Retail

Michaels Stores Inc. (www.michaels.com) is the most successful business of its kind.

The company was under the management of Sam and Charles from 1983 until 2006. During this time, it grew from a 10-store operation to the world’s leading retailer in arts and crafts.

Michaels has 899 stores and another 165 Aaron Brothers stores that sell frames and art supplies.

In 2005, Michaels had sales of more than $3.6 billion. The company had grown more than 5,000 percent over the past decade and, in October 2006, the company was sold to Bain and Blackstone for $6 billion. The IPO investor paid approximately .67 in 1984 and got $44 in 2006, a 60 to 1 return in approximately 20 years.

Earlier, the Wylys achieved business success through the Bonanza Steakhouse restaurant chain. For more than 20 years, the brothers actively served as directors of this franchisor, which had built the Bonanza Steakhouse chain from 20 locations to more than 600 units by the time it was sold in October 1989.