Aside from that, in what states do Quiktrips operate? But the sandwich part of it is still losing money. What is the cost of a quick trip franchise? This is interesting because back in the 60s I understand you would get people together in a room with some beer? We didnt have room for making food in the stores, we didnt think about commissaries. Because we have psychological testing, we have mental testing. http://www.MullerhausLegacy.com So we bred Lamar with dogs that looked like Lamar. What a ride its been for you. Chester Cadieux Interviewee And this guy was great and he got in an argument with Hail Wholesale because they were so conservative and they had to run everything and he knew what he was doing and they didnt. I was going broke. Net Worth:$30 MillionAge:46Born:May 17, 1976Gender:FemaleHeight:1.71 m (5 ft 7 in)Country of Origin:United States of AmericaSource of Wealth:Professional Singer and ActressLast Updated:March 8, 2023. CC: Yeah what happened was we got three outside consultants to come to a meeting and we spent two or three days with them and we hired two of those guys, in a way. But it didnt give you enough parking, it didnt give you enough visibility, but it was that, you had to stay cheap. JE: I suppose there was appoint you also had to decide are we going to be QuikTrip selling Sun Oil or another brand or are we going to brand it ourselves? It took us 11 years for the company to be worth $1 million. CC: Yeah, that made sense. He []. JE: Wasnt there a time for the convenience stores there was like a strip-center mentality? They have new ideas and we have new ideas. But we wired this dog to this spout where you put the gasoline in, but he couldnt handle that, and that was the only one we did, but we spent years trying to get a dog that looked like Lamar. CC: It was it was horrible! NASCAR fans love old days and golden oldies. CC: Yeah, but I mean super markets theyre full of house labels, whether its green beans or whatever it is, or milk or whatever. He earned the money being a professional Jazz Singer. CC: Oh yeah. Previously cities included Avon CO, Jenks OK and Beaver Creek CO. JE: That was actually kind of a useful tool wasnt it? People would stop in these new markets and buy gas, but they wouldnt go. But they dont vote, they count as one vote, all the employees in the ESOP (employee stock ownership plan) so it keeps us from being public for reporting purposes. (Laughter) Cause we started with $16,000, we had a negative net worth of $26,000, but credit kept us going. squeezed down and theyre trying to make money and so we just have to be the ones that lose money to get up to volume to make it work. Most recently he exercised 36 units of BOKF stock worth $1,889 on 11 April 2008. I was a 2nd Lieutenant and went to flight school and but the Korean War was over and so they had too many pilots and so they were asking people if they would like to get out of flight school and do something else, cause they had too many pilots. He should have stayed in the booth and kept talking about the old days until he goes, or all the fans from the old days are gone. JE: Lets go back to your first store, where was it? CC: No, wed pay for fixing their car, cleaning out the tanks and whatever. JE: And you met them through the convention? And thats a lot of money in big towns and thats where we want to be so then were back to that and well work out of that. But we had him for a long time and he was great help and hes still a great friend. JE: But then that bank in Tulsa that sent you away, The Bank of Oklahoma you are CC: Were back with them. but credit kept us going. CC: Yes, yes, because thats the whole driving force of the company. I mean that was the business we were in. CC: Yeah thats fun and my last one I ran I ate two Snicker bars. JE: You think that with 7-11 and those ice docks that was the beginning? Chester (Chet) Cadieux III, a Tulsa native, is the Chairman and CEO of QuikTrip Corporation, a regional gasoline/convenience store operation based in Tulsa, Oklahoma. Mr. Cadieux previously served as Vice President of Sales at QuikTrip Corporation. Back when I used to talk to college students and I used to start off and say, You see your world now and love it or whatever, because its going to change. The first major market was Kansas City and then we went to Wichita because the guy in Wichita wanted to merge with us and we didnt know why he wanted to merge with us. And so we just bought the one in Wichita that they had and they kept the one in Tulsa, and then ultimately we bought the one in Tulsa. 2020: $18.5 Million: 2021: 19 Million: 2022: 19.5 Million: Early Life & Family In the United States, Chet Cadieux was born and raised. Notes: Recorded by John Erling in Tulsa, Oklahoma. 11 in CSP's 2019 Top 202 ranking of U.S. c-store chains by number of company-owned retail locations. He just talked fast and moved fast and had a feather duster in his back pocket and hed run around and worked all the time and he knew the business. We dropped out of TV in our new markets cause we just couldnt afford it. Especially when the price of gasoline went up which made it more exciting or you know to steal some real high-priced gas. For the next forty-four years, Cadieux guided QuikTrip as President and CEO through challenges as the company successfully expanded into many states. CC: My Fathers name was the same as mine, Chester Edward Cadieux. Yeah. JE: Which youd probably given about 20 times by that time? And nobody wanted to put us out of business because what would they do with it? JE: Theyre the ones that hired him to start a convenience grocery store in Tulsa and they called it Git-n-Go. One photo that circulated online in mid-April reportedly depicts a T-55 in Zaporizhzhia Oblast. There is an initial investment fee of $211,450 to $1,601,500, as well as ongoing franchise fees of $25,000 to $25,000. Its not like today where everybodys just fighting for land. We didnt think we could do both at the same time and learn it. CC: Sure. These Are The 10 Best-Paid Television Stars In The World. Understanding that and then expressways changed everything. 3rd store had broke even and then I got a phone call that Git-n-Go had decided, Herb Forrest that ran one of the dairies here in town, he called me and he said, Im building this store for Git-n-Go and they decided they dont want it. How did you deal with that? CC: Yes. Those are big markets and that takes 7, 8, 9, 10 years to make money. And we dont have enough capital to do it so we go back to outside people buying the land and building the buildings for us with a long lease. JE: So then, as we talked earlier, they were known as drive-in grocery stores, how did the concept of calling them convenience stores come about? JE: Burt had maybe a couple of other guys that put in maybe a few thousand dollars apiece? . Cause we (QT) had a better offer. We talked to secretaries, and we talked to people that worked in the warehouses and people that were in the maintenance department. Wed put him on an airplane and take him to Kansas City or somewhere and hed hang out in bars and bark and of course hed be on TV, he wouldnt just be in bars. You wanted to control it yourself? But we knew fountains worked, we knew that kids running through fountains and so forth was fun. We became a destination for pop and Coke. They include the University of Tulsa business Hall of Fame, the Tulsa Hall of Fame, and the Oklahoma Hall of Fame. And then you go to a new market and you go through that whole thing again. CC: Yeah. But the additive packages that you add do make a difference, especially when we have injection, because it would get clogged up and so forth. And they made almost as much as I did. He grew up, and got bored and was ready for something else. CC: Yeah. JE: I think I talked to him last night at Utica Square, Mr. Hentschel? I mean I go to QuikTrip and I dont buy any of the things we really sell, but I go there for certain things, cause we think our coffee is better and so. CC: Yes. Genting Malaysiacontrolled by billionaire Lim Kok Thayhas agreed to sell a 15.5-acre waterfront property in Miami to an investment group led by U.S. developer Terra for $1.2 billion. CC: Well, I had to quit giving them beer, (Laughter) Duh. So then if they drove off, the police would visit them. So this was a practice, they were constantly CC: Constantly practicing. You just want to think long term. It was cheap. And he was a Navy Pilot in World War II. CC: And so one of our shareholders said, Well, you ought to go see Republic National Bank. JE: I think you said that its important to distinguish between the store sites that people go through and the sites that people go to, a point of destination for them. I put a sign out front that said HELP (Laughter) you know. CC: Yeah, I love that. CC: Yeah, yeah. CC: Yeah. And we did a better operations job than most independent gasoline stations had. We understood density of population of where the houses were. Around 20% of the privately-held company is owned . Chester (Chet) Cadieux III, a Tulsa native, is the Chairman and CEO of QuikTrip Corporation, a regional gasoline/convenience store operation based in Tulsa, Oklahoma. CC: Well, I think theyre still there. There are 23 executives at BOK getting paid more, with StevenBradshaw having the highest compensation of $3,818,370. Cadieux, Chester. I dont know how many times Ive received that from QuikTrip and I get into my car and Im driving home and you just feel great. JE: But then you had to advertise and let the cities know that even though you were a convenience store you had low prices but high quality. 2445 South Peoria, Tulsa, Oklahoma 74114, Website Photography Credit: Jason Carrison. $5,000 that seems like nothing, but because he was an entrepreneur. So we didnt have many stores. And now we hire probably one out of 30. Jan 28, 2019 For investors, these convenience stores and gas station franchises are a lucrative business opportunity. Were struggling with that still and Chet was up at Wawa not long ago and hes on the Sheetz Board, and I was on the Sheetz Board and Im still on the Wawa Board after 24 or 25 years. The most recent stock trade was executed by Alan S Armstrong on 15 March 2023, trading 1,500 units of BOKF stock currently worth $130,605. CC: Oh no, no. CC: Well it was fun and the Cowboy always had Lamar with him in his pickup truck. Id see a junkyard, or Id see a trash truck. And one of them had been VP of Gasoline Marketing for Exxon USA, recently retired, low 80s but he was with us for 19 years. CC: Yeah. And I was in Bartlesville, Oklahoma which is kind of weird, and that wasnt exactly a real, strategic location and so what we did is SAC ran against almost every night with jamming and so forth. There are 30 older and 6 younger executives at BOK. CC: Theyre competition. JE: Then you can come into the store and pay for it. JE: And then you couldnt probably park real close to the store, people dont want to walk. CC: Yeah, yeah. JE: And youve done a very good job of running them, and here you are 77 (years old). So, you just struggled and everything changed over time. Theyre going to not start out that way and you know weve got them. Or what kind of name is it, CC: They were French-Canadian, from ten generations of French-Canadian and my grandparents moved to Chicago not knowing each other and they just met in Chicago, which was the place to be in the 1880s. JE: I do. JE: And you know that this seems to be such an easy concept. CC: I was married yes, cause I had a kid, I had two kids by then. Everything is going to change in your working lifetime. It had to do with signage, it had to do with convincing people that we had quality product. Chet Cadieux is a member of several boards, including the National Association of Convenience Stores and the Tulsa Metro Chamber of Commerce. And we would sit at the radarscope and try to figure out where they were and scramble fighters. This sum is more than adequate to sustain a lavish lifestyle in the big city, or at least a decent one. He also served on the board of trustees at the University of Tulsa, the Tulsa River Parks Authority, and the Tulsa Area United Way. So wed put them up on the ceiling and every once in a while wed sell one of those. He has a closet that he keeps big boy clothes in. If airlines can put electrical sockets and screens on the back of seats, why can't pro sports? The companys coming out, they want to hear me. And they heard about it cause we bought some equipment that. And we had had him earlier and we got him back and hes here and hes a genius. Was there sometime when you were just depressed and thought, I dont think this is going to work? Or were you always positive? In my days back when I would hold employee meetings, I used to have everybody stand up in order of how. JE: Same feelings of the way it was for you when you were starting out? CC: He was in the railroad business in Chicago as a kid. I mean thats one of the strategies. JE: Its the Holmes Group Insurance that he has. JE: Is that the seed for C-stores as you call them? He still, at 77 almost 78 hes still starting businesses with people. . CC: Yeah I have a coffee cup thats probably 15 years old and probably contaminated but I use it at home because we buy coffee and brew it at home and Ive got this old cup and my wife has this old cup. But were serving all of our stores except the Dallas stores with bakery (items) and with fresh sandwiches every day. The Cadieux family is behind some 700 QuikTrip gas station and convenience stores acroos 11 states in the Midwest and South. And we dont have the capital to move fast and build the buildings. In 1958, Chester Cadieux and his partner Burt Holmes founded the first QuikTrip in Tulsa, Oklahoma. (Laughter) We sold canoes, not many but Budweiser had these canoes that you could get as a prize for selling Budweiser. And they would dye him and put color on him so that he would still look young and whatever. They didnt want that store. CC: Thank you. Chester Cadieux and partner Burt Holmes opened the first QuikTrip in 1958 in Tulsa, Oklahoma. We sold wigs. They dont really want to refine it. And he offered me this job and of course I was this entrepreneur, and so I immediately told him no. CC: Yeah. JE: To be able to become current with technology and let people buy it at the pump. Chester's son, Chet Cadieux III, took over in 2002 and still runs the $11.5 billion (estimated sales) high-volume, low-margin retailer . With a net worth also of $1.3 billion, the Cadieux family held the same spot in 2014. JE: Back in those days, it probably was kind of like Land Run that you could just set down a store in many, many places. CC: Sure, yeah. grandmother wanted to go to California, but (Laughter.) You can only go so broke. JE: Im sure that people came in and they wanted to see Lamar? We would find an area that was big enough for other stuff. And then losing money in those things until we get enough volume and enough trained people to really get good at it. After all, theres nothing like spending time with the ones you love. They said, Youre QuikTrip, its QuikTrip Gasoline. We had (come up with) Red Line Gasoline. So things that are important to us, we have our own cigarette brand we have all sorts of things with our own brand on it, because you can sell it cheaper, you can buy it cheaper. we did one commercial with him because Lamar couldnt hear anymore. That mass begins to be your customers who when they see you, shop with you. JE: Were there any other drive-in grocery stores? They said, So youre going to these new markets and thats going to increase sales and thats going to create profits and so forth. And I said, No, when we go to new markets, we lose money for 5, 6, 7 years. They said, You cant say that.. The patchwork of government programs for adults with disabilities, and their varying eligibility rules, create complications and traps. And so we had this dog and we were getting into gasoline advertising. And I got to meet this young guy who was you know instead of being an old man he was a young guy, a young smart guy. And they closed the road in front of the store. And we got probably the second-best package that was out there, because we got it from Chevron, and Chevron offers a great package. The company was recently named a 2020 Top Inclusive Workplace by Mosaic and the Tulsa Regional Chamber of Commerce in recognition of the company's strength in community outreach, CEO commitment, internal policy, diverse suppliers and . But we didnt think about dumb. JE: In the 90s I think you learned to compete with the oil companies, that you had to do it better than the oil companies at selling gas, is that true? CC: No because when wed pick a site and then try to get somebody to buy the land and build the building, they would just call 7-11. Mr. . Chester Cadieux was born and raised in Tulsa, Oklahoma. They started out with food, because over there (East Coast) the people want deli sandwiches and so, they sliced ham and whatever and made sandwiches in the stores and now they got very, very organized and very, very good. CC: Yeah 35 or something like that. And we have a good relationship with them and its different management and different, you know. CC: I was going to be an engineer. And then we didnt know how to do that and we didnt have the money and so forth. You dont have as much competition for a lot of things if you have capital. The company he founded, QuikTrip, has become a regional gasoline/convenience store operation that has grown from eight stores in Tulsa, Oklahoma, to 700 in eleven states. Family passions and reputation stand behind the wines of California's wine families. JE: You mean in our conversation here? And so when I started, we paid better. JE: Right. You know theres always a battle. CC: But if you couldnt see them you had a hell of a time. He didnt have an education. And he was just a kid, but he was a smart kid. CC: Well just so I could run a cash register and knew about groceries and knew how to order and how to stock and how to, you know, it was pretty simple. JE: You were short on inventory probably and it had to be scary. January 19, 2023 January 19, 2023 admin . Am I going to lose it all? What is the most expensive table tennis racket. They see the stores, but they know you. It must become accepted that victims of domestic violence have suffered a trauma and/or are suffering from PTSD. But after a while we learned that it took a long time and not to worry and its just going to cost you a lot of cash and you just had to hang in there.
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