Acquired · Jun 4Starbucks (with Howard Schultz)
Schultz raised about $1.6 million after 217 of 242 investors said no and opened three shops. It bought Starbucks for $3.8 million in August 1987 after he drew no salary for almost two years.
Tips
- Howard Schultz saw that Starbucks sold romance and community, with coffee only the conduit▶ 29:54A test coffee bar inside the Starbucks store at Fourth and Spring took the store from 200 to 300 customers a day selling beans to 500 in a week once lattes and cappuccino arrived.
- Bill Gates Senior walked Schultz into Sam Stroum's office and saved the Starbucks purchase▶ 34:00The acquisition closed in August 1987 with six Starbucks stores, three Il Giornale stores and two under construction, 11 stores and 100 employees.
- Schultz kept pushing Starbucks into coffee bars for two years after the founders said no▶ 20:24He raised $1.6 million from investors, 217 of 242 said no, and he drew no salary for almost two years.
