Image of a Domino’s Pizza outlet. (Image Credits: Wikimedia Commons)
The brothers paid a $75 deposit and borrowed the remaining $900 from a post office union credit, according to Entrepreneur . In 1965, he changed the name of his pizzerias to Domino’s Pizza; the business would later grow into a global fast-food chain. He began franchising in 1967, and the chain found customers in college towns and military bases. Per Entrepreneur , 32 new stores opened in the first 10 months of 1969, and almost all of them failed. Monaghan was left with a debt of $1.5 million in debt and relinquished control to a local businessperson to avoid bankruptcy. Ave Marie University’s biography says he founded Legatus in 1987, an organisation dedicated to Catholic business leaders, and established the St. He even gave up the Domino’s presidency in 1989 to invest more time in Catholic charities, while serving the company as Chairman and chief executive until 1998. The same year, he sold Domino’s to Bain Capital, keeping a minority stake, for an estimated $1 billion, according to Entrepreneur . He remained active there and went on to receive honorary degrees from 13 universities.
Monaghan wanted to study architecture at the University of Michigan, but his grades and financial situation made that difficult. He served for three years in the Marine Corps until his brother Jim presented him with the idea of purchasing a pizzeria for sale in Ypsilanti. But similar to any success story, his journey was mixed with hits and misses. The expansion continued, but the early push was poorly managed by Tom, who was still a rookie in this business. Monaghan became deeply involved in public work; his charity work was guided by a staunch Catholic faith. Thomas More Law Centre. Ave Maria University traces his educational project to Ave Maria Institute, which later became Ave Maria College and shifted its location to Florida, far from the original Ypsilanti pizzeria. Monaghan became the University’s founder and chancellor. You use AI every day. Now get your AI Quotient. Take the AIQ test.
