Description:   Ron Joyce, the first franchisee of Tim Horton’s, and the man who helped grow the chain into a fast-food empire, has died. Joyce, a native of Tatamagouche, N.S., eventually sold Tim Horton’s to Wendy’s in the 1990s. He became well-known as a generous benefactor of various institutions. In a highly notable case, in memory of his friend Tim Horton, he began a number of summer camps to benefit children who would not normally be afforded such an opportunity.

Date:  February 01 , 2019

Source:  ctv.ca

Link: https://www.cbc.ca/news/canada/nova-scotia/tim-hortons-ron-joyce-died-1.5001820

Discussion points: 1) Is there a Tim Horton’s on or near your university campus? Keep your eyes open for coffee cups around campus today and do your own informal poll to find the coffee champion on campus.

2) When you think about Ron Joyce’s story, we can see how he did his succession planning by selling his company to another large fast-food chain. As entrepreneurs look ahead to the future, what are some other strategies they can use in succession planning?

3) What exactly is the intangible asset we call a franchise? See page 486 in Wiley’s Financial Accounting: Tools for Business Decision-Making for a definition.