Todd Graves and Craig Silvey had the idea for a restaurant in southern Louisiana that only sold chicken fingers, which eventually became Raising Cane’s Chicken Fingers. Despite facing challenges such as getting the lowest grade in a startup-pitching assignment and being rejected for bank loans, Graves persevered. Today, Graves is the 107th-richest person in America, with an estimated net worth of $9.5 billion largely driven by his ownership stake in Raising Cane’s, which has over 800 locations internationally and brought in $3.7 billion in net sales last year.
To raise money to open 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 used a mix of his own money, loans, and funding from friends and family to get the restaurant off the ground. Graves currently owns over 90 percent of the company and has no plans to take it public or sell his stake to private investors. He wants his children to continue the business and grow it into a worldwide brand after he is gone.
Graves had to learn to balance risk and reward as he built the business. He started with zero business management skills and worked seven days a week at the restaurant, figuring out how to recruit employees and develop leaders as the company grew. He relied heavily on loans in the beginning, offering investors high interest rates and treating the debt as equity to secure additional funding from banks. This method nearly cost him the business when Hurricane Katrina hit, but he was able to balance risk and survive.
Despite the company’s early rapid expansion, Graves now emphasizes the value of not rushing into opportunities or growing too quickly at the brand’s expense. He aims for Raising Cane’s to be a brand known for crave-able chicken finger meals, great crew, cool culture, and active community involvement. Like other successful entrepreneurs, Graves believes in taking a step back to self-reflect before making big decisions. Rocket Lab CEO Peter Beck advises controlling what can be controlled and acknowledging what cannot be controlled when seizing opportunities.
Graves’ success story serves as an inspiration for aspiring entrepreneurs and business owners. His journey from facing rejection and challenges in the early stages of his business to becoming one of the richest people in America showcases the importance of perseverance, strategic decision-making, and learning from failures. By balancing risk, seizing the right opportunities, and staying disciplined, Graves was able to grow Raising Cane’s into a billion-dollar business and position it for continued success in the future.
