Every foodie in this world is acquainted with the name Burger King. This chain of restaurants, which originated in Florida has now branches all over the world. The restaurant which inspired from Mac Donald’s has now even a bigger market in the food industry. Let’s find out how the entire empire of Burger King flourished and what is its net worth in 2020.
In the year 1953, a man from Florida by the name of Keith Kramer first had the idea to open a restaurant like McDonald’s. Keith along with his wife bought rights to a grill machine also. However, their idea was soon picked up by David and James of Cornell University. Insta-Burger-King was the name of the restaurants back then.
Both these men purchased the rights of the restaurants. The Miami location of the chain boomed the business. Both of them introduced the flame broiler technique to the brand. By 1961, the signature whopper of Burger King spread all over the USA. The Pillsbury Company in the year 1967 bought Burger King for 18 million USD, and from then there was no look back for the restaurant chain. It soon became the largest burger chain right after the very famous and renowned McDonalds.
After Pillsbury bought Burger King, there were numerous developments to make the business grow even more. In the 70’s and 80’s various people were appointed, like N Smith of McDonald’s. There were changes in the franchise system. By late 80’s the rights of Burger King was transferred to Diageo. His influence had a bad effect on the business. The company eventually returned to independence in the 21st century when it was handed over to TPG capital. The owners significantly change and revamped the entire system of Burger King. The changes helped in reenergizing the lost energy of the restaurant chain. The restaurant was later owned by 3G Capital Company in the year 2010. The company went public again after that.
Burger King is an achievement in itself. Today the company has restaurant chains all over the world and have a flourishing business with thousands of employees working under them. They have helped by giving work opportunities to people in many countries.
Burger King has won quite a few awards because of their extensive marketing campaigns. One of these awards includes the Grand Effie award which they had received in the year 2017.
They were also named the Cannes Lions marketer once. They also won an award for their OK Google advertisement.
Net Worth and Earnings
Today Burger King has a net worth of $3.5 billion. The total earnings of Burger King is a result of many decades of hard work and extensive marketing. The franchise fee is 50K USD for every store. Now the stores sell onion rings, hamburgers, chicken, fries, desserts and soft drinks.
The food giant is presently one of the fastest growing fast food restaurants in the world. The Fortune magazine has also enlisted the business on their hot list. It is one of the 100 Best Global brands.