How much is Ray Kroc worth?
| Net Worth: | $600 Million |
|---|---|
| Profession: | Businessman |
| Date of Birth: | October 5, 1902 (aged 81) |
| Country: | United States of America |
| Height: | 5 ft 4 in (1.65 m) |
About Ray Kroc
Ray Kroc, whose full name is Raymond Albert Kroc, was an American businessman and franchisor that’s best known for joining the California company McDonald’s in the 1950s. After the McDonald brothers had franchised six locations, this set the stage for a national expansion that Kroc played an important role in. Eventually, McDonald’s became the most successful fast-food cooperation in the world, and Kroc was named one of the wealthiest businessmen in the world.
Ray Kroc became famous when he purchased and developed McDonald’s. He was born on October 5, 1902, in Oak Park, Illinois to Czech-American parents. His parents are Alois and Rosemary Kroc, born in Sevetin, Czech Republic. They immigrated to America in the late 1890s just before Raymond was born. His father made a fortune by speculating on land, however, he then lost it with the stock market crash in 1929 and began working as a superintendent.
He grew up and spent most of his life in his hometown. During World War I when he was just 15 years old, after lying about his age, he became an ambulance driver of the Red Cross. Shortly after he enlisted, the war ended. During the Great Depression, he worked various jobs such as selling paper cups, playing the piano in several bands, and becoming a real estate agent in Florida. Another odd job that he was working with was being a milkshake mixer and salesman for Prince Castle, a foodservice equipment manufacturer.
The Founder released in 2016 had Michael Keaton playing the role of Ray Croc as he reinvented the fast-food restaurant in the USA and turned it into a national brand.
Running McDonald’s and making it one of the most profitable companies in America is what made this businessman so rich. In the 1950s, after Prince Castle’s multi-mixer sales plummeted, he was impressed by the McDonald brothers (Richard and Maurice) who had purchased eight of his products that they used for their San Bernardino, California restaurant. Following his visit to the brothers’ restaurant, he offered them a deal to purchase their fast-food company.
In 1955, he opened the first McDonald’s franchise in Des Plaines, Illinois. Just after his franchise agreement, he sent a letter to Walt Disney (with whom he unknowingly worked as a Red Cross ambulance driver), however, they failed to come to terms and Disneyland opened without a McDonald’s restaurant. Around that time, Ray’s profits were already exceeding an estimated $1 million.
The following decade, specifically in 1961, just when a wave of new fast-food chains was appearing and copying the McDonald’s model, he brought the company for $2.7 million. During his time as a developer of McDonald’s, he made several important changes such as setting strict rules for the franchise and standardizing operations.
Prior to his passing away, the chain of McDonald’s restaurants had more than 7,500 outlets in the United States and other countries.
The total in sales of generated by his restaurants was approximately $8 billion and his personal gains amounted to more than $600 million. After his death, throughout the 1980s and 1990s, he received the American Academy of Achievement’s Golden Plate Award and was inducted posthumously in the San Diego Padres Hall of Fame.
The main reason why the McDonald’s owner and developer is so successful is his many business ventures, including his purchase of the baseball team San Diego Padres. Just ten years before he passed away, in January 1974, Kroc retired from running McDonald’s. During that time, he was looking for new challenges and decided to do something with baseball. In just a few weeks time, he eventually purchased the San Diego team for $12 million.
His time with the Padres was tumultuous from the very beginning and didn’t last long. In April 1974, especially during their match against the Houston Astros. Kroc’s team was on the verge of losing in the season opener at the San Diego Stadium and at that moment, he took the public address microphone and shared his opinion that nearly 40,000 cheered in approval.
Summing-Up
Ray Kroc is an influential businessman that became famous when he joined the McDonalds brothers for what is now the most prosperous fast food cooperation in the entire world. Prior to his passing in January, the businessman owned the baseball team San Diego Padres. All in all, from all of his business ventures, Kroc was able to amass a multi-million dollar fortune during his lifetime.
