two friends, eight years out

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
Anonymous User
Posts: 273479
Joined: Tue Aug 11, 2009 9:32 am

two friends, eight years out

Postby Anonymous User » Tue May 08, 2012 11:38 am

In 2004, my best friend and I graduated from college. I went to law school at CCN. He started his own Subway restaurant with, I believe, $20k in capital as part of a partnership with two other friends.

Here's the last 8 years for both of us:

Me: I graduated CCN class of 2007. Worked big law from 2007-10. From 2010-present I've been in a two-year district clerkship in a flyover district. And this September, I will finish that. I have a job lined up with my old firm.

Him: His Subway partnership expanded. He also went into solo ventures. He presently owns 14 Subways (in either partnership or solo form), 3 laundromats, and 2 gas stations. All that, in 8 years. From February to May, he went to China for a three-month trip. Just for the shits. Didn't work. Because we're very close, I learned he makes $700k a year profit from all his partnerships, and doesn't have to work at all because he is a passive investor in all his ventures. He can literally, do, anything he wants, and his businesses pay for his life. This year, he plans on diversifying out and investing in foreclosed commercial property so he can be a commercial landlord - another lazy way to make money.

I post this because the last year and half of clerking have been a huge change of lifestyle for me (for the better). And I'm about to dive back into 2300 hour billables. A huge part of me wants to quit law and follow his path, but I'll be starting a decade behind him and know little to nothing about business. I have the savings to do this. And it's very possible for me to just follow his coattails and try to understand this new path, if I go down that road.

Thoughts?

005618502
Posts: 2577
Joined: Thu May 06, 2010 10:56 pm

Re: two friends, eight years out

Postby 005618502 » Tue May 08, 2012 11:45 am

Anonymous User wrote:In 2004, my best friend and I graduated from college. I went to law school at CCN. He started his own Subway restaurant with, I believe, $20k in capital as part of a partnership with two other friends.

Here's the last 8 years for both of us:

Me: I graduated CCN class of 2007. Worked big law from 2007-10. From 2010-present I've been in a two-year district clerkship in a flyover district. And this September, I will finish that. I have a job lined up with my old firm.

Him: His Subway partnership expanded. He also went into solo ventures. He presently owns 14 Subways (in either partnership or solo form), 3 laundromats, and 2 gas stations. All that, in 8 years. From February to May, he went to China for a three-month trip. Just for the shits. Didn't work. Because we're very close, I learned he makes $700k a year profit from all his partnerships, and doesn't have to work at all because he is a passive investor in all his ventures. He can literally, do, anything he wants, and his businesses pay for his life. This year, he plans on diversifying out and investing in foreclosed commercial property so he can be a commercial landlord - another lazy way to make money.

I post this because the last year and half of clerking have been a huge change of lifestyle for me (for the better). And I'm about to dive back into 2300 hour billables. A huge part of me wants to quit law and follow his path, but I'll be starting a decade behind him and know little to nothing about business.

Thoughts?


Sounds like you guys are close. Are you debt free? If so then ask him if you can join him on investing on his next subway or something. Sounds like you can keep your job and try to do what he is doing by investing with him, which sounds like it wont take enough time to force you to quit your job. If this ends up being successful you can quit your job, if it doesnt, oh well at least you gave it a shot

User avatar
thesealocust
Posts: 8448
Joined: Mon Oct 20, 2008 8:50 pm

Re: two friends, eight years out

Postby thesealocust » Tue May 08, 2012 11:48 am

Tired xo schtick.

Also man it's funny how easy it is to make a 3,500% yearly return just by investing in subways lol why doesn't everyone just franchise.

User avatar
Big Shrimpin
Posts: 2468
Joined: Fri Oct 24, 2008 12:35 pm

Re: two friends, eight years out

Postby Big Shrimpin » Tue May 08, 2012 11:49 am

Just do BIGFASTFOODFRANCHISE, little breh.

ran12
Posts: 1003
Joined: Sun Oct 31, 2010 4:28 pm

Re: two friends, eight years out

Postby ran12 » Tue May 08, 2012 11:52 am

I've been hearing it's a lot more restrictive and costly to franchise now. If your friend's willing to let you in as an investor then go for it b/c he seems to know what he's doing but I would not go into something like this solo considering you don't seem to have any recent business background and if you did in UG, things have changed a lot since you graduated.

User avatar
gwuorbust
Posts: 2087
Joined: Tue Sep 22, 2009 11:37 pm

Re: two friends, eight years out

Postby gwuorbust » Tue May 08, 2012 11:58 am

its all about location. Sure, if you get a subway in a good location with enough traffic you can make money. You start a franchise (be it subway or whatthefuckever) in a terrible location then you are going to do terrible. Do you have what it takes to forecast foot traffic that will lead to sales and, ultimately, a profitable store? If not, don't waste your money and career.

User avatar
tedalbany
Posts: 1697
Joined: Wed Apr 11, 2012 11:15 pm

Re: two friends, eight years out

Postby tedalbany » Tue May 08, 2012 11:59 am

Why don't you all just borrow $20k from your parents and start a Subway??? Don't you people have any money?

CanadianWolf
Posts: 10439
Joined: Wed Mar 24, 2010 4:54 pm

Re: two friends, eight years out

Postby CanadianWolf » Tue May 08, 2012 1:48 pm

The practice of law is not for the lazy. Same for medicine.

P.S. Just exactly what is your friend putting on those Subway sandwiches ? :D

09042014
Posts: 18282
Joined: Wed Oct 14, 2009 10:47 pm

Re: two friends, eight years out

Postby 09042014 » Tue May 08, 2012 1:50 pm

thesealocust wrote:Tired xo schtick.

Also man it's funny how easy it is to make a 3,500% yearly return just by investing in subways lol why doesn't everyone just franchise.


Guys at my high school did it all the time, nbd.

User avatar
Big Shrimpin
Posts: 2468
Joined: Fri Oct 24, 2008 12:35 pm

Re: two friends, eight years out

Postby Big Shrimpin » Tue May 08, 2012 1:52 pm

Desert Fox wrote:
thesealocust wrote:Tired xo schtick.

Also man it's funny how easy it is to make a 3,500% yearly return just by investing in subways lol why doesn't everyone just franchise.


Guys at my high school did it all the time, nbd.


In the alternative, OP could quit law, then go HBS/Booth to PE/HF.

keg411
Posts: 5935
Joined: Tue Apr 21, 2009 9:10 pm

Re: two friends, eight years out

Postby keg411 » Tue May 08, 2012 2:01 pm

Desert Fox wrote:
thesealocust wrote:Tired xo schtick.

Also man it's funny how easy it is to make a 3,500% yearly return just by investing in subways lol why doesn't everyone just franchise.


Guys at my high school did it all the time, nbd.


I went to High School with a Tony Award winner, an actor on a network TV show and an actor who was on a HBO show (until they killed him off). FALLBACK CAREER! :D

Repartee16
Posts: 38
Joined: Wed Jan 04, 2012 9:00 am

Re: two friends, eight years out

Postby Repartee16 » Tue May 08, 2012 2:24 pm

That's awesome you went to high school with the guy that played Ned Stark

User avatar
happy187
Posts: 135
Joined: Fri Jan 15, 2010 1:43 pm

Re: two friends, eight years out

Postby happy187 » Tue May 08, 2012 4:10 pm

from subway.com it costs from 115k to 258k capital investment to start a subway.

http://www.subway.com/subwayroot/Own_a_ ... Canada.pdf

vacate123
Posts: 30
Joined: Thu Jul 07, 2011 12:51 am

Re: two friends, eight years out

Postby vacate123 » Tue May 08, 2012 4:15 pm

happy187 wrote:from subway.com it costs from 115k to 258k capital investment to start a subway.

http://www.subway.com/subwayroot/Own_a_ ... Canada.pdf

RC fail
LR fail
Last edited by vacate123 on Tue May 08, 2012 4:15 pm, edited 1 time in total.

User avatar
tedalbany
Posts: 1697
Joined: Wed Apr 11, 2012 11:15 pm

Re: two friends, eight years out

Postby tedalbany » Tue May 08, 2012 4:15 pm

happy187 wrote:from subway.com it costs from 115k to 258k capital investment to start a subway.

http://www.subway.com/subwayroot/Own_a_ ... al_Req_US_Canada.pdf

User avatar
happy187
Posts: 135
Joined: Fri Jan 15, 2010 1:43 pm

Re: two friends, eight years out

Postby happy187 » Tue May 08, 2012 4:22 pm

^^ And ?

Subway wraps USA and Canada together into one estimation. You cannot narrow by country. I only posted to illustrate that it is more than a 20k investment to get something like this off the ground. Will you get a greater ROI from owning a small business franchise...maybe. I was just trying to shed light on why not everyone just runs out to buy a franchise and get rich.

Sandro
Posts: 2526
Joined: Sat Jul 18, 2009 12:12 am

Re: two friends, eight years out

Postby Sandro » Tue May 08, 2012 4:28 pm

tedalbany wrote:Why don't you all just borrow $20k from your parents and start a Subway??? Don't you people have any money?


Without the last sentence I would have loled more.

User avatar
GATORTIM
Posts: 1214
Joined: Tue Jun 09, 2009 3:51 pm

Re: two friends, eight years out

Postby GATORTIM » Tue May 08, 2012 4:35 pm

boardroom >>> courtroom

Anonymous User
Posts: 273479
Joined: Tue Aug 11, 2009 9:32 am

Re: two friends, eight years out

Postby Anonymous User » Tue May 08, 2012 4:48 pm

Anonymous User wrote:In 2004, my best friend and I graduated from college. I went to law school at CCN. He started his own Subway restaurant with, I believe, $20k in capital as part of a partnership with two other friends.

Here's the last 8 years for both of us:

Me: I graduated CCN class of 2007. Worked big law from 2007-10. From 2010-present I've been in a two-year district clerkship in a flyover district. And this September, I will finish that. I have a job lined up with my old firm.

Him: His Subway partnership expanded. He also went into solo ventures. He presently owns 14 Subways (in either partnership or solo form), 3 laundromats, and 2 gas stations. All that, in 8 years. From February to May, he went to China for a three-month trip. Just for the shits. Didn't work. Because we're very close, I learned he makes $700k a year profit from all his partnerships, and doesn't have to work at all because he is a passive investor in all his ventures. He can literally, do, anything he wants, and his businesses pay for his life. This year, he plans on diversifying out and investing in foreclosed commercial property so he can be a commercial landlord - another lazy way to make money.

I post this because the last year and half of clerking have been a huge change of lifestyle for me (for the better). And I'm about to dive back into 2300 hour billables. A huge part of me wants to quit law and follow his path, but I'll be starting a decade behind him and know little to nothing about business. I have the savings to do this. And it's very possible for me to just follow his coattails and try to understand this new path, if I go down that road.

Thoughts?


This might sound cheese ball to you, and it's based on the assumption that you like your work (which obviously might not be the case, if not then don't read this):

There is more to be earned in life than money. He makes $700k a year, so what? He owns subways. That's legitimately uninteresting. Boring. He's probably bored and anyone he talks to about his subway franchises is going to be bored out of their mind.

Clerking for a federal judge? That's interesting. You said its a flyover district, so what? Do something that you think is meaningful with your expertise. Do something real. Don't hawk shitty, unhealthy (yea, unhealthy) sandwiches to people. Don't sell cigarettes, gas, and beer for a living. Of course, if all you want to do is party on a yacht or do blow in Thailand then I guess go for it.

User avatar
GATORTIM
Posts: 1214
Joined: Tue Jun 09, 2009 3:51 pm

Re: two friends, eight years out

Postby GATORTIM » Tue May 08, 2012 5:09 pm

Jared says neither of these things are that bad of an option...

Anonymous User wrote: hawk shitty, unhealthy (yea, unhealthy) sandwiches to people if all you want to do is party on a yacht or do blow in Thailand then I guess go for it.



Image

User avatar
Birdnals
Posts: 4576
Joined: Wed Apr 04, 2012 10:26 am

Re: two friends, eight years out

Postby Birdnals » Tue May 08, 2012 5:15 pm

“Don’t choose this career because it will lead to a lifestyle of partying on a yacht and doing blow in Thailand” could be the single least persuasive argument I have ever heard…

ruski
Posts: 350
Joined: Sat Sep 12, 2009 10:45 am

Re: two friends, eight years out

Postby ruski » Tue May 08, 2012 6:55 pm

yea i know someone who also opened a subway in nyc. he's pretty miserable and not as successful. he is constantly at his shop to make sure everything is running smoothly b/c the people who work at subway are idiots and he doesnt trust leaving the store to them. dont know exactly how much he makes, but its not a whole lot. he makes a living. probably max something in the low 100s judging by the way he lives. its easy to look at your one friend and say that coulda been me, but really not everyone is as lucky or successful as him.

User avatar
dowu
Posts: 8334
Joined: Wed Mar 28, 2012 9:47 pm

Re: two friends, eight years out

Postby dowu » Tue May 08, 2012 7:00 pm

:shock: :shock:
Last edited by dowu on Sun Apr 17, 2016 8:03 pm, edited 2 times in total.

User avatar
Mr. Pancakes
Posts: 1234
Joined: Thu Nov 24, 2011 1:11 pm

Re: two friends, eight years out

Postby Mr. Pancakes » Tue May 08, 2012 7:10 pm

Birdnals wrote:“Don’t choose this career because it will lead to a lifestyle of partying on a yacht and doing blow in Thailand” could be the single least persuasive argument I have ever heard…

Isn't that why you go to law school in the first place?

User avatar
dowu
Posts: 8334
Joined: Wed Mar 28, 2012 9:47 pm

Re: two friends, eight years out

Postby dowu » Tue May 08, 2012 7:13 pm

Mr. Pancakes wrote:
Birdnals wrote:“Don’t choose this career because it will lead to a lifestyle of partying on a yacht and doing blow in Thailand” could be the single least persuasive argument I have ever heard…

Isn't that why you go to law school in the first place?




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.