He was murdered by Leo Burns, the coordinator for the Comfort Food Cook-Off, who was seeking revenge for his obesity, diabetes, and night blindness which he blames on the Colonel and his fried chicken. Leo snuck up behind the Colonel and breaded him with the recipe prior to dipping him in grease. After the murder was done, Leo stole the Colonel's only written recipe from his front pocket, leaving his widow to face a penniless future.
Colonel Likkin is obviously a parody of Colonel Sanders, the founder of Kentucky Fried Chicken, otherwise known as KFC. His recipe has also been kept secret for many years, and his white suits were part of the trademark look. His name, "Likkin", is apparently a play on the phrase "finger lickin' good".