The IMC Story

IMC was founded by its chairman, James Maynard, in 1971. IMC has invested in several businesses throughout its history. However, IMC's first investment--Golden Corral Corporation--remains the flagship IMC company and reflects the ownership values of IMC.

We enjoy serving others.

At IMC, the primary way we serve others is by being a good owner to our family of companies. To us, being a good owner means many things. We don't intend to sell the businesses we own. Our long-term orientation allows us to provide a stable and supportive environment to the leaders of our businesses. We encourage them to take risks, and we tolerate mistakes. We want our companies to have capital structures appropriate for their line of business. We encourage our companies to have significant involvement in their communities and expect them to treat their employees and customers well.

This idea of finding satisfaction and reward through serving others has been at the foundation of Golden Corral's customer service philosophy and sustained success for almost four decades. We want all IMC companies to have this deep commitment to service.

We believe strongly in the idea of partnership with people.

We believe we should own businesses in partnership with their leaders. Golden Corral's first 500 restaurants were all individual joint venture partnerships. Each restaurant manager owned a 20% interest in the restaurant. Golden Corral subsequently adopted franchising as its model for partnership and has opened almost 400 restaurants in partnership with franchisees.

At IMC, we want the leaders of our companies to have ownership with us by having some of their capital at risk. We will support our partners in achieving their goals and creating value in their businesses. We believe in making our money the same way our partners do--through the appreciation in value of the companies we own together.

We enjoy business, competition, and being rewarded for providing value and executing well.

At IMC, we invest our capital in operating businesses. We do so because we prefer to generate a return on IMC's capital by partnering with exceptional leaders and supporting them in building great businesses. We want to own companies that provide valued products and services to their customers and provide jobs in their communities.

We believe IMC and its ownership mission should carry on past its current leaders.

We believe there will always be a need for a company such as IMC and its commitment to good ownership values. IMC will be here.

A defining point in IMC's history occurred in the late 1980's, when Golden Corral's steakhouse concept became obsolete due to changing customer preferences. As Golden Corral closed its 500 steakhouses and reinvented itself by opening buffet restaurants, it was significantly capital constrained by the leases and other obligations associated with the obsolete restaurants. IMC was advised by outsiders to consider courses for Golden Corral that would minimize payments to landlords and other creditors, including bankruptcy, a path many steakhouse competitors had taken. Instead, IMC supported Golden Corral's plan to pay all of its obligations on time and in full, ultimately costing the company more than $100 million. Its history of honoring obligations has enabled Golden Corral to earn the trust of future landlords, lenders, and franchisees as it has built its buffet restaurant business into a market leader.

At IMC, we know our conduct and reputation will always matter to the owners who consider selling IMC their businesses, to the leaders who consider becoming IMC's partners, and to the firms that consider lending IMC their capital. We take great pride in the long tenure and loyal service of many employees at IMC and its companies, and know that our reputation as an owner makes a difference to them too. Because IMC is a private company, we have no short term mandates or constraints. We make decisions on the basis of their long-term implications for IMC and its companies. We maintain strong financial liquidity at IMC, ensuring that we can honor our commitment to being a good and long-term owner to our companies.