No, he didn’t have any rich relatives to give him money.
No, he didn’t have any investors to provide start-up capital.
Correct! John Schnatter sold his prized 1972 Z28 Camaro so that he could purchase $1,600 worth of used restaurant equipment and start the business.
No, he didn’t have the money saved up in the bank.
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| Lesson 6 Screen 3 | |
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Making you hungry? Let’s say you get hungry while you’re doing this lesson and decide to get some pizza. Papa John’s is one of the top three pizza chains in the US, so it’s likely you have eaten their pizza at least once. If you visit Papa John’s on the Internet (www.papajohns.com), you can put in your zip code and read the menu at the nearest Papa John’s restaurant, check out today’s specials, and have your pizza delivered right to your door. Today, Papa John’s is a publicly traded company listed on the NASDAQ (under the symbol PZZA) with 3,000 restaurants across the globe. Want to see who started this company? Click this link (http://www.papajohns.com/pj_story/index.htm) to see a photo of John Schnatter, founder of Papa John’s, when he was getting ready to start his first restaurant in 1984. At the age of 22, John Schnatter never dreamed he would achieve such great success in the pizza business. “I never thought we'd get this big,” he says. “It still baffles my mind. My original goal was to make $50,000 a year and have $50,000 in the bank.” Only eight years after the first restaurant opened, Papa Johns’ went public, and for the past seven years, consumers have rated Papa John’s as No. 1 in customer satisfaction compared to all other national chains.
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How did John Schnatter raise money to start the first Papa John's?
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