From Maggie's Farm, a link to an interview with Fred deLuca, who started the first Subway sandwich shop in 1965 with a $1,000 loan from a college professor who was also a family friend.  Almost half a century later, they still share the profits 50/50 -- no quarrels, no lawsuits.

DeLuca says he was lucky when he started to be so young that he didn't really understand the danger of failure.  His first intended franchisee had a more typically grown-up attitude:
"When we first began franchising, I knew we needed a first franchisee, and the only person I could think of was [our good friend] Brian.  So I went to him and said, 'I’ve got this opportunity for you.'  He gave a practical response, which was, 'Even though I’m not crazy about [my job], I get paid every week.'  He didn’t feel comfortable taking the risk of quitting. 
"Then one day he showed up for work and his employer had gone bankrupt.  So he called me and said, 'Hey, is that offer still available?'  That’s how we got started.


Grim said...

It's rough, because there are years you have little, no, or negative income. Another year like last year and... well, best not to think about it. :) I wouldn't mind a steady paycheck myself just now.

douglas said...

Boy, tell me about it. Anything to do with housing out here is not doing too well, never mind the rosy picture many outlets keep trying to paint it.

Texan99 said...

Maybe we should open a sandwich shop.

E Hines said...

Maybe we should open a sandwich shop.

You cook. I'll eat. And slice the bread. And I promise to wipe the knife on my jeans between each loaf so as to not crud things up too badly.

Eric Hines

Miss Ladybug said...

I'm actually in the process of becoming a part-owner in a business. Something the fiancé has experience in, but with a former partner who wasn't much for the fact that he actually *HAD* a partner... The fiancé and those who approached him about starting up a new entity want to do the same line of business, but in a more sound fashion. None of us are quitting our day jobs just yet for this endeavor, but if we can get this thing rolling, we might just break even, at the least, in the first year. If all goes well, the business will be expanded in a responsible manner, not overextending our commitments, as the former partner did (and still does). It is exciting and scary at the same time :-P