Build Like a Saint: Key Insights from Domino’s Founder Tom Monaghan’s Journey
At the SENT Summit 2024, Tom Monaghan, founder of Domino's Pizza and philanthropist, delivered a compelling keynote address titled "Build Like a Saint." Sharing his life story, Monaghan offered insights into his entrepreneurial journey, the challenges he faced, and how his faith shaped his personal and professional life.
An Unconventional Start
Tom Monaghan began by recounting his humble beginnings. Born into poverty, he lost his father at the age of four on Christmas Eve. He spent much of his childhood in a Catholic orphanage run by strict Polish sisters, where he developed a deep-rooted faith. Initially aspiring to become a priest, his plans changed during adolescence.
After high school, lacking funds for college, Monaghan enlisted in the Marine Corps, mistakenly believing he was joining the Army. Reflecting on his time in the service, he called it one of the best experiences of his life, despite not realizing it at the time.
Five Priorities for Life
While aboard a ship in the Pacific, Monaghan had a pivotal moment of introspection. Contemplating what would truly make him happy, he identified five priorities that became his roadmap for life:
Spiritual: Recognizing the ultimate importance of his faith and eternal soul.
Social: Valuing relationships with family and friends.
Mental: Committing to lifelong learning and intellectual growth.
Physical: Maintaining health as a foundation for well-being.
Financial: Aspiring for wealth, but placing it after other core values.
He humorously noted that, unlike Aristotle's four ingredients for happiness—learning, friendship, health, and wealth—his list included the spiritual component, which he deemed essential.
The Birth of Domino's Pizza
After leaving the Marine Corps, Monaghan faced financial struggles, including losing his savings to a fraudulent investment. His path to entrepreneurship began when his brother, a mailman, proposed buying a small, struggling pizzeria called Dominick's in Ypsilanti, Michigan. With a borrowed down payment of $500, they embarked on this venture together.
Shortly after, his brother decided to exit the business, leaving Monaghan to run it alone. Despite numerous challenges, including financial losses and lack of experience, he transformed the pizzeria into the busiest in Michigan within a few years. Monaghan was a pioneer in focusing on pizza delivery, a concept that was novel at the time.
Overcoming Adversity
Monaghan candidly discussed the setbacks he faced over two decades:
Financial Struggles: From losing control of the company to overexpansion and debt.
Legal Challenges: Lawsuits from creditors, franchisees, and even a five-year legal battle with Domino Sugar over trademark issues.
Personal Sacrifices: Living in trailers and enduring a modest lifestyle while building the business.
Despite these obstacles, Domino's Pizza experienced unprecedented growth. By 1985, the company had opened 954 stores in one year, becoming the fastest-growing restaurant chain in history at the time.
A New Chapter with the Detroit Tigers
A lifelong Detroit Tigers fan, Monaghan fulfilled a dream by purchasing the baseball team. Remarkably, in his first year of ownership, the Tigers won the World Series. This achievement further elevated his public profile and success.
Confronting Pride and Embracing Humility
Amidst his success, Monaghan experienced a spiritual awakening after reading C.S. Lewis's "Mere Christianity," particularly the chapter on pride. Realizing that pride was a significant flaw, he committed to living more humbly:
Vow of Poverty: He gave up ostentatious luxuries, including expensive cars and personal indulgences.
Philanthropy: Increased his involvement in Catholic charitable causes, focusing on giving back to the community.
His wife humorously remarked on his newfound modesty, pointing out that while he took the vow, she did not.
Refocusing on Faith and Education
As Monaghan stepped back from daily operations at Domino's, the company faced new challenges, including increased competition and financial difficulties. Taking the helm once more, he restructured the business, leading it to record profits. In 1998, he sold the company to dedicate himself fully to philanthropic endeavors.
He founded Ave Maria University and Ave Maria School of Law, aiming to create institutions that combined academic excellence with strong Catholic values. Despite facing significant challenges, including relocation and financial hurdles, the university has grown and thrived under his leadership.
A Vision for the Future
Monaghan's vision for Ave Maria University includes:
Spiritual Emphasis: Offering multiple daily Masses, perpetual adoration, and igniting vocations.
Academic Excellence: Striving to be a "Catholic Hillsdale," focusing on quality education with high admission standards.
Community Building: Developing the town of Ave Maria, Florida, as a unique community centered around faith and learning.
He hopes that the university will serve as a beacon for other Catholic institutions, inspiring a renewal in Catholic higher education that can positively impact the Church and society at large.
"These are some of the reasons that at 87 years old, I'm still working full time and I'm loving it."
His life story serves as a testament to perseverance, faith, and the pursuit of purpose beyond personal success.
Key Takeaways from Tom Monaghan's Address:
Align Personal Priorities: Identifying and living by core values can guide life's journey.
Embrace Challenges: Setbacks can be opportunities for growth and innovation.
Stay Grounded in Faith: Spiritual reflection can lead to meaningful change and fulfillment.
Give Back: Leveraging success to benefit others creates lasting impact.
Monaghan's journey from a modest upbringing to building a global enterprise, and ultimately dedicating himself to faith-based education, offers inspiration for entrepreneurs and individuals seeking to integrate their beliefs with their ambitions.
