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Tom Monaghan Net Worth

Entrepreneur · More Stars

TM
Estimated net worth
$600M

Quick facts

Born1937

ProfessionEntrepreneur

NationalityAmerican

CategoryMore Stars

Background and career

Thomas Stephen Monaghan (born March 25, 1937) is an American entrepreneur and philanthropist who founded Domino's Pizza in 1960. He also owns the Domino's Farms Office Park in Ann Arbor Charter Township, Michigan, and owned the Detroit Tigers of Major League Baseball from 1983 to 1992.

After his father died when Monaghan was four years old, Monaghan's mother had difficulties raising him alone, and at age six, in 1943, Monaghan and his younger brother Jim ended up in an orphanage until their mother collected them again in 1949. The orphanage, St. Joseph Home for Children in Jackson, Michigan, was run by the Felician Sisters of Livonia; one of the nuns there inspired his devotion to the Catholic faith and he later entered St. Joseph's Seminary, in Grand Rapids, with the desire to eventually become a priest. Subsequently, he was expelled from the seminary for a series of disciplinary infractions. In 1956, Monaghan enlisted in the United States Marine Corps by mistake; he had meant to join the Army. He received an honorable discharge in 1959.

Monaghan returned to Ann Arbor, Michigan, in 1959, and enrolled in the University of Michigan, intending to become an architect. While still a student, he and his brother James borrowed $900 to purchase a small pizza store called DomiNick's in Ypsilanti, Michigan. "I started out in architecture school, and got into the pizza business to pay my way through school," he has said. "The pizza business was losing so much money I never got back into architecture." This business would, after a lawsuit from Domino Sugar, grow into Domino's Pizza. Tom, after opening a further three stores, traded his brother James a Volkswagen Beetle for his half of the business. Monaghan dropped sub sandwiches from the menu and focused on delivery to college campuses, inventing a new insulated pizza box to improve delivery. The new box, unlike its chipboard predecessors, could be stacked without crushing the pizzas inside, permitting more pizzas per trip, and keeping them warm until they arrived. As Monaghan spread his model to other college towns through a tightly controlled franchising system, by the mid-1980s there were nearly three new Domino's franchises opening every day. In 1989, the National Organization for Women (NOW) called for a boycott of Domino's because of his active opposition to abortion; however, it is unclear what effect, if any, that had on the company's sales. In 1998, Monaghan reportedly sold his 93% of stock ownership of Domino's Pizza to Bain Capital, an investment firm based in Boston, for an estimated $1 billion. Domino's Pizza is an American restaurant chain and the international franchise pizza delivery corporation is headquartered at the Domino's Farms Office Park (the campus itself owned by Monaghan) in Ann Arbor Township, Michigan, United States, near Ann Arbor.

In December 2011, Monaghan embarked on his second quick service restaurant brand by starting Gyrene Burger Company. The military-themed burger delivery concept was a throwback to Monaghan's days in the U.S. Marines. The term "Gyrene" was used in the 1940s and 1950s as a nickname for Marines. At Gyrene Burger, Monaghan provided franchise incentives to eligible Marines and veterans of the other military branches. The flagship store for the brand was located in Naples, FL, before relocating to Knoxville, TN. As of August 2018, no locations are in operation.

In 1983, Monaghan bought the Detroit Tigers, who won the World Series a year later. In 1984, he received the Golden Plate Award of the American Academy of Achievement. He became close to Major League Baseball commissioner Bowie Kuhn, who remained a close friend, business associate and participant in his many philanthropic works. Monaghan ultimately sold the Tigers to his competitor Mike Ilitch of Little Caesar's Pizza in 1992. Combining his passion for pizza and baseball, his 1986 autobiography was titled Pizza Tiger.

Monaghan is an admirer of Frank Lloyd Wright's architecture, and the Domino's headquarters in Ann Arbor Township, Michigan, strongly resembles Wright's Prairie School architecture adapted to a larger scale. The headquarter's address of 24 Frank Lloyd Wright Drive also shows Monaghan's admiration. He has been one of the foremost collectors of Wright artifacts, including an oak dining room table and chairs for which he paid $1.6 million. He purchased a portion of Drummond Island in Michigan, where he created a private resort complex featuring buildings designed in the style of Wright, and later sold it to Clifton Haley and Denny Bailey.

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