hi I’m Evan Carmichael welcome to another edition of modeling the masters
another edition of modeling the masters
another edition of modeling the masters today we’re going to look at Ron Joyce
today we’re going to look at Ron Joyce
today we’re going to look at Ron Joyce the man behind the multi-billion dollar
the man behind the multi-billion dollar
the man behind the multi-billion dollar franchise Tim Hortons Ron Joyce is a
franchise Tim Hortons Ron Joyce is a
franchise Tim Hortons Ron Joyce is a Canadian multi-millionaire businessman
Canadian multi-millionaire businessman
Canadian multi-millionaire businessman he co-founded the Tim Hortons doughnut
he co-founded the Tim Hortons doughnut
he co-founded the Tim Hortons doughnut chain as Tim Hortons partner and first
chain as Tim Hortons partner and first
chain as Tim Hortons partner and first franchisee Joyce grew up in rural Norva
franchisee Joyce grew up in rural Norva
franchisee Joyce grew up in rural Norva Scotia in a house without plumbing and a
Scotia in a house without plumbing and a
Scotia in a house without plumbing and a wood stove for heating when he was three
wood stove for heating when he was three
wood stove for heating when he was three years old his father died leaving his
years old his father died leaving his
years old his father died leaving his mother to take care of the family on
mother to take care of the family on
mother to take care of the family on welfare when he was 16 years old he left
welfare when he was 16 years old he left
welfare when he was 16 years old he left home with his life savings of
home with his life savings of
home with his life savings of thirty-five dollars to try his luck in
thirty-five dollars to try his luck in
thirty-five dollars to try his luck in the real world after spending time in
the real world after spending time in
the real world after spending time in the Navy he returned home to start a
the Navy he returned home to start a
the Navy he returned home to start a Dairy Queen franchise and also joined
Dairy Queen franchise and also joined
Dairy Queen franchise and also joined the police force where he met Tim Horton
the police force where he met Tim Horton
the police force where he met Tim Horton Horton was a Canadian hockey legend who
Horton was a Canadian hockey legend who
Horton was a Canadian hockey legend who opened up a local coffee shop called Tim
opened up a local coffee shop called Tim
opened up a local coffee shop called Tim Hortons the little shop was failing when
Hortons the little shop was failing when
Hortons the little shop was failing when Joyce proposed forging a partnership and
Joyce proposed forging a partnership and
Joyce proposed forging a partnership and bringing his expertise from Dairy Queen
bringing his expertise from Dairy Queen
bringing his expertise from Dairy Queen to save it today Tim Hortons has over
to save it today Tim Hortons has over
to save it today Tim Hortons has over 3,500 locations
3,500 locations
3,500 locations 100,000 employees and two billion
100,000 employees and two billion
100,000 employees and two billion dollars in revenues Joyce himself owns
dollars in revenues Joyce himself owns
dollars in revenues Joyce himself owns at least four yachts donates millions to
at least four yachts donates millions to
at least four yachts donates millions to charity and has so much money he has
charity and has so much money he has
charity and has so much money he has even offered to fly people on trips
even offered to fly people on trips
even offered to fly people on trips anywhere in the world if they can help
anywhere in the world if they can help
anywhere in the world if they can help improve his golf swing how did Ron Joyce
improve his golf swing how did Ron Joyce
improve his golf swing how did Ron Joyce get to where he is today he did it by
get to where he is today he did it by
get to where he is today he did it by building a tiny coffee shop by the name
building a tiny coffee shop by the name
building a tiny coffee shop by the name of Tim Hortons into one of Canada’s most
of Tim Hortons into one of Canada’s most
of Tim Hortons into one of Canada’s most beloved and successful brands
beloved and successful brands
beloved and successful brands so the next question becomes how can you
so the next question becomes how can you
so the next question becomes how can you model the success of wrong choice here
model the success of wrong choice here
model the success of wrong choice here are three action items that you can put
are three action items that you can put
are three action items that you can put to use in your business today action
to use in your business today action
to use in your business today action item number one match your talents with
item number one match your talents with
item number one match your talents with your passion you can be really good at
your passion you can be really good at
your passion you can be really good at something but not love it
something but not love it
something but not love it you can also love doing something else
you can also love doing something else
you can also love doing something else but not be really good at it to be
but not be really good at it to be
but not be really good at it to be successful as an entrepreneur you need
successful as an entrepreneur you need
successful as an entrepreneur you need to find the opportunity to combine what
to find the opportunity to combine what
to find the opportunity to combine what you love doing with what you’re really
you love doing with what you’re really
you love doing with what you’re really good at according to Ron Joyce I think
good at according to Ron Joyce I think
good at according to Ron Joyce I think people who excel in anything are often
people who excel in anything are often
people who excel in anything are often totally dedicated to it but are only
totally dedicated to it but are only
totally dedicated to it but are only good at one thing I look at the great
good at one thing I look at the great
good at one thing I look at the great athletes of all time like Michael Jordan
athletes of all time like Michael Jordan
athletes of all time like Michael Jordan who went from basketball to baseball and
who went from basketball to baseball and
who went from basketball to baseball and it didn’t work or Wayne Gretzky who
it didn’t work or Wayne Gretzky who
it didn’t work or Wayne Gretzky who probably wouldn’t have been great at
probably wouldn’t have been great at
probably wouldn’t have been great at anything but hockey are you like Michael
anything but hockey are you like Michael
anything but hockey are you like Michael Jordan trying to play baseball by doing
Jordan trying to play baseball by doing
Jordan trying to play baseball by doing something you love but aren’t really
something you love but aren’t really
something you love but aren’t really good at if you’re struggling to get your
good at if you’re struggling to get your
good at if you’re struggling to get your company to the next level try doing some
company to the next level try doing some
company to the next level try doing some soul-searching to see if you’ve matched
soul-searching to see if you’ve matched
soul-searching to see if you’ve matched up your talents with what you love doing
up your talents with what you love doing
up your talents with what you love doing in the best way possible
action item number to treat your
action item number to treat your franchisees as partners franchising can
franchisees as partners franchising can
franchisees as partners franchising can be a great way to build a business
be a great way to build a business
be a great way to build a business because you don’t need to fund it
because you don’t need to fund it
because you don’t need to fund it yourself and you can create an army of
yourself and you can create an army of
yourself and you can create an army of hard-working managers who have a self
hard-working managers who have a self
hard-working managers who have a self interest in seeing you succeed however
interest in seeing you succeed however
interest in seeing you succeed however franchising is not a bulletproof concept
franchising is not a bulletproof concept
franchising is not a bulletproof concept and may fail when the franchisor is
and may fail when the franchisor is
and may fail when the franchisor is don’t provide the right support to their
don’t provide the right support to their
don’t provide the right support to their franchisees here’s Ron Joyce’s advice
franchisees here’s Ron Joyce’s advice
franchisees here’s Ron Joyce’s advice it was my philosophy to treat the
it was my philosophy to treat the
it was my philosophy to treat the franchise owners as partners he followed
franchise owners as partners he followed
franchise owners as partners he followed through by creating a doughnut
through by creating a doughnut
through by creating a doughnut University a central training facility
University a central training facility
University a central training facility where new franchise owners could go to
where new franchise owners could go to
where new franchise owners could go to learn the ropes of running the business
learn the ropes of running the business
learn the ropes of running the business and operate in a fast-paced environment
and operate in a fast-paced environment
and operate in a fast-paced environment he also established regular meetings a
he also established regular meetings a
he also established regular meetings a toll-free phone line and field
toll-free phone line and field
toll-free phone line and field evaluations to provide support to his
evaluations to provide support to his
evaluations to provide support to his franchisees who’s willing to do whatever
franchisees who’s willing to do whatever
franchisees who’s willing to do whatever it took to get his partner’s off the
it took to get his partner’s off the
it took to get his partner’s off the ground and running the result today only
ground and running the result today only
ground and running the result today only 5% of the company stores are corporate
5% of the company stores are corporate
5% of the company stores are corporate all the rest are locally and operated
all the rest are locally and operated
all the rest are locally and operated owned franchises with average profit
owned franchises with average profit
owned franchises with average profit margins ranging from 15 to 20% owning
margins ranging from 15 to 20% owning
margins ranging from 15 to 20% owning the Tim Hortons franchise is a promising
the Tim Hortons franchise is a promising
the Tim Hortons franchise is a promising venture in fact more than half of all
venture in fact more than half of all
venture in fact more than half of all franchisees own more than one unit treat
franchisees own more than one unit treat
franchisees own more than one unit treat your franchisees fairly and give them
your franchisees fairly and give them
your franchisees fairly and give them the support they need to flourish and
the support they need to flourish and
the support they need to flourish and they’ll build your business for you
action item number three create a unique
action item number three create a unique point of differentiation if you want to
point of differentiation if you want to
point of differentiation if you want to send out and win business from your
send out and win business from your
send out and win business from your competitors and you need to do things
competitors and you need to do things
competitors and you need to do things differently from them if there’s nothing
differently from them if there’s nothing
differently from them if there’s nothing different about you
different about you
different about you why should customers choose you when
why should customers choose you when
why should customers choose you when they’re probably more established
they’re probably more established
they’re probably more established companies they could go with when joyce
companies they could go with when joyce
companies they could go with when joyce took over tim horton’s he wanted to
took over tim horton’s he wanted to
took over tim horton’s he wanted to stand out from all the other coffee
stand out from all the other coffee
stand out from all the other coffee chains to do that joyce implemented a
chains to do that joyce implemented a
chains to do that joyce implemented a new set of business practices that
new set of business practices that
new set of business practices that focused on keeping things always fresh
focused on keeping things always fresh
focused on keeping things always fresh you began to insist that all Tim Hortons
you began to insist that all Tim Hortons
you began to insist that all Tim Hortons coffee pots be cleaned three times a day
coffee pots be cleaned three times a day
coffee pots be cleaned three times a day and that no coffee be older than 20
and that no coffee be older than 20
and that no coffee be older than 20 minutes from the time the Brewers stops
minutes from the time the Brewers stops
minutes from the time the Brewers stops dripping all grounds were also to be
dripping all grounds were also to be
dripping all grounds were also to be thrown out immediately afterwards but it
thrown out immediately afterwards but it
thrown out immediately afterwards but it didn’t just stop at coffee the
didn’t just stop at coffee the
didn’t just stop at coffee the temperatures of all cheese products and
temperatures of all cheese products and
temperatures of all cheese products and sandwiches were to be checked every
sandwiches were to be checked every
sandwiches were to be checked every other hour as with soups donuts would
other hour as with soups donuts would
other hour as with soups donuts would have a shelf life of no more than 8
have a shelf life of no more than 8
have a shelf life of no more than 8 hours and could also be made to order
hours and could also be made to order
hours and could also be made to order bagels and other breads were also to be
bagels and other breads were also to be
bagels and other breads were also to be sold for no more than 8 hours after they
sold for no more than 8 hours after they
sold for no more than 8 hours after they were made while cookies danishes and
were made while cookies danishes and
were made while cookies danishes and croissants could Google for up to 12
croissants could Google for up to 12
croissants could Google for up to 12 hours and only enough cakes for a given
hours and only enough cakes for a given
hours and only enough cakes for a given day were baked in any store customers
day were baked in any store customers
day were baked in any store customers began to come to Tim Hortons because
began to come to Tim Hortons because
began to come to Tim Hortons because they knew they had the freshest products
they knew they had the freshest products
they knew they had the freshest products available and sales soared what is your
available and sales soared what is your
available and sales soared what is your unique point of differentiation is it
unique point of differentiation is it
unique point of differentiation is it something that customers really care
something that customers really care
something that customers really care about that makes you very different from
about that makes you very different from
about that makes you very different from your competitors if not it’s time to go
your competitors if not it’s time to go
your competitors if not it’s time to go back to the drawing board and create a
back to the drawing board and create a
back to the drawing board and create a value proposition that’s worth betting
value proposition that’s worth betting
value proposition that’s worth betting the company on
the company on
the company on so remember match your passion to your
so remember match your passion to your
so remember match your passion to your talents treat your franchisees as
talents treat your franchisees as
talents treat your franchisees as partners and create a unique point of
partners and create a unique point of
partners and create a unique point of differentiation I wanted to close the
differentiation I wanted to close the
differentiation I wanted to close the video with one of my favorite true
video with one of my favorite true
video with one of my favorite true stories about Ron Joyce
stories about Ron Joyce
stories about Ron Joyce despite the fierceness will put you ran
despite the fierceness will put you ran
despite the fierceness will put you ran his business and expanding his franchise
his business and expanding his franchise
his business and expanding his franchise Ron Joyce strove to always play fair
Ron Joyce strove to always play fair
Ron Joyce strove to always play fair once when a man applied for a Tim
once when a man applied for a Tim
once when a man applied for a Tim Horton’s franchise and was turned down
Horton’s franchise and was turned down
Horton’s franchise and was turned down he opened up a competing Robbins donut
he opened up a competing Robbins donut
he opened up a competing Robbins donut store nearby and saw his business
store nearby and saw his business
store nearby and saw his business explode this time around management of
explode this time around management of
explode this time around management of Tim Hortons became interested in the man
Tim Hortons became interested in the man
Tim Hortons became interested in the man and sought to open their own store
and sought to open their own store
and sought to open their own store nearby Joyce had already left the
nearby Joyce had already left the
nearby Joyce had already left the company by this point called his friends
company by this point called his friends
company by this point called his friends inside the business and convinced him to
inside the business and convinced him to
inside the business and convinced him to cancel their plans he said would be
cancel their plans he said would be
cancel their plans he said would be unfair to open a store and put out a
unfair to open a store and put out a
unfair to open a store and put out a business somebody hood once tried to be
business somebody hood once tried to be
business somebody hood once tried to be a part of the Tim Hortons franchise team
a part of the Tim Hortons franchise team
a part of the Tim Hortons franchise team thank you for joining me for another
thank you for joining me for another
thank you for joining me for another edition of modeling the masters I hope
edition of modeling the masters I hope
edition of modeling the masters I hope you enjoyed I’d love to hear your
you enjoyed I’d love to hear your
you enjoyed I’d love to hear your feedback if you want to leave a comment
feedback if you want to leave a comment
feedback if you want to leave a comment below the video and stay tuned to the
below the video and stay tuned to the
below the video and stay tuned to the next episode
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