In 2011, Liautaud and his wife pledged $1 million toward the construction of the new Champaign County YMCA. Jimmy John Liautaud donating $1 million to Major Dan Rooney and Folds of Honor The acquisition was completed on October 18. At the close of the deal, Liautaud said that he will step down as chairman of the company and transition to become an advisor to the brand. In September 2019, Roark's Inspire Brands announced it was acquiring Jimmy John's for an unspecified amount in a deal unanimously approved by Liautaud and the rest of the Jimmy John's Board of Directors. In his 2018 book, Dick Portillo of Portillo's Restaurants called Liautaud his "good friend" and relayed that Liautaud tried to buy Portillo's before it was ultimately sold to Berkshire Partners. As part of the agreement, Liautaud, as the company's founder and largest individual shareholder, continued as chairman of the board. Terms of the transaction were not immediately disclosed, though it was later clarified that Liautaud retained 35% ownership of the company as part of the deal. In September 2016, Roark Capital Group agreed to purchase a majority stake in Liautaud's company, as Weston Presidio sold their minority investment after 10 years.
Weston Presidio bought a 33% stake in the company, and during the first year closed on over 100 real estate deals. In January 2007, Liautaud selected Weston Presidio, a private-equity firm, to help acquire better locations for the expanding company. Jimmy John Liautaud with Jimmy John's president James North After 18 months of getting the stores “back to basics” and instilling in them “some of that initial spark”, he was able to help the stores become more profitable. Together with his partner, and now President & CEO, James North, he visited 70 of the poorest-performing stores. Sales at the stores managed by Liautaud were outpacing the franchised stores by a wide margin. īy 2002, the company had about 200 stores, 10% of which were corporate stores that Liautaud oversaw himself. In 1994 he sold his first Jimmy John's franchise, in addition to the 10 stores owned by Liautaud himself. Coulter helped Liautaud take his business to the next level. At the time, Coulter was a Pizza Hut Franchisee, and later founded and ran Lone Star Steakhouse and Saloon and other chains. In 1988, Liautaud met businessman Jamie Coulter. The business continued to grow, and he was able to open his second and third shops in 19. At the end of his second year, Liautaud was able to purchase his father's share in the business and he became sole owner. By the end of his first year, the restaurant started making a profit. He began by bringing samples door-to-door to the nearby Eastern Illinois University dorms. Due to the poor location of his first store, Liautaud decided to include delivery of his sandwiches to boost sales. On JanuJimmy John's Gourmet Sandwiches opened in Charleston, Illinois.
With the help of his family as tasters, he decided to put four sandwiches on his original menu. After a chance encounter at a sandwich shop, Jimmy John realized that he could open a sandwich shop within his available budget by purchasing premium meats at a neighborhood market and baking his own bread. Initially Jimmy John wanted to open a hot dog stand, but after visiting numerous such stands throughout the summer of 1982, he realized the $25,000 would not be enough for such a venture. Although his father wanted him to enlist, he agreed to loan the money in exchange for a 48% stake in the business. Jimmy John Liautaud and Jimmy John's franchise owner Drew BreesĪfter Liautaud graduated from high school in 1982, his father offered him a loan of $25,000 to open a business on the condition that if the business failed, he would enlist in the US Army.
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