What Happened to Tom and Chee After Shark Tank?
What is Tom and Chee?
Tom and Chee are well-known for their Gourmet Grilled Cheese Sandwiches, which are cooked to order using the best cheese available.
Drew Quackenbush and Corey Ward founded Tom and Chee in the winter of 2009, after Corey had an idea to start a grilled cheese and tomato soup shop for the kid in all of us.
Drew and Corey lacked the funds to open a restaurant, a food truck, or even a food cart. They did, however, have enough money to buy a tent and griddle and set up shop outside an ice skating rink in Cincinnati, Ohio, despite the local mayor’s cautions that this area had never been lucrative.
Who is Tom and Chee’s creator?
Tom and Chee was created in the winter of 2009 by Drew Quackenbush and Corey Ward after Corey had an idea to open a grilled cheese and tomato soup business for the kid in everyone.
Drew and Corey lacked the funds to open a restaurant, a food truck, or even a food cart.
They only required a tent and a griddle to set up shop outside a skating rink in Cincinnati, Ohio, where municipal officials warned them that no one had ever made money from the spot.
Although they only had $35 when they left on the first day, they were assured that their dreams would be realized, so they stuck with their plan and returned the next summer. 364 days after pitching their tent, they had saved enough money to establish a company.
Ward is the son of ice cream shop owners. He grew up working behind the grill and aspired to create his own company.
The two chefs decided to create a casual dining concept based on the tried-and-true tomato soup and grilled cheese lunch staple. They now have five locations, the most absurd of which is a grilled cheese donut.
What Happened to Tom and Chee During Their Shark Tank Pitch?
Drew and Ward decide to pitch Tom and Chee to Shark Tank investors in order to secure funds for their fledgling grilled cheese business.
Drew and Ward appeared on Shark Tank in seeking of $600,000 for a 10% stake in Tom and Chee, which was valued at $6 million.
They tell their story and then give the Sharks their grilled cheese doughnuts, which they eat.
They demonstrate that their corporate shop made $1.5 million in sales in a year and that their first franchisee generated more than $100,000 in a month. The Sharks are big fans of such characters.
Barbara Corcoran promptly contributes $300,000 for a 15% ownership in the company in exchange for another Shark contributing the remaining $300,000.
Daymond John has decided to quit from the grilled cheese business.
Kevin O’Leary and Robert Herjavec have agreed to pay $100,000 each to Barbara’s cause in exchange for Mark Cuban contributing the remaining $100,000.
Mark Cuban expressed interest, but agreed to work with Barbara Corcoran for $300,000 in return for 15% stock shares, excluding Robert Herjavec and Kevin O’Leary.
Mark Cuban expresses a desire for franchise rights in Texas and agrees to remove Dallas from the agreement because Drew and Ward already have a franchisee in the state.
Barbara Corcoran was interested in obtaining the New York franchise rights.
Drew and Ward jump at the chance to collaborate with Mark Cuban and Barbara Corcoran, and they strike a deal.
What became of Tom and Chee after Shark Tank?
Since the deal with Mark Cuban and Barbara Corcoran, Tom and Chee have been doing well. They’ve had over 9,000 franchise requests since their debut air date and are spreading across the country.
In the summer of 2014, Tom and Chee laid off six employees at their corporate offices in Cincinnati. In order to position itself for future expansion, the firm laid off employees of its marketing, catering, and training departments.
Following the announcement of the layoffs, the company announced the opening of 13 new franchise sites in Ohio, Michigan, Indiana, Tennessee, Missouri, Kansas, North Carolina, Louisiana, Georgia, and Nebraska. The firm intends to build 30 additional sites in 2015. According to the company’s website, it has 170 contract sites.
Barbara, they claim, was helpful in locating real estate. They now have 19 sites, but are looking to grow internationally. Since appearing on Shark Tank, the company’s sales have increased to approximately $14 million.
Tom and Chee’s competitors
In the market, the firm has a slew of rivals. The Melt, Melt Bar, and Grilled, Newk’s Franchise, Cafe Express, McAlister’s Deli, Fresh City, Luke’s Lobster, and Larkburger are among them
Tom and Chee’s Net Worth
During the pitch, the firm was valued at $6 million after the investment of two Sharks; the company was valued at $2 million. The company’s net worth is estimated to be $850,000.
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Tom and Chee FAQs
Where do they operate restaurants?
Tom and Chee’s have franchises in Arizona, California, Colorado, Florida, Illinois Ohio, Tennessee, and Wisconsin.
What is Tom and Chee do?
Tom and Chee provide the best in-demand grilled cheese sandwiches, soups, and salads.
What is Tom and Chee’s mission?
Tom and Chee’s mission is to serve premium food for the masses.
What is Tom and Chee made of?
Tom and Chee are made of grilled cheese sandwiches and tomato soup made from scratch using fresh, local ingredients.
What are Tom and Chee’s beliefs?
Tom and Chee believe that being a good citizen means going beyond compliance toward positive actions that affect our neighbors’ lives.
Is Tom and Chee vegan-free?
Tom and Chee are not vegan-free: they have grilled cheese sandwiches and grilled cheese tacos. Most of their sandwiches are vegan-free, but order something else and you’re asking for a vegan graded sandwich.
Is Tom and Chee’s profits?
Yes, Tom and Chee have made profits.
Is Tom and Chee gluten-free?
Tom and Chee are not gluten-free: they have grilled cheese sandwiches and grilled cheese tacos. Most of their sandwiches are gluten-free, but order something else and you’re asking for gluten graded sandwich.
Is Tom and Chee non-GMOs?
Tom and Chee are not non-GMOs: they have grilled cheese sandwiches and grilled cheese tacos. Most of their sandwiches are non-GMO, but order something else and you’re asking for a non-GMO graded sandwich.
Is Tom and Chee’s franchisees?
Tom and Chee have franchisees that serve their guests in the following states: Arizona, California, Colorado, Florida, Illinois, Ohio, Tennessee, and Wisconsin.
Is Tom and Chee Safe?
Tom and Chee’s food is safe. The grilled cheese you get at the counter or a table is made to order with only the finest ingredients. If it’s not in-demand, they won’t sell it.
Are Tom and Chee healthy?
Tom and Chee’s food is healthy as possible, with no chemicals or artificial flavors added to their grilled cheese sandwiches, soups & salads.