Founders · Feb 25The Making of McDonald's: The Biography of Ray Kroc
Kroc sold it for 15 years, gave his employer 60% of his new company to get the contract, and ended about $100,000 in debt buying it back. As drugstores and soda fountains cut milkshakes, the market shrank and he went looking for a new product.
Tips
- Ray Kroc saw his milkshake mixer market shrinking and went looking for a new product▶ 18:29He flew out at age 52 and signed with the McDonald brothers in 1954.
- Ray Kroc lost 60% of his multimixer company by taking a bad deal, then mortgaged his home to buy it back▶ 17:14The buyout price was $68,000 for a company the other side had put $6,000 into.
