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.
SINGLE MOM OF FOUR BUYS USED CAR—WHAT SHE FINDS IN THE TRUNK WILL LEAVE YOU SPEECHLESS
A single mother of four, Jennifer, needed a used car to help her get to work. The car’s previous owner asked her to open the trunk when she got home. What she found inside turned out to be life-changing.
Jennifer became a single mother when her husband, Adam, left her after learning she was pregnant with their fourth child. He said, “Another child to feed? No way! I’ve had enough!” and then left their trailer and filed for divorce.
Jennifer was heartbroken. Even though the pregnancy was unexpected, she had hoped Adam would support her during this tough time, especially since they were already struggling financially.
After their separation, Adam stopped giving Jennifer money for their children. He said he couldn’t find a job and that no one would hire him because he didn’t graduate from college.
Soon after giving birth, Jennifer had to find a job because she was running out of money for food, diapers, and milk. She walked through various restaurants and shops looking for work but faced rejections because she had four small children.
One employer told her, “It’s difficult to hire mothers with young children because something always comes up. Either your child is sick, or you have no one to leave them with, so you have to miss work. It’s too much for us to handle.”
With no luck in her neighborhood, Jennifer started looking for work in a nearby city. She used the last of her money to take a cab and asked her neighbors to watch her children for the afternoon.
When Jennifer arrived in the nearby city, she saw a job opening for a housekeeping position at a local hotel. She went in, applied, and was hired on the spot. The HR manager told her, “We badly need staff, especially with the summer season coming up. We’ll be fully booked soon.”
Desperate for work, Jennifer took the job, even though it meant commuting to another city every day. She thanked the HR manager and went home to share the good news with her kids.
After spending nearly $30 on cab fare, Jennifer realized she couldn’t afford to commute daily. She needed a car but didn’t have the money for a new one. Her best option was to buy a used car.
Jennifer found a used car she wanted but wondered if the owner would lower the price. She explained, “I’m a single mom of four, and it’s been hard to earn money. I need a car to get to a job in a nearby city. Could you possibly sell it to me for $5000?”
Understanding her situation, the owner agreed to the lower price. “If you can buy the car by tomorrow, I’ll sell it to you for $5000,” he said.
Jennifer was extremely grateful for the owner’s willingness to help. She decided to apply for a loan at the bank to afford the car. Unfortunately, her loan application was quickly rejected due to her bad credit.
Running out of options, Jennifer thought hard about her next move. She couldn’t move to the new city because her oldest child, Ethan, had just started school near their trailer park.
Rent in the nearby city was also much higher, and she wouldn’t be able to bring the trailer with her. She needed a car to commute to work and to pick up her children from school and daycare.
Then, she remembered a family heirloom her late mother had left her—a gold chain necklace that had been passed down through generations. Jennifer felt emotional at the thought of selling it, but she knew she needed the car to support her children and secure their future.
As Jennifer struggled to find a solution, she realized she couldn’t move to a new city because her oldest child, Ethan, had just started school nearby.
The car owner, Jeff, smiled and said, “Congratulations on your car. It’s a great purchase.”
As Jennifer signed the paperwork, Jeff quietly placed something in the trunk. When she was about to drive away, he called out, “By the way, check the car’s trunk when you get home. I left something for your children inside.”
Jennifer, busy with commuting to work and managing her children, forgot to check the trunk until she later found a note in the car’s glove compartment.
The note read, “I hope you and your children liked the gift I left inside the trunk. May it be of great help to you.” Curious, Jennifer decided to open the trunk to see what the gift was.
At first, Jennifer was puzzled when she saw only a white envelope in the trunk. It was the same envelope she had used to pay for the car. When she opened it, she found her $5000 payment untouched.
Overwhelmed with emotion, Jennifer cried, touched by Jeff’s kindness. She drove back to the dealership after work to thank Jeff.
Jeff told her, “The world throws challenges at you, and it’s up to you to rise or succumb to them. I’m proud of you for staying strong for your children. I thought you could use the money more than I could. Just don’t forget to pay it forward.”
What can we learn from this story?
1. Compassion makes a big difference. Jeff, who owned a successful car dealership, chose to help Jennifer, a struggling single mom, in a meaningful way.
2. Determination pays off. Jennifer worked hard to support her children despite many obstacles and rejections.
3. Inspire others. Sharing stories like this can uplift and motivate those around you.
If you enjoyed this story, you might also like one about a teen who discovers a will under the seat of his late granddad’s old car on his sixteenth birthday.
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