Todd Graves and Craig Silvey had the idea to create a restaurant that only sold chicken fingers in southern Louisiana, which eventually became Raising Cane’s Chicken Fingers. Despite facing rejection from banks and receiving a low grade in a startup-pitching assignment, Graves persevered to turn his concept into a reality. He now ranks as the 107th-richest person in America with a net worth of $9.5 billion, largely due to his ownership stake in Raising Cane’s.
To fund the opening of the first Raising Cane’s location in 1996, Graves worked long hours in an oil refinery in California and later fished for salmon in Alaska. He invested his own money along with funds from friends, family, and a Small Business Administration loan. Today, Raising Cane’s has over 800 locations globally and generated $3.7 billion in net sales last year. Graves, who owns more than 90% of the company, does not plan to take it public or sell his stake.
Overcoming his lack of business management skills, Graves worked tirelessly to grow Raising Cane’s. He learned to recruit employees and develop leaders on the go, admitting that he was “building a plane while flying it.” Initially relying heavily on loans, Graves later realized the importance of balancing debt and equity after nearly losing the business during Hurricane Katrina. This experience taught him to manage risk effectively to ensure the company’s survival.
Raising Cane’s achieved its first billion-dollar quarter in sales earlier this year and is projected to reach $5 billion in sales by the end of 2024. Graves emphasizes the importance of not rushing into opportunities or expanding too quickly at the expense of the brand’s integrity. Rather than chasing growth for growth’s sake, he believes in maintaining discipline to preserve the company’s unique value proposition.
Like other successful entrepreneurs, including Kind Snacks founder Daniel Lubetzky and Vuori CEO Joe Kudla, Graves advocates for taking a step back to self-reflect before making significant decisions. Rocket Lab CEO Peter Beck also stresses the importance of analyzing opportunities carefully, controlling what can be controlled, and acknowledging what cannot. By staying disciplined and strategic in decision-making, Graves aims to ensure the long-term success and global expansion of Raising Cane’s. His commitment to maintaining the brand’s core values and culture for future generations reflects his dedication to building a lasting legacy.
