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FRANCHISE RESALES

Buy a Steak n Shake Franchise

Steak ‘n Shake is an American casual dining chain founded in 1934 in Normal, Illinois, built around premium steakburgers and hand-dipped milkshakes. A wholly owned subsidiary of Biglari Holdings Inc., the brand operates a network of several hundred locations across the US and internationally, concentrated in the Midwest and South.

The menu covers classic American fare: steakburgers made from 100% beef, hand-dipped milkshakes with real ice cream, chili, hot dogs, and breakfast items. Typical locations offer dine-in, drive-through, and front-window service, with many restaurants open 24/7. The brand serves families, everyday diners, and late-night customers across its footprint.

Steak ‘n Shake has modernized its ingredient standards and technology, becoming the first national chain to fry exclusively in beef tallow and the first national restaurant to accept Bitcoin. Two franchise models are available: the Franchise Partner program, which converts existing company-operated restaurants for full-time owner-operators, and traditional franchising aimed at experienced multi-unit investors. Franchisee support is provided from headquarters in Indianapolis, Indiana.

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Why buy a Steak n Shake Franchise?

Steak ‘n Shake carries nearly a century of brand recognition in the American fast-casual segment, giving franchisees immediate consumer familiarity and strong competitive positioning. The brand has invested in product differentiation: beef tallow fries, Wisconsin-sourced butter, Bitcoin payment acceptance, and Tesla Supercharger availability at select locations reflect a commitment to standing apart from volume-led competitors.

Both franchise models include administrative services covering payroll and accounting, field-based operations support, marketing resources, and Steak ‘n Shake University. The Franchise Partner path suits hands-on single-unit operators; traditional franchising targets experienced multi-unit investors. Buyers looking to buy a Steak ‘n Shake franchise will find a brand with established consumer equity and a strong support infrastructure.

Steak n Shake Franchise Costs & Information

Based on 2024 data reported in the 2025 FDD

  • Brand Profile

    • Year Founded

      1934

    • Franchising Since

      1939

    • New Startup Cost

      $316,000 – $2,695,052

    • Avg. Resale Price

      Contact us for details

  • Franchise Fees

    • Initial franchise Fee

      $25,000

      for new territories

    • Transfer Fee

      $5,000

    • Royalty Fee

      5%

      of Gross Receipts

    • Marketing Fee

      1%

      of Gross Receipts

  • Unit Performance

    • Total Units *

      406

    • New Units Opened *

      3

    • Units Transferred *

      3

    • Avg. Unit revenue *

      $1,815,588

    * Based on 2024 data reported in the 2025 FDD

Steak n Shake – Additional  Information

  1. Training & Support

    Steak 'n Shake requires Franchise Partners to complete an extensive multi-week, on-the-job training program of at least 6 months before taking ownership of an existing restaurant. Ongoing support includes field-based operations guidance, administrative services covering payroll and accounting, marketing support, and Steak 'n Shake University, which offers turnkey online training for consistency across the network. Buyers of an existing Steak 'n Shake unit should confirm with the franchisor what transfer training and Steak 'n Shake University access are provided when ownership changes.

  2. Ideal Owner

    The Franchise Partner model requires a full-time, hands-on operator with no other active business ventures and the capacity to manage all restaurant functions including drive-through, takeout, and third-party delivery. This owner is results-oriented, comfortable managing front-line staff, and committed to consistent food quality and customer service. For traditional franchise locations, the franchisor targets experienced restaurant operators or multi-unit investors with operational depth and ambitions to grow a territory. Across both models, comfort with labor management, scheduling, and daily operational discipline is central to the role.

  3. Recognition & Awards

    Steak 'n Shake ranked #128 in the Franchise Times Top 400 in 2025, which tracks the largest US franchise systems by global sales, up one position from #127 in 2024. Yahoo! Life ranked the brand's burger #9 of 41 nationally in January 2025, and food writers have noted the steakburger among the strongest in the quick-service segment. With nearly nine decades in continuous operation, the brand carries deep consumer recognition, a tangible advantage for franchisees building a local customer base. For resale buyers, the specific unit's local reviews and community visibility are important alongside brand-level standing.

  4. Industry / Market

    The US burger restaurant market generates approximately $166 billion in annual revenue, with 4.2% average annual growth over the last five years (IBISWorld, Burger Restaurants in the US). Consumer demand for fast-casual dining is driven by convenience, value expectations, and a sustained preference for quality within the quick-service segment. The category is broad and competitive; local execution, brand recognition, and repeat customer frequency all shape individual unit performance. Resale buyers should assess the unit's trade area, local competitive set, and revenue trends alongside broader market conditions.

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