When Starbucks Coffee opened its sixth store in downtown Seattle, the coffee shop was a hit. It was an immediate success.
Schultz, however, branched out on his own and opened a coffee house named after Italy’s largest newspaper, The Daily, or Il Giornale. Two months later, the new store was serving more than 700 customers a day, and it was selling 300 percent more than the Starbucks locations.
Sell out: This is my company now.
In 1987 the owners of Starbucks Coffee Company decided to sell their coffee business, along with the name, to a group of local investors for $3.7 million. Schultz raised the money by convincing investors of his vision that they could open 125 outlets in the next five years. He also changed the Il Giornale bare-breasted mermaid logo into a more socially acceptable figure. The company name changed from Il Giornale to Starbucks, and finally he converted the six existing Starbucks roasting shops into elegant, comfortable coffee houses. More tomorrow!