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Not sure what you are talking about: in 1993 Panera's predecessor was bought by Au Bon Pan, a public company, and it has since remained in that orbit https://en
by cft 6y ago
Not sure what you are talking about: in 1993 Panera's predecessor was bought by Au Bon Pan, a public company, and it has since remained in that orbit https://en.wikipedia.org/wiki/Panera_Bread https://en.wikipedia.org/wiki/Panera_Bread
I would not compare the later acquisitions or Panera to that of a bootstrapped non-VC businesses. I am thinking of LiveJournal, HotOrNot, Airliners.net etc - I am personally familiar with those multiples, and they are not 20 PE.
This Main St economy has as much in common with current public Wall St economy as Cessna 172 and the F-22. They both fly, but the rules are different..
- harryh 6y agoThis Main St economy has as much in common with current public Wall St economy Well obviously. There is a fundamental different in the economics of a single location coffee shop and a multinational company like Starbucks. The difference in these economics provides more than enough justification for one being worth a small multiple on earnings and the other a large multiple.