PBºN Episode - 26
Summary
This podcast features an interview with Ricky Wade, a prominent businessman who owns 28 McDonald's franchises. He discusses his journey from being an airline pilot aspirant to a successful McDonald's franchisee, emphasizing the challenges and rewards of running multiple businesses. Wade highlights the importance of community involvement, his work with various charitable organizations like the Ronald McDonald House Charities, Palm Beach State College Foundation, and the Urban League of Palm Beach County, and his passion for mentorship. He also touches upon the future of the McDonald's business, particularly the shift towards digital platforms and drive-throughs, and shares his personal philosophy on leadership, family, and legacy.
Key Topics
Ricky Wade's Background:
Jamaican origin, grew up playing football (soccer).
Initially aspired to be an airline pilot like his father, but pivoted after his father's death in a plane crash.
Started at McDonald's, eventually making it a career and becoming a franchisee.
McDonald's Franchise Operations:
Owns 28 McDonald's franchises (previously 33, some closed due to changing business models post-pandemic).
Manages challenges such as staff retention and changes in work ethics (hybrid/remote work preferences).
Praises his exceptional leadership team and staff for their contributions.
Community Involvement and Programs:
Archways to Opportunity: A program for McDonald's employees working at least 15 hours/week to qualify for college tuition assistance (AA courses covered, no GPA requirement). This program aims to bridge the financing gap for students, especially in Palm Beach, Martin, and St. Lucie counties.
Restaurant-Level Community Engagement:
Organizes "family nights" and "teacher nights" for schools to raise funds.
Contributes incremental sales back to fundraising efforts.
Leadership Roles in Organizations:
Vice President, Ronald McDonald House Charities of South Florida.
Chair, Palm Beach State College Foundation (provides scholarships for minority students).
Chair, Urban League of Palm Beach County (offers opportunities for networking, housing assistance, and food drives, especially at Thanksgiving).
Ronald McDonald House Charities (RMHC):
Provides a "home away from home" for families with seriously ill children, keeping them near hospitals.
Has houses across Florida and is undertaking a capital campaign to build a 60-bed home in Miami in collaboration with the University of Miami and Jackson Memorial Hospital.
Emphasizes the profound impact of RMHC on families, sharing a story of Celine Dion's past involvement and a recent case of a grateful Bahamian father.
Awards and Recognitions:
Lifetime Achievement Award from the Urban League (two years ago).
Honored at the White House by George W. Bush for community work.
Golden Arch Award from McDonald's (acknowledges business growth and community service).
Two Ronald Awards as a franchisee.
Mentorship Philosophy:
Believes in understanding and supporting youngsters, especially minorities, to build confidence and self-esteem.
Advocates for helping them navigate resources for success, comparing it to providing a GPS for their journey.
Encourages everyone to mentor a youngster to create future leaders.
Family and Work-Life Balance:
Emphasizes the importance of family, despite his busy schedule.
Raised his children with high standards, encouraging them to be the best and to "hustle" (in a positive sense).
His wife, a "fireball" Cuban, challenged him to become a franchisee, leading to their current success.
His middle daughter, who initially pursued law, is now joining the family business and is poised to become a next-generation franchisee, naming her restaurant "Dash Legacy" to honor family continuity.
Future of McDonald's Business:
Optimistic about the future, crediting drive-throughs for sustaining the business during and post-pandemic.
Highlights the growth of digital platforms, including the McDonald's mobile app (offering significant discounts) and delivery services (Uber Eats, DoorDash).
Anticipates further evolution in the digital space, potentially leading to cashless transactions in the future.
Prefers traditional restaurant sites for customer and employee interaction, acknowledging the trend towards smaller footprints and "ghost kitchens" but valuing the personal connection.
Key Lessons Learned:
Attentive Listening: Essential for understanding others before being understood.
Continuous Education: Never stop learning and adapt to societal changes.
Networking: Crucial for personal and professional growth ("If you're not networking, you're not working").
Legacy:
Wants to be remembered as someone who positively influenced lives and inspired change.
Aims for a legacy of influence, positive change, and bringing out the best in others, aligning with his company's name "Wade's Winners" (finish what you start, don't necessarily have to come in first to win).