When Todd Graves launched Raising Cane’s, his drive, passion, and dedication to succeed and to grow a particular restaurant model changed the industry. While there are many fast casual restaurants studding the map, Raising Cane’s is more than just another food establishment. The influence of culture flavors every meal. As Graves joins Shark Tank for its new season, he believes his business acumen will bring other aspiring entrepreneurs success.
Shark Tank has become more than just another reality television show. Brands that were buried in a Google search and never saw prime space on a store shelf have become household names. For example, food companies, like Boarderie, have become favorites in many homes.
According to a Raising Cane’s representation, Graves is the first restaurant Shark to be on the ABC television show. While everyone will have to watch the season unfold, the first episode seems to showcase where Graves will focus.
Specifically, a representative said, “Graves was particularly interested in businesses that he was familiar with and that he could leverage the power of Cane’s nearly 900 restaurants, the Cane’s marketing machine, and the brand’s ability to reach 62M+ unique customers to help promote the business and drive sales.”
That loaded statement showcases what Raising Cane’s does best. While the restaurant brand will always serve delicious chicken fingers with that iconic sauce, it is more than just another plate of food. It is about the connection to its guests and its fan base.
From pop culture moments, like the recent Post Up Post Malone collaboration, or the epic restaurant opening events, people who visit a restaurant get satisfaction from the overall experience. As Graves describes himself, he is both the leader of the successful business entity and a fry cook.
Over the past 28 years, Graves has built his success on understanding business trends. His main choice of staying company owned without franchising is a key to his brand’s success. That concept was showcased in his Shark Tank premiere episode.
When Topsail Steamer discussed the idea of franchising, Graves stepped in and explained why company owned restaurants can be more successful. As his first Shark Tank deal, it showcases what Graves wants to accomplish on the show. It was both a food business with growth potential, but also, an entrepreneur who has the passion for the concept.
Whether or not Topsail Steamer adds 10 restaurants or 100 in the next couple of years remains to be seen, but the Shark Tank deal was more than just a win for the brand’s potential expansion. Other brands should watch and rewatch the explanation giving during the negotiation. The business insight offered during those few short minutes could help others drive their business plan and future success.
At the same time Graves was not just giving a green light to any food or restaurant concept that walked into the Tank. For example, Life Raft Treats was a great frozen dessert brand, but it did not get a deal. The visually compelling ice creams had all the Sharks hungry for more, but it was trying to break into a crowded market.
As Graves explained on the show, Raising Cane’s does not sell dessert. Their limited menu was created on purpose and will not change. It is a core concept that works for them. Even if a food idea has merit, it must fit into a business model where he can help the company and the entrepreneur grow.
After a successful first episode, Graves seems to be on track to making more deals throughout the season. Whether or not he will have the next big Shark Tank win remains to be seen. Everyone can watch the ABC program every Friday night at 8 p.m. or steam on Hulu to follow the journey.