Founders · Feb 25The Making of McDonald's: The Biography of Ray Kroc
He proposed buying land and leasing it to franchisees, then raised money from banks and life insurers. He froze construction in 1967 over recession fears and sold his stock for a few million dollars that would have been worth over $100 million.
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- Harry Sonneborn told Ray Kroc McDonald's was a real estate business, not a burger business▶ 30:11McDonald's grew from a few dozen stores to about 4,000 by the 1977 book, and about 40,000 today.
- Ray Kroc believed authority should go with the job, and refused to slow down▶ 46:51Sonneborn sold his stock for a few million dollars, which Kroc says would have been worth over $100 million had he kept it.
- Ray Kroc asked his first employees to sacrifice their families, then pushed them out▶ 34:09Both became rich through their stock, but Kroc and Sonneborn did not speak for almost a decade after their break.
- Harry Sonneborn believed McDonald's would outgrow F.W. Woolworth when others thought it was a joke▶ 32:57Kroc also told a lunch companion the company would one day be a billion dollar company, and the man froze mid bite.
