Frank Carney (–), co-founder of Pizza Hut
Frank Carney was a businessman who co-founded Pizza Hut along with his brother.
A tale of two pizza chains
Carney and his brother, Dan, opened the first Pizza Hut when they were both students at Wichita State University in — Carney was just 19 years old. With $ borrowed from their mother and little idea just what they were doing, the two brothers made it work. Within three years, they opened their first franchise, in Topeka, and by , they had grown the business to locations. That was the year when they sold to PepsiCo, bringing in more than $ million. Carney remained on the board of directors until , later taking on a number of other business ventures. One of them was operating more than Papa John’s franchises, making him a direct competitor to his previous company. Carney famously appeared in a Papa John’s commercial in the s saying, “Sorry, guys — I found a better pizza.”
Notable quote
“When you are starting a business that’s going to pay your way through college, you don’t even think about what the economy is doing. We didn’t care about who was in the White House or what the unemployment rate was. The entrepreneur, all h
Carney, Frank
()
Houston Pizza Venture
Overview
A giant in the pizza industry, Frank Carney, along with older brother, Dan, founded the Pizza Hut chain in Wichita, Kansas, in Although neither brother knew anything about making pizza, they acted on the suggestion of a local real estate agent who convinced them pizza was going to be the next big thing in the restaurant business. The Carney brothers managed to find someone to teach them how to make pizza only two weeks before their first store opened. Despite their lack of basic knowledge about pizza and business in general, Frank and Dan Carney by had molded their business into an empire of more 4, outlets with annual sales in the billions. Pizza Hut was sold in to PepsiCo Inc. for more than $ billion, although Frank stayed on as Pizza Hut president and a member of the PepsiCo board until After more than 20 years in the pizza business, Frank Carney was glad to turn his attention to new possibilities, determined never to return to pizza. He turned down numerous pleas to lend his support to fledgling pizza ventures, but when a good friend prevailed upon him to sample the product being turned out by John Schnatter, founder of Pap
Who's who: Frank Carney
News
Hard lessons in business changed the diet of Pizza Hut founder, Frank Carney, from humble pie back to pizza pie.
February 24,
A look at Frank Carney today reveals the picture of success: a Papa John's franchisee of stores in four states; a 63 year old who runs and lifts weights regularly; a trailblazer to whom retirement seems as distant now as the day in , when he and brother, Dan, founded Pizza Hut and changed the foodservice industry forever.
His first 30 years in business were marked by achievements followed by accomplishments; even after leaving Pizza Hut in , his second career as a venture capital investor nearly doubled his net worth.
Frank Carney |
And then came , the year Carney's Midas touch went cold. Over the next four years, his American dream became a living nightmare.
"It's very stressful when you find out that you're not as smart as thought as you were," said Carney, 63, from his office in Wichita, Kan., the city where Pizza Hut was founded. "If you think you can't make a mistake, you've just made the biggest."
Carney blamed his VC downfall on trying to manage too much at once, saying that when managing a few thin
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