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.
MY DAD IS REFUSING TO PAY FOR MY WEDDING.
The ornate wedding invitation lay discarded on the floor, its delicate calligraphy mocking me. My father, sitting opposite me at the kitchen table, avoided my gaze, stirring his coffee with a grim determination.
“Dad,” I began, my voice trembling, “I don’t understand. Why won’t you help with the wedding?”
He sighed, a heavy weight settling on his shoulders. “Look, sweetheart, I understand this is important to you. But things are tight right now. I… I simply don’t have the funds.”
“But you paid for Sarah’s wedding,” I countered, my voice rising. “You even gave them a down payment on their house!”
He looked up, his eyes avoiding mine. “Things were different then. I had just gotten a promotion…”
“That’s not fair, Dad!” I exclaimed, my voice cracking. “I’m your daughter too! You promised to help with my wedding.”
He looked away, his face etched with a mixture of guilt and frustration. “I know, I know. But things have changed. I’ve had some unexpected medical expenses…”
Unexpected medical expenses? That seemed to be his excuse for everything these days. My father, a man who had always prided himself on his financial stability, was suddenly plagued by a series of unforeseen calamities.
“But Dad,” I pleaded, “this is my wedding. I’ve been planning this for years. I’ve already booked the venue, sent out invitations…”
He looked at me, his eyes filled with a mixture of sadness and helplessness. “I know, sweetheart. I know. But I just can’t.”
The weight of his words hit me like a physical blow. I felt betrayed, abandoned. My dream wedding, the culmination of years of planning and anticipation, was slipping through my fingers.
Tears welled up in my eyes. “Fine,” I said, my voice trembling. “If you won’t help, then I’ll figure it out myself.”
I stormed out of the house, the sound of his sigh echoing in my ears. I felt alone, abandoned, and utterly heartbroken. How could he do this to me? After all the years of sacrifices, all the love and support I had given him, he was abandoning me in my time of need.
The following days were a blur of frantic phone calls, desperate budget cuts, and agonizing decisions. I had to scale back the guest list, eliminate the live band, and compromise on every detail of my dream wedding. The joy I had anticipated was replaced by a gnawing sense of resentment and disappointment.
But I refused to let my father ruin my happiness. I vowed to make this wedding happen, even if it meant going into debt. I worked overtime, picked up extra shifts at the coffee shop, and even sold some of my prized possessions.
The wedding day finally arrived, a whirlwind of emotions swirling within me. As I walked down the aisle, my father sat in the front row, his face etched with a mixture of pride and regret. I smiled at him, a small, forgiving smile.
The ceremony was beautiful, despite the scaled-down budget. And as I stood at the altar, exchanging vows with the man I loved, I realized that my father’s absence had only made me stronger. It had taught me the importance of independence, of resilience, of relying on myself.
Later, as we danced our first dance, I looked at my husband, his eyes filled with love and admiration. “I did it,” I whispered, “I did it without his help.”
He smiled, pulling me closer. “You always were a fighter,” he said. “I’m so proud of you.”
Looking back, I realized that my father’s refusal to help, while hurtful, had been a blessing in disguise. It had forced me to become stronger, more independent, and more resourceful. It had taught me the true meaning of self-reliance and the importance of believing in myself.
And as I looked into my husband’s eyes, I knew that despite the challenges, we had built a life together, a life that was truly our own.
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