Ronald Joyce’s profile picture

Ronald Joyce

Ronald Joyce’s profile picture
Net worth 2018: $1.37 Billion
Industry: Diversified
Residence: Calgary, Canada
Country: Canada
BirthDay: 19 October 1930
Sigh: Scorpio
Children: 7
BIOGRAPHY

Ronald Joyce was bornon 19 October 1930 in Calgary, Canada, Canada. Ronald Joyce is #1629 in List Billionaires People In The World. Canada's "Doughnut King" Ronald Joyce cofounded Tim Hortons with former NHL player Tim Horton, then sold the company to Wendy's for $600 million in 1995. A classic rags-to-riches story, the Nova Scotia native grew up in a home with no plumbing or electricity and dropped out of high school to work. His father died when he was three, leaving his mother to raise three children by herself. After serving in the Royal Canadian Navy, Joyce worked as a policeman in Hamilton, Ontario, before entering the food business by buying a Dairy Queen shop. Rejected by the ice cream franchise when he applied to open a second location, Joyce bought a Tim Hortons store instead after he spotted a for-sale sign in the window. He later formed a close friendship with the store's namesake, and opened up two more locations by 1967, becoming a full partner in the process. When Horton died in a car accident in 1974, Joyce bought his shares from his wife and took over as sole owner. He also founded the Tim Horton Children's Foundation shortly after, which provides camps for children from low-income families.

NET WORTH STATISTIC
2013

$1.2 Billion

2014

$1.2 Billion

2015

$1.2 Billion

2016

$1.1 Billion

2017

$1.4 Billion

2018

$1.37 Billion

TIMELINE
Ronald Vaughan "Ron" Joyce, C.M. (born October 19, 1930) is a Canadian billionaire businessman. He co-founded the Tim Hortons doughnut chain as Tim Horton's partner and first franchisee in 1964. On the passing of Tim Horton, Ron Joyce was instrumental in establishing the Tim Horton Children's Camps and the Tim Horton Children's Foundation. He has received many awards and honors for his success in business and his extensive philanthropy. He was named a member of The Order of Canada in 1992 in recognition of his dedication to underprivileged children and youth.Born on October 19, 1930 and raised in Tatamagouche, Nova Scotia, Joyce moved to Hamilton Ontario at age 16 to find better living conditions than those of post-war Nova Scotia. He worked a number of odd jobs until eventually enlisting in the Royal Canadian Navy in 1951 where he was trained as a wireless operator. In 1956, Joyce joined the Hamilton Police force and served as a police officer until 1965. Once, while on patrol with Colin Millar (who would later become Chief Constable of the Hamilton Police Force), he responded to a distress call and delivered a baby. Joyce decided to get involved in the newly-emerging food-service industry and in 1963 purchased a Dairy Queen franchise in Hamilton.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.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.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.Motivated by his own adversity in childhood and youth, Joyce's philanthropic work has always focused on the well-being of Canada's youth, especially those who face financial disadvantage. He founded the Tim Horton Children's Foundation, which sends underprivileged kids to camp each year. Joyce's efforts on behalf of the Foundation earned him the Gary Wright Humanitarian Award in 1991, in recognition of the outstanding contributions to the betterment of community life throughout Canada. Largely for his work with the Tim Horton Children's Camps, he received an appointment to the Order of Canada on October 21, 1992 in Ottawa. After selling his ownership of Tim Hortons, Joyce turned his sights to his own foundation, The Joyce Family Foundation, to administer his personal philanthropic work. The mandate of the Foundation is to support the social, economic and emotional well-being of children. Ron Joyce was honoured at a celebration in May 2017 for his combined gifts to Atlantic Canada colleges and universities amounting to over $52 million. The Joyce Family Foundation has also made significant donations throughout Canada and Ron Joyce has been honoured with several philanthropist awards.Joyce has accepted honorary degrees from seven Canadian universities, including Mount Allison University, McMaster University, Cape Breton University, University of Calgary, Queen's University, Saint Mary's University, and University of New Brunswick. In 1994, he received McGill University's Management Achievement Award. In November 1996, Ron Joyce became only the second person to ever receive the Canadian Franchise Association's Lifetime Achievement Award. In April 1999, Ron Joyce was inducted into the Canadian Business Hall of Fame and in October of the same year, he was named Entrepreneur of the Year for Ontario and Canada. In November 2005, Joyce was the 2005 Humanitarian Award Recipient by the Canadian Red Cross, Nova Scotia Region for his work with the Tim Horton Children's Foundation and for his continued support of education and health organizations across the world.Joyce was married twice and both ended in divorce. In a twist of fate, his son Ron Jr. married Tim Horton's eldest daughter Jeri-Lyn. The couple are franchisees of two Tim Hortons locations in southern Ontario.On 11 November 2007, the Bombardier Global 5000 business jet in which Joyce was travelling crashed short of the runway at his Fox Harbour Resort's airport. Joyce suffered two fractured vertebrae as a result.In May 2011, an unnamed woman in her mid-30s alleged that the billionaire co-founder of Tim Hortons sexually assaulted her at his home back in 2011, The alleged incident in May 2011, when the woman, who is representing herself in court, spent the night at Joyce’s home in Burlington, Ont., so she could drive him to a medical appointment the following day. A $50,000 out-of-court settlement was reached between the two parties.In January 2017, the sexual assault lawsuit resurfaced as the two parties had different opinions on which the settlement was reached. Joyce's lawyers attempted to throw out the case, but was ultimately forced to face trial.As of 2017, he is worth an estimated US$1.4 billion.
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