At just 24 years old, Arman Oganesyan, who was previously making $50 a night as a stand-up comedian, transformed his dreams into reality by launching Dave’s Hot Chicken with childhood friends Dave Kopushyan and Tommy Rubenyan. Their journey began in 2017 with an initial investment of $900, selling Nashville hot chicken from a pop-up setup in a Los Angeles parking lot. Fast forward to today, and they recently made headlines when private equity firm Roark Capital acquired a majority stake in their burgeoning franchise for nearly $1 billion, as reported by Dave’s CEO Bill Phelps on CNBC.
The inception of Dave’s Hot Chicken was not without its challenges. Kopushyan, a chef with experience at Michelin-starred establishments, was initially skeptical about the chicken concept. However, Oganesyan’s tenacity and vision eventually convinced him to join. After seeking investors among their friends—with most declining their pitch—they turned to Rubenyan, who agreed to partner up.
The trio immersed themselves in developing a unique Nashville hot chicken recipe, drawing inspiration from the acclaimed Howlin’ Ray’s and engaging in extensive taste-testing across various fried chicken joints. They experimented with new techniques, notably discovering the use of pickle juice in their brine through an unexpected mishap.
Their initial launch was modest, with only $40 in sales from their first night. However, within just five days, they gained traction thanks to the positive attention from a food critic. This momentum led to rapid sales increases, culminating in their first major payday when they began earning thousands each night. Their success prompted them to expand, ultimately leading to the opening of their first storefront a year later.
With over 300 locations and plans for international franchising, Dave’s Hot Chicken exemplifies how perseverance, collaboration, and a sprinkle of creativity can lead to remarkable success. This story serves as an inspiring reminder that great ideas, fueled by passion and teamwork, can indeed change lives and create thriving businesses.