But it could be! People need to eat!  Having equity in Mikes might not make you rich but it should keep up with inflation. 

As long as they don’t ruin the brand it can easily be a 20 year stock that outperforms a bond.

That just seems to be the pattern.  Why wouldn't they do it?  The founders get their exit bonus, the investors reap some profit for a while, then move on to the next target.  No one is buying a sandwich shop thinking "This is a 20 year investment"