Ronald Vaughan “Ron” Joyce (born October 19, 1930) is a Canadian billionaire businessman. He co-founded the Tim Hortonsdoughnut chain as Tim Horton’s partner and first franchisee.
Early life and career
Born and raised in Tatamagouche, Nova Scotia, Joyce enlisted in the Royal Canadian Navy and specialized in communications. Joyce later moved to Hamilton, Ontario and joined the Hamilton Police force in 1956. He served as a police officer until 1965. He established a Dairy Queen franchise in Hamilton and got to know the hockey player Tim Horton by frequenting his doughnut shop while on foot patrol.
Joyce entered a franchise partnership with Horton in 1967, and Joyce reportedly wrote “You must be kidding!” in reference to the clause of the one-page franchise agreement requiring rent in advance. After Horton’s death in an auto accident in 1974, Joyce purchased Horton’s share for about $1 million and assumed control of the full Tim Horton franchise.
Joyce hired a management team and began to franchise the company throughout the late 1970s until the 1990s. During the early 1990s, Danny Murphy, a franchise owner of both Tim Hortons coffee shops and Wendy’s fast food restaurants in Prince Edward Island wanted to combine both franchises under one roof in a new development in Montague. Murphy asked Joyce and Wendy’s founder, Dave Thomas (1932–2002), to be present for the opening.
Retirement
Joyce eventually sold his Wendy’s stock and retired from management, but even in retirement continues to be active in his holding company, Jetport Inc, which has significant real estate, aviation, and commercial interests. He also serves as Chairman Emeritus of the Tim Horton Children’s Foundation and sits on the Board of Directors of Sobeys and Shaw Communications.
In 2000, Joyce opened Fox Harb’r Golf Resort & Spa, a five star, four diamond resort/gated community. An airport was built as part of the new resort, replacing the nearby Tatamagouche Airport located at the Tim Hortons Tatamagouche Children’s Camp.
In 2006, Joyce published his memoirs of his time with Tim Hortons titled Always Fresh: The Untold Story of Tim Hortons by the Man Who Created a Canadian Empire.
Summary
| Ron Joyce | |
|---|---|
| Born | Ronald Joyce October 19, 1930 Tatamagouche, Nova Scotia |
| Nationality | Canadian |
| Occupation | Entrepreneur |
| Known for | Co-founding Tim Hortons |
| Children | 1 |
Canadian billionaire businessman Ronald Joyce is the co-founder of Tim Hortons and he has an estimated net worth of $1.29 billion as of May 2016. This year, he was added for the first time in the World Billionaires list by Forbes and is ranked 1175th overall. He is also the 25th richest the Canadian. Ronald Vaughan “Ron” Joyce has accumulated his estimated net worth of $1.3 billion when he co-founded the Tim Hortons doughnut chain along with former NHL player Tim Horton. They later sold the company to Wendy’s, which is owned by Dave Thomas, in 1995 for $600 million.
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