Dr. Peter Buck made a fortune from the sandwich shop he opened in 1965, which would later become a huge franchise with more than 37,000 locations.
When he died last year at the age of 90, Dr. Buck leaves 50% of Subway’s property to his two sons, but the other 50% goes to charity, according to a new announcement of his estate.
Dr. Buck and his wife are founders of the Peter and Carmen Lucia Buck Foundation (PCLB)which funds various causes, including education, conservation, and medicine.
The gift, valued at about $5 billion, marks the latest in hefty philanthropic donations from billionaire entrepreneurs.
Last year, Patagonia founder Yvon Chouinard announced he would be transferring his $3 billion ownership of the company to a special trust and non-profit organization. organization to protect vacant land. Bill Gates, Elon Musk and Mark Zuckerberg have all pledged to give away most of their fortunes to charitable organizations.
The Subway Story
The entrepreneurial journey of Dr. Paul Buck started in 1965 when a 17-year-old family friend named Fred DeLuca asked him for advice on paying his college tuition. Dr. Buck, a nuclear physicist, suggested opening a submarine sandwich shop and investing $1,000 in the venture.
It was the best investment he ever made. The two then formed a business partnership that would eventually lead to the Subway chain we all know so well.
Dr. Buck and his late wife founded PCLB as a private family foundation to manage their family’s philanthropic initiatives. The charity’s mission is to “give motivated people the tools they need to help themselves.”
Sons will manage the charity
The generous donation of 50% from Dr. Buck doesn’t leave the family completely.
A copy of the will, obtained by Forbes, shows that Dr. Buck has made his two sons, Christopher and William Buck, along with Ben Benoit, PCLB’s Chief Financial Officer, executors of his estate. Christopher and William are on the board of directors of the PCLB.
The will leaves all personal belongings of Dr. Buck to his two sons, but it also states that 50% of Subway will go to PLCB.
In a recent story in the Wall Street Journal on the potential sale of Subway, analysts valued the company at about $10 billion. That would be the contribution of Dr. making Buck to charity one of the largest one-year contributions ever.
“This gift will enable the Foundation to significantly expand its philanthropic efforts and impact many more lives, especially our work to create educational opportunities for all students, work that Dr. Buck cared so deeply about,” said Carrie Schindele, executive director of PCLB.
