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.
The Ingenious Pocket Tool Everyone Used Back In The Day!
Remember those cold winter days when you had to walk to school in the face of a wind that seemed to cut right through your wool coat? Perhaps you were the young person who, even with gloves on, spent the entire day ice skating on a frozen pond or building snow forts. For those of us who were born in the 50s, 60s, or 70s, enduring the bitter cold of winter was a common occurrence. Using a charcoal hand warmer was another unique way to stay warm.
Charcoal warmers were a necessity for the winter months before disposable heat packs and battery-operated warmers were introduced to the market. For those who were outdoors a lot, they were quite useful.
Remember those cold winter days when you had to walk to school in the face of a wind that seemed to cut right through your wool coat? Perhaps you were the young person who, even with gloves on, spent the entire day ice skating on a frozen pond or building snow forts. For those of us who were born in the 50s, 60s, or 70s, enduring the bitter cold of winter was a common occurrence. Using a charcoal hand warmer was another unique way to stay warm.
Charcoal warmers were a necessity for the winter months before disposable heat packs and battery-operated warmers were introduced to the market. For those who were outdoors a lot, they were quite useful.
These hand warmers were designed to be comfortable, not only to keep your hands warm. You would place a bit of charcoal inside a metal container lined with felt, slide it inside your pocket, and allow the heat to disperse. Those bitterly cold winter days were somewhat more tolerable thanks to this tiny device.
Though its technology may look antiquated now, it was a very effective system. The felt lining kept you out of direct heat while letting warmth slowly seep through the metal container, which was intelligently made to store charcoal sticks that burned constantly. The charcoal would not burn out too quickly because of the airflow at the back, and it would last for hours.
Consider it a tiny, reusable, and effective furnace for your hands. Disposable goods weren’t very popular back then. These durable hand warmers were treasured items that were handed down through the generations.
Hand warmers were a need back then, not an extravagance. Winters appeared more severe, but that didn’t stop people from working or going outside when it got chilly. The bitter cold was a little easier to bear if you were lucky enough to have one of these heaters. The charcoal hand warmer in your pocket was a silent ally against the cold, whether you were hunting, fishing, or just doing errands.
Our parents and grandparents also found these warmers to be extremely helpful during their arduous, chilly workdays. These devices provide much-needed respite prior to the widespread or dependable use of contemporary heating systems.
It makes me grin to think of these little instruments. They stood for preparedness and the will to simplify things, even if it meant concentrating on little pleasures. They were passed down through the generations, lent to friends in need, and valued for their warmth at all times.
It brings back happy memories of a charcoal hand warmer providing consistent warmth when you most needed it. It’s evidence of human ingenuity and tenacity as well as the pleasures of basic comfort in the face of bitter cold.
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