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Burger King
History
Main article: History of Burger King
The predecessor of what is now the international fast food chain Burger King was founded in 1953 in Jacksonville, Florida as Insta-Burger King. The founders and owners, Kieth J. Kramer and his wife's uncle, Matthew Burns, opened their first stores around a piece of equipment known as the Insta-Broiler. The Insta-oven broiler has been so successful for cooking hamburgers, they needed all of their franchises to carry the device. After the original company began to decline in 1959, it was purchased by Miami, Florida, James McLamore franchisees and David R. Edgerton, who renamed the company Burger King. The duo led the company as an independent for eight years, subsequently extended to more than 250 locations in the United States, when they sold to Pillsbury in 1967.
According to Pillsbury, the company has undergone several attempts at reorganization or restructuring in the 1970s and early 1980s. Although these efforts have been effective in the short term, many of them were eventually dismissed due to Burger King to fall into a financial mess that the financial performance of the two damaged Burger King and its parent. operational performance and ineffective leadership poor continued to bog down the company for many years even after he was acquired in 1989 by the British conglomerate Grand Metropolitan alcoholic and his successor Diageo. Finally, the institutional neglect of the mark by the company Diageo damaged to the point where major franchises have been driven out of business and its total value was significantly decreased. Diageo has finally decided to dispose of the money lost in the chain and put the company for sale in 2000.
In 2002, a troika of private equity firms led by TPG Capital, LP associated with Bain Capital and Goldman Sachs Capital Partners agreed to purchase BK from Diageo for $ 1.5 billion (USD), with sales of over complete in December of this year. The new owners, through several new leaders, have since moved to revitalize and restructure the company, the first important step was again the name of BK parent as Burger King Brands. The investment group initially planned to take BK public within two years of the acquisition, but this action was delayed until 2006 for several reasons. On 1 February 2006, it was announced that GPT planned to take Burger King public by issuing an initial public offering (IPO). Between March 2004 and March 2009, the company has experienced a twenty consecutive quarters of profitable success has been credited with revitalizing the company, but with the slowdown in the economy during the financial crisis of the 2007-2010 Business company has decreased, while its immediate environment competitions, McDonald's has increased.
Franchises
Main article: Burger King franchises
When Burger King Corporation began franchising in 1959, it relied on a regional model franchise, where franchisees to obtain the right to open stores in a defined geographic area. These franchise agreements granted BKC control very little control over its franchisees, and has led to control issues of product quality, store image and design procedures and operations.
This model remained in place until 1978, when the company brought in McDonald's Executive Donald N. Smith to help reorganize the company. Smith has launched a restructuring of all future franchise agreements, the new owners refuse to live over an hour of their restaurants, which prevents companies from owning franchises and franchisees not drive other strings. This new policy effectively limited the size of the franchise and has prevented more challenging franchises Burger King Corporation Chart House had. Smith also sought to be the principal owner BKC new places and rent the restaurant for its franchisees. This policy would allow the company to take over the operat.