Tom and Chee Net Worth 2026: Grilled Cheese Franchise

Tom and Chee has a net worth of $750,000 as of 2023. The money comes from the grilled cheese business Corey Ward and Drew Quackenbush founded in 2009 in Cincinnati, Ohio, whose name is short for tomato and cheese, the core ingredients that inspire its menu.

Tom and Chee Net Worth

Tom and Chee's net worth is estimated at around $750,000 as of 2023, including the value of the business and its assets. Their income comes from sales at their 170 contract locations and 30 new planned locations, plus revenue from menu items like grilled cheese sandwiches and other comfort foods.

About Tom and Chee

Tom and Chee is a restaurant chain specializing in grilled cheese and tomato soup. Corey Ward and Drew Quackenbush founded it in 2009 in Cincinnati, Ohio, starting the venture with a budget of $2,300 and a plan to put a twist on classic comfort foods.

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The Origin of the Name

Tom and Chee's name is a shortened form of "Tomato and Cheese," the two main ingredients in their menu.

Innovative Creations

Tom and Chee's menu features handcrafted melts, salads, and homemade soups built around grilled cheese and tomato soup. Their grilled cheese donut drew attention from customers and media outlets.

Early Success and Recognition

Tom and Chee appeared on "Shark Tank" in May 2013, where they got investor Barbara Corcoran's attention and made a deal with her. The appearance boosted their popularity and drove growth.

Headquarters and Locations

Tom and Chee is headquartered in Cincinnati, Ohio. It opened in 2009 and began franchising in 2012. Its first indoor store on Court Street showed the concept's potential, and locations in Indianapolis, Detroit, and Lexington contributed to the brand's early expansion.

Unprecedented Challenges

Tom and Chee's rapid expansion created operational problems. The chain grew to an initial network of 35 units across several states, but some locations began struggling. The founders realized they lacked the infrastructure to sustain that growth and looked for solutions.

Acquisition by GSR Brands

In 2017, GSR Brands, the parent company of Gold Star Chili, acquired Tom and Chee's assets. GSR planned to use its experience in the franchise business to help the company grow.

Reinvention and Expansion Plans

GSR Brands rebranded and streamlined operations, revamping its store prototype to shrink store footprints and simplify operations. It replaced steam shell grills with high-speed ovens, cutting cooking times and widening the labor pool. It also trimmed and clarified its menu to improve the customer experience.

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Future Prospects

Tom and Chee faced setbacks from the COVID-19 pandemic, but GSR Brands CEO Roger David expressed renewed enthusiasm for its growth. New franchise agreements in Texas, Oklahoma City, and Pittsburgh point to the brand's resurgence.

In 2023, Tom and Chee offers a twist on classic comfort foods, drawing on the nostalgia of mom's kitchen while giving it a modern dining experience.

Business Information

Business Contact Information

Tom & Chee Founders and Their Entrepreneurial Journey

Tom and Chee was founded by Drew Quackenbush and Corey Ward, who started it in 2009 with a pop-up grilled cheese and tomato soup stand on Fountain Square in Cincinnati, investing $2,300. Money was tight at first, but items like the grilled cheese donut brought media attention and popularity.

Tom + Chee's breakthrough came in May 2013, when they appeared on ABC's "Shark Tank." Barbara Corcoran made a deal with them for less money than they asked for, but it still gave them funding and exposure. After the appearance, they received over 9,000 franchise requests, leading to significant expansion.

Tom and Chee faced financial setbacks and closures in later years, but was acquired by GSR Brands, the parent company of Gold Star Chili, in September 2017. GSR Brands saw growth potential in the chain and aimed to provide support and infrastructure for further expansion.

Quick Information

Personal Details

Latest Update on Tom & Chee

As of 2023, Tom & Chee is still open and recently moved to the Gold Star Anderson location. The partnership let them expand their menu with new options like the Bacon Mac & Chee Melt, Bacon, Fig & Goat Melt, West of Philly Melt, and Pesto Turkey Melt.

Tom & Chee's newly renovated restaurant lets customers order all menu items through the drive-thru. The Anderson location is the only Tom & Chee restaurant that has moved to this joint venture with Gold Star.

Tom & Chee is now open from 10 a.m. to 10 p.m. Sundays through Mondays, giving customers more time to order its grilled cheese sandwiches, soups, salads, and donuts.

Conclusion

Tom and Chee has a net worth of around $750,000.

Tom and Chee's grilled cheese and tomato soup drew attention early on, leading to an appearance on "Shark Tank." Despite challenges and a change in ownership, the restaurant continues to operate.