Tom and Chee Net Worth 2022
Tom and Chee is a restaurant chain that specializes in gourmet grilled cheese sandwiches and tomato soups. It has locations in Cincinnati, Ohio, Kansas, and Missouri. Since its appearance on ABC’s “Shark Tank” in 2013, Tom and Chee has grown in size and recognition.
When Tom and Chee was first launched, it operated out of a pop-up tent outside an ice skating rink in downtown Cincinnati. The company grew to a full-service restaurant that featured a scratch kitchen and a vast menu. Today, it has over 19 locations and plans to open at least 30 more in the coming year.
Initially, Drew Quackenbush and Corey Ward lacked the capital needed to operate a food cart. They pitched the idea of a grilled cheese and tomato soup franchise on Shark Tank, and they received a $600,000 investment from Mark Cuban and Barbara Corcoran.
As Tom and Chee expanded, they opened up thirteen additional franchise locations in Missouri, Kansas, and Ohio. While the location in Indianapolis closed in January 2017, seven stores are still operational in Kentucky, Indiana, and Tennessee. In addition, Tom and Chee’s website offers online ordering. However, many of the franchises have closed because of the Covid-19 pandemic.
According to the Cincinnati Business Courier, Gold Star Chili bought Tom and Chee for an undisclosed amount. GSR Brands, a parent company of Gold Star Chili, bought Tom and Chee in September 2017. Tom and Chee was down to 23 units after GSR Brands purchased the concept.
Despite its slow growth, Tom and Chee has a great reputation with the Sharks. In fact, Tom and Chee has received over 9,000 franchise requests since its initial air date. This shows the popularity of the grilled cheese concept.
Tom and Chee was also recognized for its salability, or its ability to generate revenue. It had an average sales volume of $14 million during the two years following its appearance on “Shark Tank.” There is room for growth, and Tom and Chee is poised to expand throughout the United States. But with Tom and Chee’s growth comes a need for change. Some of these changes include a redesign of the restaurant’s interior and tighter menu options.
Ultimately, Tom and Chee may need to be rebranded, but it is a successful venture and has proven formulas. The company has received positive feedback from customers who love its grilled cheese donuts and grilled cheese sandwiches. Aside from its gourmet grilled cheese sandwiches, it also serves soups and salads. These are all made with fresh ingredients, organic produce, and grass-fed beef.
Tom and Chee is a good, affordable investment for individuals who love to eat grilled cheese and tomato soup. With its proven formula, it has a lot of potential to expand. Currently, the Tom and Chee net worth is estimated to be $850,000. However, the future of the company depends on if it can find a solid business model.
Although the business has had some tough times, Tom and Chee has had an incredible start. After all, the idea came from two entrepreneurs who were working behind a grill.