Graves: Early Cane's Scaled on 15% Subordinated Debt to Protect Equity
Todd Graves · Advice Line with Todd Graves of Raising Cane's · Dec 25, 2025 · at 29:26
Todd Graves, founder of Raising Cane's, advises a food founder on financing expansion without diluting ownership or giving up corporate control.
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“So what I had was angel investors that I would do a 15% interest rate, subordinated debt. Okay. It was a one pager and I personally endorse these. I mean, if I personally signed onto it, so they knew anything I had in the world, which is all just tied up the business anyway, back then. That I was gonna be a hundred percent into this and, but there was no equity being done, but it was a 15% interest rate, but my cashflow could pay for that.”
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