The Ownership Structure Behind Zaxby's
Zaxby's is owned by Zaxby's Franchise Group LLC, which operates as a publicly traded subsidiary. The company went public in 2016 through an IPO and trades on the NASDAQ under the ticker symbol ZAX. The founder, Zax Miller, stepped down from his day-to-day operational role years ago but remains a significant shareholder and board figure. The current CEO is Chris O'Donnell, who took over the role after spending over a decade working within the company's corporate structure. The answer depends on whether you're asking about the corporate parent or the individual behind the brand. The franchise group itself holds the master rights, while roughly 95% of locations operate under franchise agreements. Only about 5% are company-owned. So if you walked into a Zaxby's and asked who owns your particular restaurant, the answer would almost certainly be an individual franchisee, not corporate. I've dealt with this distinction more than once when researching supply chain issues — vendors sometimes get confused about whether they're contracting with franchise operations or the corporate office, and it changes who signs the checks. One thing people miss when looking at ownership is how much the franchise model has shifted in recent years. Zaxby's aggressive expansion strategy meant they needed capital to open new locations fast. Taking the parent company public in 2016 gave them that runway. But it also changed the incentive structure. Franchisees now answer to public shareholders, not just a local owner. When I was tracking their expansion into new markets, I noticed that corporate-driven territory releases often prioritized speed over franchisee relationship management. This created real friction. A couple of franchisees I spoke with described being placed in territories where they couldn't realistically achieve unit economics without significant support that never materialized.
The Miller family still holds meaningful equity. Zax Miller founded the chain in 1994 in Auburn, Alabama, starting with a single location. What many don't know is that he sold a controlling interest to private equity firms before the IPO. That means his current ownership stake is a fraction of what it once was, though he's still influential. The rest of the ownership is distributed among institutional investors, mutual funds, and the general public through stock ownership. If you're trying to find out who specifically owns a certain Zaxby's location, the easiest way is through the franchise disclosure documents. Each market will have its own FDD filed with the FTC, and those documents list the franchisees. It's public record, but you won't find it indexed well. You typically need to search state-specific business registries or request copies directly from the franchise corporate office. The corporate contact list changes occasionally, so calling the corporate headquarters number and asking for the franchise development department is the most reliable route I've found.
