The family of Wendy’s founder R. David Thomas expressed deep remorse about the chain’s acquisition last month by Triarc Cos. “It’s a very sad day for Wendy’s and our family,” Thomas’ daughter, Pam Thomas Farber, told the Associated Press. “We just didn’t think this would be the outcome.”

The man so many people knew simply as Dave—who retired as Wendy’s chairman in 1982 and died in 2002—likely didn’t expect that a merger with the parent company of a rival chain, Arby’s, would be the fate of the brand he created 40 years ago. Doubtless he, too, would have been sad. But I think he also would have accepted Wendy’s future as a part of Triarc.

Thomas and Triarc Chairman Nelson Peltz would appear to have little in common. Both dropped out of school, although for Thomas it was high school (he famously received his GED in 1993 at age 61) and for Peltz it was the University of Pennsylvania’s Wharton School, where he had been working toward an MBA. Thomas’ laid-back, unassuming demeanor belied his keen business sense but made him such an effective advertising spokesman for Wendy’s. Peltz, on the other hand, never has been one to hide his shrewdness and drive; he has pursued power and influence aggressively with a series of public companies in which he has invested. But both Thomas and Peltz can be credited with having a sharp eye for opportunity.

When he was a young man back from a stint in the Army, Thomas worked for and was mentored by Phil Clauss, who owned the Hobby House Restaurant in Fort Wayne, Ind. Clauss took Thomas with him on a visit to The Blue Bird Inn in Morrisville, Ind., to check reports that the restaurant was doing gangbuster business selling something called Kentucky Fried Chicken.

The Blue Bird Inn’s owner “was getting $2.20 for a chicken dinner—in a farm community—and I said, 'Man!’” Thomas recalled in a 2000 interview with R&I. The restaurant industry was just beginning its transition from mom-and-pop operations such as the Hobby House to franchised restaurants, a shift spearheaded by Col. Harland Sanders. Clauss bought several Kentucky Fried Chicken franchised stores and put Thomas in charge of turning around their sales. Cutting back the number of menu items and introducing the first bucket of chicken did the trick.

The restaurant industry’s ownership model is in transition again. Several pioneering players from the franchise era, such as Burger King, have been acquired by private-equity firms. Others such as Applebee’s Neighborhood Grill & Bar have been absorbed through mergers. The chain-restaurant business is being transformed, and Peltz is riding that wave.

Dave Thomas understood that business changes along with the times. But if Wendy’s abandons using fresh, never-frozen hamburger, he’d have a beef with that.

shume@reedbusiness.com