Lens family
17 analyses · Boundaries of the FirmAsset-Light Bet
Subway Built 27,000 Stores by Selling Franchises. The Stores Were the Product.
Subway
Coca-Cola Sold Its Best Business for a Dollar Because It Thought the Business Was Doomed
Coca-Cola
Wayfair Calls Itself Asset-Light. It Spent a Decade Quietly Building a Warehouse Empire.
Wayfair
State Farm Could Sell Itself Tomorrow. The Math Says Don't.
State Farm
Everyone Calls Mars Asset-Light. It Owns the Whole Factory Floor.
Mars
7-Eleven Built the Lightest Franchise Model in Retail. Then the Franchisee Bought the Company.
7-Eleven
Hilton Owns Almost No Hotels. It Sells Owners the One Thing They Can't Get Anywhere Else.
Hilton
Marriott Owns Almost None of Its Hotels. Then It Was Forced to Buy One for $500 Million.
Marriott
The Structure That Let State Farm Eat $33 Billion in Losses Also Ended Its 84-Year Reign
State Farm
Yum Owns Almost No Restaurants. Its Biggest Bet Is on One Company It Can't Control.
Yum Brands
7-Eleven Looks Asset-Light. Its Fresh-Food Ambition Is Quietly Heavy.
7-Eleven
Instacart Owns No Stores, No Trucks, No Inventory. It Traded Them for a Liability It Can't See on a Map.
Instacart
Shopify Said It Was Arming the Rebels. It Was Quietly Becoming the Empire.
Shopify
Pet Care Now Drives Roughly $29.5 Billion of Mars's $50-Billion-Plus Revenue
Mars
Red Bull Calls Itself a Media Company. Its Books Say Otherwise.
Red Bull
Nike Owns Zero Factories and Earns a 44% Gross Margin on $51 Billion in Sales
Nike
The World's Largest Accommodation Company Owns No Rooms
Airbnb
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