Steak ‘n Shake Restaurant selling for $450K

Steak 'n Shake

Steak 'n Shake

VICTORVILLE – Steak ‘n Shake, located next to the 15 freeway, is selling for $450,000 — reduced from an initial sales price of $550,000. The national restaurant chain credits a 27% decline in revenue to the company’s shift away from corporate operations to a franchise-partnership model.

The Steak ‘n Shake business for sale has two drive thru windows, a patio, walk-in cooler, walk-in freezer and a seating capacity of 96 people. The purchase does not include inventory or real estate. According to MGR Real Estate Agent Paul Tan the sale is a great opportunity to own a franchise.

Parent company Biglari Holdings announced, in 2018, a $10,000 franchise partnership model with a 50% profit share that would provide an opportunity for entrepreneurs to operate a restaurant while strengthening the Steak ‘n Shakes brand. The company suggests that the shift from corporate to franchise-partnerships is the cause of the third quarter earnings reporting a 27 percent decline from $78.3 million to $57 million in the year-ago period. The company expects revenue to continue to fall during this transition.

The chain was also forced to re-evaluate its table-service model which was losing money due to labor costs and efficiency.

Even prior to the pandemic, Steak ‘n Shake was already shifting away from the dine-in setup, and began restructuring its restaurants to function without servers and even attendants behind counters. Instead, customers can now place orders through self-serve kiosks for pickup. 

Steak ‘n Shake has spent almost $30 million dollars on upgrading their existing locations with the self-service kiosks.

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