Founders My conversation with Todd Graves
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Nov 9, 2025 
Todd Graves, founder of Raising Cane's, shares insights from his journey of building a $20 billion fast-food empire. He emphasizes the importance of focus, inspired by In-N-Out Burger's success, and discusses overcoming skepticism while starting out. Todd reveals his unconventional paths to financing and the sacrifices made in the early days. He highlights a culture of positive management and the relentless pursuit of quality, illustrating how commitment to values drives true success beyond profit.
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In-N-Out Inspired The Model
- Todd studied In-N-Out's single-menu model and used it as proof that focus can scale since 1948.
- That example convinced banks and reinforced his one-product conviction.
Turn Doubt Into Momentum
- Use skepticism and early 'no's as fuel to prove your idea instead of discouragement.
- Persist aggressively when others tell you it can’t be done; use doubt as motivation.
Keep Control To Protect Purpose
- Retain control of your company when possible to protect values, quality, and crew welfare.
- Avoid selling majority stakes to outside investors whose goals prioritize short-term returns.