University of Maryland University College
September 23, 2012
For my interview I decided to choose the owner of 6 different Subway Restaurants in Maryland. It was an honor to interview my friend "Mr. Sharad Doshi". He has been in this industry for past five years. I chose him because he has been an inspiration to everyone. Looking at his accomplishments, makes us feel very proud and I knew for sure, for me, the best person to interview would be him.
Subway is an American Restaurant Franchise that primarily sells Sandwiches (Subs) and Salads. It is owned and operated by Doctor's Associates, Inc. (DAI). Subway is one of the fastest growing franchises in the world. For the second year in a row, the SUBWAY® Restaurant chain has been awarded the Number One ranking in the Franchise Direct Top 100 Global Franchises Rankings, (MILFORD, Conn., May 2, 2012 /PRNewswire/ CT-SUBWAY-Franchise)
Mr. Doshi was always inspired by Subway as it offered healthy life style at a very affordable price. Subway offers healthy meal options at a very affordable price to the people. Also, he was looking for strong, proven franchise business. According to Subway's official website, Subway was second largest franchise in 2007. The growth of the company was significantly higher than QSR (Quick Service Restaurant) industry. DAI has developed a very good system to Franchise their locations. He completed online application process and then finished the written examination. After that he successfully completed business plan and reviewed with Subway executives. The whole process took about 3 to 6 Months. Finally, he opened his first Subway store in Frederick, Maryland in 2007.
Mr. Doshi's organization has several corporatizations formats, such as “S” Corporation and LLC formats. As per there specific requirement at that time, his attorney and his accountant guided him to open "S" Corporation or LLC format. It's not a Partnership or Sole Proprietorship. The advantages of having a corporate structure were very clear. He said that they are protected through any lawsuits and many legal aspects. Secondly, there is Limited liability for stockholders. Thirdly he says; it is good to have structure which is used for as per IRS codes and State regulations. Operating as an S corporation gives owners of the company legal and taxation benefits.
When I asked him about Business Rewards and Challenges, he said that every business comes with lots of challenges and rewards. It is a very difficult question to answer in a narrow spectrum. You are working for yourself, so all success and reward goes to you and at the same time any failure is yours too. It is risk v/s reward situation. In the business every moment is a challenge, such as finance, marketing, human resources, customer relations, legal and many more. Dealing with several aspect of business itself is a challenge. Reward is yours, success is yours and every day you feel good about playing a game to win. Also, he says it meets his needs with a demanding, but flexible schedule. The reward for him; is knowing that his business is a success and it’s very hard to build a successful business during this tough economical time.
Subway has a set of standards when it comes to the product they serve in the store. They know that it takes more than just good food to nourish strong people and build a vibrant community. It can only be done by taking care of people, the heart and soul of the SUBWAY experience. Subway is dedicated to building strong business relationships through open communication, respect and by with each other as well as by serving their customers and neighborhoods; much like we do within our own families. In there business, all employees throughout the SUBWAY® system adhere to ethical principles and employment standards to ensure that all workers are valued, treated fairly and with respect. One more...