Gerry Shreiber, a college dropout, wasn't happy with the metalworking business he had been operating for about seven years with a friend, so the two decided to sell out. Shreiber's take was about $60,000, but he needed a new job. One day he wandered into a Philadelphia waterbed store and struck up a conversation with a man who mentioned his investment in a troubled soft pretzel company called J & J soft Pretzels. Shreiber convinced the man to let him tour the rundown plant, and in 1971 he bought the company for $72,000. At the time J & J had at least ten competitors in the soft pretzel business, but over the years Shreiber devised a strategy that would eliminate this competition and help his company grow—he bought most of them out.
Today J & J Super Pretzels are uncontested in the frozen soft pretzel market, and they currently constitute about 70 percent of the soft pretzels that are sold in the country's malls, convenience stores, amusement parks, stadiums, and movie theaters.
Source: More Top Secret Recipes by Todd Wilbur.