James, Walt and Ray – What You May Not Know About Them
What do James Cash Penney, Walt Disney, and Ray Kroc each have in common? I am sure the list is longer than we would initially think possible. But one thing is particularly amazing. Each one launched or preserved their dream and found success by being able to have access to their cash accumulated in a permanent life insurance policy.
Another Look at J.C. Penney
In the year 1898 James was an industrious worker for a dry goods store. His work ethic captured the attention of the pair of owners who took him under their care and soon made him a partner of a new store. Well, success bred success until 1912 he was running 34 stores in the rocky mountain region of the United States. He then incorporated and moved his company, J.C. Penney to Salt Lake City, Utah in 1929.
Financial Catastrophe Strikes
Can you guess the major event that shook the nation in 1929? The Great Depression. The Great Depression shook this relatively young but growing company to the edge of ruin. To survive the Great Depression, James took out a policy loan from his permanent life insurance policy to meet the day-to-day payroll expenses of his stores. When no money was available, even for a successful company, a life insurance policy was useful to save J.C. Penney from going under. Perhaps there is a J.C. Penney store near you today. I personally like their products and enjoy shopping their store off Culebra and Loop 1604. Permanent life insurance was there for James Cash Penney, and those on the J.C. Penney payroll in the early days. Perhaps an appropriate permanent life insurance policy could be there for you too.
The Happiest Place on Earth
Walt Disney and his brother Roy were in the animation business. The early days were not good to Walt and his brother. One of their most popular characters was actually stolen by another studio, and their best animator left their company for another. Understaffed and underfinanced they were in debt and on the edge of bankruptcy. In reality, Walt Disney declared bankruptcy at the age of 21.
Walt fostered a dream, despite the difficult times. His dream was for a clean, wholesome amusement park where parents could bring their children, and children could enjoy imaginative amusement rides.
Walt had a problem. No one bought the idea that an amusement park, where admission was charged at the entrance of the park, could ever be profitable. His own brother and business partner, Roy told him it couldn’t be done and that he should forget it. But we know that something happened that enabled Walt to attain his dream of a family friendly amusement park we now know as the happiest place on earth, Disneyland.
What was that something? He began to privately finance his dream. He withdrew his savings account, sold his vacation home, and enlisted the assistance of a few employees who possessed the uncommonly good vision of a wholesome, fun, family-friendly amusement park. Then he used a loan from his cash value, permanent life insurance policy to help finance the park.
On September 8, 1955 Disneyland was open to the public with 18 attractions. The first month welcomed a half million visitors and by the end of the first year it had hosted more than 3.5 million guests. Walt’s dream came true, due in part to the access of money accumulated in his permanent life insurance policy.
Serving More than a Happy Meal
Ray Kroc was not born with a silver spoon in his mouth. By lying about his age, he was able to land a job as an ambulance driver in Chicago – the year was 1902. He later became an ambulance driver during World War I. After the war he returned to his home town and became a salesman … a radio disc jockey, a jazz musician and band member. Ray worked at a restaurant for room and board.
In 1952, at the ripe age of 52 – selling milk shake machines of all things, he took notice of a hamburger stand in San Bernardino, California. This San Bernardino restaurant bought eight machines, more than three times the typical sale. He witnessed this unique hamburger stand in San Bernardino owned by Maurice and Richard McDonald firsthand. His life was never the same, as he witnessed the birth of “fast food.” He saw the yellow/golden arches of the hamburger stand, and the lines of people who would drive by and pick up their hamburger meals complete with fries and a shake from the machines he sold them.
The Connection with Life Insurance
Ray was suffering from diabetes and arthritis. He wanted to get out of the milkshake machine selling business. This looked like a good enterprise to follow. He managed to talk the brothers into selling the McDonald’s name and trade secrets to him, and worked out an arrangement to pay them back with a percentage of the receipts.
He opened the first McDonald’s fast food restaurant in 1955 in the town of Des Plaines, Illinois. Working day and night did not guarantee success, however. Competition, the general state of the economy, and cash flow problems seemed as insurmountable obstacles to growing this enterprise.
In order to get a foot up on the financial problems, Ray took out a loan on this permanent life insurance policy. The cash went for advertising, and to help with the constant cash flow problems. He passed away from old age January 1984, just before McDonald’s sold their fifty-billionth hamburger. At the time of his death, there were 7,500 McDonald’s restaurants around the world.
More Than a Life Insurance Policy
These three examples are not really unusual. Yes, their stories are retold daily as permanent life insurance policy holders access their cash value for college education, to pay off debts, to purchase a home, or supplement retirement.
My name is Edward Quisenberry. I am a Texas-licensed life insurance agent with Zenith Freedom Financial Services and I would like to visit with you to help you secure sufficient life insurance with your particular financial needs in mind. The consultation is compliments of Zenith Freedom and the process is simple. I have access to a variety of highly rated companies in the industry that offer you the life insurance solutions to meet your needs. But you must first call me for the appointment. Whether you are looking for term or permanent life insurance, protection may be available to you sooner, simpler, and less expensive than you may think. I look forward to being of help to you.
