Andrew and Peggy Cherng, founders of Panda Express, have amassed billions since establishing the food court staple in 1983. To diversify their wealth, they created CFT Capital Partners, an independent investment company managing over $3 billion in assets, including investments in notable firms like Epic Games and Wella. Their family office is part of a broader trend, with over 100 family offices originating from the food and beverage sector, collectively managing at least $118 billion.
Several other restaurant founders have also developed family offices. Sandy Beall, who sold Ruby Tuesday in 1982, transitioned to Beall Investments, focusing on hospitality and investing in restaurant chains. Lord Rumi Verjee, who owned rights to Domino’s in the UK, established a firm to manage investments in healthcare and technology. The Ilitch family, creators of Little Caesars, diversified into sports, casinos, and insurance through their family office.
Chick-fil-A’s Cathy family is known for their structured approach to maintaining family ties across generations. They conduct regular Family Book Club meetings to enhance communication around family and business matters, highlighting the complexities of family-owned businesses.
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