At a previous, meeting, he remembers hearing Frank Carney, founder of Pizza Hut, lament his decision to sell his business to Yum! Brands, the company that now controls KFC, Taco Bell, Pizza Hut and Long John Silver’s. Neichter said the meetings are a chance for leaders to understand their business even better. This week, Neichter traveled to Ann Arbor, Mich., to meet with other large Domino’s franchisees and J. “He endorsed it, and it became a national product,” Neichter said. “Well, I guess you know why I’m here,” said Monahan, when he arrived at Neichter’s office.Įventually, Neichter convinced Monahan an Imo’s-style option was a good business move. Neichter was the franchisee who introduced thin crust pizza to Domino’s lineup, against the wishes of owner Tom Monahan. Customers don’t have to buy pizza, either they can have a sandwich, salad, chicken wings or buffalo chicken kickers instead. Today, the company sells four different sizes of pie, with four different crusts and 20 toppings. In 1980, Domino’s only sold one style of crust and offered 12 topping choices. “We’ve always been known for our service now we’re known for our product and our service,” he said.ĭomino’s menu has expanded significantly since he started. “It was very transparent advertising and very risky,” Neichter said.īut customers were persuaded, and sales have risen this year. To recapture lost customers, Domino’s added provolone cheese to the mozzarella spiced the sauce and seasoned the crust with garlic butter. Things have picked up recently, not in small part because of a January campaign touting Domino’s “new and inspired” pizzas. “If you check my menu prices, they are almost always the lowest in my markets,” he said. Neichter believes one reason his enterprise is successful is Domino’s Pizzas affordable pricing. Louis himself, and he bought the ones in Louisville.
Louis, 15 stores in Louisville and five stores in Mid-Missouri. Today, the company is headquartered at 201 Chesterfield Business Parkway. In 1985, he moved his home and his office to St. Louis than in Columbia, it was time to move. They split the financing with First National Bank of St. Ultimately, Boone County National Bank agreed to loan him $125,000. He needed a $250,000 loan to develop the 13 stores. Initially, he considered bringing in a partner but rejected the idea.
Domino’s gave him the contract to open the stores there. In 1983, he opened a store at 1621-A Towne Drive.Īfter building all the stores he could in Columbia, Neichter sought a way to expand into St. In 1982, he opened two more stores: one at 1500 I-70 Drive S.W. “Drivers would literally be waiting for the pizzas to come out of the oven,” he said.
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He overstaffed his stores and promised his pizzas would be free if they weren’t delivered in 30 minutes. “I grabbed a large share of the market,” he said. Twelve closed within a year after he arrived, Neichter said. In 1980 - the year he opened - 33 businesses delivered some type of pizza to MU’s campus. He used the money to sublease and renovate the closed gas station building there. It was the stake he needed to open the store on Ninth Street. Neichter still banks at Boone County National Bank today. “We’ve never seen anyone with so much determination,” the loan officer told Neichter. He persuaded the loan officer to take a chance on him, offering him a $50,000 loan guaranteed by the Small Business Administration. But he returned to that bank a second time. Only 22 years old, Neichter was turned down by every bank in Columbia, including Boone County National Bank. He chatted with residential advisers in the campus dormitories and talked to potential competitors in Columbia’s pizza market. “Pizza World was already established there,” he said. He visited the University of Illinois at Champaign, but he didn’t feel he had enough capital to compete. He traveled down to Louisiana State University, but didn’t care for Baton Rouge. With $7,500 - his life savings - Neichter made the decision to find his own location. “You can do this!” said Mike Cochran, a franchise owner who employed and mentored Neichter.
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