Steak n Shake By Biglari franchise research

Investment by format

Format-specific estimates only. Do not combine one format's minimum with another format's maximum.

Investment sourceFDD · page not captured ↗

Franchise fees and ongoing costs

Franchise fee

$20,000 to $25,000 · Extracted Item 5 scalar range, not a universal minimum or maximum; formats, eligibility, discounts and waivers require original-filing review.

Royalty

5% · 5% of Gross Receipts, paid weekly on Fridays (4% Royalty and System Fee to franchisor + 1% License Fee to affiliate Steak n Shake, LLC); may be increased to 10% in markets where SNS Enterprises currently operates restaurants and/or for certain non-traditional locations

Marketing contribution

1% (basis not captured; see original filing)

Technology fee

Hardware/Software Maintenance, Surveillance Video System & Custom Integration fees: $6,000-$7,000 annually (Help Desk billed monthly; software/surveillance billed quarterly)

Other fees

Not captured

Working capital (FDD Item 7)

Additional Funds for three (3) months: $15,000-$20,000 (Freestanding/In-line/Roadside quick-service formats), $5,000-$20,000 (Non-Traditional), $0 (Classic-to-Quick-Service Conversion)

Fees sourceFDD p.18 ↗

Working capital is drawn from Item 7. The Investment source below locates the investment section, not an independently verified working-capital scalar.

Investment sourceFDD · page not captured ↗

Franchise fee sourceFDD · page not captured ↗

Financial performance: Item 19

Item 19 captured

Yes

Metric / basis

Average and median annual Net Sales (Gross Receipts) for Total Franchise Restaurants (Traditional Franchise + Franchise Partner restaurants); plus a modified 'Restaurant Profit before occupancy, depreciation, administrative expenses, interest and taxes' table for Franchise Partner Restaurants

Reporting period

FY23 (12-month period ended December 27, 2023)

Sample

228 Total Franchise Restaurants in continuous operation at least 24 months (66 Traditional Franchise Restaurants + 162 Franchise Partner Restaurants); the profit table is based on the 162 Franchise Partner Restaurants only

Reported average

$1,772,941

Reported median

$1,695,320

Owner income is not captured. Gross sales and EBITDA are not owner pay. Results depend on the disclosed metric, sample and period; consult the full filing.

Item 19 performance sourceFDD p.75 ↗

Unit growth: Item 20

Reporting year

FY23 (year ended December 27, 2023)

Scope

franchised outlets

Starting outlets

306

Year-end outlets

292

Net change

-14

Derivation

ending minus starting outlets

Openings

0

Terminations

5

Non-renewals

0

Other closures

24

Reacquisitions

1

Transfers

2

Transfers are not closures. Net change is ending minus starting outlets for the stated scope and year, or complete openings less terminations, non-renewals, other closures and reacquisitions. Missing inputs stay unknown.

Unit growth sourceFDD p.79 ↗

SBA loan history

Loan activity

5 approvals

Activity window

FY2021-FY2026 YTD; snapshot 2026-06-30

Median SBA loan

$225,000

Median loan window

FY2023-FY2026 YTD through 2026-06-30

Median loan sample

1 loans

Historical charge-off share

Suppressed: fewer than 10 seasoned loans

Cohort

7(a) FY2010-2019 approvals

Numerator / denominator

0 / 8

Formula

CHGOFF / (PIF + CHGOFF + EXEMPT) × 100

This is a historical loan-level share, not a franchise failure probability or location survival rate. Loan size is not total investment. Other loan statuses are excluded from the seasoned denominator. Activity combines 7(a) and 504 approvals, excluding canceled and not-funded records; this is not a rolling five-year count. FY2024-25 franchise tags are sparse after directory suspension; fewer tagged loans do not establish brand decline. Recent charge-off cohorts are immature.

SBA loans sourceSBA data · Jun 30, 2026 ↗

Median loan amounts are financing context, not startup cost. The median window is separate from the seasoned charge-off cohort.

Median SBA loan sourceSBA data · Jun 30, 2026 ↗

Questions before you invest

How much does Steak n Shake By Biglari franchise cost?

Freestanding Quick Service Format: Not captured (invalid or incomplete range); In-line Quick Service Format: Not captured (invalid or incomplete range); Non-Traditional: Not captured (invalid or incomplete range); Roadside Format: Not captured (invalid or incomplete range); Classic to Quick-Service Conversion Format: Not captured (invalid or incomplete range) These are format-specific estimates, not a guaranteed cash requirement. Franchise fee: $20,000 to $25,000 · Extracted Item 5 scalar range, not a universal minimum or maximum; formats, eligibility, discounts and waivers require original-filing review..

Investment sourceFDD · page not captured ↗

Franchise fee sourceFDD · page not captured ↗

How much do Steak n Shake By Biglari owners make?

Owner income is not captured. Gross sales and EBITDA are not owner pay. Item 19 metric: Average and median annual Net Sales (Gross Receipts) for Total Franchise Restaurants (Traditional Franchise + Franchise Partner restaurants); plus a modified 'Restaurant Profit before occupancy, depreciation, administrative expenses, interest and taxes' table for Franchise Partner Restaurants. Sample: 228 Total Franchise Restaurants in continuous operation at least 24 months (66 Traditional Franchise Restaurants + 162 Franchise Partner Restaurants); the profit table is based on the 162 Franchise Partner Restaurants only. Period: FY23 (12-month period ended December 27, 2023).

Item 19 performance sourceFDD p.75 ↗

What's the SBA charge-off rate for Steak n Shake By Biglari?

Suppressed: fewer than 10 seasoned loans; numerator / denominator: 0 / 8. Historical 7(a) FY2010-2019 approvals; CHGOFF / (PIF + CHGOFF + EXEMPT) × 100, snapshot 2026-06-30. This is not a franchise failure probability. Median SBA loan: $225,000; window: FY2023-FY2026 YTD through 2026-06-30; sample: 1 loans. Median financing is not total investment.

SBA loans sourceSBA data · Jun 30, 2026 ↗

Median SBA loan sourceSBA data · Jun 30, 2026 ↗