Tom and Chee is a Cincinnati-based grilled-cheese franchise, founded by Drew Quackenbush and Corey Ward in 2009. The franchise makes the finest of sandwiches which include very fine cheese in its ingredients.
|Tom and Chee Net Worth||$850,000|
|Business name||Tom and Chee|
|Founded by||Drew Quackenbush and Corey Ward|
|Based in||Cincinnati, Ohio|
|Products||Grilled cheese sandwiches|
Tom and Chee Net Worth
Tom and Chee has a net worth of about $850,000.
Tom and Chee History
The franchise was formed when an idea struck Corey Ward’s mind to start a business selling grilled cheese and tomato soup. However, they lacked the capital to operate a restaurant, food truck, or even a food cart. Eventually, they started off with a pop-up tent and a griddle set up outside a skating rink in Cincinnati, Ohio.
There, they served their amazing grilled cheese to the cold and hungry crowds, winning their hearts, which helped spread the word about the newly opened stall selling grilled cheese.
They made about $35 on their first day. After about a year, they had earned and saved enough money to start the business. They used to make $1.5 annually, with sales worth over $100,000 in one month.
Tom and Chee During Shark Tank
Drew Quackenbush and Corey Ward entered Shark Tank, seeking heavy investment to expand their grilled cheese business. They sought $600,000 in exchange for a 10% stake in Tom and Chee. This showed that the founders and current owners valued their business at $6 million.
From Shark Tank, Barbara Corcoran offers $300,000 for a 15% stake in the business. Kevin O’Leary and Robert Herjavec agree to contribute $100,000 with Barbara, but only if Mark Cuban also agrees to contribute $100,000.
Mark Cuban agrees and collaborates with Barbara Corcoran in the $300,000 for a 15% sake offer. Drew Quackenbush and Corey Ward also agree to this and seal the deal.
What Happened to Tom and Chee after Shark Tank Deal?
After the Shark Tank deal, Tom and Chee gained a lot of recognition and expansion. The business has gotten more than 9,000 franchise requests from all over the states. Various employees have been employed at the headquarters in Cincinnati that oversee the business’ marketing and catering to ensure future growth.
Only days after the business’ appearance on Shark Tank, thirteen additional franchise locations were announced in Indiana, Michigan, Ohio, North Carolina, Missouri, Georgia, Nebraska, Louisiana, and Kansas. The business claims to have about 170 contract locations and plans to open 30 new locations.