You’ve seen the red-and-white tiles. You’ve definitely smelled the peanut oil. Maybe you’ve even stared at the bulletin board while waiting for a "little" fry that somehow fills an entire brown paper bag. But while you’re shelling out fifteen bucks for a cheeseburger, have you ever wondered where that money actually goes?
Most people assume some massive, faceless conglomerate like Yum! Brands or Roark Capital snapped them up years ago. That’s usually how the story ends for successful burger joints. But Five Guys is a weird outlier.
The Murrell family still owns Five Guys. Honestly, it’s one of the largest family-owned restaurant empires left in the United States. While rivals like Shake Shack went public and others sold out to private equity, the Murrells have kept a tight, almost obsessive grip on their creation. They aren't just names on a legal document, either. They are deeply, intensely involved in the day-to-day grind.
The "Five Guys" Are Real People (And There are Actually Six)
If you walked into the corporate headquarters in Alexandria, Virginia, today, you wouldn't just find suits. You’d find Jerry Murrell and his sons.
The name "Five Guys" originally referred to Jerry and his four eldest sons: Jim, Matt, Chad, and Ben. When the fifth son, Tyler, was born a few years later, Jerry jokingly "retired" his own title as a founding guy so the brand name would still make sense. Today, the "Five Guys" are the five brothers.
Each brother has a specific, non-overlapping lane:
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- Jim and Matt are the scouts. They spend a huge chunk of their time traveling, visiting stores, and making sure the "vibe" is right.
- Chad runs the training. If a grill cook is flipping burgers the wrong way, that’s Chad’s problem.
- Ben is the gatekeeper. He’s the one who vets potential franchisees. If you want to open a store, you have to get past him.
- Tyler handles the bakery side of things. Those proprietary buns? That’s his world.
Jerry and his wife Janie started this whole thing in 1986 in Arlington. They gave their kids a choice: "Start a business or go to college." The boys chose the burger business, and the rest of the college fund became the seed money for the first shop. It's a classic "American Dream" story, but with way more grease and a lot of shouting. The family famously meets every Tuesday at 1:00 PM, and they’ve had to soundproof the walls because the business debates get so loud.
Is Five Guys a Public Company?
Nope. And they probably never will be.
If you’re looking for a Five Guys stock ticker on the NYSE, you’re out of luck. Being a private company is a huge part of their identity. Jerry Murrell has been very vocal about his distaste for Wall Street. He meets with investment bankers and private equity vultures every few months just to tell them "no."
Why? Because going public means answering to shareholders who care about "quarterly growth" and "cost-cutting."
For a family that refuses to put freezers in their stores because they think frozen beef is a sin, the idea of a shareholder suggesting they switch to cheaper ingredients to boost margins is a non-starter. They’d rather own 100% of a company they believe in than 10% of a diluted giant.
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The Silent Partners: Miller Investment Management
While the Murrells own the lion's share, they aren't the only ones with a stake. Around 2003, when the brand was ready to explode via franchising, they realized they needed some professional backup.
They partnered with Miller Investment Management, a firm based in Philadelphia. This wasn't a "sell-out" move. It was a strategic play to get the capital and infrastructure needed to scale from five local shops to a global powerhouse. Miller has been a steady partner for over two decades, helping guide the brand through its massive international expansion into Europe, Asia, and the Middle East.
The Franchise Factor: Who Owns Your Local Store?
While the Murrell family owns the brand and about 500 "corporate" locations, the majority of the 1,900+ restaurants worldwide are owned by franchisees.
This is where the ownership gets fragmented. You might be eating at a Five Guys owned by Encore Restaurants LLC, which is one of their largest franchise groups, or perhaps a location owned by a group of private investors.
Even the international joints have interesting backing. For example, the expansion into the UK and parts of Europe was fueled by a joint venture with Freston Ventures, led by Sir Charles Dunstone (the guy who founded Carphone Warehouse).
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Here is a quick breakdown of how the footprint looks as of 2026:
- Total Global Locations: 1,964
- Corporate Owned: Approximately 30%
- Franchised: Approximately 70%
- Geographic Split: About 80% of stores are in North America, with the rest spread across 26 countries.
What This Means for You
The fact that Five Guys is still family-controlled is exactly why your burger costs so much.
They don't have the "economy of scale" or the pressure to undercut competitors that a public company like McDonald's does. They use high-end peanut oil, they don't use timers on their grills (the cooks have to "feel" when the meat is done), and they refuse to offer delivery through third parties if it compromises the food quality.
They’re stubborn. That’s the "ownership" secret.
If you’re thinking about getting a piece of the action yourself, keep in mind that the "Five Guys" are picky. To even be considered for a franchise, you typically need a net worth of at least $500,000 and a quarter-million in liquid assets. And even then, Ben Murrell might still say no if he doesn't think you "get" the culture.
Next Steps for You:
If you're tracking the fast-casual market, keep an eye on their international moves, specifically their recent push into the Nordic markets and Australia. They are financing this growth through "whole business securitization"—basically using their future royalty streams as collateral—which allows them to stay private while still having the cash flow of a public giant. If you want to dive deeper into the economics of the "better burger" segment, comparing their P&L to a public peer like Shake Shack (SHAK) provides a fascinating look at how private ownership changes the bottom line.