As the sandwich chain eyes a sale upwards of $10 billion, a Forbes investigation reveals that late cofounders Peter Buck and Fred DeLuca had already salted away billions for their families and foundations.
to open a McDonald’s franchise is $45,000, while startup costs range from $1 million to $2.2 million.McDonald’s as the world’s largest restaurant chain with 33,749 locations around the world.
Four months after DeLuca’s death in September 2015, Subway underwent an internal restructuring that involved moving its global intellectual property to a newly formed Delaware corporation, the company’s franchise disclosure documents show. Delaware is a tax haven where there is no state tax on royalties.
DeLuca poses with Jared Fogle, Subway's longtime spokesperson, who claimed to have lost 245 pounds eating its sandwiches. Subway ended its relationship with Fogle in 2015, ahead of expected child pornography charges against him.While the Peter and Carmen Lucia Buck Foundation described Buck’s gift of his Subway stake as “over a decade” in the making, the donation also comes just in the nick of time to erase what likely would have been a hefty tax bill for his estate if Subway is sold.
As part of the lawsuit, the government requested Buck’s will and estate planning documents, which Buck’s lawyers vehemently declined to turn over, citing privacy concerns. However, a 2007 agreement for the “Tall Timber Trust” produced by Buck in the lawsuit outlined how upon his death, the trust property would be distributed as guided in Buck’s will .
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Subway’s Hidden Billions Revealed: How Its Founders Sliced Up A FortuneAs the sandwich chain eyes a sale upwards of $10 billion, a Forbes investigation reveals that late cofounders Peter Buck and Fred DeLuca had already salted away billions for their families and foundations. Meanwhile, some franchisees say they are left with crumbs.
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