Biglari controls the Steak 'n Shake Company, First Guard Insurance, Abraxas Petroleum, Maxim, Southern Oil of Louisiana, Southern Pioneer Insurance and the Western Sizzlin' corporation, which are subsidiaries of Biglari Holdings.
The fund bought shares in restaurant companies including Friendly Ice Cream and Western Sizzlin Corp., which he became chairman and CEO of in 2006.
In 2018, the number of customers hit their lowest levels in 8 years dropping to 103 million while same store sales fell 5.1%.
Biglari has largely attributed the challenges to slow service speed due to a lack of investment in kitchen equipment.
[11] In 2019, Steak ‘n Shake began franchising company owned restaurants to select candidates for $10,000 and 50% of the profits.
[14] In 2014, Harvard Business School professors Suraj Srinivasan and Tim Gray wrote a case study on Biglari and Cracker Barrel.
[15] On March 14, 2019, it was reported that Biglari wants Cracker Barrel to close its Start up company Holler & Dash.
[19] On February 27, 2014, Maxim magazine was bought by Biglari, who commented "We plan to build the business on multiple dimensions, thereby energizing our readership and viewership".
"[23] In 2020, Biglari acquired Southern Pioneer Property & Casualty Insurance Co. from the Hyneman family who will continue to operate the company.