Husband and wife Andrew and Peggy Cherng are among the names on the Forbes list of the world’s billionaires and they’re not just partners in life, but in business, too. They founded Panda Express in 1983 and since then, it’s become one of the world’s most recognizable Chinese fast food restaurant chains.
They immigrated to the U.S. from Taiwan and Hong Kong. The couple first met in college at Baker University in Kansas, and then headed to the University of Missouri, where Andrew completed a master’s degree in applied mathematics and Peggy earned her doctorate degree in electrical engineering.
Andrew and Peggy Cherng: The Panda Express explosionHusband and wife team Peggy and Andrew Cherng discuss the key to their succesful Chinese fast food chain.
Today, they’re living the American dream as owners and operators of nearly 2,000 restaurants that have more than 25,000 associates. They say the key to their business success is to focus on people and food and less on profit.
“We want to be more balanced,” explains Peggy.
“I believe that when the individual is doing well and then they have the capacity to care for their own family and care for other people and so they perform at a higher level,” says Andrew.
Next, the duo plans to further expand their brand internationally.
Andrew and Peggy joined Mike in our Los Angeles studio to discuss the “Panda Way”, the key to their success and their philosophy of putting people before profit.