This is what occurred following Shark Tank.

There’s nothing quite like a delicious homemade grilled cheese sandwich paired with a warm bowl of soup — unless, of course, someone else is whipping it up for you. When Trew and Jennifer Quackenbush, Jenny Rachford, and Corey Ward debuted their classic combination of grilled cheese and tomato soup in a pop-up tent at Cincinnati’s Fountain Square in 2009, it quickly gained popularity, prompting them to transform it into a full-fledged business.

The grilled cheese idea sparked during a backyard barbecue when Trew Quackenbush, a chef, and Corey Ward, a graphic designer, conceptualized the unique combination. Besides the classic tomato and cheese duo that inspired the brand’s name, they also created a distinctive signature item: the grilled cheese donut, replacing the typical bread with a sweet glazed treat. (If you prefer, you can even swap the grilled cheese bread for flaky croissants).

While managing the tent alongside their full-time careers, the group saved enough to open their first brick-and-mortar store for Tom + Chee (the brand’s original name) in 2010, located on Court Street in Cincinnati. Six months later, they launched a second restaurant in Newport on the Levee. Their first significant exposure to television came when Adam Richman visited during his Travel Channel show in 2011. After several months of correspondence with producers, Quackenbush and Ward appeared on “Shark Tank” seeking investment to accelerate their brand growth.

Tom & Chee secured an investment on Shark Tank, enabling the growth of their grilled cheese and tomato soup restaurant chain.

Tom & Chee was featured on season 4, episode 26 of “Shark Tank,” broadcast in May 2013. At this point, the company had already sold one franchise and employed 70 people across three restaurants. To facilitate further expansion, Trew Quackenbush and Corey Ward sought a $600,000 investment for a 10% equity stake.

Though the Sharks were initially skeptical about the grilled cheese donut, they were impressed when they learned the brand had grossed over $1.5 million. Barbara Corcoran offered $300,000 for a 15% stake but insisted on bringing another Shark alongside to provide the full amount Tom & Chee requested.

Kevin O’Leary and Robert Herjavec each offered $100,000 for a 5% stake, but ultimately Mark Cuban joined Corcoran to offer the remaining $300,000 for a 15% stake. “Everything in my bones [is] saying this is a runaway hit,” Corcoran confidently stated regarding the grilled cheese venture (via YouTube). The duo opted to partner with Corcoran and Cuban, pleased with their deal.

Following their Shark Tank appearance, Tom & Chee gained traction and expanded, turning their grilled cheese and tomato soup concept into a thriving business.

The company experienced an extraordinary boost right after the show’s airing. After the episode aired on a Friday evening, Tom & Chee received 2,400 franchise inquiries by that following Monday morning. This number skyrocketed to over 9,000 in the subsequent months.

However, the deal that emerged from “Shark Tank” did not unfold as anticipated. Mark Cuban backed out, believing that Tom & Chee should focus on corporate stores rather than franchises, while Barbara Corcoran stayed on as an investor with a revised deal and lesser equity. The business continued to flourish. In 2016, Forbes recognized it as one of the top 10 businesses to emerge from “Shark Tank.” By this time, Trew Quackenbush and Corey Ward owned four restaurants, along with 31 franchises.

A “Shark Tank” update in season 8 featured Quackenbush and Ward hosting their franchise conference, with Corcoran as a keynote speaker. Seven years after beginning in their small pop-up tent, Tom & Chee had generated $47 million in sales and created over 500 jobs. The menu expanded to include more than a dozen sandwich variations, various soups and specials, and an option for customized sandwiches.

Is Tom & Chee still operating?

Tom & Chee remains operational, although it has encountered several challenges. In 2014, the company acknowledged rapid growth led to layoffs and necessitated borrowing funds. Several stores began closing in 2015, and in 2017, the brand’s 23 remaining locations were acquired by GSR Brands, the parent company of Cincinnati’s Gold Star Chilli.

In 2019, two years after the acquisition, GSR initiated efforts to streamline and simplify operations, including refining its expansive menu and rebranding to Tom & Chee. A new prototype store opened in 2020, focusing on smaller locations with high-speed ovens replacing the old grills to expedite sandwich preparation. However, when the pandemic struck, the company shifted to take-out services.

By 2021, the company was poised to expand once more. New locations began to open, and the revised menu’s focus shifted from basic grilled cheese sandwiches to melts, which Roger David, president and CEO of Gold Star Brands, deemed offered greater value to customers due to the added protein content.

What are the future plans for Tom & Chee?

Tom & Chee aims to persist with its smaller locations and concise menus. The menu now features fewer than 10 melts, alongside a limited selection of soups and salads — though the iconic grilled cheese donut remains. In November 2023, the brand introduced a special melt called The Golden Cheese Touch, featuring mac n’ cheese and barbecue sauce on Parmesan-crusted bread to benefit a cancer charity. Upcoming seasonal specials for summer 2024 include a strawberry peach salad with goat cheese and a gluten-free loaded baked potato soup. The brand plans to broaden its food offerings and appeal further.

This new approach appears to be successful. The Cincinnati Enquirer recognized Gold Star and Tom & Chee as winners of the Greater Cincinnati and Northern Kentucky Top Workplaces 2024 Award. Together, these brands employ 1,700 individuals. The brand also emerged as a finalist in the grilled cheese category for the Greater Cincinnati 2024 Family Choice Awards, while its franchise model continues to inspire aspiring entrepreneurs to operate their own Tom & Chee locations, with franchise costs ranging from $339,700 to $704,000.

However, it seems the founders have moved on. Based on Trew Quackenbush’s LinkedIn, he has been a culinary instructor at a high school since July 2018. Corey Ward launched a new venture called Planet-B Games in 2022, but it appears to have encountered challenges as he was actively seeking employment in May 2024 on Facebook.

Source link

Comments (0)
Add Comment