#18 • Kentucky Fried Chicken Stock Sale Agreement - February 1, 1964
Part of The Colonel Sanders Artifact Collection (live auction by The Menish Group Auction & Real Estate)
High bid $2,250.00
Status: Sold
DESCRIPTION Original proposed multi-page purchase agreement prepared in advance of the 1964 sale of Kentucky Fried Chicken, Inc. Unlike the final executed contract, this working draft contains numerous handwritten revisions, edits, and notations appearing to be in the hand of Colonel Harland Sanders. The document identifies Colonel Sanders as seller and outlines the proposed transfer of his ownership interest to the investment group led by Jack C. Massey and John Y. Brown Jr., along with the formation of the new corporate structure. Throughout the agreement, manuscript revisions reflect changes under consideration during the negotiation process before the transaction was finalized. HISTORICAL SIGNIFICANCE Rather than documenting the completed transaction, this draft captures the negotiations leading to one of the most significant business sales in American restaurant history. The handwritten revisions provide an uncommon look into the evolution of the agreement before execution, offering insight into the terms, structure, and provisions under review as Colonel Sanders negotiated the sale of Kentucky Fried Chicken. Working drafts of landmark corporate transactions rarely survive, making this an exceptional record of the decision-making process behind the sale that transformed KFC from a successful regional franchise into a global brand. STORY & CONTEXT By early 1964, Colonel Sanders had built Kentucky Fried Chicken into one of North America's fastest-growing franchise systems. Recognizing the need for additional capital and experienced management, he entered negotiations to sell the company while continuing to serve as its public ambassador. This proposed agreement predates the final executed contract and preserves the transaction while it was still evolving. The handwritten revisions, appearing to be those of Colonel Sanders, suggest active review and negotiation of the terms before the agreement was finalized. The draft identifies the proposed purchasers, including Jack C. Massey, John Y. Brown Jr., A. Lee Cummings, Harland Adams, Kenneth J. King Sr., and Leon W. Harmon, and details the planned ownership structure, financing, governance, and organization of the new corporation. Together, the typed text and manuscript revisions provide a rare snapshot of one of the defining moments in the history of Kentucky Fried Chicken. PROVENANCE Originating from Blackwood Hall, this document remained with the Settle family following their acquisition of the property directly from Colonel and Claudia Sanders. It was preserved among Colonel Sanders' business records and personal papers until its public offering. CONDITION NOTES Document exhibits expected age-related toning, handling wear, light creasing, and minor edge wear consistent with use as a working business draft. Handwritten revisions and editorial notations are present throughout. The document remains complete and highly legible.
