Mitt uses the Jimmy John owner as an example of how to borrow money from your parents. [View all]
Ha--- Looks like an investment by his wealthy Dad who tried to find something for his pampered son to do.
Liautaud founded Jimmy John's in 1983 after graduating from Elgin Academy (1982) and receiving the choice from his father to join the military, go to college or start a business.
Liautaud chose the latter and accepted his father's $25,000 loan to start a hot dog business – with Liautaud owning 52% of the business and his father owning 48%. After realizing a hot dog business would cost more than anticipated, Liautaud opened his first sandwich shop.
Liautaud is an outspoken Republican and Mitt Romney supporter. He will serve as a delegate representing Illinois's 13th Congressional District at the Republican National Convention in Tampa, FL. Romney cited Liautaud as an example in a campaign speech on April 27th, 2012, suggesting that students should borrow money from their parents in order to attend school or open a business
The first Jimmy John's opened in a garage in Charleston, Illinois on January 13, 1983 with used equipment and no menu or outdoor advertisement – selling four kinds of sandwiches and 25-cent Cokes. After giving samples around town, the business began to thrive.
In April 1985, Liautaud bought out his father's interest in the business, becoming sole owner. He opened his second store in Macomb, Illinois. He later opened several more stores and developed a prototype before franchising began in 1993.