From Rejection to Riches: The Unlikely Rise of Raising Cane’s Chicken Fingers
Todd Graves and Craig Silvey’s bold idea for a chicken finger-only restaurant in southern Louisiana was met with skepticism, earning them the lowest grade in their startup-pitching assignment and rejection from banks. Yet, this concept would propel Graves to become one of America’s richest people, with an estimated net worth of $9.5 billion.
Graves, now 52 and co-CEO of Raising Cane’s, credits his determination to prove doubters wrong. To fund the first location in 1996, he worked 90-hour weeks in an oil refinery in California and later fished for salmon in Alaska, investing $40,000 to $50,000 of his own money and securing $100,000 from friends, family, and a Small Business Administration loan.
Today, Raising Cane’s boasts over 800 international locations, generating $3.7 billion in net sales last year. Graves owns more than 90% of the company and has no plans to take it public or sell to private investors, aiming to pass on the business to his children.
Graves learned the hard way, working seven days a week at the first location and figuring out recruitment and leadership on the fly. He relied heavily on loans, offering private investors a 15% interest rate, which he used to secure additional funding from community banks. This approach nearly cost him the business during Hurricane Katrina but allowed him to maintain ownership.
The company has since grown exponentially, with its first billion-dollar quarter earlier this year and projected sales of nearly $5 billion in 2024. Graves now preaches the importance of balance and discipline, avoiding rushed expansion and prioritizing the brand’s integrity.
Raising Cane’s vision is to become a global brand, synonymous with crave-able chicken finger meals, great crew, cool culture, and community involvement. Graves’ outlook echoes that of other successful entrepreneurs, who advocate for self-reflection, calculated risk-taking, and controlling what you can control.
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