22Feb
2017
0

17 year old Created Subway Sandwich Shops

For most kids who don’t know this, I just found out that all the Subway Sandwich shops were started by Fred DeLuca when he was only 17 years old.

When Fred was getting ready to go off to college he asked a family friend, Peter Buck if he had any ideas about how he could put himself through college.

IN an interview Fred recalled thinking to himself, “He’s doing well. I’m going to ask him if he has any good ideas for college, kind of really hoping he’s going to reach into his pocket and pull out a big stack of $100 bills and just give them to me.”

Instead Peter pitched the idea of Subway stores to DeLuca after recalling an Italian Subway sandwich shop called Amato’s that he and his father had visited on Sunday evenings when Peter Buck was a child.

DeLuca and Buck then drove to Maine to study the Amato’s sandwiches before opening their first store weeks later with $1,000 loan from Peter Buck to Fred DeLuca in 1965.

Grateful for Peter’s support, Fred named his restaurant Peter’s Super Submarine and the profit from those sandwiches helped him pay for college.

The first store failed, but he started another one and within 10 years he had made it work, and opened up 32 stores with the Subway name.

By turning it into a Franchise in 1974 he took the business nationwide and Subway now has 42,000 outlets worldwide.

According to Forbes Magazine, in 105 Fred DeLuca had a net worth of $3.5 billion dollars, ranking him 259th in the United States.

https://www.bloomberg.com/news/articles/2015-09-15/fred-deluca-billionaire-co-founder-of-subway-chain-dies-at-67

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