Opened the first McDonald's restaurant with brother
Maurice McDonald in San Bernardino, California in 1948. Credited with the concept of "fast-food", the brothers' equipment innovations and "speedee service system" cut wait time for food from 20 minutes to 30 seconds. Richard McDonald designed McDonald's "golden arches", and created the "Millions Served" sign. In 1955, the brothers granted
Ray Kroc exclusive rights to develop and franchise McDonald's restaurants. When Kroc learned that the McDonalds had made a deal with another man to open franchises, Kroc bought the man out, and, in 1961, bought the McDonalds' name and rights to the "speedee service system" concept for $2 million cash.