In 1977, Terrance Watanabe became publicly recognized when he took over as president and part owner of Oriental Trading Company, which was founded by his father Harry in 1932. Started as a gift shop in Omaha, Nebraska, it eventually expanded to multiple shops across the midwest, providing value-priced party supplies, toys, arts and crafts, and novelties, as well as school supplies. In 2000, Terry Watanabe sold his entire stake in the company to Brentwood Associates, a Los Angeles-based private equity firm. He resigned as CEO and president, and went on to pursue philanthropic endeavors. In 2006, the Carlyle Group acquired 68% interest in the company. Four years later, Oriental Trading Company declared Chapter 11 bankruptcy protection. Subsequently, in 2012, it was acquired by the holding company Berkshire Hathaway.