An Opportunity Beneath the Golden Arches

By Karen-Janine Cohen

It was a leap of faith for Angel Veliz (BBA '01) to take on a struggling McDonald's restaurant in Pembroke Pines, Florida in 1988. "I decided to take that leap," he said.

It became the first of Veliz's now 43 McDonald's restaurants. The majority of the restaurants are in Florida's Broward and Palm Beach counties, with additional restaurants in the Naples and Fort Myers, Florida areas. The seed of his decision came from attending professor Bob Welsh's small-business finance class, which included teaching about the franchise model, at FIU Business. After six or so months of research, Veliz decided McDonald's Corp.'s franchise program would be the best fit. He was attracted by the brand's stability, McDonald's willingness to innovate and because the corporation was actively seeking minority candidates.

Veliz was born in Cuba; the family settled in Miami when he was 11. After graduating from FIU Business, he worked in real estate and land development with his father. Still, he wanted to go out on his own. Becoming a McDonald's franchisee is not easy nor automatic. There is a series of interviews, financials are checked and a training program can last several years, with "no guarantees you are going to be offered a restaurant," Veliz said. In his case, the company provided a business facility lease, crafted to help minorities become franchisees.

McDonald's proposed he take on the severely underperforming restaurant in Pembroke Pines. Months of grueling work helped turn it around. And he learned along the way.

"If the numbers don't work, you have to evolve."

– Angel Veliz

"The operational side of the business was new to me, the restaurant business was new to me," he said. Staffing and harmonizing the team for success was the biggest challenge. By mid-1990 he was able to buy the restaurant outright. That was followed by a second store, then one by one, eight more. Another six came from a retiring owner, and he expanded north to three other Florida cities. Veliz said rewards beyond the financial are part of his success; in particular, the opportunity to promote his store supervisors and general managers to middle-management positions. Meanwhile, insights from his FIU Business studies still inform his decisions – including a dispassionate approach. "To be as successful as you want to be, you have to make the necessary tweaks and changes the market is asking you to do," he said. "If the numbers don't work, you have to evolve."

Veliz is also deeply invested in the McDonald's Golden Grant program, where store owners across Florida and South Georgia fund a variety of educational initiatives, including supporting firstgeneration college students who are not eligible for Pell Grants or merit scholarships.

When not at work, he enjoys fishing and playing tennis. His favorite McDonald's meal? A Quarter Pounder with cheese, fries and a Diet Coke.