CC: And they ran one time in the daytime and we shot them all down and we had a hell of a time. Enjoy the video. And that became our company motto was We always do everything wrong the first time. And we did. So wed put them up on the ceiling and every once in a while wed sell one of those. He was a member of the National Association of Convenience Stores, as well as the Tulsa Chamber of Commerce. We became a destination for pop and Coke. If you can diagnose the challenges you face and identify how to unlock opportunities and mitigate risks, you can build and execute the strategies that position your business for success in the evolving battle for share of stomach. But we still have that line of frozen sandwiches that thawed and then sold, along with the fresh sandwiches and so forth. Ive seen it myself. 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.. Revenue. QT was founded in 1958 in Oklahoma by Mr. Cadieux's father, an Air Force veteran. Chet Cadieux, Quiktrip Corp: Profile and Biography The parking lot is always full. JE: In Dallas, he had watched the 7-11 Stores there? (Laughter) Those ol pilots were World War II guys and they just ate it up. I mean when you say. We were selling trying to sell pop and we finally realized we needed to just sell single cans or single bottles of pop. JE: Now that you said that, and you said youre still working on the food issue, have any of these other, CC: Oh yeah, Wawas a lot better at food than anybody else in the country. CC: Thank you. And so we were ahead on that game and that was very costly and very time consuming. Theyre going to not start out that way and you know weve got them. Less than a decade later, the company was running 43 stores in Oklahoma and had begun to branch out into surrounding states. And they jumped on us. Around half of the privately-held company is owned by non-family members through an employee stock ownership plan; Cadiuex family members own most of the remainder. And then the 4th store, and we were going bankrupt in there but the. Take Voices of Oklahoma with you on the go through your favorite podcast apps. With annual sales of $10 billion, QuikTrip operates 772 stores primarily in Tulsa, Kansas City, Wichita, Des Moines, St.Louis, Atlanta, Dallas, Phoenix, Tucson, Greenville, SC and Charlotte, NC. 50 million Dollar. JE: Right, so youre formula then had to be people, product CC: Well, people and location. It takes a long time to get to a critical mass in our business, where you have enough customers because if you have a customer here and they love you and then finally they see a store across town. And now there are 146,000. Chet also served as a Real Estate Manager and Vice President/Sales in the QuikTrip Corporate organization. You can only go so broke. CC: Yeah. Theyve always pretty much always owned shares. JE: You think that with 7-11 and those ice docks that was the beginning? JE: It was a shaggy-haired dog CC: Yeah. 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. But it doesnt come out of the refinery as bad gasoline, anybodys refinery. So they too started in Tulsa. Chester Edward Cadieux Net Worth (2023) | wallmine So we got on to that program and we just learned a huge amount. There was a lot of competition and there was a lot of family and there was a lot of, Were loyal to Bob because I went to high- school with him sort of thing and so we began to get out of small towns. Yeah. JE: Which youd probably given about 20 times by that time? Youre in business for a whole lot of people. Around 20% of the privately-held company is owned . CC: Yeah. We just didnt know what we were doing. $10 a week was what I made then because we were trying to get quality people, cause we needed them if we were going to grow. JE: Then you came up with your own high-energy drink and brands? The top 20 on the list are together worth a stunning $1.8 trillion. Chet graduated with a Bachelor of Science degree in Business from the University of Tulsa in 1989. The patchwork of government programs for adults with disabilities, and their varying eligibility rules, create complications and traps. We were terrible trainers to begin with. CC: Well that was the association that decided that they were convenience stores, which was intuitive and the right answer, that we are convenience stores. JE: And so it was how the customer was being treated. JE: So the atmosphere here is very loose. CC: Lloyd was magic because everybody knew Lloyd, everybody respected Lloyd. CC: Well, the whole thing about people came from being in the Air Force and having responsibilities and working with non-commissioned officers. CC: I was married yes, cause I had a kid, I had two kids by then. JE: The QuikTrip Kitchens idea, how was that born? A big part of what we do is that we have a group that really makes corporate buys. But I worked all summer in various and sundry grocery stores. But it was just that theyd call 7-11 and say, Do you want this store because QuikTrip wants us to buy and build. And so wed get the ones that 7-11 didnt want. 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. With a net worth also of $1.3 billion, the Cadieux family held the same spot in 2014. Rooster Booster? JE: All of a sudden they were noticing them. Opens the 400th store in Tempe, Arizona. (Laughter) Youve just got to go in and fight it out, dig it out. JE: You opened that store in what year? 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. Then you had to go back to pre-pay gasoline and you didnt want to have to go back to pre-pay because that slows everything down. If youre into entertainment, chances are youve heard of him, or at least his wife, Susan. 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. And weve done it with better people, really. And we had had him earlier and we got him back and hes here and hes a genius. My son Chris is involved with that as part of that whole marketing program. Waltrip should retire on his own terms, fans said. Douglas Miller Art Director The business model was cheap and high price. CC: Its got to be major oil companies rather than C-stores because theyd have 100, 200, 300, you know Dallas theres companies down there that have 300 stores in the market. And we lived that way. Sure and we realized earlier than other people did that convenience didnt have value anymore because there was too much convenience. Cadieux family - Forbes Because they sold us gasoline before anybody else did. Plus, make things more interesting with competitive Wordle! If we didnt spend money, we would build capital. But nobody else could. Thats right. CC: We didnt understand what we were getting into, absolutely. We moved Number 2 to another street over on 41st Street and it didnt make it. 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? we are one of the best hundred companies. Yeah, because you wanted to know where traffic went. And so SAC people would come and sit in the back of the room and see if we could see them and all that sort of thing. Aside from his executive role, hes also a dedicated family man who enjoys spending time with his wife and two kids. Besides serving as Chairman of QuikTrip Corporations board, Chet has also served as Chairman of the Tulsa River Parks Authority Board in 2010, as Chairman for The Tulsa Metro Chamber of Commerce for 2007, and as Chairman of the Board for Tulsa Area United Way for 2013. Apr 6, 2020 A 22-year-old employee of Tulsa-based convenience store chain QuikTrip died last week after contracting COVID-19, according to an email sent by QuikTrip CEO Chet Cadieux III which. His most recent position is the Chairman of the Board, a position he has occupied for the past seven years. JE: You were an outside salesman to promote this throughout this area and probably the area beyond Tulsa. We have to think like a gasoline marketer. GKFF Staff | George Kaiser Family Foundation Staff People dont cook. Because thats really what the meeting was about. And we shipped them frozen and we sold them cheap. There werent missiles going around, so we were there in the business to keep the Russians off our back. Any day. The estimated Net Worth of CIRCLE K STORES INC is at least $152 Million dollars dollars as of 03/10/2022. We had a name that we came up with and we were using. How by trial and error he found his way in the convenience store business. Those are big markets and that takes 7, 8, 9, 10 years to make money. (Laughter) Cause wigs were a hot deal at one point in time and somebody came and wanted to sell them and so you try it and women would stand there and pick out a wig and (Laughter) and you know I mean we. CC: Burt, because Burts an entrepreneur, and hes still an entrepreneur, Burt hes still a. shareholder and so forth, but not nearly what you couldve been because he chose to take money to sell QuikTrip shares to some of his friends over time and then hed put that (money) in another business. She took me and sat me down in Church when I was about two, and thats why we give away money, why we do all these things. We knew we werent going to go to Wall Street, but theres all these rules now that the government thought up. It seemed to me. Carey Cadieux Profiles - Facebook http://www.MullerhausLegacy.com CC: Or 30, or 50 I dont know and so I had the spiel down and he said, Well, well take a look at it, and well call you back. I was trying to borrow a million dollars to pay off the Bank of Oklahoma. The rest of the time they came at night with their jamming. Im getting a little old and I might be up there much longer but (Laughter). I was in to win or lose. QuikTrip is you. CC: Yeah because they were in the ice business. Chet could take over as President at a young age because he had all of our guys who had been there for the long road. 2023 Forbes Media LLC. It was a big problem for a while. I mean youve got to offer Coke and Pepsi and all the big names. JE: It just occurs to me why you branded your own gasoline and high-energy drink and sandwiches and so forth, did you ever think about making a QuikTrip pop or a QuikTrip soda? And so you had to have these and they cost money. Yeah, I mean Chet wears shorts. And. How much is Chet Cadieux worth? This project that I worked on, after I wasnt CEO, all had to do with making sure that we didnt have to be public even for reporting purposes. QuikTrip owns and operates a number of convenience stores and fuel service stations in Arizona, Georgia, Iowa, Illinois, Kansas, Missouri, Nebraska, Oklahoma, and Texas, among other states. just sold crazy stuff. 2015 America's Richest Families Net Worth. But we had this figure exchange we had for years, with several companies. Jan 28, 2019 For investors, these convenience stores and gas station franchises are a lucrative business opportunity. CC: Sure. He was a great dog, and smart. 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. But now theyve been in the military and they were kind of like, grumpy. Hes a wonderful man. Bell Oil & Gas let him run tank cars in their service. (Laughter) And mine. He is from OK. Chet Baker's Net Worth: $94 Million. So he did that. But youve earned this reward. In the South, Midwest, and Southwest, QuikTrip owns and operates 835 convenience stores and gasoline service stations in eleven states. It was an attitude thing. You know theres always a battle. QuikTrip CEO Voyage Consulting Group Cadieux succeeds Steve Turnbo, chairman of Schnake Turnbo Frank, Inc. More than 1,100 area business leaders . But we kept changing. JE: And it would tend to take the public a while to understand this concept. If auto makers can put heated seats in my car, why don't outdoor stadiums? I was always going to be an engineer. And it was no big deal for them because you had to pay railroad companies for the mileage, so he built that and he built a business in St. Louis with a friend of his, and ran tank cars out of there. And it evolved and now you know its all immediate consumption. 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. CC: Well, you just bite it and you do it. So we opened another store with a pre-fab and got it open pretty quick. You can sell all of these. 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. When we really got in the gasoline business, we learned that you really didnt want to be in small towns because you just didnt sell a lot of gasoline. And our employees own a lot of stock. But we knew that we needed to have another Lamar. CC: Yeah, hungry, thirsty, out of cigarettes and out of gas. There are 30 older and 6 younger executives at BOK. And we learned whom we could work with, and how important people were. He also owns a company called QuikTrip that has plans to expand. Yet he makes no secret of his secret. JE: Phillips Seminary youve supported, and that all came from her, she was a Godly woman. grandmother wanted to go to California, but (Laughter.) Hes certainly made his mark in the entertainment industry and has a number of notable achievements to his credit. JE: You mean in our conversation here? JE: So this whole concept was new to the entire community. And thats the kind of genius that you look for, cause they dont have them coming up. Well, Oklahoma A&M, the only kind of business classes they had were agricultural business, they didnt even have business-business. I mean that was the business we were in. JE: That took care of that whole segment of society? Dive into specific topics and learn about them firsthand from the Oklahomans that lived through and influenced them. 7 Ideas Teams Could Use Now, NASCAR Fans Are Changing The Way They Watch Races, How AI Powers Ford Motorsports To The Checkered Flag, How Business Podcasts Can Feed Your Mind What It Needs, With 70,000 Signatures, British Retail Workers Fight Pay Cuts, Jim Millaway Is One Of America's Most Innovative Benefits Leaders, NASCAR Race Partnership Leaves Folds Of Honor With $4.8 Million Scholarship Shortfall, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Ray Thomas Benson, Brenda O Brothers, and seven other persons are connected to this place. CC: Yeah, that made sense. Holmes said the company had a net worth of $3,000 by the end of its third year "and we never lost any money after that." . So then if they drove off, the police would visit them. The whole store was terrible. And then after about 20 years we decided that we really had to be a gasoline marketer, and get I to that. CC: I dont think I was depressed. The most active insiders traders include Alan S Armstrong, Kaiser Family Foundation Ge, and Steven J Malcolm. Just good luck, and so, you know, we said its better to be lucky than smart cause we kept doing dumb things. And it didnt even occur to us that thats why that store ran all that volume. The company was founded in 1958 by his father, Chester Cadieux II and is now the 33rd largest privately-held company in the United States. Mr. And the bakeries make money now. 2022 Oklahoma Hall of Fame Honorees - Oklahoma Hall of Fame I love that and its true. In a statement, the. People loved Lamar and they loved the Cowboy. CC: The point at that point in time way back was, were we going to get into the food business, or were we going to get into the gasoline business? dirt and it costs capital to build buildings. JE: And then that helped you focus your advertising and merchandising. And now we have a guy who used to run the largest site selection business in the world. Its probably being used more maybe than was anticipated. Who are the enemies? JE: Back then you were kind of doing it (hiring) by the seat of your pants or by your gut CC: Oh yeah. QuikTrip: Co-founder Chester Cadieux passes away | KTUL Thats why. I mean some of those products, they have names, but its not QuikTrip. BOK executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Era Ends With Darrell Waltrip's Retirement, What If Pro Sports Operated Like Other Businesses? The Key Factors of an Excellent Credit Score. JE: Were there any other drive-in grocery stores? Join Facebook to connect with Carey Cadieux and others you may know. The estimated Net Worth of Michel Cadieux is at least $8.02 Million dollars as of 27 February 2023. All Rights Reserved. In addition, he makes $33,281 as Independent Director at BOK. CC: Well, Lamar used to do bars at night and so forth. 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. for two and a half years and then we started making money. If airlines can put electrical sockets and screens on the back of seats, why can't pro sports? This sum is more than adequate to sustain a lavish lifestyle in the big city, or at least a decent one. Chet E Cadieux, (918) 492-7043, Tulsa Public Records Instantly They include the University of Tulsa business Hall of Fame, the Tulsa Hall of Fame, and the Oklahoma Hall of Fame. The 30 Richest Celebrities In The World 2020 - Celebrity Net Worth Here is a quick-hit list of the top 10 richest celebrities in the world right now: #1) George Lucas net worth $6.5 billion. So I thought small towns had to be good, so we started to build in small towns. What I learned from QuikTrip CEO Chet Cadieux's lecture Oh yeah. The company is now led by Chet Cadieux III, CEO since 2002 . A second-generation Tulsan, Chester "Chet" Cadieux III is Chairman and CEO of QuikTrip Corporation, a regional gasoline and convenience store operation founded in 1958 by his father, Chester Cadieux II. JE: By the way, Burt Holmes, did he back out of the business completely? CC: Right. And they were senior kind of people, they were old guys and they would sit behind their desk and shake their head. JE: Otherwise you would have felt guilty eating those two Snicker bars. CC: Well, he sold out of that a few years ago. The QuikTrip Corporation, more commonly known as QuikTrip ( QT ), is an American chain of convenience stores based in Tulsa, Oklahoma that primarily operates in the Midwestern, Southern, and Southeastern United States as well as in Arizona. Ones Wawa back in Philadelphia and the greater northeast area, and then a group in western Pennsylvania that went south with their stores, and so forth, and thats Sheetz and Wawa. I had my spiel. CC: Ive just been blown away by the way its been used. It had the right sized cooler and it had the right dimensions and we began to learn. JE: And you know, I to this day I look forward to that and Im running in the Tulsa Run this year, and I can hardly wait to get through for something that is so small, and I can easily buy. When some of these things came out about the quality of gasoline, gasoline is gasoline. The net worth of the octonaut Chet Cadieux may be modest but he's been around long enough to have a good idea of what he is worth. Was there sometime when you were just depressed and thought, I dont think this is going to work? Or were you always positive? The family's net worth is estimated at $1.9 billion. At first they could buy them and now we have the employee stock ownership plan and we give them shares. And I liked him and he liked us and so we hired him away from Republic National Bank but they werent too worried because they had lots of boys. Laura Hyde Upload Coordinator. Because we have psychological testing, we have mental testing. JE: And then you went on to college? Yeah and people that had some sparkle and people that you could see taking care of customers. Mr. Cadieux BOKF stock SEC Form 4 insiders trading Yeah and of course it hurt gross margin, but yeah we stayed after it. But theyre cheaper. 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. Chester Cadieux 's birthday is 02/26/1967 and is 55 years old. Dive deeper into Oklahoma history by learning from the voices of the Oklahomans who lived it. But, its his leadership skills and unwavering commitment to his company that will make him a true legend for the foreseeable future.