Word: licensee
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Dates: during 1970-1979
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Corfam's trade name now belongs to George Newman & Co., of Boston (estimated 1972 sales: $12 million), a wholesaler of the product in the Du Pont days, which bought a license to use the name and unsold inventory for $6,000,000. President George Newman, 33, reports that he...
Before receiving his Hamburgerology degree, the licensee must lay out an average of $150,000, at least half of it in cash. For that, he gets to lead a life regimented by Ray Kroc and subordinates. To begin with, the licensee has little choice of where he will operate. Headquarters executives pick out all the sites, buy (or sometimes lease) the land, arrange for construction of the store, and rent it with equipment to the licensee for 8.5% of gross, plus a 3% annual franchise fee. "We're just like the Mafia; we skim it right...
...return for their money and submission to headquarters, the licensees get to use the McDonald's real estate, name and formula. For most, that is close to a license to print money. The average outlet grossed $508,000 last year, earning its operator upwards of $70,000 before taxes. For that reason, McDonald's receives thousands of license applications a year and accepts only about 10% of them. The company gives preference to existing licensees, but values business or professional experience of any kind. Every year large numbers of executives, doctors and lawyers abandon their careers to take...
One reason for the enthusiasm may be that McDonald's employees who work hard can go high quickly in the expanding business. President Turner started frying hamburgers at Kroc's first franchise near Chicago in 1956. He rose so rapidly as an "operations man," keeping an eye on...
With the Federal Power Commission: Scenic Hudson has appealed a Federal Power Commission decision not to reopen licensing hearings for the Con Ed project. In its petitions, the environmentalists charged that additional evidence--such as that of potentially large fish kills in the Hudson River--makes a reconsideration of the...