Where Is Tom + Chee From Shark Tank Today?
Tom + Chee's humble beginnings started in a tent. Founders Corey Ward and Trew Quackenbush were having dinner one night when Corey brought up the idea of starting a grilled cheese restaurant, they explained on "Shark Tank" (via YouTube). They pooled their money to purchase a tent and a griddle and set up in Cincinnati's Fountain Square near the ice rink.
Holiday market visitors could warm up with a delicious grilled cheese sandwich. The market tent was a hit, and the founders knew they were onto something. They decided to open a permanent location so fans could enjoy a good grilled cheese any time.
Tom + Chee opened the doors of its first location almost exactly a year after the tent and was contacted by a local mall about opening a second location. The company then sold a franchise location in Kentucky and hoped to continue expanding its franchising efforts.
The founders wanted to expand further
Tom + Chee made its "Shark Tank" debut in Season 4, Episode 26. Corey Ward and Trew Quackenbush made samples of their Grilled Cheese Donuts on the spot and explained to the investors that they were hoping to expand franchising locations (via YouTube). Ward stated that the company had 70 employees at the time and planned to continue growing. Quackenbush promised that whichever Shark chose to invest in their business would also have a sandwich named for them in the future.
Barbara Corcoran loved the idea and decided to invest in the company. In the original episode, Corcoran told the founders, "Everything in my bones is saying this is a runaway hit" (via YouTube). According to a November 2022 report in the Gazette Review, Ward and Quackenbush went into the show seeking $600,000 for a 10% stake in the company. Corcoran offered $300,000 for 15% and franchise rights in New York, and Mark Cuban agreed to pitch in the remaining $300,000 for his own 15%, as well as franchise rights in Texas.
But according to the Gazette Review, Cuban decided against the investment after the show, concerned about the franchise model of the restaurants. That left Corcoran the sole "Shark Tank" investor, notes the Dallas Business Journal.
The company saw success after the investment
"Shark Tank" followed up with Tom + Chee in Season 8 Episode 15, according to a YouTube video posted by ABC. Barbara Corcoran was invited to a 2017 franchisee meeting, and it was revealed that the company had made $47 million in sales. While the grilled cheese restaurant's locations initially saw success following the show, unfortunately, that success didn't last.
GSR Brands acquired Tom + Chee in 2017, reports Franchise Times. The company accelerated cooking time through the use of new machines, allowing for more productivity at each location. It also cut Tom + Chee's menu offerings down to 40% of what they had been before being acquired. In January 2020, a prototype of a new franchise location opened in Cincinnati, but plans for expansion were halted due to the COVID-19 pandemic. Still, GSR planned to move forward with expansion, per a 2021 press release.
Quite a few franchise locations closed through the years, but the company hasn't shut its doors. As of January 2023, Tom + Chee's website states that it is "ready for a rapid U.S. expansion," and the site states that there are currently 12 locations in seven states.