Tom and Chee Shark Tank Update | Tom and Chee after Shark Tank
What are Tom and Chee?
Tom and Chee is a well-known restaurant that specializes in Gourmet Grilled Cheese Sandwiches made with the finest cheese available and prepared to order.
The company was founded in 2009 by Drew Quackenbush and Corey Ward, who started the business by setting up a tent and griddle outside an ice skating rink in Cincinnati, Ohio despite warnings from the local mayor that the location had never been profitable.
They did not have enough money to operate a restaurant, a food truck, or even a food cart.
Who is the founder of Tom and Chee?
Drew Quackenbush and Corey Ward, who both have a passion for cooking, founded Tom and Chee in 2009.
They started with minimal resources, only a tent and a griddle, and set up outside a skating rink in Cincinnati, Ohio.
Despite facing initial challenges and only making $35 on their first day, they persevered and returned the next summer with enough capital to start their business.
Their concept was based on the classic combination of tomato soup and grilled cheese sandwiches.
They currently have five locations, one of which offers a unique twist on the traditional grilled cheese by serving it on a donut.
What Happened to Tom and Chee at Shark Tank pitch?
Drew and Ward approached Shark Tank investors with a proposal to raise $600,000 in exchange for a 10% stake in their grilled cheese enterprise, Tom and Chee, which was valued at $6 million.
They shared that their corporate shop had generated $1.5 million in sales in one year, and their first franchisee generated over $100,000 in one month.
Barbara Corcoran offered $300,000 for a 15% stake in the business, with another Shark contributing the remaining $300,000.
Mark Cuban expressed interest in collaborating with Barbara Corcoran for $300,000 each, in exchange for 15% equity shares, and the rights to franchise in Texas, excluding Dallas, where Drew and Ward already had a franchisee.
Barbara Corcoran was interested in the rights to franchise in New York, and the two parties agreed to work together.
What Happened to Tom and Chee after Shark Tank?
Tom and Chee experienced success after receiving investment from Mark Cuban and Barbara Corcoran on Shark Tank, receiving over 9,000 franchise requests and expanding across the country.
Despite this, they laid off six employees at their corporate headquarters in Cincinnati in the summer of 2014 to prepare for future growth.
However, shortly after announcing these layoffs, the company announced plans to open 13 new franchise locations in various states across the country and aims to open 30 new locations in 2015.
Currently, the company has 19 locations but plans to expand globally and has seen a growth in revenue to nearly $14 million since appearing on Shark Tank, with Barbara Corcoran being instrumental in helping with real estate.
Competitors of Tom and Chee
The company faces competition from various market players such as The Melt, Melt Bar and Grilled, Newk’s Franchise, Cafe Express, McAlister’s Deli, Fresh City, Luke’s Lobster and Larkburger.
Net Worth of Tom and Chee
The company’s valuation increased from $2 million to $6 million after receiving investment from two Sharks. However, as of 2021, the company’s net worth has dropped to $850,000.
Tom and Chee FAQs
What are Tom and Chee?
Tom and Chee are well-known for its Gourmet Grilled Cheese Sandwiches made with the finest cheese available and prepared to order.
Who is the founder?
Drew Quackenbush and Corey Ward founded Tom and Chee in the winter of 2009 after Corey had an idea to open a grilled cheese and tomato soup business for the kid in everyone.
What is their offer on Shark Tank?
They were asking for $600,000 for a 10% stake in Tom and Chee, which was valued at $6 million.
Did they get the deal?
Yes, they got from Barbara Corcoran and Mark Cuban.
How much was the deal?
They got an offer of $300,000 for a 15% stake each in the company.
What did they get?
Where are they now?
Tom and Chee are currently valued at $850,000 million and have been doing well since their debut air date on Shark Tank. Since appearing on Shark Tank, Tom and Chee have expanded across the country.
Are Tom and Chee successful?
Tom and Chee exited the set with an agreement to sell a 30% stake in the business for $600,000. They expanded the business to at least 35 locations, earning Tom and Chee a spot on Forbes’ list of the top ten most successful projects to appear on “Shark Tank.”
What has happened since the investment deal?
Tom and Chee have been doing well since the deal with Mark Cuban and Barbara Corcoran. Since their debut air date, they’ve gotten over 9,000 franchise requests and are expanding across the country.
Where is their headquarters?
They are headquartered in Cincinnati, Ohio.
How did they get started?
They met when Corey worked at a restaurant chain in Michigan under Drew Quackenbush. Drew was dabbling in grilled cheese sandwiches at that time as well.
What is the mission of Tom and Chee?
We are blazing trails in grilled cheese and tomato soup. They’re committed to re-thinking old traditions and bringing lighthearted fun to dining experiences.
At the same time, they take their food seriously – they use only fresh ingredients, organic produce, grass-fed beef and free range chicken whenever possible.
Where did Tom buy cheese from?
Its odor pervades everything in its vicinity. Tom, another of Jerome’s buddies, once purchased a couple of cheeses in Liverpool. Due of his commitment to some essential task, he requested that the narrator transport the cheeses to London.
How much is Tom and Chee worth today?
The company was valued at $2 million during the pitch after the investment of two Sharks the company was valued at $6 million. In 2021 the company net worth is $850,000.
Is this a scam?
No, it is not a scam.
Why should I trust them?
They’re known for their quality products and services. They have many franchises already in operation and are expanding globally every year. They are also very popular on Shark Tank, which means they are trusted by many other Sharks as well.
What is the net worth of Drew Quackenbush?
The net worth of Drew Quackenbush is unknown.
What is the net worth of Corey Ward?
The net worth of Corey Ward is estimated at $250,000, based on his estimated yearly salary and the amount of his investment in Tom and Chee.