4.6 • 12 Ratings
🗓️ 15 April 2025
⏱️ 4 minutes
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They met in middle school in Georgia. They’re now both billionaires from Zaxby’s, the fried chicken chain they started together in 1990.
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0:00.0 | Here's your Forbes Daily Briefing bonus story of the week. |
0:04.7 | Today on Forbes, these childhood best friends made billion-dollar fortunes from chicken fingers. |
0:11.8 | Zach McElroy and Tony Townley became best friends in the seventh grade while growing up around Athens, Georgia. |
0:19.2 | Then in their late 20s, they decided to go into business together. |
0:23.2 | The friends each put up $8,000 to open a chicken finger restaurant near the campus of Georgia |
0:27.8 | Southern University, where Townley had gone to college. They officially opened the first |
0:32.9 | Zaxby's, or Zax, as it was called then, a play on McElroy's name, in 1990. |
0:40.3 | More than three decades later, that $16,000 has yielded an unbelievable return. |
0:46.3 | Townley and McElroy, both now 62 years old, are worth $1.2 billion and $1 billion, |
0:53.3 | respectively, thanks to the success of Zaxby's. |
0:57.3 | They're both newcomers on this year's World's Billionaires list, which we published at the beginning |
1:02.2 | of April. The pair join other food entrepreneurs like Chipotle founder Steve Ells, Jersey Mike's |
1:08.4 | founder Peter Cancro, and Kava chairman Ron Seish, who are also |
1:12.7 | first-timers on the list. Headquartered in Athens, Zaxby's is beloved for its wide-ranging |
1:19.6 | menu of chicken fingers, spelled ending in a Z, wings, and signature sauces. The chain recorded |
1:26.5 | some $2.5 billion in system-wide sales in 2023. |
1:30.6 | The latest year data is available, according to Restaurant Analytics Tracker, Technomic. |
1:36.5 | Zaxby's is smaller than competitors such as Atlanta-based Chick-fil-A, which had $21.6 billion |
1:42.1 | in 2023 sales, and Louisiana's Raising Cains, with $3.7 billion. $3.6 billion in 2023 sales, and Louisiana's Raising Cains with $3.7 billion. |
1:48.8 | It's also more regional. It's 960 stores are spread across just 18 states, mainly in the U.S. |
1:55.6 | Southeast. Townley sold his half of the business to Goldman Sachs for nearly $1 billion in 2020. |
2:02.6 | As part of the deal, he also received more than 140 Zaxby's franchise locations, |
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