Steak 'n Shake Franchise

Steak 'n Shake, a Biglari Holdings franchise, has been franchising since 1939 - 5 years after the concept was founded in 1934 , currently with 460 total locations (140 franchised, 320 company-owned, a 30% franchise-to-corporate ratio that signals the operator's reliance on independent owners) in the food & beverage sector, headquartered in IN. According to the 2024 FDD, the total initial investment ranges from $10K to $10K, with the 0% low-to-high spread driven mainly by site size, market, and how extensive the buildout runs. Included in that number: the franchise fee, equipment, leasehold improvements, and initial working capital to carry the business through ramp-up.

Royalty payments here are set at 15.0% of gross sales. Steak 'n Shake does not include Item 19 financial performance data in its FDD -- a common choice, since the disclosure is optional under the FTC Franchise Rule. That shifts the diligence burden onto the buyer: survey existing franchisees via the Item 20 contact list, model unit economics from public comparables, and press for validated profit-and-loss figures before signing.

A net growth figure was not captured for this brand; consult FDD Item 20 for the full state-by-state opening and closure detail.