In most FDDs, Item 1 is a quick read. Midas Inc.’s is so complicated it requires a flow chart. Midas began selling franchises in 1956. A subsidiary, SpeeDee Worldwide, sells quick-oil-change franchises through its own FDD. Tire and auto parts distributor TBC Corp. has owned Midas since 2012, and TBC is owned in turn by the Sumitomo Corp. of Japan. TBC is the “indirect parent corporation” that sells Big O Tire franchises, and operates 763 other non-Big O tire stores. Midas has four more subsidiaries including Progressive Automotive Systems (PAS), point of sale software designed for use in Midas shops, a point we’ll take up in Item 8, below.