Ray Kroc was a famous American businessman. He joined McDonald’s in 1954 which by then was just based in California. He is known for turning McDonald’s into a national and later global franchise. Kroc died on 14 January of heart failure. Here is a quick summary of net worth, career and earnings of Ray Kroc in 2020.
Early life and Biography
Raymond Albert Kroc was born on 5 October 1902 in Chicago, Illinois, USA. His parents were Rose Mary and Alois ‘Louis’ Kroc who were both of Czech origin. He grew up in Oak Park. At an early age, he took piano lessons. At one time he worked at a soda fountain and had a lemonade stand.
During the world war 1, he lied about his age and became a driver for the Red Cross ambulance. He was just fifteen at the time. After the war, he tried working as a musical director, a musician and a real estate agent with no success.
Ray Kroc got married to Ethel Fleming in 1922. The couple had a daughter Marilyn Kroc in 1924. They later divorced in 1961. In 1963 he married Jane Dobbins. They stayed together until 1968 when they divorced. Kroc then married Joan in 1969 and they were together until the time of his death. Joan was a philanthropist and used most of her wealth on charity after Ray died. Kroc was the owner of a baseball team called ‘San Diego Padres’ since 1974 to his death.
Career, Awards, And Nominations
After the creation of the World War 11, Ray worked in different areas. He worked as a salesman for Lily-Tulip cup company. He also joined New York’s American Stock Exchange where he was a ticket tape reader. Later he joined a milkshake mixer manufacturing company called Prince Castle as a salesman.
He met brothers Dick and Mac McDonald in 1954 when he sold them mixers in their restaurant. He later offered to work with them as a franchising agent. He founded McDonald’s System, Inc in 1955 and opened its first restaurant in Des Plains. A total of 100 restaurants were opened by 1959.
Ray Kroc bought the company from the McDonald brothers in 1961. In 1965 he opened ‘The Big M’. This was apparently the original McDonald store. He became the company president in 1965. By then MacDonald’s had become a big company with its shares selling at $22 per share. Ray became the Board Chairman of the company in 1968 until 1977. At the time of his death, he was the senior chairman of McDonald’s.
As a result of his huge success, he was included in the list of ‘The 100: The Most Important People of the Century’.He was also awarded in 1972 with the Horatio Award by the Horatio Alger Association of Distinguished Americans. He was also inducted into the San Diego Padres Hall of Fame in the year 1999.
Net Worth And Earnings
By the time of his death, Kroc was estimated to be worth $600 Million. His wealth came from his career with the McDonald’s. He expanded the chain of restaurants to make the fortune. The book ‘Grinding it Out’ which he co-authored also made him a large of money for its sale.
Ray Kroc is with no doubt one of the most popular entrepreneurs in the whole world. His success is evident in the McDonald’s which today is a global brand with thousands and thousands of stores all over. Owing to his popularity, Kroc was made a character in a film. It was called ‘The Founder’ and was released in 2016.