Early Life
William Augustus Franke was born on April 15, 1937, in Bryan, Texas. He was raised in Latin America. He developed an interest in aviation from a young age. He took his first airplane trip at age 11. Franke returned to the United States and attended Stanford University, where he earned a bachelor's degree in history in 1959 and a law degree in 1961.
Rise to Success
Franke began his career outside of aviation. Before his aviation career, Franke was involved in managing troubled businesses. He served as an executive with various companies. He later became known as "Mr. Fixit" for his ability to restructure and turn around struggling companies. His work included leading the restructuring of the convenience store chain Circle K and Valley National Bank.
His foray into the airline industry began in the early 1990s when he was called upon to help restructure America West Airlines. He served as CEO of America West Airlines from 1993 to 2001, transforming it into a full-service, low-cost carrier. After America West, Franke founded Indigo Partners in 2002, a private equity firm focused on investing in air transportation.
Key Business Strategies
Indigo Partners has been instrumental in establishing and supporting low-cost carriers worldwide. Franke's strategy involves acquiring stakes in budget airlines and implementing operational efficiencies. Indigo Partners has invested in several airlines, including Frontier Airlines, Wizz Air, and Volaris. Through strategic investments and a focus on cost management, Franke has built a portfolio of successful low-cost airlines.
Philanthropy
William Franke and his wife, Carolyn, have supported several charities. Education has emerged as a priority in the Franke family's philanthropy. In 2007, the Frankes committed $25 million to Northern Arizona University's College of Business. In 2016, they donated $24 million to the University of Montana. The Frankes also donated to Stanford Law School and the University of Arizona.