They wrote a business plan for a fast food place that only sold fried chicken tenders in the mid-1990s. The friend was Todd Graves. Silveys professor at Louisiana State University gave it the lowest grade in the class.
He worked to raise his own funds and eventually opened his chicken-tender restaurant, Raising Canes, in 1996.
Canes now has more than 800 restaurants in the US and internationally, with locations in over 40 states. The chain, whose loyal fans are known as “Canaics,” made $2. 3 billion in revenue during the first half of 2024, Bloomberg reported.
As founder, Graves has close to a 90% stake in the company. Forbes reported his estimated net worth is $9. 5 billion as of October 18, 2024.
Raising Cane’s Chicken Fingers has become one of the most popular quick-service restaurant chains in the United States, with over 600 locations across the country. But who is the mastermind behind this finger lickin’ good concept?
The founder and CEO of Raising Cane’s is Todd Graves a Louisiana native with a life-long entrepreneurial spirit. His journey to building a fast food empire is an inspiring tale of passion perseverance, and calculated risk-taking.
The Origin Story
In the early 1990s, Todd Graves went to Louisiana State University for college. Todd chose to make a business plan for a restaurant that only served chicken fingers for his business class project. His professor was very critical of the idea and gave Todd a bad grade because he insisted that a restaurant with such a small menu could never be successful.
But Todd didn’t give up on his dream of opening a restaurant that only served chicken fingers. He did crazy things after college to get the money he needed to make his dream come true. The weeks Todd worked at an oil refinery in Los Angeles were 90 hours long. Then he went to Alaska to work as a commercial salmon fisherman for a month, putting in 20-hour days in harsh conditions.
In 1996, with his hard-earned money combined with a small business loan, Todd Graves opened the first Raising Cane’s restaurant in Baton Rouge, Louisiana near the LSU campus. The tiny location only had room for a few tables and a walk-up counter, but customers loved the food. On opening night, Todd stood outside waving people in until 3:30 am!
Scaling Up Through Recessions and Natural Disasters
The first Raising Cane’s was a hit, but expanding the concept into a real restaurant chain required major capital investments. Todd made the risky decision to take out high-interest loans from private investors, using that leverage to secure larger bank loans. This left the young company heavily in debt just as they looked to grow.
The aggressive growth plan was threatened when Hurricane Katrina devastated Louisiana, forcing 21 out of 28 Raising Cane’s locations in Baton Rouge to close temporarily. But the resilience of the Raising Cane’s crew and Todd’s unwavering commitment got the restaurants back up and running quicker than expected. Raising Cane’s survived the crisis and continued expanding nationwide.
Today, Raising Cane’s has over 600 locations across 31 states and the Middle East. The company now has a much more conservative debt load, with Todd limiting borrowing to keep the debt ratio below 3 times the company’s earnings. This gives Raising Cane’s a secure financial footing for the future.
The Secret Behind Raising Cane’s Success
So what sets Raising Cane’s apart in the crowded fast food market? Todd attributes the success to an obsessive focus on just one thing – serving the highest quality chicken finger meals.
Raising Cane’s has simplified its menu by getting rid of extra proteins and complicated combo meals. People always get the same thing: juicy chicken fingers cooked just for them, served with crinkle-cut fries and creamy coleslaw. Todd only uses high-quality ingredients and prepares his food by hand every day. For example, he hand-batters fresh chicken and makes sauces every day.
This laser-focus on delivering excellent chicken finger meals has earned Raising Cane’s a cult-like following. The signature Cane’s sauce is so popular that people buy it by the bottle!
Still Hands-On After All These Years
Remarkably, Todd Graves remains deeply involved in Raising Cane’s operations even after growing it into a major corporation with over 25,000 employees. He works closely with franchise partners to ensure quality and service standards. Todd is also the public face of the brand, regularly interacting with customers on social media and making TV appearances.
Todd Graves is clearly proud of how he turned Raising Cane’s into a well-known brand. But he says that the hardworking people who work in the restaurants made his dream come true. Todd’s continued hands-on management keeps Raising Cane’s true to its roots, serving the great chicken finger meals he dreamed of in college.
So next time you sink your teeth into a perfect chicken finger from Raising Cane’s, remember the tenacious entrepreneur who turned his crazy idea into a finger lickin’ success!
With enough seed money, he returned to Louisiana to build Raising Cane’s.
Graves originally planned to call the restaurant “Sockeyes,” a nod to his time in Alaska. Upon a friends advice, he decided to name the restaurant after his beloved yellow Labrador retriever, Cane. The dog was a frequent visitor to the construction site where he worked.
Graves and Silvey opened the first Raising Canes restaurant on August 28, 1996, inside a renovated building at the entrance of Louisiana State University in Baton Rouge. However, due to issues with the cash registers, the restaurant didnt officially open for business until after 9 p. m.
Graves took to the streets to wave in customers, and the restaurant stayed open until 3:30 a.m.
Silvey left the company in 1999, CNBC reported.
Todd Graves, the founder and CEO of Raising Cane’s, is one of the 400 richest people in the US.
Forbes reported in 2024 that Graves is the richest person in Louisiana and the 107th richest person in the United States.
He refers to himself as “CEO, Fry Cook, and Cashier of Raising Canes Chicken Fingers.”
Graves and AJ Kumaran, the chains chief operating officer, have shared the co-CEO title since 2018.
The Little-Known Truth Behind Raising Cane’s Chicken Fingers
FAQ
Who is the owner of Raising Cane’s Chicken Fingers?
Todd Graves (entrepreneur)Todd GravesBornTodd Bartlett Graves 1972 (age 52–53) New Orleans, Louisiana, U. S. EducationUniversity of Georgia (BA)Occupation(s)Businessman, restaurateurOfficeCo-founder and CEO of Raising Cane’s Chicken Fingers.
Is Todd Graves a billionaire?
Yes, Todd Graves, the founder of Raising Cane’s Chicken Fingers, is a billionaire. Forbes estimates his net worth at $17. 2 billion, according to Wikipedia.
Who owns the Raising Cane’s franchise?
Raising Cane’s is owned by its founder, Todd Graves. He started the company in 1996 in Baton Rouge, Louisiana, and remains actively involved in its operations and expansion.
What rapper owns Raising Cane’s?
While Raising Cane’s is owned by Todd Graves, rapper Post Malone has a close partnership with the company and even designed his own unique Raising Cane’s restaurant in Midvale, Utah, according to Raising Cane’s and other sources.
Who owns Raising Cane’s chicken fingers?
In conclusion, Raising Cane’s Chicken Fingers is owned by Raising Cane’s Chicken Fingers LLC, but it owes its success to the vision and dedication of Todd Graves, the company’s founder and CEO. With a focus on quality, simplicity, and great service, Raising Cane’s has become a well-liked fast food chain with a strong customer base.
Who started Raising Cane’s chicken fingers?
Raising Cane’s Chicken Fingers was established in 1996 by Todd Graves and Craig Silvey in Baton Rouge, Louisiana. 2. What motivated Todd Graves to start Raising Cane’s? Todd Graves, an LSU graduate and avid chicken finger enthusiast, came up with the idea for Raising Cane’s while still in college.
Who owns Raising Cane’s?
However, behind this culinary success story lies a visionary leader who has guided the company to unparalleled heights. The mastermind behind Raising Cane’s is Todd Graves, who co-founded the restaurant chain with his business partner, Craig Silvey.
Who started Raising Cane’s?
Raising Cane’s was started by Todd Graves, a graduate of LSU and huge chicken finger fan. He had the idea while he was still in college. He wrote a business plan for a restaurant focused solely on serving high-quality chicken finger meals.
Is Raising Cane’s a fast food restaurant?
Raising Cane’s is a popular fast-food restaurant chain that specializes in serving delicious chicken finger meals. The company was founded in 1996 in Baton Rouge, Louisiana, by Todd Graves and Craig Silvey.
Is Raising Cane’s owned by Todd Graves?
No, Raising Cane’s is privately owned, with Todd Graves and management retaining full control over the company’s operations. 8. Has Raising Cane’s received any awards or recognition? Yes, Raising Cane’s has received several accolades over the years.