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.
Mom was deeply emotional after her 3-year-old son lost his foot in a lawn mower accident, but he reassured her that everything would be okay.
After a lawnmower accident resulted in the amputation of his left foot, Keirsten Marsico’s little son Joey consoled her by telling her that everything will be alright.
“I was crying naturally when he came out of surgery that night, and he just held my head and said, ‘Mommy, what’s wrong?’” Marsico told PEOPLE his story. “I told him, buddy, I’m really sad.”
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Joey, who was only a few weeks away from turning four, was watching his grandfather Mark DeLuca mow the lawn outside their Whitehall, New York, home on Thursday, May 9, when he made a snap decision that put him in danger.
Keirsten talked about her “active little boy,” the youngest of her two children, saying that “he really loves tractors and enjoys helping with the lawn.” “He approached my dad, who was riding the lawnmower, from behind. My dad threw the mower in reverse before my mom could get to him, and everything happened all at once,” she remembered. “The events that led to what happened were a series of events.”
“It’s been tough on all of us, especially my parents who feel absolutely awful,” Keirsten continues. Specifically, my dad is distraught.
The family believes that Mark DeLuca’s quick use of a tourniquet probably saved Joey’s life. After being transported to Boston Children’s Hospital, Joey had many foot procedures before it was decided to amputate.
Despite the difficulties in his recuperation, Joey’s maturity and upbeat attitude have astounded his family and friends, as well as his caregivers and physicians.
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“What a strong little guy,” Keirsten says. At times, conversing with him is like to conversing with a teenager. He has excellent adjustment.
Joey’s father, Joseph, remarks, “He’s always been that way—very understanding, perceptive of people’s emotions, and adept at coping with situations.” Joseph is reflecting on his son’s exceptional maturity. In addition, he speaks a lot and has a vocabulary that is above average for his age.
The Marsicos, along with their autistic 6-year-old daughter Gianna, settled into a new routine during Joey’s almost month-long hospital stay.
“We tried to maintain a sense of normalcy for my daughter because she attends school,” Keirsten says. “My spouse and I decided that one of us should stay at home with her because she needs routine.”
Joseph stayed stubbornly by Joey’s side, while Keirsten stayed at home. “He’s still by Joey’s side,” Keirsten underlines.
Keirsten reflects on a touching incident by saying, “The other day, as I was leaving Joey, I was crying, and he consoled me again.” I told him it was okay and that I didn’t have to be sad as he wiped away my tears. “I know, but I don’t like leaving you,” I said to him.
The Marsicos take comfort in the knowledge that Joey’s accident was a terrible exception and in their Catholic faith.
“My worst fear is that people will hear this story and think, ‘Why weren’t they watching him?’ or ‘How could they let this happen?’” admits Keirsten, expressing her deepest concern. As his mother, I’ve struggled with it.
She does, however, take solace in her faith, thinking that Joey’s experiences have a greater meaning. “I have to constantly tell myself that everything is happening for a reason. Even if we can’t see it now, God has a plan for him, Keirsten says.
She says, “I would tell someone else it’s an accident if they were in our shoes.” “Accidents happen, and focusing on ‘why’ won’t help—it will only make you feel bad about yourself.”
Keirsten highlights how resilient their family has been in the face of hardship. “We must change and get over what is going on. Our priorities are helping Joey and continuing to be a solid family unit.
After being away from home for almost a month following the accident, Joey was released from the hospital on June 5. Earlier last week, he had his fourth birthday celebration.
His parents are hopeful that he will heal and that he will soon get a prosthetic fitted. They are in awe of Joey’s capacity to communicate his emotions and offer consolation to others during this trying time.
Warmly, Joseph says, “He’s always been such a special little boy.”
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