On Tuesday, Norman Brinker, pioneer in the restaurant business, died at the age of 78. Norman Brinker started Steak & Ale with about $10,000 in savings and a $5,000 loan. Over a decade, he grew Steak & Ale to 109 locations. During the 1960s, Brinker developed the salad bar, which he showcased at his Steak & Ale chain. He then sold the company to Pillsbury in 1976.
However, Brinker didn't stop innovating. At Pillsbury, he formed a new concept: Bennigan's. After this, he ran Burger King (NYSE: BKC).
But the Corporate life wasn't for him, so he left Pillsbury and then bought a small chain, Chili's. It was definitely a good move, as he took the company public in 1983, calling the holding company Brinker International (NYSE: EAT).
The growth exploded again. Brinker added a variety of concepts like Maggiano's Little Italy, Romano's Macaroni Grill and On the Border Mexican Grill & Cantina. The firm now has about 1,700 locations.
What was the secret to Brinker's success? Well, there is no one factor, but he was a tireless worker and willing to take risks. Keep in mind that his first business – a coffee shop – failed. Also, he had a capable mentor, Robert Peterson, the founder of Jack in the Box. Brinker joined the company's management training program when the company was in the early stages. No doubt, he learned lessons that lasted him a lifetime.
Tom Taulli is the author of various books, including The Complete M&A Handbook
Nuclear power is on the comeback trail
Apple backs AT&T in continuing spat with Verizon
Closing Bell: The recession is still over, still... do you feel it?
