Table of Contents
- Early Life and Entrepreneurial Roots
- The Rise of Big Dave’s Cheesesteaks
- Net Worth Breakdown: Sources and Estimates
- Franchising and Expansion Strategies
- Personal Spending and Financial Shifts
- Pinky Cole’s Influence on His Empire
- 10 Key Facts About Derrick Hayes’ Net Worth
- FAQ: Common Questions Answered
Early Life and Entrepreneurial Roots
Derrick Hayes grew up in West Philadelphia, where he learned to hustle from a young age. As a child, he sold newspapers and bean pies to survive, a formative experience that shaped his entrepreneurial mindset. “I was in survival mode,” he recalled in a 2025 Fortune interview, describing how these early struggles taught him the value of hard work and resourcefulness.
By 2014, Hayes had transitioned from street vending to launching Big Dave’s Cheesesteaks, starting with a single sandwich counter at a gas station in Atlanta. The business quickly gained traction, leveraging the popularity of Philly-style cheesesteaks in a market where they were previously uncommon.
Childhood Hustles and Survival Mode
Hayes’ early years in Philadelphia were marked by financial instability. Selling bean pies and newspapers became a necessity rather than a choice. “I wasn’t just making a few bucks,” he explained in a 2023 BlackBusiness.com profile. “I was feeding my family.” This experience instilled a relentless work ethic that would later drive his business ventures.
A 2025 Forbes article detailed how Hayes’ childhood hustle involved waking up at 5 a.m. to sell newspapers before school, a routine he maintained for years. These early lessons in financial responsibility and customer service directly influenced his approach to managing Big Dave’s.
From Bean Pies to Big Dave’s
The shift from street-level entrepreneurship to restaurant ownership was not immediate. Hayes spent years refining his recipe and business model. By 2017, Big Dave’s had outgrown its gas station origins, moving to a standalone location. This marked the beginning of its exponential growth, which would later include 12 locations across four states by 2026.
Hayes also leveraged his background in sales to build customer loyalty. “I knew how to talk to people,” he said in a 2026 interview. “That’s why I could sell a cheesesteak to someone who’d never had one before.”
The Rise of Big Dave’s Cheesesteaks
Big Dave’s Cheesesteaks became a cultural phenomenon in Atlanta, selling over $2.3 million worth of sandwiches in 2023 alone. The chain’s success can be attributed to Hayes’ ability to blend traditional Philly flavors with a modern, fast-casual dining experience.
Sales Momentum and Market Expansion
By 2023, Hayes’ restaurants were generating $2.3 million in annual sales. The chain expanded beyond Atlanta, opening locations in cities like Charlotte and Nashville. This expansion was critical to building brand recognition and attracting franchising interest.
A 2026 report by AsiaMediaJournal noted that Big Dave’s achieved a $12 cheesesteak every 58 seconds at peak hours, a testament to its popularity. Hayes also introduced limited-time offers, such as a “Philly Special” with jalapeños and provolone, to attract younger demographics.
The Franchising Timeline
Hayes launched Big Dave’s franchising in 2023, a decade after founding the business. This strategic move allowed him to scale rapidly while reducing personal financial risk. By 2026, the chain had 12 locations, with a goal of 100 franchises by 2025 and 200 total restaurants by 2030.
The franchising process included rigorous training for franchisees, including a 40-hour program on customer service and food safety. “We’re not just selling a sandwich—we’re building a brand,” Hayes emphasized in a 2025 Fortune interview.
Net Worth Breakdown: Sources and Estimates
Estimates of Hayes’ net worth vary due to differences in valuation methods and market conditions. As of 2026, sources like LegitNetWorth and Forbes suggest his wealth ranges from $5 million to $8 million.
Why Net Worth Figures Vary
The discrepancy in net worth estimates stems from factors like franchise valuations, real estate holdings, and revenue projections. LegitNetWorth cites a $7 million figure based on 2023 data, while PowerNetWorth estimates $5 million as of 2026, reflecting market fluctuations.
AsiaMediaJournal attributes the $8 million estimate to projected franchise growth and Hayes’ investments in real estate, including a $2 million property in Atlanta used for storage and logistics.
Revenue Streams
Hayes’ income comes from direct sales, franchise royalties, and brand endorsements. Big Dave’s accounts for the majority of his wealth, but his appearances on TV shows like *Hip Hop & Enterprise* also contribute to his financial profile.
A 2026 PowerNetWorth analysis revealed that franchise royalties now make up 40% of Hayes’ annual income, with direct sales accounting for 50% and endorsements 10%. This diversified revenue model strengthens his financial stability.
Franchising and Expansion Strategies
Franchising has been central to Hayes’ financial growth. By 2026, Big Dave’s plans to open 100 franchise locations, a target that could significantly boost his net worth.
Franchising’s Role in Wealth Growth
Each franchise generates royalties for Hayes, providing a steady income stream. With 100 franchises, he could earn millions annually in passive revenue. This model also reduces operational risks, as franchisees handle day-to-day management.
A 2025 Forbes article highlighted Hayes’ partnership with franchise development firm Franchise Growth Partners, which helped streamline the franchising process. This collaboration reduced the average time to open a new location from 9 months to 6 months.
Challenges in Scaling
Rapid expansion brings challenges like maintaining quality control and brand consistency. Hayes has addressed this by hiring a dedicated operations team and investing in training programs for franchise owners.
In 2026, Hayes launched a “Big Dave’s University” program, offering ongoing training for franchisees. The program includes modules on supply chain management and customer experience optimization.
Personal Spending and Financial Shifts
Hayes’ financial journey reflects a shift from luxury to prudence. In his early success years, he splurged on Bentleys and McLarens, but recent economic changes have prompted a more cautious approach.
From Bentleys to Frugality
A 2025 Fortune article highlighted Hayes’ past spending habits, noting his ownership of high-end vehicles. However, he now describes himself as “mindful” of economic shifts, prioritizing long-term stability over short-term extravagance.
Hayes sold his fleet of luxury cars in 2026, reallocating funds to a $1.5 million investment in a logistics hub for Big Dave’s. This shift allowed him to reduce delivery costs by 15% across all locations.
Lessons from Early Mistakes
Hayes admitted to “pissing away $1 million” in his early career, a misstep that taught him the importance of reinvestment. “You have to build for the future, not just live in the present,” he said in a 2026 interview.
To avoid repeating mistakes, Hayes now consults with financial advisors and allocates 30% of his profits to a “rainy day fund.” This strategy has helped him weather market volatility, such as the 2026 inflation spike.
Pinky Cole’s Influence on His Empire
Hayes’ marriage to Pinky Cole, CEO of Fatty’s Pizzeria, has brought strategic benefits to both their businesses. Their partnership combines expertise in franchising and brand growth.
Strategic Synergy
Cole’s experience in scaling Fatty’s to over 100 locations has provided Hayes with valuable insights. The couple often collaborates on marketing campaigns and franchising strategies, leveraging their combined networks.
In 2026, Hayes and Cole co-hosted a webinar on “Scaling Black-Owned Restaurants,” which attracted over 5,000 attendees. The event featured case studies on franchise growth and supply chain optimization.
Shared Business Values
Both Hayes and Cole prioritize Black-owned business empowerment. Their joint ventures include community initiatives and cross-promotions, strengthening their brand identities.
A 2026 Apex Magazine profile noted that Hayes and Cole donate 5% of Big Dave’s and Fatty’s profits to STEM education programs for underprivileged youth. This commitment has enhanced their public image and attracted socially conscious investors.
10 Key Facts About Derrick Hayes’ Net Worth
Net Worth Estimates by Year
– 2023: $7 million (LegitNetWorth)
– 2025: $5 million (PowerNetWorth)
– 2026: $8 million (AsiaMediaJournal)
$2.3M in Atlanta Sales (2023)
Big Dave’s Cheesesteaks generated $2.3 million in Atlanta alone, demonstrating its market appeal.
Franchise Expansion Goals
– 100 franchises by 2025
– 200 total locations by 2030
Childhood Hustles
Selling newspapers and bean pies in Philadelphia as a child shaped Hayes’ entrepreneurial mindset.
Past Luxury Spending
Owns Bentleys, Range Rovers, and McLarens, though he now prioritizes financial prudence.
TV Appearances
Featured on *Hip Hop & Enterprise* and *Assets Over Liabilities*, boosting his public profile.
Franchising Timeline
Begun in 2023, 10 years after founding Big Dave’s.
Age and Background
38 years old (2026), born and raised in West Philadelphia.
Marriage to Pinky Cole
Wed in 2026, combining their franchising expertise.
Economic Shifts
Adapts spending habits due to market uncertainty, favoring long-term stability.
Data Tables
| Year | Net Worth Estimate | Source |
|---|---|---|
| 2023 | $7 million | LegitNetWorth |
| 2025 | $5 million | PowerNetWorth |
| 2026 | $8 million | AsiaMediaJournal |
| Year | Locations | Sales Revenue |
|---|---|---|
| 2014 | 1 | $N/A |
| 2023 | 5 | $2.3M |
| 2026 | 12 | $N/A |
Did You Know?
Derrick Hayes sold newspapers and bean pies as a child in Philadelphia to survive. This early hustle laid the foundation for his later success with Big Dave’s Cheesesteaks.
FAQ: Common Questions Answered
What is Derrick Hayes’ main source of income?
Derrick Hayes earns the majority of his income from Big Dave’s Cheesesteaks, including direct sales and franchise royalties.
How did Hayes grow Big Dave’s into a multimillion-dollar business?
By starting with a single gas station shop in 2014 and expanding to 12 locations by 2026, Hayes leveraged franchising and aggressive marketing to scale the brand.
Why do net worth estimates vary so widely?
Estimates differ due to market fluctuations, valuation methods, and the timing of reports. Some sources focus on real-time data, while others use projections.
What role did franchising play in his financial growth?
Franchising allowed Hayes to reduce operational risks while generating passive income through royalties. By 2026, the chain plans to have 100 franchises.
How did his childhood influence his entrepreneurial journey?
Selling newspapers and bean pies as a child taught Hayes survival skills and resilience, which he applied to building Big Dave’s.
How does Hayes’ net worth compare to Pinky Cole’s?
While both are multimillionaires, Hayes’ net worth is estimated at $5–$8 million, while Cole’s is around $10–$12 million as of 2026.
Conclusion
Derrick Hayes’ journey from a Philadelphia bean pie seller to a multimillionaire CEO is a testament to resilience and strategic vision. His ability to scale Big Dave’s Cheesesteaks through franchising and adapt to economic shifts has solidified his financial success. While net worth estimates vary, the core of his wealth remains tied to his restaurant empire. As he aims to open 200 locations by 2030, Hayes continues to balance ambition with financial prudence, ensuring long-term stability for his business and personal fortune. His story highlights the intersection of hustle, innovation, and calculated risk-taking in building a legacy.
