How the Raising Cane's founder, Todd Graves, turned a lousy college grade into a billion-dollar fast-food business

Nancy LunaJan 15, 2024, 02:37 IST

Todd Graves named Raising Cane's after his yellow labrador retriever.Joey Bordelon/Raising Cane's

Todd Graves opened the first Raising Cane's in Louisiana on August 28, 1996.
He wrote a business plan for a chicken fingers chain as a college assignment. He got a bad grade.

While attending Louisiana State University in the mid-1990s, Todd Graves wrote a business plan for a fast-food restaurant that sold only fried chicken tenders.

His professor gave him the lowest grade in the class. But Graves didn't let the criticism stop him.

He worked to raise his own funds and eventually opened his chicken tender restaurant Raising Cane's in 1996. Cane's now has more 750 restaurants in the US and internationally. The chain, whose loyal fans are known as "Canaics," plans to add about 100 more new locations in 2024.

As founder, Graves has close to a 90% stake in the company. His net worth is $7.6 billion, according to a new analysis by Bloomberg.

Here's how Graves turned a bad grade into a billion-dollar business.

Todd Graves, the founder of Raising Cane's, is one of the world's 500 richest people, according to Bloomberg.

Todd Graves is the founder of Raising Cane's. His net worth is $7.6 billion, according to Bloomberg.Raising Cane's

Graves wrote a business plan for Raising Cane's while attending Louisiana State University. His professor gave him a low grade.

Todd Graves received a low-grade on a business paper in college. His idea? Build a restaurant that sold only chicken fingers.Matthew Hinton/AP

Graves believed fast food eaters would love fried tenders, which he called "the filet mignon of the chicken." So he raised his own funds.

Todd Graves worked at an oil refinery.Raising Cane's

Graves left Los Angeles for Alaska, where he found he could earn more money fishing.

Todd Graves travels to Alaska to earn more money.Raising Cane's

With enough seed money, he returned to Louisiana to build Raising Cane's.

Todd Graves named Raising Cane's after his yellow labrador.Raising Cane's

Raising Cane's is a fast-food brand with a cult-like fan base known as Caniacs.

Raising Cane's sells fried chicken tenders, Texas Toast, coleslaw, crinkle cut fries and beverages.Raising Cane's

Raising Cane's logged more than $3.1 billion in sales in 2022.

Todd Graves has been recognized for his entrepreneurship over the years.Raising Cane's website

Graves promotes Raising Cane's relentlessly on his social media channels.

Todd Graves promotes Raising Cane's on his Instagram site.Todd Graves Instagram screenshot

In 2020, Graves gave up his salary to save jobs.

Raising Cane's plans to open 100 restaurants in 2024.Raising Cane's

In 2021, Graves takes a starring role in a Discovery + series.

Todd Graves hosted on a Discovery + show called "Restaurant Recovery."Raising Cane's

In June 2023, the chain opened the first of 25 restaurants planned in New York City.

Raising Cane's opened its first location in New York City in June 2023.Raising Cane's

I shopped at Home Depot and Lowe's for holiday decorations, and one store made me feel like I'd stepped into a winter wonderland

Cookies on the Business Insider India website