For decades, stories about billion-dollar company sales have followed the same pattern. Founders get rich, investors celebrate massive returns, and employees often receive nothing but praise for their hard work.
Most recently, Graham Walker attracted attention after he reportedly split $240 million with 540 employees after selling Fibrebond Corp. to Eaton in a $1.7 billion deal. Before the sale was finalized, Walker insisted that 15% of the proceeds should go directly to the employees, even though they did not own the company’s shares. The average worker reportedly earned about $443,000, creating life-changing financial opportunities for many families in the small town of Minden, Louisiana. Likewise, according to CNBC’s 2025 reports, Dave’s Hot Chicken, a fast-growing restaurant chain, reportedly turned 19 employees into millionaires after a major investment deal that valued the company at nearly $1 billion. CEO Bill Phelps says the decision was intentional from the beginning. At a time when many employees feel disconnected from the company’s success, the move has sparked conversations about loyalty, leadership, and how companies reward the people who help build them.
the Dave’s hot chicken The deal is said to have made the directors millionaires
The major turning point came when private equity firm Roark Capital acquired a majority stake in Dave’s Hot Chicken in a deal said to be worth close to $1 billion. Such large investment deals are common in the restaurant industry, but what happened next surprised many people.As NRN reported, according to Bill Phelps, 19 employees became millionaires through the deal. The company also reportedly rewarded corporate employees, store managers and assistant managers with bonuses roughly equal to their annual salaries.
For many workers, this was likely a life-changing moment.“I had some investors who said, ‘You’re giving away too much money,’ and that’s not true,” he says. “They were absolutely right as investors to stand up for other investors. They have a fiduciary duty, but I have a duty to the people who created this business, and I was honest in taking care of all the stakeholders in this deal.”Phelps later explained that some investors were uncomfortable with the amount of money that was distributed to employees. From a financial perspective, investors often prioritize maximizing profits and protecting shareholder returns.
How Dave’s Hot Chicken turned a $900 startup into a nationwide restaurant giant
Dave’s Hot Chicken didn’t start out as a giant corporate brand. The company reportedly started in 2017 when three childhood friends scraped together just $900 to open a small chicken stand in a Los Angeles parking lot.
At that time, only a few people could predict how quickly the business would grow. Customers were drawn to the restaurant’s spicy chicken, simple menu, and strong social media buzz. Within a few years, the brand expanded rapidly across the United States and became one of the most popular fast food chains in the industry.The company’s growth accelerated following Bill Phelps’ involvement in 2019. Phelps already had extensive experience in the restaurant industry after co-founding Wetzel’s Pretzels and working with several other food brands.
Along with a group of investors, he took a stake in Dave’s Hot Chicken and helped franchise the business nationwide.
Bill Phelps reportedly described his employees as “partners.”
“One investor told me I had no idea what management compensation looked like,” Phelps says with a laugh. “And he’s right, because I don’t look at them as management. I look at them as my partners in this journey, and I compensate them as partners in the journey.” According to Phelps, rewarding employees fairly has been part of staying loyal to the people who have contributed to Dave’s Hot Chicken since the beginning.Phelps also said that he does not believe in micromanaging employees because he trusts people to do their jobs well.
