FRANCHISE 500 TOP 10

Meet the Leaders of the Franchise 500

- Jason Feifer, RACHEL DAVIES

1 Taco Bell

STARTED FRANCHISING/ 1964 TOTAL UNITS/ 8,565 COST TO OPEN/ $610.8K-$3.98M

Taco Bell has a formula for success: math+magic. Its new CEO explains.

Is it easier to take over a struggling brand or a super-hot brand?

A hot brand might sound easier. It already has momentum! The fundamentals are strong! But in January 2024, when Sean Tresvant became the new CEO of Taco Bell, he answered that question differently: "I don't think it's easier to walk into a hot brand," he said back then. When the bar is high, every dip is noticeable. "My job, and our job as the Taco Bell team, is to keep this brand hot."

By that measure, Tresvant is doing his job.

Taco Bell has been on a yearslong hot streak both on the Franchise 500 and in the market, and that continued in 2024: Same-store sales grew 4%, international systems grew 6%, and digital sales grew 30%. (That data was through Q3.) And it launched over 40 new menu items, including fun collaborations (like with Cheez-It crackers) and promotions (like a menu of discontinued but beloved items from decades past). All that growth helped Taco Bell notch its fifth consecutive No. 1 spot on the Franchise 500-making it only the second brand to achieve that feat in our 46-year history. (The other was Subway.)

So what's the secret? Tresvant says it like this: Taco Bell doesn't want to be just another successful quick-service restaurant brand; it wants to be a "capital-B Brand"-building deep, personal, decadeslong relationships with its consumers, and transcending the products it sells.

Here, Tresvant explains how Taco Bell thinks big and acts bigger.

You're now one year into being CEO. With all you've learned so far, what's your advice to someone stepping into a new leadership position?