Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.
Steak n Shake
In August 2008, Biglari took over Steak n Shake, which had been “losing more than $100,000 a day in 2009 to making more than $100,000 a day in 2010, according to Biglari’s 2010 letter to shareholders.”[1] By 2015, the company had attained 24 consecutive quarters of same-store sales increases under Biglari.[2] However, for fiscal 2017 and 2018, the Steak n Shake division had returned to same-store sales contraction.[3] The company is now selling “franchises” claiming they will split profits 50% / 50% with the investors who put in $10,000.