Ray Kroc was a popular American businessman who had an estimated net worth of $600 million. In 1954, he joined McDonald’s which was just based in California at that time. He later made it into a national and global franchise.
Ray Kroc is known for making McDonald’s the world’s most successful fast food corporation. He was also the owner of the baseball team ‘San Diego Padres’ from 1974 to 1984. He died in January 1984, after having a heart failure at 81.
Biography & Wiki
Raymond Albert “Ray” Kroc was born on October 5, 1902, in Oak Park, Illinois to his parents Alois “Louis” Kroc and Rose Mary Kroc. He was raised in Oak Park.
At the age of 15, Kroc became the driver of a Red Cross ambulance during the time of World War I. At the time of Depression, he did a variety of jobs like selling paper cups, playing piano for bands, and as a real estate agent.
Ray Kroc was married three times. In 1922, he got married to Ethel Fleming. The couple divorced in 1961. From 1963 to 1968, he was married to Jane Dobbins. In 1969, he married his third wife Joan Kroc.
He has a daughter Marilyn Kroc from his first wife.
When World War II ended, Ray Kroc became a salesman of Prince Castle, which is a manufacturer of milkshake mixer. He was also at New York’s American Stock Exchange as a ticker tape reader. At 21, he became a salesman for the Lily Tulip Paper Cup Company.
Kroc went on to open the first McDonald’s franchise in Des Plaines, Illinois in a partnership with the McDonald brothers in April 1955. By the end of the year, two more were opened. He later went on to start an independent company which would lease or buy lands.
In 1961, Ray Kroc bought the McDonalds for a sum of $2.7 million. He opened ‘The Big M’ which was the original McDonald store. In 1965, McDonald’s became public with a price of $22/share. In the same year, he became the president of the company and started to expand it in terms of the product.
In 1968, he became the Chairman of the Board, a position which he held till 1977. Following that, he became the Senior Chairman of McDonald’s and was in the position until his death.
In 1974, he became the owner of San Diego Padres and continued to be its owner till his death.
Awards & Achievements
The Horatio Alger Association of Distinguished Americans conferred Ray Kroc with the Horatio Alger Award in 1972. He was included in the list of ‘Time 100: The Most Important People of the Century’. In 1999, he was posthumously inducted into the San Diego Padres Hall of Fame.
Net Worth of Ray Kroc
Ray Kroc had an estimated net worth of more than $600 at the time of his death. He made this fortune by his career with the McDonald’s. He is known for expanding the chain of restaurants and made millions by the company. He was also the co-author of the book entitled ‘Grinding it Out’.
Ray Kroc is considered one of the most popular entrepreneurs in the world. He is known for his innovative idea that leads to the expansion of the company. McDonald’s is currently a global brand with hundreds and thousands of stores across the world. Ray Kroc is known as the innovator of many services in the food industry. Prominent among it is the offering of a single-store franchise. His popularity made him a character in the 2016 film ‘The Founder’, which was portrayed by Michael Keaton.