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.
I Snatched My Tip Back Because of the Waiter’s Nasty Attitude
Amelia (30F) shared a recent dining experience that highlights the complexities of tipping and customer service. She and her husband (30M) went to a restaurant to celebrate his promotion, and everything went well until the end.
When the check arrived, Amelia left a $10 tip on an $85 bill. The waitress picked up the money and sneered, “Ten bucks? This isn’t the 1950s anymore, you know.” Amelia was stunned by her condescending tone. “I think 10 bucks on an $85 bill is more than fair,” she responded.The waitress rolled her eyes and retorted, “It’s a standard 20% tip these days, cheapskate. Do you not know how to calculate that?” Amelia, now angry, replied, “With that kind of nasty attitude, you don’t deserve a tip at all!” She then took back the $10 bill.The situation escalated as the waitress began loudly berating Amelia, causing a scene. The manager had to remove the waitress, and Amelia and her husband left without leaving a tip. Amelia admits she might have overreacted but feels the waitress’s behavior was unacceptable.Amelia shared her thoughts, “That $10 was over 11%, which is a decent tip by any measure. Her entitlement really rubbed me the wrong way.” The waitress’s public confrontation left the couple embarrassed and upset, overshadowing their celebratory evening.This incident raises important questions about tipping etiquette and handling conflict in service situations. Should Amelia have maintained her composure, or was her reaction justified given the waitress’s attitude? The debate continues as others weigh in on how to navigate such situations without escalating the conflict.
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