What is McDonald’s business? Some might say, the fast food business, or more broadly, the restaurant business. But what many people don’t realize is that McDonald’s is really in the real estate business. Their real estate holdings include land and prime building locations around the world where their Franchisees build restaurants and pay them rent, month-in and month-out. That’s where McDonald’s makes most of their money, more money than selling burgers. I remember watching, “The Founder,” a 2016 film about McDonald’s history. “You don’t build an empire off a 1.4% cut of a 15 cent hamburger, you build it by…...
So, What Business Are You Really In?
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