Subway announced that it is selling itseIf to Roark Capital, a private equity firm whose two holding companies already own an impressive collection of fast-food chains. Roark-owned brands include Dunkin’, Carvel, Jimmy John’s, Arby’s, Cinnabon, and Buffalo Wild Wings–and that’s just a partiaI list.
Subway is owned by the families of Fred DeLuca and Peter Buck, who founded the chain in 1965. At the time, Buck was 34. DeLuca was 17 and trying to raise money for college. Buck Ient him $1,000 and suggested they start a sandwich shop.
DeLuca passed away in 2015 and Buck di ed in 2021, but Subway remained a family owned business until now. It must have been a wrenching decision to give up ownership of the chain. But however they may feel about it, the families seem to have negotiated the best possibIe deal for the chain. Every business owner looking to sell can learn from their approach.
Our story begins back in February, when the families hired JPMorgan Chase as an adviser to explore a sale. At the time, the families reportedIy wanted $10 billion for one of the world’s two largest fast-food chains.
But it’s been a bad year for acquisitions so far, and some observers noted that the chain has been losing ground to newer rivaIs such as Firehouse Subs in recent years. With its shares of U.S. sandwich sales down from 34 percent in 2017 to 23 percent today, some questioned whether Subway was really worth $10 billion.
Young people make fun of a poor old lady on the bus until the voice of a homeless man interrupts them
There are some stories that captivate your attention… We cordially encourage you to read one more moving story.Mary, an elderly woman, finds it challenging to ascend the bus’s steps due to her weakened physical condition.Just when she was about to give up, she felt a solid hand catch her elbow and hold her up.However, her smile swiftly changed to shame when she turned to thank him.Timothy, a tall, thin man with an untidy appearance and appearance of homelessness, was the owner of the hand.Mary instinctively withdrew her arm and gave a stiff “thank you.”Timothy merely grinned pitifully.Rejection was nothing new to him; it was just part of who he was.
Mary’s occupation of two bus seats made him think of his own mother, who would have been embarrassed to see him in such a manner.Timothy took a seat by himself near the back of the bus.Closing his eyes, Timothy leaned back and considered his daughter Daisy.He kept thinking about how she continued to cling to him even after everything in their lives had crumbled.His wife Valery had been diagnosed with stage four cancer two years prior.Timothy was devastated when Valery passed away despite having spent all of her money on medical care.
Following Valery’s passing, Timothy’s world collapsed.Due to his frequent absences to take care of her, he lost his work, and in order to pay off the obligations, they had to sell their property.He moved into a ramshackle one-bedroom flat in a crumbling building with Daisy.Daisy’s circumstances were deemed inadequate by child welfare workers, who promptly took her away.Timothy’s only comfort now that he was homeless was a bus ticket to see his daughter at her house.
The loud, teasing voice of a teenager startled Timothy out of his reverie.”Driver, have a look at this!The boy pointed at Mary and mumbled, visibly inebriated, “This lady should pay for TWO tickets.”His friend interrupted, making fun of her for occupying two seats.With trembling hands, Mary gripped her handbag while the other passengers turned away, refusing to assist her.Mary was told to get out of her seat by the first teen, who gave her a punch to the chest.Mary calmly remarked, “Young man, there are plenty of other free seats,” despite her trepidation. The second teen, though, was not content.Approaching her with an alcoholic breath, he demanded that Mary vacate her seat.
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