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Success at 65

with 10 comments

Once, there was an older man, who was broke, living in a tiny house and owned a beat up car. He was living off of $99 social security checks. At 65 years of age, he decided things had to change.

He left Kentucky and traveled to different states to try to sell his recipe. He told restaurant owners that he had a mouthwatering chicken recipe. He offered the recipe to them for free, just asking for a small percentage on the items sold. Sounds like a good deal, right?

Unfortunately, not to most of the restaurants. He heard NO over 1000 times. Even after all of those rejections, he didn’t give up. He believed his chicken recipe was something special. He got rejected 1009 times before he heard his first yes.

Details:

In 1952, Sanders franchised his secret recipe “Kentucky Fried Chicken” for the first time, to Pete Harma of South Salt Lake, Utah, the operator of one of that city’s largest restaurants. In the first year of selling the product, restaurant sales more than tripled, with 75% of the increase coming from sales of fried chicken. For Harman, the addition of fried chicken was a way of differentiating his restaurant from competitors; in Utah, a product hailing from Kentucky was unique and evoked imagery of Southern Hospitality. Don Anderson, a sign painter hired by Harman, coined the name Kentucky Fried Chicken. After Harman’s success, several other restaurant owners franchised the concept and paid Sanders $0.04 per chicken.

Sanders believed that his North Corbin restaurant would remain successful indefinitely, but at age 65 it was sold after the new Interstate 75 reduced customer traffic. Left only with his savings and $105 a month from Social Security, Sanders decided to begin to franchise his chicken concept in earnest, and traveled the US looking for suitable restaurants. After closing the North Corbin site, Sanders and Claudia opened a new restaurant and company headquarters in Shelbyville in 1959.Often sleeping in the back of his car, Sanders visited restaurants, offered to cook his chicken, and if workers liked it negotiated franchise rights.

KFC was one of the first fast food chains to expand internationally, opening outlets in Canada and later in the UK, Mexico and Jamaica by the mid-1960s. Sanders obtained a patent protecting his method of pressure frying chicken in 1962, and trademarked the phrase “It’s Finger Lickin’ Good” in 1963.

The company’s rapid expansion to more than 600 locations became overwhelming for the aging Sanders. In 1964, then 73 years old, he sold the Kentucky Fried Chicken corporation for $2 million ($15.8 million today).

Sold too soon because of business conflicts with his franchisees.

KFC market cap today is thousands of millions USD.

Written by amitdipsite

October 27, 2018 at 8:08 pm

Posted in Uncategorized

10 Responses

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  1. Sir what is happening in photoquip india

    durga

    October 29, 2018 at 5:43 pm

  2. Hi Amit,

    If you could share your thoughts on the below stocks would be of great help

    Innovators facade systems
    Affordable Robotic and automation.

    Thanks in advance,

    Shailesh

    Shailesh

    November 3, 2018 at 5:49 pm

    • Thanks for sharing, Innovators Facade maybhave difficult year ahead because if commercial building slowdown. But could be worth a look. I feel there is no entry barrier in Affordable Robotics and Automation.

      Best regards

      Amit

      amitdipsite

      November 4, 2018 at 1:08 am

  3. Dear Amit Arora Saheb. Salam and wishing you a very Happy Diwali and New Year. May this new year usher in health peace and joy and add new dimension to your Eleven Dimension Fund. Dua and best regards – Shaukat Ali

    shaukat ali

    November 7, 2018 at 5:00 am

    • Salaam Shaukat Saheb, Many thanks and greetings to you too of the festive season, and health, happiness, wealth and fulfill your ambition. Best wishes

      amitdipsite

      November 7, 2018 at 7:42 am

  4. Hi Amit,

    Wish you a happy diwali and a very prosperous new year,

    Regards,

    Shailesh

    Shailesh

    November 7, 2018 at 9:24 am

  5. Hi Amit,
    Wishing you very happy diwali and prosperous new year.
    Regards,
    Yogesh

    yogeshbhanushali

    November 8, 2018 at 3:25 am


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