While studying at Louisiana State University in the 1990s, Todd Graves came up with a unique business idea, to open a fast food restaurant that served only chicken fingers. Despite receiving the lowest grade in his class for the plan, Graves wasn’t discouraged. He moved to California and worked for 90 hours per week at an oil refinery and later fishing in Alaska. Determined to make his dream a reality, he invested between $40,000 (approximately Rs 33 lakh) and $50,000 (approximately Rs 41 lakh) from his own savings and raised approximately $100,000 (approximately Rs 83 lakh) from friends, family and a Small Business Administration loan. In 1996, Graves finally opened his restaurant, Raising Cane’s. According to CNBC Make It, he now owns over 800 restaurants worldwide and earned $3.7 billion in sales last year.
Interestingly, the 52-year-old has more than 90 percent ownership of the company and doesn’t plan to sell his business to outside investors. Speaking to the portal, the entrepreneur said, “I want my kids in the business to be able to carry our values on after their mom and I are gone. They can turn this into a worldwide business and continue to grow.” Recently, Graves’ name appeared in the Forbes 400, where he’s 107th richest person in America, with an estimated net worth of $9.5 billion.
When Todd Graves opened the first Raising Cane’s, he had no experience in managing a business. He worked every day, from 8 am until 3:30 am. As the business started to grow, he learned how to hire employees and train leaders. This year, the restaurant celebrated its 28th anniversary and they are expected to reach $5 billion in sales by the end of 2024, according to a spokesperson of the restaurant.
“The vision of Raising Cane’s is to someday have locations all over the world, and be the brand for crave-able chicken finger meals, great crew, cool culture and active community involvement. You have to stay disciplined, because if you are successful, opportunities are crazy, and you can grow it towards something not special at all,” Graves said.
According to the website, initially, Todd Graves wanted to name his restaurant Sockeye’s to honour his time in Alaska. However, after receiving some advice from a friend, he decided to name it after his Labrador Retriever, Raising Cane. The dog would often visit the restaurant’s construction site.
Todd Graves, who has worked hard to become a billionaire, will be bringing his knowledge in Shark Tank Season 16 as a Guest Shark. As per Nation’s Restaurant News, he has been a fan of the show for a long time and is excited to share his experience with upcoming entrepreneurs. He believes that business is about helping others succeed rather than just making money. He understands how important it is when someone believes in you and helps you.
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