Fred Smith knows his beef.

Aside from being a former cattleman, the Republican gubernatorial candidate once had a stake in Prime Only, a downtown Raleigh steakhouse and sushi bar.

Smith said he got involved with the restaurant after meeting the owner, James Soules. But about a year ago, Smith said he sold his interest in the restaurant.

"I was an investor for a short period of time," Smith said. "But after seeing the risk and the reward, I decided that's not where I needed to be."

Soules also owns a separate Prime Only in north Raleigh, which Smith did not have a stake in.

According to Smith's autobiography, "A Little Extra Effort," he and his brother, Irvin, started Smith Brothers Cattle Company in the 1970s.

More after the jump.

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