Michael Ilitch — Little
Caesars Pizza
Net Worth: $1.5 Billion
Net Worth: $1.5 Billion
Thanks to FranchiseHelp.com team for its
effort to identify which masters of megabucks amassed their tremendous wealth
through franchising (that is, as a franchisor). While not an exhaustive
list, the rundown below profiles five titans of industry with franchise roots
and net worth levels between $1.3 and $6.5 billion.
Check out their list of Billionaire
Franchisors and be inspired (or at least amused) by their stories…
Detroit native Michael Ilitch, founder of the
pizza-pizza famous Little Caesars Pizza franchise, had a three-year run in
minor league baseball but was forced to retire with a knee injury (ah, we’ve
heard that one before). With his baseball career finished, Ilitch and his
wife Marian started Little Caesars Pizza Treat in Garden City, Michigan.
An entrepreneur with an eye for innovation, Ilitch created a carry-out pizza
concept with no tables and chairs. This cost-saving wrinkle — along with
operational touches like a conveyor belt to warm pizza and keep up with
customer demand — allowed Little Caesars to locate franchises where quick-serve
pizza had never been served before (pizza lovers in sports arenas, dormitories,
and military bases, you have Little Caesars to thank!). Of course, it
helped that Ilitch knew how to market with the best of them — who could forget
the famous “Pizza! Pizza!” two-for-one deal?
Ilitch is now the big man in his hometown,
enjoying life as the billionaire founder of an iconic food concept, the owner
of both the Detroit Tigers and Detroit Red Wings, and the rumored potential
buyer of the Detroit Pistons. Despite the rough economic climate in the
city, the Tigers made Forbes’ list of most valuable sports teams and Ilitch
turned the 2005 MLB All-Star game into the most profitable All-Star game to
date. The Little Caesars Pizza franchise, meanwhile, is succeeding during
tough times because of a continued focus on operational efficiency and
ingenious marketing programs like their $5 Hot-N-Ready pizza deal.
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