The predecessor to what is now the international fast food restaurant chain Burger King was founded in in Jacksonville, Floridaas Insta-Burger King. Inspired by the McDonald brothers' original store location in San Bernardino, Californiathe founders and owners, Keith J. Kramer and his wife's uncle Matthew Burns, began searching for a concept.

After purchasing the rights to two pieces of equipment called "Insta" machines, the two opened their first stores around a cooking device known as the Insta-Broiler. The Insta-Broiler oven proved so successful at cooking burgers, they required all of their franchises to carry the device. After the original company began to falter init was purchased by its Miami, Florida, franchisees James McLamore and David R.

The two initiated a corporate restructuring of the chain; the first step being to rename the company Burger King. The duo ran the company as an independent entity for eight years, eventually expanding to over locations in the United States, when they sold it to the Pillsbury Company in Pillsbury's management made several attempts at reorganization or restructuring of the restaurant chain in the late s and early s.

The most prominent change came in when Burger King hired McDonald's executive Donald N. Smith to help revamp the company. In a plan called Operation Phoenix, Smith initiated a restructuring of corporate business practices at all levels of the company.

Changes to the company included updated franchise agreements, a broadening of the menu, and new store designs to standardize the look and feel of the company. While these efforts were initially effective, many of them were eventually discarded, resulting in Burger King falling into a fiscal slump that damaged the financial performance of both Burger King and its parent. Poor operating performance and ineffectual leadership continued to bog the company down for many years, even after it was acquired in by the British entertainment conglomerate Grand Metropolitan and its successor Diageo.

Eventually, the institutional neglect of the brand by Diageo damaged the company to the point where major franchises were driven out of business and its total value was significantly decreased. Diageo eventually decided to divest itself of the loss-making chain and put the company up for sale in The new owners rapidly moved to revitalize and reorganize the company, culminating with the company being taken public in with a highly successful initial public offering.

The firms' strategy for turning the chain around included a new advertising agency and new ad campaigns, a revamped menu strategy, a series of programs designed to revamp individual stores, and a new restaurant concept called the BK Whopper Bar. These changes re-energized the company. Despite the successes of the new owners, the effects of the financial crisis of — weakened the company's financial outlooks while those of its immediate competitor McDonald's grew. Analysts from financial firms UBS and Stifel Nicolaus agreed that 3G will have to invest heavily in the company to help reverse its fortunes.

After the deal was completed, the company's stock was removed from the New York Stock Exchange, ending a four-year period as a public company. The delisting of its stock was designed to help the company repair its fundamental business structures and continue working to close the gap with McDonald's without having to worry about pleasing shareholders.

Burger King would eventually be merged with Canadian-based donut and coffee chain Tim Hortonsigniting a political controversy in the United States over tax inversions. Burger King was founded in in Jacksonville, Floridaas Insta-Burger King by Keith J. Kramer and his wife's uncle, Matthew Burns. Their first stores were centred around a piece of equipment known as the Insta-Broiler, which was very effective at cooking burgers.

It proved so successful that, as they grew through franchising, they required all of their franchises to carry the device.

While the Jacksonville chain kept expanding, two friends named James McLamore and David R. Edgerton, both alumni of the Cornell University School of Hotel Administrationwere seeking an opportunity to open their own business. McLamore had visited the original hamburger stand belonging to Dick and Mac McDonald in San Bernardino, Californiaand sensing potential in their innovative assembly line -based production system, decided to open a similar operation.

McLamore and Edgerton acquired a license to operate an Insta-Burger King franchise and opened their first location on 4 December at NW 36th Street in Miami. Bythe pair had stores at several locations within the Miami-Dade area, and operations were growing at a fast rate. However, the partners discovered that the insta-broiler units' heating elements were prone to degradation from the drippings of the beef patties. The pair eventually created a mechanized gas grill that avoided the problems by cooking the meat patties a different way inside the unit.

The new cooking appliance, which they called a flame broiler, moved the patties over the flame vertically on a chain link conveyor over the heating elements, a design that imparted grill lines on the patties similar to those made on a charcoal grill. The new unit worked so well that they made the decision to replace all of their Insta-Broilers with the newly designed unit. Even though the original Insta-Burger King had rapidly expanded throughout the state and its operations totaled more than 40 locations bythe group ran into financial difficulties.

McLamore and Edgarton purchased the national rights to the chain in and rechristened the company as Burger King of Miami.

Besides the creation of the company's signature piece of equipment, the flame broiler, the company added two more features during this period that have since become closely associated with the chain.

The first to be created was its mascot, the Burger King in The second creation was the company's signature sandwich, the Whopper. It was created in by James McLamore and originally sold for 37 cents.

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Believing that the success of the rival product was its size, he devised the Whopper. The name was chosen because he felt that it conveyed "imagery of something big". Inthe Pillsbury Company acquired Burger King and its parent company Burger King Corporation from McLamore and Edgerton.

With the acquisition, Pillsbury was faced with a lack of consistency within the franchise framework. The Burger King Corporation franchising system set up by McLamore and Edgerton allowed the company to expand a great pace, but the lack of contractual restraints and controls on its franchisee operation led to inconsistencies in its products that in turn were a drag on the reputation of the chain.

Additionally, the agreements gave the company too little power to prevent its franchises from doing as they wished with the business. One of the prime examples of the deficiencies in its former franchise structure can be illustrated by the relationship between Burger King and a Louisiana-based franchisee.

Chart House, owned by brothers Billy and Jimmy Trotter, opened its first BK franchise in that state in By the Trotters' company had grown to over stores across the country, with its own purchasing system, training program and inspection system. The Trotters then put forth a second plan that would have Pillsbury and Chart House spin off their respective holdings and merge the two entities into a separate jointly controlled company, which Pillsbury also declined.

After the failed bids, the relationship between Pilsbury and the Trotters soured. When Chart House purchased several restaurants in Boston and Houston inBurger King sued the selling franchisees for not respecting their contractual right of first refusal and won, preventing the sale. The two parties eventually reach a settlement where Chart House kept the Houston locations in their portfolio. With the ongoing conflict with Chart House on the mind of the company's board inBurger King hired McDonald's executive Donald N.

Smith initiated a restructuring of all future franchising agreements. New owners were barred from living more than an hour's drive from their restaurants, corporations were not permitted to own franchises, and franchisees could no longer operate other chains. This new policy effectively limited the size of franchisees and prevented larger franchises from challenging Burger King as Chart House had.

This policy would allow the company to take over the operations of failing stores or evict those owners who would not conform to the company guidelines and policies. He broadened the product offering by adding the Burger King specialty sandwich line inand also added many non-hamburger sandwiches including new chicken and fish offerings. The new line was one of the first attempts by a major fast food chain to target a specific demographic, in this case adults aged between 18 and 34 years, members of which were presumably willing spend more on a higher quality product.

After Smith's departure from the company for soft drinks producer PepsiCo in[13] the company began to see a system-wide decline in sales. Pillsbury executive vice president of restaurant operations Norman E. Brinker was tasked with turning the brand around and strengthening its position against its main rival, McDonald's.

One of his first acts was to initiate an advertising plan emphasizing claims that Burger King's flame-broiled burgers were better and larger than its rival's.

The program, arguably the first attack ads on a food chain by a competitor, was controversial in that before it fast food ads only made allusions to the competition without ever mentioning them by name. McDonald's sued Burger King, their ad agency at the time J. The child actress Sarah Michelle Gellar was also implicated in the lawsuit because of her appearance in these television commercials.

The suit was settled the following year on undisclosed terms. With the departure of Smith and Brinker, Pillsbury allowed many of their changes to be relaxed, as well as scaled back on construction of new locations which had the effect of stalling corporate growth. The complex potentially tax-free stock split plan would have led to the chain, along with its distribution system Distron, becoming a separate entity for the first time oncreateoptionsmenu not called in fragment over twenty years.

Hoping that the special dividends created by the spin-off would have convinced shareholders not to accept the hostile bid, Pillsbury had its plans partially option strategies for earnings announcements pdf when the company's franchisees rejected the plan despite parts of which that would have given the franchises part ownership in the company and a seat on its new board.

In a letter to Pillsbury chairman Phillip L. Smith, franchise representative Bill N. Pothitos stated that franchisees disapproved of the transaction on the grounds that they "strongly oppose this proposed course of conduct for one reason and one reason alone: It so restricts the ability of the Burger King Corporation to engage in future competitive growth and reinvestment in the Burger King system that our economic interests and investments will be placed in jeopardy.

On top of the failure of the franchises to approve the spin-off, a series of lawsuits complicated the divestiture. Between the time of the initial sales agreement in November and the finalization of the acquisition of Pillsbury in JanuaryGrand Metropolitan set about putting its own corporate stamp on Burger King; the stated goal of Grand Met CEO Allen Sheppard was to upgrade the overall performance of the chain and improve its standing as the second largest fast-food burger chain globally.

To that end, he had the company initiate a three-prong strategy of evaluation of operations, personnel moves, and structural changes and improvements to fortify the company. Following through on the CEO's opinion that the company needed a consistent marketing plan and management team to succeed, [26] the company began its moves by replacing its chairman and CEO Jerry W. Levin with its own choice of executives, Barry J.

Gibbonschairman and managing director of Grand Metropolitan Retailing, Ltd. MartinGrand Met's top executive in the United States, as chairman. The moves came to no surprise to Wall Street analysts and franchisees, as they were expected due to reservations about Levin after his appointment by the outgoing management at Pillsbury.

Unhappy with the distribution group, the company originally thought to dispose of the division after the purchase but instead decided to reorganize it into two separate groups, one for procurement Burger King Purchasing or BKP and another for distribution Burger King Distribution Services or BKDS. With the restructuring, the company eliminated many positions and ended up laying off over a hundred staff members as a consequence.

During the five years that led up to the purchase, the restaurant chain had a series of a half dozen ad programs accompanied by even more marketing directors, a situation that led Adweek to describe it as "ill-conceived marketing and downright sloppy strategic planning" in In order to reverse the trend, in December Grand Met set about reevaluating all aspects of the programs from the messages the company was sending to the customer through its sedco forex international australia to the possibility of dropping its advertising agency of record, N.

The company hoped that the "dual-agency partnership" would provide a synergy that would bring together "some of the best minds forex trading using fundamentals the advertising business" to establish a brand identity, or as a company spokesman stated, "what the consumers take away with them after they visit us--what we stand for Grand Met also made several moves in an attempt to broaden BK's business operations while expanding its presence globally.

The first move by the company was the creation of the BK Expressway business concept, a new store format designed for locations where a traditional stand-alone restaurant was impractical. The company introduced two separate formats designed to operate in different business environments; the first concept was intended as a kiosk-type store that would be placed in locations such as sports venues and airports.

The second concept store, designed with two drive-thrus and a minimal or even non-existent dining room, was designed to go in locations that were limited by high land costs or limited space. Both types of these new, smaller stores operated with a condensed menu prepared on new equipment designed specifically for the more compact footprints of the new locations.

Expressway locations were also designed with lower start-up costs in mind; franchisees were wooed with the promise of a much smaller investment, approximately one third as much, than would be required to open a more traditional location. With the purchase, described as a "rare opportunity" by CEO Sheppard, Grand Met set about converting certain Wimpy locations that employed a counter service system into Burger King locations.

The s led off with Grand Met taking Burger King's soft drink contract to Coca-Cola from Pepsi. Despite extreme market debate over the future of the contract, it was renewed for a second term in Leading up to the decision, Pepsi had sponsored over separate cross-promotions and product tie-ins, including a Fourth of July promotion where BK gave away a free Pepsi with each purchase.

This fit into the goals of BK, which was looking for a partner that would provide "outstanding, impactful promotional support. The BK Broiler was a rapid hit and within six months of its introduction was selling more than a million units daily system wide.

The company made an advertising coup that same year when it signed a picture contract with the Walt Disney Company. Accompanied with the new BK Kid's Club program, the company saw an impressive growth within the children's market. While many of the moves made by Grand Met were successful in generating additional sales and growth, the company continued to experience problems.

While Fortune Magazine named CEO Gibbons as its Turnaround Champion for his success in reversing the fortunes of the company, [42] [43] several news outlets claimed that the changes he introduced were problematic because they deprived the company of valuable assets. InHurricane Andrew destroyed the company headquarters. The building, located on Old Cutler Rd.

Located on the shoreline at the terminus of th St. Eureka Drivethe highest storm surge levels was recorded The company's recovery was helped buy burger king stock to pre-planning before the storm's landfall; Corporate backoffice data was moved to Seattle, Bull market penny stocks before the storm struck in order to safeguard critical records, [47] and the company established a temporary "command center" at the Doral Resort and Country Club in Miami within eight days of stimulus stock market hurricanes passing.

Not only did Gibbons work to repair the damage to the company offices, he made it a priority to allow its staff to deal with their personal situations. He made staff members job descriptions more flexible, encouraging staff members to take the initiative to perform a wide range of tasks.

A corporate day care system was established, allowing staff to bring their children to work. Staff members were allowed to take off as much time as needed to reestablish themselves and corporate dress codes broker make money mortgage relaxed.

The company brought in counselors, insurance experts, tax consultants, child care advisers and construction companies to help the staff reorient themselves. The company also went so far as to arrange emergency loans for its employees. He initially resigned his post as CEO of the company and was replaced by his chosen successor, COO James B. Adamson continued the company's plans yearly income for a stock broker expand into new markets such as universities, gas stations, airports and sports arenas with the intention of looking into new channels of distribution.

His changes were credited with a 28 percent increase in sales in BK's fiscal legitimate work from home jobs with no startup fee 2014 and same store sales that were up 6 percent.

Lowes became chairman in November. This institutionalized neglect further hurt the standing of the brand, in turn causing significant financial damage to Burger King's franchisees. Diageo maintained ownership of BK until when Diageo decided to focus solely on their beverage products and divest itself of the chain. Burger King's franchises representation group, The National Franchise Association NFAsought to block this because it believed that any money raised from the issue would not be put into helping bolster the then flagging BK, but would instead end up being used to help Diageo bolster its liquor brands.

Instead, the NFA forex rates new vision to purchase the chain from Diageo, but the deal collapsed when the NFA was unable to put together an acceptable financing package.

Ina troika of private equity firms led by TPG CapitalL. On 1 FebruaryOut-going CEO Greg Brenneman announced TPG's plans to turn Burger King into a publicly traded company by issuing an Initial Public Offering IPO.

On February 16, the company announced it had filed its registration for the IPO with the Securities and Exchange Commission. Burger King began trading on the New York Stock Exchange under the ticker symbol BKC on May 18, The proceeds from the sale were used by how much money do pilots make uk company help pay back a loan taken out taken by the company in February used to pay dividends to the investment firms.

According to one analyst at Renaissance CapitalWall Street eur usd stock market correlation were not alarmed by the large payout due to the increased financial stability of the company resulting from changes made by the investor groups during the interim between the purchase in and the stock offering.

Incoming CEO John W. Chidsey backed the payouts, stating that the financial firms spent considerable time and capital turning the company around. By the middle of its fiscal yearthe company had seen significant domestic growth for the first time in several years; for more than a dozen financial quarters, the company showed revenue increases and domestic expansion.

During the first half of the calendar yearthe company initiated a plan to revitalize its stores with a very profitable forex system to replace or remodel almost all of its North American locations by the beginning of its fiscal year in July The smaller profit announcement temporarily drove Burger King's stock prices down after the announcement.

Despite the lower than expected profit and small decline in stock value, Wall Street analysts were upbeat about Burger King's future earnings because it was felt that the renovations would contribute to future profits; one such analyst stated that the renovations would "pay for themselves".

A new system of in-store advertising was also introduced as part of the new format, static menu boards are to be replaced with high definition video displays.

Additionally, any future restaurant renovations must also conform to the new standard. The Whopper Bar is a concept from the company that upends its traditional fast food operations with a newer high end concept designed to compete with fast casual and casual dining restaurants. The new format is described by the company as a more "playful" variation on the standard Burger King location.

The locations feature an open kitchen with a semi-circular metal counter top designed to allow customers to watch as its "Whopperistas" put together the order. Decoration of the new locations is limited to plasma televisions playing looped videos of open flames. The concept is similar to the McCafe concept from rival McDonald'sand like the McCafe locations they are designed to go into malls, airports and casinos and other areas with limited amounts of space.

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With the opening of its Whopper Bar locations in the United States duringBurger King reported that it would be the first time in its North American locations that beer would be available for purchase.

Although beer is available at fast food restaurants throughout Europe, including Burger King, this is the first time a major fast food chain has attempted to sell beer in the United States. The company will be selling products from SABMiller and Anheuser-Busch including BudweiserBud Lite and Miller Lite in aluminum bottles designed to maintain temperature. The move, designed to target the important and-under demographic, has been called risky by industry analysts because of the company is known as a fast food purveyor and not as an alcoholic beverages seller.

Other industry consultants have disagreed with the assessment, believing that the move is a practical one because the company is growing with its aging customer base. The offer, representing a 46 percent premium over the stocks selling price at the time, came as a surprise to Burger King CEO John Chidsey. The proposed sale was expected to help the company repair its fundamental business structures and continue working to close the gap with McDonald's.

David Palmer from UBS stated the company will need to work with its large group of franchise owners to brighten its locations and stabilize sales which could take several years and require significant reinvestment, [76] while Steve West of Stifel Nicolaus stated that Burger King will need at least a year to right its fundamentals.

Upon completion of the acquisition in October3G began an immediate restructuring of the company.

Burger King to go public again

Seven of the top executives were released, while another employees were laid off from the company's headquarters. The position of CEO was taken over by Bernardo Hees shortly after the acquisition. As part of the restructuring, 3G also moved to change many aspects of corporate operations throughout Other new or reformulated products would follow. In terms of its franchise operations, Burger King initiated a move to become more like competitors Subway and KFC and began to sell off the majority of corporately owned restaurants in order to become an exclusive franchised operation.

Several lawsuits were settled and corporate policies that were at the center of the corporate disputes with the franchises were ended or amended. In they partnered with British venture capital firm Justice Holdings to take the company public again.

In AugustBurger King announced its intent to acquire the Canadian restaurant and coffee shop chain Tim Hortons. Burger King CEO Daniel Schwartz became CEO of the company, with existing Tim Hortons CEO Marc Caira becoming vice-chairman and director. The two chains retained separate operations post-merger, with Burger King remaining in its Miami headquarters.

The deal was subject to approval by Tim Hortons shareholders and Canadian regulatory authorities. The combined company became the third-largest international chain of fast food restaurants. Although " tax inversions " in which a company decreases the amount of taxes it pays by moving its headquarters to a country with lower ratesbut maintains the majority of their operations in their previous location have been a recent financial trend, it will not have as much of an impact on Burger King's reincorporation in Canada: As a high-profile instance of tax inversion, news of the merger was criticized by U.

Since being founded inBurger King has undergone five changes of ownership. Further, during the ownership tenure of Grand Metropolitan, Grand Met merged with Guinness in to form a new company, Diageo. Since its founding, Burger King has had more than twenty CEOs. From Wikipedia, the free encyclopedia. Burger King A Burger King Whopper combo meal.

Alexandre Behring Chairman RBI [1]: Hamburgers chicken french fries soft drinks milkshakes salads desserts breakfast hot dogs. Burger King products and Burger King franchises. Florida portal Companies portal Food portal Drink portal. Encyclopedia of junk food and fast food 1st ed. Retrieved 14 June Nation's Restaurant News Subscription required. Retrieved 25 January Sculle 27 March Fast Food 1st ed.

Retrieved 15 June International Directory of Company Histories. Retrieved 8 October Retrieved 5 April Archived from the original on 19 October Retrieved 22 October Retrieved 12 November Retrieved 6 November Retrieved 24 August Archived from the original on 30 October From the Frying Pan Into the Fryer, 2nd edition. Retrieved 6 April Retrieved 2 October Retrieved 3 March Retrieved 19 October Berg 14 November Retrieved 29 January Nations Restaurant News Subscription required.

Retrieved 25 November Retrieved 1 April Retrieved 10 February Retrieved 24 February Retrieved 28 October Retrieved 25 February Retrieved 22 February Retrieved 1 March Retrieved 13 November Retrieved 3 November Retrieved 28 May Burger King switches from Pepsi to Coke; cost, Pepsico's rival concepts sway decision".

Sheeline 16 July Retrieved 9 March National Oceanic and Atmospheric Administration. Retrieved 10 January Retrieved 11 January Retrieved 21 January Retrieved 21 June Retrieved 13 March Archived from the original reprint on 12 May Retrieved 12 April Retrieved 24 October The New York Times. Los Angeles Business Journal.

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Retrieved 23 March Retrieved 30 September Retrieved 24 January Retrieved 10 October Retrieved 23 January Retrieved 8 February Archived from the original on 16 November Retrieved 3 September Retrieved 2 September Retrieved 1 February Retrieved 26 June Retrieved 2 March Retrieved 7 January Retrieved 19 January Archived from the original on 9 January Retrieved 20 January Retrieved 16 January Retrieved 26 August The Globe and Mail.

Retrieved 25 August The Wall Street Journal. Archived from the original on 12 October United States Bureau of Labor Statistics. Reaches Significant Milestone with Opening of 12,th Restaurant" Press release. Retrieved 8 December Retrieved 4 September Retrieved 10 November Retrieved 11 November The New Burger King". History Advertising Advertising programs Franchises Countries with franchises Legal issues Products Product list.

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Kramer and Matthew Burns Burger King: David Edgerton and James McLamore. James McLamoreDavid R. SmithNorman E. Beef Sliders Premium burgers BK XXL Big King Whopper. Campaigns Big Bumpin' BK Tee Vee Burger King Kingdom PocketBike Racer Sneak King The Burger King The Subservient Chicken The Whopperettes The Whoppers Ugoff Where's Herb?