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" When we first started the company, I didn't have any thoughts of franchising. We just had company-owned stores. "

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" You have to realize that the customer really is king. People who go into more established businesses probably have to be careful not to be casual about that. When you have a brand-new business, and nobody knows who you are, you know you have to work really hard for your customers. "

" When I started in the business, the minimum wage was $1.25. I've seen an enormous number of wage increases. Basically, it applies evenly to everyone in the business. "

" You could have everything right but be in the wrong place. You think your business is no good, but really, the problem is your place is no good. "

" We're very much in the people business in that there are two important groups you have to work with: customers and employees. "

" From my point of view, my job is just to work hard for our franchisees, so they can maintain the position they're in, and to grow market share. "

" We find that no matter what country we're in, if we hit the right economic notes and appeal to the mass market, we're able to build the business very, very rapidly. "

" Most of the people we sign on as development agents commit to goals they don't believe are possible. "

" We give great value for our franchisees: They can build a store for well under $200,000. And we have extremely simple operating systems. The preparation is mostly done in front of the customer. That simplicity is really what attracts our Subway franchise. You see it, and you can do it. "

" You start a business, and you really don't have much of a budget. "

" The franchisees are uniquely in touch at the local level. They see what's going on in their communities in a way we couldn't ever imagine. "

" Higher unemployment generally bodes well for franchising. People are looking for a new opportunity, and people who have jobs are a little less confident they'll always have a job. "

" For a franchise system to work well, you really need people with an entrepreneurial mind-set because, while you have a large, overarching system that everybody has to work with, a lot of local issues have to be handled. "

" I don't have much of a bucket list. I don't have a lot of needs and desires. "

" Six months after we started, in 1964, there was a day when we sold only seven sandwiches. If we'd taken all the money from the register, we couldn't have paid an employee, much less the food or the rent or all that. It could have been a turning point. We could have given up. "

" By and large, we're a bread-eating culture. People like sandwiches. We don't really over-think that one. "

" If I were in charge of the government, I would index the minimum wage to inflation, so that way, everybody knows what they can count on. "

" Subway is a real point of pride. We have influenced the way people eat. "

" Profit or perish... There are only two ways to make money: increase sales and decrease costs. "

" The payroll tax is affecting sales. It's causing sales declines. "

" To a large extent, we're working hard to fulfill the consumer demand for Subway sandwiches. "

" In 1974, we began franchising. We didn't have any big thought process except that, 'OK, franchising will help us get to our goal of 32 stores and help us run stores farther away from home.' "

" Back when we started, people didn't even know what a submarine sandwich was. The product was only sold in a few markets. "

" How you handle the obstacles has a big impact on how you do. If you give up, then you obviously don't get there, but if you're persistent, and you keep thinking of new ways to approach the business, you're more likely to reach your goal. "

" Everybody eats three times a day; it's only a question of where they choose to eat. The longer-term trends are people eat out more often. "

" You have to be able to communicate the vision to the people in your organization so that they know where and how they should direct themselves on a day-to-day basis. "

" Even if you set a long-term goal, that doesn't mean it's a straight-line journey. Often, there are problems and obstacles along the way. "

" In the U.S. and Canada, we have one store for every 12,000 people. "

" You really have to understand this isn't a business where you sit in the back room and do calculations - you have to be very concerned about employees and customers, because that's really what's going to bring you success. "

" I know a lot of people at some point in their business careers decide they'll just cash in and do something else, but for some reason, I've never had that feeling. "

" When you're invested in your own business, you're going to run it better. When people are financially responsible for whether their store succeeds, they're going to have that kind of entrepreneurial spirit that's harder to get if headquarters is running things. "