the founder of Kentucky Fried Chicken. When he was around six years old his father died, leaving Sanders to become the main caretaker and cook for his younger siblings. After dropping out of school in the seventh grade, he would work in various jobs over the next few years: from selling insurance to a railroad fireman, a steamboat operator and even a lawyer. None of those stuck with him. At age 40, he began cooking at a service station, selling his chicken. It became so popular that they removed the gas pumps and converted it into a full restaurant. His biggest problem was the cook time for chicken took about 30 minutes, and since it was the best-selling menu item he wanted to find a way to make it faster. He created a new cooking process using a pressure cooker to reduce the time to less than half. News spread and people traveled far just to try his fried chicken recipe. He perfected his recipe in 1938 and he expanded his business by opening a café. The success was short lived, about a year later his first restaurant burned down and by the time it was rebuilt he had to shut it down due to World War II. He eventually had to sell the new café and a few years later his original restaurant. After the war he tried to franchise the restaurant. His famous recipe was rejected 1,009 times before anyone accepted it as Sander's ‘secret recipe'. Sanders was now over 60 years old, living off his $105 social security check, but still resilient. He packed his pressure cookers in his car and his secret spice blend and journeyed across the US to present his franchise deals to restaurant owners. He shared samples, offered to show them how to make it and in exchange made a $0.04 commission on every piece of chicken sold. This led to him opening his first franchise in Utah. Finally, after all his hard work, he decided to sell his franchise to a group of investors. At the time he had over 600 locations in several countries. Now there are over 20,000 KFC locations worldwide. Sanders was able to overcome many obstacles in his life and push through the setbacks. He lived a great life following some basic rules. "I only have two rules: Do all you can, and do the best you can."

Age is just a number... The founder of KFC was a loser until he was 65, he had no money, he borrowed $87 and started making fried chicken wings. He failed 1,009 times before he was able to sell his first franchise. By age 88, he became a billionaire. KFC?(also commonly referred to by its historical name?Kentucky Fried Chicken) was founded by?Colonel Harland Sanders, an entrepreneur who began selling fried chicken from his roadside restaurant in?Corbin, Kentucky, during the?Great Depression. Sanders identified the potential of restaurant?franchising, and the first "Kentucky Fried Chicken" franchise opened in?Salt Lake City,?Utah, in 1952. KFC popularized chicken in the fast-food industry, diversifying the market by challenging the established dominance of the?hamburger. Branding himself "Colonel Sanders", the founder became a prominent figure of American cultural history, and his image remains widely used in KFC advertising. The company's rapid expansion made it too large for Sanders to manage, so in 1964 he sold the company to a group of investors led by?John Y. Brown Jr.?and?Jack C. Massey. 3i Industrial-Solutions #businessinsights #businessanalysis #inspiringleadership #inspiringstories #inspiringpeople

Harland Sanders struggled throughout his childhood and into adulthood; he would make it halfway through his life before he would catch his biggest break. Even though he experienced immense hardships, he found a way to persevere. That hard work eventually made him into a multimillionaire known across the world. You know him as the famous Colonel Sander’s, the founder of Kentucky Fried Chicken. When he was around six years old his father died, leaving Sanders to become the main caretaker and cook for his younger siblings. After dropping out of school in the seventh grade, he would work in various jobs over the next few years: from selling insurance to a railroad fireman, a steamboat operator and even a lawyer. None of those stuck with him. At age 40, he began cooking at a service station, selling his chicken. It became so popular that they removed the gas pumps and converted it into a full restaurant. His biggest problem was the cook time for chicken took about 30 minutes, and since it was the best-selling menu item he wanted to find a way to make it faster. He created a new cooking process using a pressure cooker to reduce the time to less than half. News spread and people traveled far just to try his fried chicken recipe. He perfected his recipe in 1938??and he expanded his business by opening a café. The success was short lived, about a year later his first restaurant burned down and by the time it was rebuilt he had to shut it down due to World War II. He eventually had to sell the new café and a few years later his original restaurant. After the war he tried to franchise the restaurant. His famous recipe was rejected 1,009 times before anyone accepted it as Sander’s ‘secret recipe’. Sanders was now over 60 years old, living off his $105 social security check, but still resilient. He packed his pressure cookers in his car and his secret spice blend and journeyed across the US to present his franchise deals to restaurant owners. He shared samples, offered to show them how to make it and in exchange made a $0.04 commission on every piece of chicken sold. This led to him opening his first franchise in Utah. Finally, after all his hard work, he decided to sell his franchise to a group of investors. At the time he had over 600 locations in several countries. Now there are over 20,000 KFC locations worldwide. Sanders was able to overcome many obstacles in his life and push through the setbacks. He lived a great life following?some basic rules. “I only have two rules: Do all you can, and do the best you can.”

Harland Sanders struggled throughout his childhood and into adulthood; he would make it halfway through his life before he would catch his biggest break. Even though he experienced immense hardships, he found a way to persevere. That hard work eventually made him into a multimillionaire known across the world. You know him as the famous Colonel Sander’s, the founder of Kentucky Fried Chicken. When he was around six years old his father died, leaving Sanders to become the main caretaker and cook for his younger siblings. After dropping out of school in the seventh grade, he would work in various jobs over the next few years: from selling insurance to a railroad fireman, a steamboat operator and even a lawyer. None of those stuck with him. At age 40, he began cooking at a service station, selling his chicken. It became so popular that they removed the gas pumps and converted it into a full restaurant. His biggest problem was the cook time for chicken took about 30 minutes, and since it was the best-selling menu item he wanted to find a way to make it faster. He created a new cooking process using a pressure cooker to reduce the time to less than half. News spread and people traveled far just to try his fried chicken recipe. He perfected his recipe in 1938 and he expanded his business by opening a café. The success was short lived, about a year later his first restaurant burned down and by the time it was rebuilt he had to shut it down due to World War II. He eventually had to sell the new café and a few years later his original restaurant. After the war he tried to franchise the restaurant. His famous recipe was rejected 1,009 times before anyone accepted it as Sander’s ‘secret recipe’. Sanders was now over 60 years old, living off his $105 social security check, but still resilient. He packed his pressure cookers in his car and his secret spice blend and journeyed across the US to present his franchise deals to restaurant owners. He shared samples, offered to show them how to make it and in exchange made a $0.04 commission on every piece of chicken sold. This led to him opening his first franchise in Utah. Finally, after all his hard work, he decided to sell his franchise to a group of investors. At the time he had over 600 locations in several countries. Now there are over 20,000 KFC locations worldwide. Sanders was able to overcome many obstacles in his life and push through the setbacks. He lived a great life following some basic rules. “I only have two rules: Do all you can, and do the best you can.”

Harland Sanders struggled throughout his childhood and into adulthood; he would make it halfway through his life before he would catch his biggest break. Even though he experienced immense hardships, he found a way to persevere. That hard work eventually made him into a multimillionaire known across the world. You know him as the famous Colonel Sander’s, the founder of Kentucky Fried Chicken. When he was around six years old his father died, leaving Sanders to become the main caretaker and cook for his younger siblings. After dropping out of school in the seventh grade, he would work in various jobs over the next few years: from selling insurance to a railroad fireman, a steamboat operator and even a lawyer. None of those stuck with him. At age 40, he began cooking at a service station, selling his chicken. It became so popular that they removed the gas pumps and converted it into a full restaurant. His biggest problem was the cook time for chicken took about 30 minutes, and since it was the best-selling menu item he wanted to find a way to make it faster. He created a new cooking process using a pressure cooker to reduce the time to less than half. News spread and people traveled far just to try his fried chicken recipe. He perfected his recipe in 1938 and he expanded his business by opening a café. The success was short lived, about a year later his first restaurant burned down and by the time it was rebuilt he had to shut it down due to World War II. He eventually had to sell the new café and a few years later his original restaurant. After the war he tried to franchise the restaurant. His famous recipe was rejected 1,009 times before anyone accepted it as Sander’s ‘secret recipe’. Sanders was now over 60 years old, living off his $105 social security check, but still resilient. He packed his pressure cookers in his car and his secret spice blend and journeyed across the US to present his franchise deals to restaurant owners. He shared samples, offered to show them how to make it and in exchange made a $0.04 commission on every piece of chicken sold. This led to him opening his first franchise in Utah. Finally, after all his hard work, he decided to sell his franchise to a group of investors. At the time he had over 600 locations in several countries. Now there are over 20,000 KFC locations worldwide. Sanders was able to overcome many obstacles in his life and push through the setbacks. He lived a great life following some basic rules. “I only have two rules: Do all you can, and do the best you can.”

I've been monitoring the numerous bankruptcy filings of both franchisors and large franchisees in the industry this year. The recent news about MOD Pizza exploring all options to fortify its capital structure came as yet another sharp blow. Named as one of the fastest-growing restaurant chains in the U.S, MOD Pizza was a shining example of how to make it big in the ‘made-on-demand’ pizza sector. With nearly $700 million in system sales from over 550 locations, they were outpacing rivals like Blaze Pizza by a staggering $300 million. Their fundraising ability was also noteworthy, having generated a considerable $160 million in 2019 alone. However, the harsh realities of the pandemic, coupled with rising inflation, have dramatically changed the landscape. Targeting 1000 locations within five years now feels like a distant dream and the closure of 26 under-performing locations clearly indicates their struggle. The decrease in the count of their locations on their website is a testament to their challenging situation. As a franchise attorney, the situation at MOD Pizza points towards another potential bankruptcy filing in what has already been a landmark year in the industry. This adds to a growing list of franchisors and franchisees that have been forced to seek protection under the country's bankruptcy laws due to continued financial distress. However, the company remains hopeful. They have a plan in progress and they strongly believe in their brand and their team. The journey to recovery may be steep, but with determination and strategic planning, a successful turnaround is possible. As we continue to navigate these unpredictable times, it is a reminder to all us in the franchise industry about the importance of resilience and adaptability. Here's hoping for a brighter future for all those affected, including MOD Pizza. ???? #franchise #franchising

EYM Pizza Files for Bankruptcy Amidst Legal Struggles with Pizza Hut As many of you know, I've been closely following the developments between EYM Pizza and Pizza Hut. This week marks a significant turning point as EYM Pizza, which operates 140 Pizza Hut locations across five states, has filed for Chapter 11 bankruptcy in Texas. This news comes on the heels of a protracted legal battle over unpaid royalties and accusations of underperformance. The Backstory: - Eduardo Diaz, the founder of EYM and former president of McDonald's Mexico, began acquiring Pizza Hut franchises in 2015. - In 2021, EYM was on the cusp of an $89 million buyout deal that ultimately fell through, leaving the company vulnerable. - EYM faced operational difficulties due to rising food costs, COVID-related delays, and increased project expenses. The Legal Clash: - EYM and Pizza Hut have been embroiled in lawsuits—Pizza Hut alleging missed royalties and poor performance, while EYM accused Pizza Hut of mismanagement. - Notably, EYM’s locations underperformed Pizza Hut’s national average by 1,700 basis points from 2019-2023. - Over 12% of EYM's stores failed inspections between 2023 and 2024. The Fallout: - EYM is grappling with $23 million in bank debt and has already invested $46.6 million in renovations. - The judge recently dismissed EYM's lawsuit against Pizza Hut in April, adding to their financial strain. This development is another blow to the already beleaguered restaurant franchise sector, which has seen recent bankruptcies from major players like Red Lobster. This year has been incredibly challenging for the franchise restaurant space, with millions in lost value and the closure of hundreds of units across several brands. Rampant inflation, shifting consumer preferences, and growing political uncertainty in the U.S. are adding to the industry's woes. It's clear that the franchise food and beverage sector faces significant headwinds. What measures do you think could help stabilize and rejuvenate this crucial industry? I'd love to hear your insights and ideas. #franchise #franchising