Steak 'n Shake

Steak 'n Shake was founded in February 1934 in Normal, Illinois, by Augustus Hamilton "Gus" Belt. The origin story begins when Belt, a former Marine, converted his Shell gas station into a restaurant after the nearby Illinois Normal State Teachers College objected to beer sales. With a $300 loan, he and his wife opened a diner. The name comes from the signature Steakburger, made from real T-bone, strip steak, and sirloin ground into patties, and the thick, hand-dipped milkshakes produced with ice cream the Belts made themselves. Belt famously wheeled a barrel of steaks into view during busy periods and ground them in front of customers, giving rise to the slogan "In Sight It Must Be Right."

In 1981, Robert Cronin sold his interest to E.W. Kelley and Associates. Ed Kelley, considered the modern founder, returned the chain to its roots with cooked-to-order food served on real china and glass, updated the menu with melts, salads, and breakfast items, and implemented 24-hour operations. The headquarters moved from Bloomington, Illinois to Indianapolis that same year. Today, the chain operates 426 locations as of 2024, primarily in the Midwest but also in France, Italy, Portugal, and Monaco. It is a wholly owned subsidiary of Biglari Holdings, led by chairman and CEO Sardar Biglari.

Since 2020, the chain underwent a major transformation, converting from full-service to self-service format. This reduced the breakeven point by 40%, decreased average employees per operating hour by 29%, and increased productivity by 114%. Over four years, the company produced aggregate pre-tax operating earnings of $71 million. In January 2025, Steak 'n Shake announced a move to 100% all-natural beef tallow for cooking, generating national attention and a visit from Health and Human Services Secretary Robert F. Kennedy, Jr. Same-store sales grew 10.2% in the most recent fiscal year, the best performance in 33 years excluding the COVID rebound year of 2022, with pre-tax operating earnings of $22.6 million. [edit]