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 granddaughter was constantly mocked by her classmates because of her braces.
The sun streamed through the kitchen window, illuminating dust motes dancing in the air. I sat at the table, sipping my tea, when the doorbell chimed. A wave of excitement washed over me. It was Lizzie, my granddaughter, a whirlwind of energy and sunshine.
But today, her smile seemed a little forced, her eyes downcast. “Hi Grandma,” she mumbled, her voice barely a whisper.
My heart sank. I knew something was wrong. Lizzie, usually a chatterbox, was unusually quiet. “What’s wrong, sweetheart?” I asked, pulling her onto my lap.
She shrugged, her shoulders drooping. “Nothing.”
“Come on, darling,” I coaxed. “You can tell me anything.”
After a long pause, she finally admitted, “The kids at school are teasing me again.”
My blood ran cold. “Teasing you about what?”
Lizzie looked down at her feet, her voice barely audible. “My braces… and now my glasses.”
My heart ached. I remembered the cruel taunts I had endured as a child, the feeling of being different, of not fitting in. I couldn’t bear to see my granddaughter go through the same thing.
“Lizzie,” I said, my voice firm, “those kids are just mean. They’re jealous. You are beautiful, inside and out, with or without braces or glasses.”
She looked at me doubtfully. “But everyone else is wearing contacts.”
A mischievous glint entered my eye. “Really? Well, then I guess I need to get some contacts too!”
Lizzie’s eyes widened. “But Grandma, you don’t need glasses!”
I chuckled. “Oh, but I do, darling. I’ve been needing glasses for a while now, but I’ve been too stubborn to admit it.”
And with that, I went to my room and emerged a few minutes later, sporting a pair of stylish, oversized glasses. Lizzie stared at me, her mouth agape.
“Grandma!” she exclaimed, her eyes sparkling. “We look like twins!”
She threw her arms around me, hugging me tightly. “Thank you, Grandma,” she whispered, her voice choked with emotion. “You’re the best grandma ever. I love you!”
My heart melted. I had never expected this reaction. I had simply wanted to comfort her, to show her that she wasn’t alone. But seeing her smile, her eyes shining with admiration, filled me with a joy I hadn’t felt in years.
From that day on, Lizzie embraced her glasses. She even started experimenting with different frames, choosing colors and styles that expressed her individuality. The teasing continued, of course, but it no longer had the power to dim her light.
And I, her unlikely accomplice, watched with pride as she blossomed into a confident, beautiful young woman, her glasses becoming a part of her unique identity. I had learned a valuable lesson that day: sometimes, the best way to combat negativity is with a little bit of humor and a whole lot of love.
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