Rick Wetzel

Rick Wetzel and Bill Phelps are co-founders of the Pasadena chain Wetzel's Pretzels. In 1994, the two met while working in marketing at Nestle USA. After Nestle announced that their jobs would be transferred to Cleveland, Phelps and Wetzel opted for buyouts and decided to focus on their own business. Phelps is now the company's chief executive, and Wetzel is president. Wetzel's originally had a third partner, a chef who created a recipe for a simple and tasty pretzel. The chain expanded quickly, and in 1997 Hollywood movie producer John Davis came in with $1 million raised from angel investors. But the pair started burning through the cash and were forced to cut costs. Only after opening a company-owned flagship store at Disneyland in 2001 did the pair realize they had made it. Los Angeles private equity firm Levine Leichtman Capital Partners Inc. bought a majority stake in the company in 2007 for an undisclosed amount. Phelps still owns a 20% share, while Wetzel holds a smaller stake. Wetzel, whom Phelps calls a "serial entrepreneur," launched a fast-casual restaurant concept called Blaze Pizza. Phelps and his wife, Megan, live in San Marino. They have two adult children, and he is an avid golfer. Wetzel and his wife, Elise, live in Pasadena. They travel for pleasure and have two school-age children.