YUM Brands: A Picture Says a Thousand Words

YUM Brands presented at the Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference this week. Most of the news was on China. YUM's CFO noted they expected the sales and profit crunch in China to ease later this year.  He touted the company low cost investment model and reliable cash flows.

The first PowerPoint slide was a stair step graphic, with different building blocks displaying YUM's success story noted. Shareholder returns are listed. But which two critical YUM value drivers, true enablers of brand success, were curiously missing? Check out the graphic below.

Answer: franchisees and employees.