How a Chicken Finger Chain Became a Billion-Dollar Success
A Unique Concept in Fast Food
Todd Graves had an unconventional vision: a fast-food restaurant dedicated entirely to chicken fingers. When he first presented this idea as part of a college assignment in the mid-90s, he faced skepticism.
His professor at Louisiana State University deemed this niche concept unviable for southern Louisiana, giving him the lowest grade in the class. Banks were similarly unconvinced, doubting that a limited menu could attract enough customers to sustain a business.
The Journey of Persistence
Despite these setbacks, Todd Graves was determined not to give up. He worked incredibly hard at various labor jobs, putting in 90-hour weeks as a boilermaker in California and enduring long days fishing for salmon in Alaska, all to save money for his dream restaurant.
By 1996, after years of hard work, Graves managed to open the first Raising Cane’s restaurant in Baton Rouge, Louisiana, located near LSU. He named the restaurant after his beloved yellow Labrador retriever, Cane, who often accompanied him during the restaurant's construction.
Overcoming Challenges
Initial challenges did not deter Graves. The opening of Raising Cane’s faced technical issues that postponed its grand debut, yet Graves took matters into his own hands, personally inviting customers with a grassroots approach. The restaurant even operated until 3:30 a.m. to accommodate night-time diners.
This initiative proved fruitful as early customers embraced the exceptional taste of the chicken fingers, Texas Toast, and the now-famous Cane’s Sauce. These initial supporters evolved into devoted fans, affectionately termed “Caniacs.”
Growth and Expansion
Fast forward to today, Raising Cane’s boasts over 800 locations worldwide, including iconic outlets in destinations like Times Square and Las Vegas. The company reported an impressive $3.7 billion in net sales last year, with plans to expand to nearly 900 restaurants by the end of 2024.
Todd Graves, now worth around $9.5 billion, retains over 90% ownership of the business, demonstrating his commitment to its future. He envisions passing the company’s values onto his children, ensuring that the ethos of Raising Cane's continues.
Community and Employee First
Throughout his journey, Graves has faced numerous obstacles, including the devastating impact of Hurricane Katrina, which forced him to close 21 out of 28 locations. Nevertheless, he learned invaluable lessons about managing debt and equity, steering the ship through turbulent waters.
During the recent pandemic, when the restaurant industry grappled with severe challenges, Graves took substantial steps to support both employees and community members. He launched a series called Restaurant Recovery on Discovery+, aimed at helping independent restaurants overcome the setbacks caused by the crisis. To protect all 25,000 employees, Graves and co-CEO AJ Kumaran even opted to forgo their salaries during this tough period.
A Legacy of Opportunity
As Louisiana's wealthiest resident, Todd Graves is passionate about prioritizing the welfare of his employees. His commitment translates into the creation of more than 10,000 new jobs each year, with an ambitious plan to expand to 1,600 locations and employ 150,000 crew members.
Frequently Asked Questions
What inspired Todd Graves to start Raising Cane’s?
Todd Graves was inspired to create a fast-food chain focused exclusively on chicken fingers, driving him to dedicate himself fully to this niche concept despite early doubts.
How many Raising Cane’s locations are there currently?
As of now, Raising Cane’s operates over 800 locations globally and continues to expand rapidly.
What was the initial public reaction to Raising Cane’s?
The public response was overwhelmingly positive, leading to a devoted customer base known as “Caniacs.”
What core values does Todd Graves emphasize for his business?
Todd Graves emphasizes community support and employee welfare, striving to create opportunities for his team while sustaining the business.
How has Raising Cane’s adapted through challenges?
Raising Cane’s has shown resilience through various challenges, including Hurricane Katrina and the pandemic, by focusing on recovery efforts and supporting employees.
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