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.
Son Who Hadn’t Seen His Mother in Years Returns to Find Her Home in Ruins
Adam had not visited his mother for years, becoming distant after he started his own life. One day, he needed to pick up some documents from her house, only to find it in ruins and abandoned.
Diana Evans raised Adam alone, working tirelessly to provide for him and pay for his education. After he graduated from high school, he chose to attend a university far away in New York. Though it made her sad, Diana supported Adam’s decision to study and live in New York while she remained in California. In the beginning, they stayed in touch, and he called her whenever he had the chance.
Unfortunately, Diana never managed to visit Adam during his college years. Their communication mainly happened through phone calls, which gradually decreased over time, but she valued their conversations.
As graduation approached, Adam called his mother to invite her. Diana felt immense pride and excitement. She wanted nothing more than to see her son walk across the stage to receive his diploma.
After the call, Diana searched for flights to New York. To her surprise, the tickets were quite expensive, and she realized she didn’t have enough money for a round-trip ticket and a special gift for Adam’s graduation. Determined to make it work, she took on extra babysitting jobs to save up. After working long hours, she finally had enough money to buy her ticket and a gift.
While shopping, she decided on a nice watch, thinking every professional should have one. After making her purchase, she excitedly asked the sales clerk to wrap it beautifully, explaining that it was a gift for her son who was graduating from a top university.
A few days later, Diana flew to New York. Adam picked her up from the airport, and together they went to his campus for the graduation ceremony. Diana couldn’t contain her excitement as she snapped pictures. When Adam received his diploma, she cheered loudly, bursting with pride.
After the ceremony, they embraced warmly, sharing heartfelt congratulations. They went out to a nice restaurant for dinner, and even though Diana worried about the bill, Adam insisted on treating her, expressing his gratitude for all she had done for him.
Overcome with emotion, Diana felt grateful for the kind man Adam had become. She handed him the gift she had brought, and he was delighted to find the watch inside. He promised to wear it every day as a reminder of her support. That night, they enjoyed their time together, taking photos and exploring the sights of New York.
A few days later, Diana had to return to California. She felt lonely thinking about being back home without him. Adam assured her that he would try to visit, promising to keep in touch. Sadly, those calls became less frequent until they eventually stopped altogether. Diana began to feel lonely and depressed, struggling with her health and appetite. Despite her attempts to reach out, Adam was busy with work and his relationship, making only occasional calls to check in.
Eventually, Adam decided to establish his own firm in New York and needed some documents from California. Instead of asking his mother to send them, he flew back home unexpectedly. However, upon arriving, he was shocked by the state of the house.
The once vibrant home was now in disrepair, with cobwebs and broken fences. Inside, it was empty except for some ruined furniture. Adam tried calling his mother but received no answer, so he went to a neighbor for information.
The neighbor revealed that a recent storm had caused significant damage to their home. Diana hadn’t had the funds to repair it and had moved into a nursing home to avoid burdening Adam. Shocked and filled with guilt, Adam rushed to the nursing home. When he saw his mother, frail and in a wheelchair, he felt overwhelmed with regret for not being there for her when she needed him most.
Diana, relieved and touched to see her son, encouraged him to rise from the ground, but he remained there, expressing his sorrow for neglecting her. Adam promised never to let her be alone again, vowing to take care of her. This time, he kept his promise. He repaired their home and brought her back from the nursing home.
He chose to start his business in California instead of New York and invited his girlfriend to live with them. Together, they created a loving home where Diana felt cherished and happy once more. She helped around the house, cooking meals and keeping everything in order while Adam and his girlfriend worked.
The family found joy in their time together, reminding us that no matter how busy life gets, we should always prioritize our loved ones. A mother’s love is unwavering, and Diana’s hope for a reunion with Adam never faded, proving that love endures even in times of separation.
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