A version of this article first appeared in CNBC’s Inner Wealth Newsletter, Robert Frank is a weekly guide for high-net-worth investors and consumers. Sign up to receive future versions directly to your inbox. Andrew and Peggy Cherng earned billions of dollars from the Food Court Stalwart Panda Express, founded in 1983. Since then, Cherngs is broadened by the chain’s iconic orange chicken, investing in investments like Just Salad, Whataburger and Bojangles. Entrepreneurs naturally attracted industries that made them rich, but Chergus had diversified his wealth. In 2016, they hired two leveraged financing veterans to run the alternative investment division of their family office, Cherng Family Trust. The unit is now an independent company, CFT Capital Partners, which still manages Cherngs’ alternative assets and calculates investments from Fortnite parents Epic Games and Hair-Care Brand Wella. CFT Capital Partners manages more than $3 billion in assets and will end $781 million in August with the family office as its host investor. The Cherng Family Trust is one of more than 100 home offices built on food and beverage wealth, according to data provided specifically by Fintrx to CNBC. According to the private wealth intelligence platform, the cohort totals at least $118 billion. Here are five home offices, born by a home restaurant chain: Ruby Tuesday founder Sandy Beall took a hands-on practice with his private investment firm. Beall sold the casual dining chain to Morrison Restaurants Inc. for $15 million in cash and stock in 1982 and worked hard to run the parent company. In 2012, he retired from Ruby and founded Beall Investment. With a few exceptions, such as the investment in sunscreen brand SuperGoop, Beall Investments focuses on hospitality and supports the growing restaurant chain such as & Pizza and Seamore’s. Beall also owns the Great Smoky Mountains of East Tennessee and the high-end resorts of the Blue Ridge Mountains of North Carolina. He became the majority owner of Windham Mountain Club in the Catskills area of New York about two years ago. Throughout the pond, the London-based capital has deviated from its principal’s roots. Lord Rumi Verjee, a Uganda-born British entrepreneur, gave his fortune the franchise of the British Domino Pizza. He sold his stake in Domino in 1989 and continued to invest in other businesses such as professional soccer team Watford Football Club and quality Chinese brand Thomas Goode. Verjee’s son Jay founded bonus capital in 2018 to manage direct investment in the family. Additionally, small and medium-sized B2B companies focused on the UK, with an interest in healthcare, financial services and technology. The company is building an online education company that took over a vocational training provider in 2021, renamed IT Academy+, and acquired another online publisher in April. The Ilitch family behind Little Caesars used the returns of the six-year-old pizza chain to build an empire that spans professional sports and casinos. Through subsidiaries’ northern lot investments, the Ilitch Family Office invests in a wide range of assets including private and public markets as well as credit and real estate. Five years ago, the company founded its own insurance company Tenda, providing health coverage, liability protection and other types of insurance to family members, home office employees and Ilitch. Tenda has since opened the door to third-party clients and other home offices. Chick-fil-A is probably the most outstanding private fast food chain owned by one of the wealthiest families in the United States. The late patriarch S. Truett Cathy founded the fried chicken chain in 1967, bringing his descendants to $33.6 billion based on Forbes’ estimates. The Cathy family office is located in the Chick-Fil-A Corporate Office in Atlanta. Cathys adopts “family service leaders” to keep the family connected for three generations. Beth Chapman, who holds a Ph.D., said Chapman. “When this is a family business, communication can be challenging because when you leave the business conversation, you are still a cousin, sibling,” she said in an interview with a home office professional. “The biggest thing is practise.”
A Chick-fil-A restaurant in New York, New York.
Smith Collection/gado | Archive Photos | Getty Images
A version of this article first appeared in CNBC’s Inner Wealth Newsletter, Robert Frank is a weekly guide for high-net-worth investors and consumers. Sign up To receive future versions, go directly to your inbox.
Andrew and Peggy Cherng Panda Express, They were founded in 1983.
