Contract for Sale of Business $99.95 Contract For Sale Of BusinessUse this Sale of Business Contract template when buying or selling an established business as a going concern. 'The contract we downloaded met our needs at a fraction of the cost of using a lawyer. We were able to tailor it to our exact requirements.
In 1967, after eight years of private operation, the Pillsbury Company acquired the Burger King brand and its parent company Burger King Corporation. At the time of the purchase, the chain had grown to 274 restaurants in the United States. Pillsbury continued to grow the company utilizing the existing franchise system despite its flaws. The power of its independent franchises came to a head in 1973 when Chart House, owner of 350 restaurants and one of its largest franchise groups, attempted to purchase the chain from Pillsbury for $100 million (USD) which Pillsbury declined. When Chart House's bid failed, its owners Billy and Jimmy Trotter put forth a second plan that would require Pillsbury and Chart House spin off their respective holdings and merge the two entities into a separate company. Again Pillsbury declined the proposed divestiture. After the failed attempts to acquire the company, the relationship with Chart House and the Trotters soured; when Chart House purchased several restaurants in Boston and Houston in 1979, Burger King sued the selling franchisees for failing to comply with the right of first refusal clause in their contracts. Burger King won the case, successfully preventing the sale. The two parties did eventually reach a settlement where Chart House kept the Houston locations in their portfolio.[4] Chart House eventually spun off its Burger King holdings and refocused on its higher end chains; its Burger King holding company, DiversiFoods, was eventually acquired by Pillsbury $390 million (USD) in 1984 and folded into Burger King's operations.[6][7]
Contract for the sale of business 2004 edition nsw tab
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By 2001 and nearly eighteen years of stagnant growth, many of its franchises were in some sort of financial distress.[10] The lack of growth severely impacted Burger King's largest franchise, the nearly 400-store AmeriKing; the company, which until this point had been struggling under a nearly $300 million debt load and been shedding stores across the US, was forced to enter Chapter 11 bankruptcy.[11] The failure of AmeriKing accompanied with declining market position deeply affected the value of the company, and put negotiations between Diageo and the TPC Capital-lead group on hold.[12] The developments eventually forced Diageo to lower the total selling price by almost three-quarters of a billion dollars.[13] After the sale, newly appointed CEO Bradley Blum initiated a program to help the roughly 20 percent of its franchises, including its four largest, who were in financial distress, bankruptcy or had ceased operations altogether.[14] Partnering with the California-based Trinity Capital, LLC, the company established the Franchisee Financial Restructuring Initiative, a program to address the financial issues facing BK's financially distressed franchisees. The initiative was designed to assist franchisees in restructuring their businesses in order to meet financial obligations, focus on restaurant operational excellence, reinvest in their operations and return to profitability.[15]
In the summer of 1999, a geopolitical dispute with the global Islamic community and Jewish groups in the United States and Israel arose over an Israeli franchisee opening stores in the territories. When Burger King franchisee in Israel, Rikamor, Ltd., opened a store in the settlement of Ma'aleh Adumim in August of that year, Islamic groups, including the Arab League and American Muslims for Jerusalem, argued that international Burger King parent Burger King Corporation's licensing of the store helped legitimize the settlement.[101][102] Beyond the called-for Islamic boycott of the company, the Arab League also threatened the revocation of the business licenses of Burger King's primary Middle Eastern franchise in the 22 countries that are part of the League's membership.[103] 2ff7e9595c
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