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.
What was this for and why a bottom shelf
Most homes built in the early to mid-1900s have a small shelf built into the wall in the kitchen or hallway. If you live in an old house, this may be the case. If you didn’t think much of this, you might have asked yourself why it was there. Yes, there was a reason for putting it there!
A phone niche is what that small shelf is called. People used landlines to talk to each other before cellphones. That seems like a very long time ago now. A lot of homes were built with just one space for the phone. A lot of them had a small shelf or drawer above or below the phone where you could put address or phone books. It seems so old-fashioned to even think about an address book these days!
Most people no longer have landlines and only use cellphones these days. But you can use this phone niche in different ways if your home has one! For decoration, you could buy an old phone and put it there. If you want, you could even use it. It’s big enough to hold books or other home decor items. You could also put a bunch of small plants in pots in the niche. There are many choices, and it’s up to you!
While I love how convenient new homes are, I also love how old homes have little details that make them unique. The house we live in is very old, so old that the idea of a phone niche was a long time away. Does your house have a place for the phone? If so, I’m very envious!
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