Todd Graves had a simple idea: a fast-food restaurant that sold only chicken fingers. And while that might sound like a winning idea now, when Graves pitched it as a college assignment in the mid-90s, it was anything but well-received.
In fact, his professor at Louisiana State University gave him the lowest grade in the class, insisting that such a niche concept would never work in southern Louisiana. Banks rejected him, too. They couldn’t imagine a restaurant with such a limited menu thriving.
Don't Miss:
The global games market is projected to generate $272B by the end of the year — for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.
Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here’s how you can earn passive income with just $100.
But Todd Graves wasn’t one to back down. With his dream of serving high-quality chicken fingers, he worked hard labor jobs – 90-hour weeks in California as a boilermaker and long days fishing for salmon in Alaska – just to save up the money to get started.
By 1996, Graves had enough funds to open the first Raising Cane’s in Baton Rouge, Louisiana, near LSU. He named it after his beloved yellow Labrador retriever, Cane, who had been a frequent visitor at the construction site.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones – invest today with $1,000 for just $0.25/share
The opening wasn’t smooth; technical issues delayed the grand debut until late at night, but Graves wasn’t discouraged. He took to the streets to wave in customers and the restaurant stayed open until 3:30 a.m. That grassroots hustle paid off – the chicken fingers, Texas Toast and legendary Cane’s Sauce quickly gained fans. Those early customers weren’t just patrons – they became “Caniacs,” the dedicated followers of Raising Cane’s.
Today, Raising Cane’s has over 800 locations worldwide, including flagship spots in Times Square, Miami Beach and Las Vegas. The company generated $3.7 billion in net sales last year and aims for nearly 900 restaurants by the end of 2024. Todd Graves, now worth an estimated $9.5 billion, owns over 90% of the business and has no intention of selling it. He wants his kids to take over and carry on the company’s values after he's gone.
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years – here's how there's an opportunity to invest at $1,000 for only $0.50/share today.
Despite the initial rejections and setbacks, Graves made his dream a reality – and then some. His journey hasn’t been easy, though. He had to learn some painful lessons, such as nearly leaving the business when Hurricane Katrina caused him to close 21 of 28 restaurants. And since he had to rely on loans to launch the company, he had to learn the hard way how to balance debt and equity. But he survived those challenges and Raising Cane’s came back stronger.
Trending: Beating the market through ethical real estate investing' — this platform aims to give tenants equity in the homes they live in while scoring 17.17% average annual returns for investors – here’s how to join with just $100
Graves also has a passion for giving back. During the pandemic, when many restaurants were struggling, he launched the Discovery+ series Restaurant Recovery, which helped independent restaurant owners get back on their feet. To keep all 25,000 of Raising Cane’s employees employed, Graves and his co-CEO, AJ Kumaran, even gave up their paychecks during that period.
As the wealthiest resident in Louisiana, Graves believes in putting his employees first and providing possibilities. As a result, the company creates more than 10,000 new jobs annually, aiming to eventually reach 1,600 locations and employ 150,000 crew members.
Read Next:
Teens may never need wisdom teeth removed thanks to this MedTech Company – Be an early investor for just $300 for 100 shares!
A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
This article A Restaurant That Only Sells Chicken Fingers? This 'Stupid' Idea Made Him One Of The Richest People In The U.S. With $9.5 Billion originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.