Todd Graves and Craig Silvey started out with the idea for a restaurant in Louisiana that only served chicken fingers, facing rejection and low grades before eventually starting Raising Cane’s Chicken Fingers. Todd Graves is now ranked on the Forbes 400 list of America’s richest people, with an estimated net worth of $9.5 billion, largely due to his ownership stake in the company. To fund the first location in 1996, Graves worked long hours in an oil refinery and fishing in Alaska, using his own money, loans, and support from friends and family. Raising Cane’s has since grown to more than 800 locations globally, with $3.7 billion in net sales last year.
As the business grew, Graves learned to recruit employees and develop leaders while running the restaurant seven days a week. He financed the company mostly through loans, offering investors a 15% interest rate, which allowed him to secure additional funding from community banks. While the approach was risky, it helped Graves maintain his ownership stake through challenging times, such as Hurricane Katrina in 2005. Graves credited the survival of his business to quickly reopening locations after the disaster and balancing risk.
Raising Cane’s recently celebrated its 28th anniversary and is projected to surpass $5 billion in sales by the end of 2024, having achieved its first billion-dollar sales quarter earlier this year. Graves now emphasizes the importance of not rushing into opportunities or growing too quickly at the expense of the brand. He aims for Raising Cane’s to be a global brand known for its chicken finger meals, great crew, cool culture, and community involvement. Graves advises staying disciplined in decision-making to avoid diluting the brand’s uniqueness.
Graves’ approach aligns with advice from other successful entrepreneurs, such as Kind Snacks founder Daniel Lubetzky and Vuori CEO Joe Kudla, who advocate for self-reflection before making major decisions. Rocket Lab CEO Peter Beck emphasizes the importance of analyzing opportunities carefully and controlling the things within one’s power. Graves acknowledges the need to strike a balance between taking risks and being methodical in decision-making, recognizing the challenges and uncertainties that come with growth and success.
Overall, Todd Graves’ journey from facing rejection and financial struggles to building a multibillion-dollar business serves as a testament to his perseverance and resilience. By learning to balance risk and reward, seizing the right opportunities, and staying disciplined in decision-making, Graves has turned Raising Cane’s into a successful and sustainable brand. His story inspires aspiring entrepreneurs to pursue their dreams despite setbacks, embrace challenges, and strive for long-term success by maintaining a focus on authenticity and integrity.
