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.
Senior Woman Spends Her Life Savings on Granddaughter’s Wedding, Gets Excluded Just Before the Event
Agnes funded her granddaughter Clara’s wedding, but at the last minute, Clara removed her from the guest list. What unfolded next was a lesson in karma. Agnes sat alone in her living room, tears streaming down her face after hearing the news.
Despite her wish to attend Clara’s wedding, she had stated that she wouldn’t be going, a decision she now deeply regretted. At 75, after losing her beloved husband Edward, Agnes’s health began to decline. She moved to New York to live with her son, Timothy, and his wife, Linda. Initially caring, their attitude changed when Agnes was diagnosed with dementia.
Timothy and Linda often argued about whether to place Agnes in a nursing home and how to manage her care. Despite the pain of their arguments, Agnes stayed, hoping to support Clara, whom she adored. All she wanted was to see her granddaughter married. So, she used her savings, which she had set aside for Clara’s future, to pay for the wedding.
Although Timothy hesitated at first, he eventually agreed to accept the money, partly due to Linda’s eagerness to benefit from Agnes’s generosity. Clara, however, felt differently. She openly expressed her disdain for Agnes, claiming that her grandmother’s dementia would ruin her wedding. Despite her parents’ pleas to treat Agnes with respect, Clara removed her from the guest list just two weeks before the big day.
Agnes was heartbroken when she overheard Clara’s decision. It affected her health further, leading Timothy to take her to the doctor, where they received troubling news about her condition. Linda and Clara then suggested moving Agnes to a nursing home to avoid complicating the wedding plans.
Resigned, Agnes announced she wouldn’t attend the wedding and asked Timothy to follow Linda’s suggestion. Although he hesitated, Agnes begged him to consider her feelings and eventually convinced him.
On the day she was to move, Agnes sat in a corner, remembering happier times with Clara. She longed to see her granddaughter in a wedding dress, and when the day came, she asked her nurse, Lincy, to get the wedding venue’s address.
Dressed in her best clothes, Agnes arrived at the venue, but the sound of raised voices halted her. She overheard Clara arguing with her fiancé, Josh, who was upset about Clara’s treatment of Agnes. He couldn’t understand why Clara would exclude her grandmother from such an important day.
When Josh threatened to cancel the wedding, Agnes burst in, pleading for him not to go through with it. Clara was shocked to see her grandmother and lashed out, but Agnes just wanted to see her happy. Despite her attempts to make amends, Clara’s anger led to Josh walking out.
As chaos erupted, guests began to leave, and Agnes felt overwhelmed. Instead of succumbing to sadness, she decided to make the best of the situation. She called Lincy to bring the residents from her nursing home to the venue, turning the somber atmosphere into a lively party.
While Clara and Linda glared at her, Agnes reveled in the joy around her. She realized that she deserved to enjoy life too. As she sipped her wine, she reflected on how important it was to prioritize her happiness, regardless of others’ opinions. In the end, Clara learned a hard lesson about kindness and respect, while Agnes discovered that joy could still be found, even in the midst of heartbreak.
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