Jack C. Massey

Jack C. Massey
Jack C. Massey
Born	Jack Carroll Massey; June 15, 1904; Tennille, Georgia, US
Died	February 15, 1990 (aged 85); Palm Beach, Florida, US
Education	University of Florida
Occupation(s)	Venture capitalist, entrepreneur
Spouses	Elizabeth Polak; Alyne Queener;
Children	1

Jack Carroll Massey (June 15, 1904 – February 15, 1990) was an American venture capitalist and entrepreneur who owned Kentucky Fried Chicken, co-founded the Hospital Corporation of America, and owned one of the largest franchisees of Wendy's.^[1]^[2] He was the first American businessman to take three different companies public.

Early life

Massey was born in 1904 in Tennille, Georgia.^[1] He graduated with a degree in pharmacy from the University of Florida.^[3]

Business career

Massey began his business career working as a delivery boy in his uncle's drugstore.^[1]^[3] He then received a pharmacist's license when he was 19 and bought his first drugstore when he was 25.^[1]^[4] He built the store into a pharmacy chain, selling it six years later.^[1]^[4] He founded Massey Surgical Supply in 1930.^[5] He sold it to the A.S. Aloe division of the Brunswick Corporation for $1 million.^[1]^[4]

Massey acquired Kentucky Fried Chicken from its founder, Harland Sanders, for $2 million in 1964.^[1]^[2]^[4] With John Y. Brown Jr., Massey embarked on a rapid expansion program, growing the business to approximately 3,500 franchises and grossing $700 million in annual revenue.^[1] Seven years later he sold the company to Heublein for $239 million.^[5]

In 1968, Massey co-founded Hospital Corporation of America with Thomas F. Frist Sr. and Thomas F. Frist Jr.^[1] in Nashville, Tennessee. Massey hired the Nashville law firm Waller Lansden Dortch & Davis, LLP to assist with the company's incorporation and later complete many healthcare mergers and acquisitions for several decades.^[6] The company became the nation's largest chain of for-profit hospitals and Massey left active management in 1978.^[1]

Massey transformed Winners Corporation, one of the largest franchisees of Wendy's hamburger outlets into a major fast-food franchise operation.^[1]^[4] Finally, he listed Volunteer Capital Corporation (a holding company of Wendy's Restaurant fast food franchises) on the New York Stock Exchange.^[1]

Massey was an initial investor in the Corrections Corporation of America in the 1980s.^[7]

Philanthropy

Massey was a donor to Belmont University, where the Jack C. Massey Graduate School of Business was named in his honor.^[1]^[2] He also supported Vanderbilt University and the Montgomery Bell Academy in Nashville.^[3] His alma mater, University of Florida, named the Jack C. Massey Professorship Fund for him.^[4]

Massey was the founder of the Saint Thomas - Midtown Hospital in Nashville.^[1] He was also a donor to the Cheekwood Botanical Garden and Museum of Art and the Tennessee Performing Arts Center in Nashville.^[3] Additionally, he made contributions to the Nashville and Palm Beach chapters of Planned Parenthood.^[3]

Personal life and death

His first wife, Elizabeth Polak Massey, died in 1968.^[8] He later married Alyne Queener.^[1] He had a daughter, Barbara Massey Rogers and three grandchildren.^[1] He also had an adopted son Don who pre-deceased him.

Massey resided in Nashville^{[clarification needed]}.^[3] He was the owner of "403 feet of oceanfront property directly in front of Mar-a-Lago" in Palm Beach, Florida, which Donald Trump purchased for $2 million.^[3]

Massey was a member of the Belle Meade Country Club in Belle Meade, Tennessee; the Everglades Club and the Bath and Tennis Club in Palm Beach, Florida; the Bathing Corporation and the Meadow Club in Southampton, New York; and the Links Club in New York City.^[3]

Massey died of pneumonia on February 15, 1990, at the Good Samaritan Medical Center in West Palm Beach, Florida, at age 85.^[5] His funeral was held at the Immanuel Baptist Church in Belle Meade, and he was buried in the Mount Olivet Cemetery in Nashville.^[9] His obituary in The Palm Beach Daily News called him "a legend in American business."^[3]