Dollars for Doughnuts: Joyce Sweetens Things Up at Tim Hortons
Dollars for Doughnuts: Joyce Sweetens Things Up at Tim Hortons
By and large, Horton remained a silent partner in the business while Joyce oversaw its expansion. Horton had once tried to get more involved in the affairs of the company that bore his name, but he did not fair so well. When he rolled up his sleeves and attempted to learn how to bake doughnuts, he got badly burned by the fryer. To make matters worse, two fellow hockey players came by to visit the shop. Upon seeing Horton hard at work, they began to trade jokes about their teammate who was sporting a baker’s apron. After that, Horton gave up, and Joyce again rose to the front of the business.
It was not long, however, before reality would come crashing down on the rosy dreams the two young men had for their futures. On February 20, 1974, Horton and Joyce got into an argument over Horton’s use of company credit cards; Joyce was worried about being audited. The two talked until 4 a.m., when they finally resolved the issue. Joyce invited Horton to stay at his home for the night, instead of having to drive back to Buffalo, where he was playing for the Buffalo Sabres. Horton initially agreed, but for unknown reasons, he later changed his mind. At the age of 44, Horton was killed in a car accident on that fateful drive back home.
The following year, after having an auditor assess the value of the company he and Horton had grown, Joyce agreed to pay $1 million to Lori Horton, Tim’s widow, for her shares. Although the company’s worth was deemed to be $1.8 million and the two had agreed to split it right down the middle, at the last minute Horton’s widow held out for $1 million. Joyce had no choice but to agree, and with that, he gained complete control of the coffee chain.
From there, Joyce continued with his plans for expansion. Through a strategy of creative marketing, common sense production, and a focus on selecting and training the best people to run his franchises, Joyce saw Tim Hortons (he dropped the apostrophe after the death of its namesake) explode onto the scene nationwide. With over 2,600 Tim Hortons outlets throughout the country, which together sell over 4.5 million cups of coffee every day, the company has surpassed even the American giants to become Canada’s biggest fast-food business.
During the early 1990s, a franchise owner of both Tim Hortons and Wendy’s restaurants asked both companies if he could combine both under one store. This new ‘combo store’ led to an informal partnership between the two companies. In 1995, Joyce finally agreed to sell “his baby” to Wendy’s in exchange for more share of Wendy’s stock than even Wendy’s founder Dave Thomas had.
Despite letting go of his business, Joyce continues to live his dreams. Joyce now spends his time devoted to the charity he created, the Tim Horton Children’s Foundation, and the $60 million golf course he built in his home province.
People today might not know the name Ron Joyce, but with 62 percent of the Canadian coffee market, they are more than familiar with the company he created.
Dollars for Doughnuts Joyce Sweetens Things Up at Tim Hortons
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It was 1967 and two men had just signed the franchise agreement that would forever change not only their own lives, but also the entire landscape of Canadian business and culture. The two friends thought that with Joyce’s business savvy and Horton’s famous name, they could make their coffee shop a success. By the end of the year, the duo had opened up two more Tim Horton’s stores and they were full partners in the business.
By and large, Horton remained a silent partner in the business while Joyce oversaw its expansion. Horton had once tried to get more involved in the affairs of the company that bore his name, but he did not fair so well. When he rolled up his sleeves and attempted to learn how to bake doughnuts, he got badly burned by the fryer. To make matters worse, two fellow hockey players came by to visit the shop. Upon seeing Horton hard at work, they began to trade jokes about their teammate who was sporting a baker’s apron. After that, Horton gave up, and Joyce again rose to the front of the business.
It was not long, however, before reality would come crashing down on the rosy dreams the two young men had for their futures. On February 20, 1974, Horton and Joyce got into an argument over Horton’s use of company credit cards; Joyce was worried about being audited. The two talked until 4 a.m., when they finally resolved the issue. Joyce invited Horton to stay at his home for the night, instead of having to drive back to Buffalo, where he was playing for the Buffalo Sabres. Horton initially agreed, but for unknown reasons, he later changed his mind. At the age of 44, Horton was killed in a car accident on that fateful drive back home.
The following year, after having an auditor assess the value of the company he and Horton had grown, Joyce agreed to pay $1 million to Lori Horton, Tim’s widow, for her shares. Although the company’s worth was deemed to be $1.8 million and the two had agreed to split it right down the middle, at the last minute Horton’s widow held out for $1 million. Joyce had no choice but to agree, and with that, he gained complete control of the coffee chain.
From there, Joyce continued with his plans for expansion. Through a strategy of creative marketing, common sense production, and a focus on selecting and training the best people to run his franchises, Joyce saw Tim Hortons (he dropped the apostrophe after the death of its namesake) explode onto the scene nationwide. With over 2,600 Tim Hortons outlets throughout the country, which together sell over 4.5 million cups of coffee every day, the company has surpassed even the American giants to become Canada’s biggest fast-food business.
During the early 1990s, a franchise owner of both Tim Hortons and Wendy’s restaurants asked both companies if he could combine both under one store. This new ‘combo store’ led to an informal partnership between the two companies. In 1995, Joyce finally agreed to sell “his baby” to Wendy’s in exchange for more share of Wendy’s stock than even Wendy’s founder Dave Thomas had.
Despite letting go of his business, Joyce continues to live his dreams. Joyce now spends his time devoted to the charity he created, the Tim Horton Children’s Foundation, and the $60 million golf course he built in his home province.
People today might not know the name Ron Joyce, but with 62 percent of the Canadian coffee market, they are more than familiar with the company he created.
Dollars for Doughnuts Joyce Sweetens Things Up at Tim Hortons
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