When Will The Washington Football Team Have A Name The Huts That Pizza Built

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The Huts That Pizza Built

Pizza Hut, the world’s largest pizza chain, has 12,000 stores in 84 countries and one of the most successful franchise systems anywhere. But no one familiar with the chain knew that two college kids would become America’s first favorite pizza joint and start selling it in 1958 in Wichita, Kansas, using a $600 loan. Dan and Frank Carney were theirs. a family of 12 children and were always looking for ways to earn money to pay for school. So when the landlord encouraged them to open a pizza shop—having heard of the popularity of pizza in New York—the brothers jumped at the chance. They had only tasted pizza once, so they asked neighbor John Bender to help them make it. Bender remembered the recipe for the sauce, but not for the dough, so he just rolled the bread and accidentally got the first thin crust. Next, the brothers needed to pick a name, but didn’t want to spend more on signs, so they used the storefront. After typing the word Pizza in it, they found they didn’t have more than three letters to fill it, so they added the word Hut. Pizza Hut was born.

Their sales were poor in the first year. No one had ever heard of Pizza Hut before, so to increase sales, the brothers invited the Wichita State University football team to dine at Pizza Hut and then gave away gifts. This started customers queuing up every day to eat their pizza.

The brothers began franchising in 1959, licensing their seventh store to Dick Hassur, the manager of their third store. The brothers loaned him money for the franchise, and soon they started giving out more franchises to people who already knew the system – a procedure that is followed to this day. Many former Corporate Office employees who left or retired became franchisees. One of them was Mike Dart, who worked part-time at Pizza Hut while a student, was offered a position in Corporate Management after graduation, and later became vice president of financial services. When he left Pizza Hut, Dart founded the Daland Corporation with other former Pizza Hut employees. Daland currently owns 154 Pizza Hut stores in Florida, Alabama, Georgia and Louisiana.

When Pizza Hut started franchising, the Carney brothers admitted that they only licensed people with the desire and capital to start. They didn’t have a system, and for the first five years of the franchise, no two Pizza Hut stores were the same. Terms were written on napkins and sealed with a handshake. They only charged $100 for the franchise and no more than $50 in royalties. Brothers paid higher fees only after their full support system and operational standards were in place.

Soon Pizza Hut was ripe for a public offering. A franchisee suggested that Pizza Hut should expand its company-owned units, and to do so, it could offer existing franchisees equity in exchange for their territories and stores. It happened, and the private placement went down in the history of the US Securities and Exchange Commission as the largest class B entity. Pizza Hut filed for a private offering in 1968. The following year, it offered its stock at $16 per share, and within three days the stock price had risen to $32.75. All Pizza Hut franchisees became millionaires overnight. (Interestingly, many of the franchisees who had their own outlets went back to buying franchises for stores in new territories.) To strengthen the business, Dan and Frank Carney sold Pizza Hut to Pepsi Co Inc. in 1977. sold were looking for a strategic partner that would allow them to run Pizza Hut as they saw fit, and Pepsi filled the bill. Eight years later, the company decided to introduce its own delivery service to increase profits. The idea came about because half of all its sales were fulfillment, and although many franchisees were initially afraid of the risk and change, they quickly agreed. “Franchisees make the company better because they have to pay royalties; and if they give you an idea of ​​where you’re going,” said Frank Carney. “As a result, there are many unique agreements and disagreements along the way.” Despite the controversy, Pizza Hut’s recognition of the role that franchisees play in the system is the single most important factor in its growth. In fact, 40 percent of Pizza Hut stores are owned by franchisees, and the average age of a franchisee in the system is 13 years.

The Carney brothers hardly knew anything about pizza when they started, but their keen and keen ability to understand where their strengths lay and the determination to use that to shape their growth strategy allowed them to conquer America – where the segment pizza is pizza. $25 billion business – and the world. Imagine our loss if they didn’t want money for college!

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