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We know them, we love them - this week's #financemasters tells the story of how former janitor Richard Montañez invented the culturally iconic Flamin' Hot Cheetos. 
1. Richard Montañez grew up in Cucamonga Valley, California, sharing a one-room cinder block hut with 14 family members.
He dreaded school - he’d cry every morning getting ready for class.
He dreaded school - he’d cry every morning getting ready for class.
2. He dropped out of school in 4th grade and took odd jobs at farms and factories to help make ends meet.
In 1976, a neighbor let him know of a job opening for a factory janitor at the Frito-Lay plant down the road.
The $4/hour pay was more than he'd ever made.
In 1976, a neighbor let him know of a job opening for a factory janitor at the Frito-Lay plant down the road.
The $4/hour pay was more than he'd ever made.
3. Richard made it his mission to be the best janitor Frito-Lay had ever seen.
He spent his off-time learning about the company's products, manufacturing, marketing and more.
He even asked salesmen to tag along and watch them sell.
He spent his off-time learning about the company's products, manufacturing, marketing and more.
He even asked salesmen to tag along and watch them sell.
4. In the mid-1980s Frito-Lay started to struggle.
The CEO announced a new initiative to empower all 300,000 employees: “Act Like an Owner”
Montañez listened.
Then, he called the CEO.
The CEO announced a new initiative to empower all 300,000 employees: “Act Like an Owner”
Montañez listened.
Then, he called the CEO.
5.
“Mr. Enrico’s office. Who is this?”
“Richard Montañez, in California”
“You’re the VP overseeing CA?”
“No, I work at the Rancho Cucamonga plant.”
“Oh, so you’re the VP of Ops?”
“No, I work inside the plant.”
“You’re the manager?”
“No. I’m the janitor.”
“Mr. Enrico’s office. Who is this?”
“Richard Montañez, in California”
“You’re the VP overseeing CA?”
“No, I work at the Rancho Cucamonga plant.”
“Oh, so you’re the VP of Ops?”
“No, I work inside the plant.”
“You’re the manager?”
“No. I’m the janitor.”
6. The CEO got on the line. Loving the initiative, he told Richard to prepare a presentation.
Stunned, Richard ran to the library and picked up a book on marketing strategies. Then, he started prepping.
2 weeks later, he entered that boardroom.
Stunned, Richard ran to the library and picked up a book on marketing strategies. Then, he started prepping.
2 weeks later, he entered that boardroom.
7. He started telling them what he'd learned about Frito-Lay and the idea he'd been working on.
“I saw there was no product catering to Latinos.”
In Latino neighborhoods, he saw that chips were often stocked beside a shelf of Mexican spices. Frito-Lay had nothing spicy or hot.
“I saw there was no product catering to Latinos.”
In Latino neighborhoods, he saw that chips were often stocked beside a shelf of Mexican spices. Frito-Lay had nothing spicy or hot.
8. Richard pulled out 100 plastic baggies.
He took Cheetos from the factory and coated them in his own mix of spices - he’d even sealed the bags with a clothing iron, and drew a logo on each one.
After a few moments, the CEO spoke, “Put that mop away, you’re coming with us”
He took Cheetos from the factory and coated them in his own mix of spices - he’d even sealed the bags with a clothing iron, and drew a logo on each one.
After a few moments, the CEO spoke, “Put that mop away, you’re coming with us”
9. Richard became a VP and amassed a $20M fortune by being proud of his work, paying attention to what was lacking, and betting on himself - teaching us two things:
Take Pride in Your Work
Stay True to Your Culture
Take Pride in Your Work
Stay True to Your Culture
