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in Sarasota, Bradenton, and Port Charlotte on the west coast of
Florida (the 1976 Purchase), with an exclusive territorial
agreement (the Territorial Agreement). The purchase price for
the 1976 Purchase was $500,000, payable $300,000 in cash and
$200,000 over 5 years. FIC allocated $200,000 of the $500,000
purchase price to the Territorial Agreement.
The Territorial Agreement granted FIC, for a period of 5
years, an exclusive territorial right to build, own, and operate
Burger King restaurants in Manatee, Sarasota, and Charlotte
Counties in Florida (the Exclusive Territories) and a right of
first refusal to build, own, and operate Burger King restaurants
in Lee County, Florida (collectively, the Protected Territories).
The Territorial Agreement also provided that if FIC had six
Burger King restaurants open and in operation on or before
August 26, 1981, it would be entitled to a right of first refusal
on all Burger King restaurants to be subsequently franchised in
the Exclusive Territories through August 1986.
After his return to Florida, Robert moved to Sarasota,
Florida, and worked full time for FIC selecting and developing
real estate sites, securing financing, and supervising the
construction of new restaurants, while continuing to supervise
the operations of existing FIC-owned restaurants.
As of February 2, 1980, FIC had seven Burger King
restaurants in operation in the Exclusive Territories. As of
August 24, 1981, FIC had a total of nine Burger King restaurants.
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Last modified: May 25, 2011