For decades, stories of billion-dollar company sales have generally followed the same pattern. Founders become rich, investors celebrate massive returns, and employees often get nothing more than praise for their hard work. Recently, Graham Walker has attracted attention after reportedly sharing $240 million with 540 employees following the sale of Fiberbond Corp. to Eaton in a $1.7 billion deal. Before the sale was finalized, Walker insisted that 15% of the proceeds go directly to the employees, even if they did not own shares in the company. The average worker reportedly received approximately $443,000, creating life-changing financial opportunities for many families in the small town of Minden, Louisiana. Similarly, according to a 2025 report from CNBC, Dave’s Hot Chicken, a fast-growing restaurant chain, reportedly turned 19 employees into millionaires after a massive investment deal that valued the company at nearly $1 billion. CEO Bill Phelps says this decision was deliberate from the beginning. At a time when many employees feel disconnected from corporate success, the move has sparked conversations about loyalty, leadership and how companies reward the people who help build them.
Dave’s Hot Chicken The deal that reportedly made managers millionaires
The major turning point came when private equity firm Roark Capital acquired a majority stake in Dave’s Hot Chicken in a deal reportedly worth about $1 billion. Such large investment deals are common in the restaurant industry, but what happened next surprised many.According to Bill Phelps, 19 employees became millionaires through the transaction, NRN reports. The company reportedly rewarded corporate employees, store managers and assistant managers with bonuses that were almost equal to their annual salaries. For many workers, this was potentially a life-changing moment.“I had some investors who said, ‘You’re paying too much money, it’s not right,'” he says. “As investors they were absolutely right to stand up to other investors. They have a fiduciary duty, but I have a duty to the people who built this business, and I was true to the care of all those stakeholders in this deal.”Phelps later explained that some investors were uncomfortable with how much money was being distributed to employees. From a financial perspective, investors often prioritize earning maximum profits and protecting returns for shareholders.
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 raised just $900 to open a small chicken stand in a Los Angeles parking lot. At the time, few people could have predicted how rapidly the business would grow. Customers were attracted to the restaurant’s spicy chicken, simple menu and strong social media buzz. Within a few years, the brand expanded rapidly throughout the United States and became one of the most talked-about fast-food chains in the industry.The company’s growth accelerated after Bill Phelps joined in 2019. Phelps already had extensive experience in the restaurant business after co-founding Wetzel’s Pretzels and working with several other food brands. With an investor group, he acquired a stake in Dave’s Hot Chicken and helped franchise the business across the country.
Bill Phelps reportedly called his employees ‘partners’
“One of my investors told me I had no idea what management compensation should be,” Phelps says with a laugh. “And he’s right, because I don’t see them as management. I see them as my partners in this journey, and I compensate them as partners in this journey.” According to Phelps, rewarding employees appropriately was part of staying loyal to those who had contributed to Dave’s Hot Chicken from the beginning.Phelps has also said that he does not believe in micromanaging employees because he trusts people to do their jobs well.