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two friends, eight years out
Posted: Tue May 08, 2012 11:38 am
by Anonymous User
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?
Re: two friends, eight years out
Posted: Tue May 08, 2012 11:45 am
by 005618502
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
Re: two friends, eight years out
Posted: Tue May 08, 2012 11:48 am
by thesealocust
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 11:49 am
by Big Shrimpin
Just do BIGFASTFOODFRANCHISE, little breh.
Re: two friends, eight years out
Posted: Tue May 08, 2012 11:52 am
by ran12
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 11:58 am
by gwuorbust
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 11:59 am
by tedalbany
Why don't you all just borrow $20k from your parents and start a Subway??? Don't you people have any money?
Re: two friends, eight years out
Posted: Tue May 08, 2012 1:48 pm
by CanadianWolf
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 ?
Re: two friends, eight years out
Posted: Tue May 08, 2012 1:50 pm
by 09042014
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 1:52 pm
by Big Shrimpin
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 2:01 pm
by keg411
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!
Re: two friends, eight years out
Posted: Tue May 08, 2012 2:24 pm
by Repartee16
That's awesome you went to high school with the guy that played Ned Stark
Re: two friends, eight years out
Posted: Tue May 08, 2012 4:10 pm
by happy187
from subway.com it costs from 115k to 258k capital investment to start a subway.
http://www.subway.com/subwayroot/Own_a_ ... Canada.pdf
Re: two friends, eight years out
Posted: Tue May 08, 2012 4:15 pm
by vacate123
Re: two friends, eight years out
Posted: Tue May 08, 2012 4:15 pm
by tedalbany
Re: two friends, eight years out
Posted: Tue May 08, 2012 4:22 pm
by happy187
^^ 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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 4:28 pm
by Sandro
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 4:35 pm
by GATORTIM
boardroom >>> courtroom
Re: two friends, eight years out
Posted: Tue May 08, 2012 4:48 pm
by Anonymous User
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 5:09 pm
by GATORTIM
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 5:15 pm
by Birdnals
“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…
Re: two friends, eight years out
Posted: Tue May 08, 2012 6:55 pm
by ruski
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.
Re: two friends, eight years out
Posted: Tue May 08, 2012 7:00 pm
by dowu
Re: two friends, eight years out
Posted: Tue May 08, 2012 7:10 pm
by Mr. Pancakes
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?
Re: two friends, eight years out
Posted: Tue May 08, 2012 7:13 pm
by dowu
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?
