Sardar Biglari

Biglari was born in Iran in 1977, two years before the Iranian Revolution. His father, Brigadier General Biglari, served in the Imperial Iranian Armed Forces. Following the revolution, the family escaped Iran as refugees, and in 1984, settled in San Antonio, Texas.{{cite web|last=Roose |first=Kevin |url=https://dealbook.nytimes.com/2012/02/06/taking-a-page-from-buffett-for-his-own-path/?_r=0 |title=Sardar Biglari Take a Page From Warren Buffett for His Own Path |website=Dealbook.nytimes.com |date=2012-02-06 |accessdate=2017-06-23}}

At the age of 18, he founded INTX.net, an Internet service provider, by raising $15,000. In 1999 with concerns about the tech bubble, he sold the company to Internet America.{{cite news | url=https://www.bizjournals.com/sanantonio/stories/1999/08/02/story2.html | title=Geek Internet provider buys out INTX.Net | first=Sebastian | last=Weiss | work=American City Business Journals | date=August 1, 1999}}

With the proceeds of the sale, Biglari started an investment partnership at the age of 22. The fund bought shares in restaurant companies including Friendly Ice Cream and Western Sizzlin Corp., which he became chairman and CEO of in 2006. Friendly Ice Cream founder, S. Prestley Blake, found an ally in Biglari {{cite web|author= |url=https://dealbook.nytimes.com/2007/03/19/2-brothers-1-activist-investor-and-a-battle-for-friendlys/ |title=In Friendly's Fight, a Brotherly Feud – The New York Times |website=Dealbook.nytimes.com |date=2007-03-19 |accessdate=2017-06-23}} and he cashed out and profited when Friendly's was bought out by a private-equity firm.{{cite web |url=https://www.wsj.com/articles/SB10001424052970203911804576653621439812248 |title=A Buffett Devotee Riles His Targets - WSJ |accessdate=2017-03-11 |url-status=dead |archiveurl=https://web.archive.org/web/20160310104025/http://www.wsj.com/articles/SB10001424052970203911804576653621439812248 |archivedate=2016-03-10 }} The case was covered by Harvard Business School Professors Fabrizio Ferri, V.G. Narayanan and James Weber.{{cite journal|last=Ferri |first=Fabrizio |url=http://www.hbs.edu/faculty/Pages/item.aspx?num=35847 |title=Shareholder Activists at Friendly Ice Cream (A) – Case – Harvard Business School |website=Hbs.edu |date=2008-04-04 |accessdate=2017-06-23}}

Biglari operates Biglari Holdings in San Antonio with a corporate staff of 4. The holding company has over 2,559 employees in total.{{cite web|title=BH Company Profile & Executives – Biglari Holdings Inc. – Wall Street Journal|url=http://quotes.wsj.com/BH/company-people|website=quotes.wsj.com}}

In August 2008, Biglari took over Steak 'n Shake, which had been losing more than $100,000 a day. Biglari turned the company around from near insolvency to one making more than $100,000 a day.{{cite web |url=https://www.qsrmagazine.com/executive-insights/who-sardar-biglari-0 |title=Who is Sardar Biglari? - QSR magazine |accessdate=2016-01-22 |url-status=dead |archiveurl=https://web.archive.org/web/20160129180827/https://www.qsrmagazine.com/executive-insights/who-sardar-biglari-0 |archivedate=2016-01-29 }} By 2015, the company had attained 24 consecutive quarters of same-store sales increases under Biglari.{{Cite web |last=Gara |first=Antoine |title=The Implosion Of A Warren Buffett Wannabe |url=https://www.forbes.com/sites/antoinegara/2015/03/20/the-implosion-of-a-warren-buffett-wannabe/ |access-date=2025-03-14 |website=Forbes |language=en}} However, since that time Steak 'n Shake has run into serious headwinds. 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.{{Cite web|url=https://www.qsrmagazine.com/fast-food/where-steak-n-shake-lost-its-way|title=Where Steak 'n Shake Lost its Way|last=danny|date=2019-02-25|website=QSR magazine|language=en|access-date=2019-05-20}}

In 2019, Steak ‘n Shake began franchising company owned restaurants to select candidates for $10,000 and 50% of the profits. So far, 51 Steak n Shake franchise partners have come on board. Biglari hopes to hit 100 by year-end. There are franchise owners in the program who are on their way to earning over $200,000 in their first year.{{Cite web |date=7 July 2020 |title=Has San Antonio's Sardar Biglari lost his touch? |url=https://www.mysanantonio.com/sa-inc/article/Has-San-Antonio-s-Sardar-Biglari-lost-his-touch-15393824.php#photo-11208608 |archive-url=https://web.archive.org/web/20230402194347/https://www.mysanantonio.com/sa-inc/article/Has-San-Antonio-s-Sardar-Biglari-lost-his-touch-15393824.php#photo-11208608 |archive-date=April 2, 2023 |website=SA Inc.}}{{Cite web |title=Entrepreneurial opportunities in the restaurant industry |url=https://www.beaconjournal.com/ZZ/sponsored/20200528/entrepreneurial-opportunities-in-restaurant-industry |archive-url=https://web.archive.org/web/20210924232414/https://www.beaconjournal.com/ZZ/sponsored/20200528/entrepreneurial-opportunities-in-restaurant-industry |archive-date=September 24, 2021 |website=Akron Beacon Journal}}

Biglari bought 4.7 million shares of Cracker Barrel in 2011.{{cite web|author= |url=https://dealbook.nytimes.com/2011/09/23/cracker-barrel-adopts-poison-pill/ |title=Cracker Barrel Adopts Poison Pill |website=Dealbook.nytimes.com |date=2011-09-23 |accessdate=2017-06-23}}In 2014, Harvard Business School professors Suraj Srinivasan and Tim Gray wrote a case study on Biglari and Cracker Barrel.{{cite web |url=https://hbr.org/product/showdown-at-cracker-barrel/114026-PDF-ENG |title=Showdown at Cracker Barrel |accessdate=2016-01-22 |url-status=dead |archiveurl=https://web.archive.org/web/20160126184223/https://hbr.org/product/showdown-at-cracker-barrel/114026-PDF-ENG |archivedate=2016-01-26 }}On March 14, 2019, it was reported that Biglari wants Cracker Barrel to close its Start up company Holler & Dash.{{cite web|url=https://www.nrn.com/family-dining/activist-pushes-cracker-barrel-divest-holler-dash?NL=NRN-02_&Issue=NRN-02__20190315_NRN-|last=Ruggless |first=Ron|date= Mar 14, 2019|title=Activist pushes Cracker Barrel to divest Holler & Dash|work=Nation's Restaurant News|accessdate=March 15, 2019}}The original $241 million investment in Cracker Barrel made in 2011 and 2012 turned into just under $1 billion in value by the end of 2019.{{Cite web|url=https://www.mysanantonio.com/sa-inc/article/Has-San-Antonio-s-Sardar-Biglari-lost-his-touch-15393824.php|title = Has San Antonio's Sardar Biglari lost his touch?|date = 7 July 2020}}

In 2022, Biglari acquired 360,000 shares of Ferrari.{{Cite news |last=Danner |first=Patrick |date=2023-02-27 |title=San Antonio investor Sardar Biglari adds Jack in the Box, Ferrari to investment portfolio |url=https://www.expressnews.com/business/local/article/investor-sardar-biglari-jack-in-the-box-ferrari-17808516.php |archive-url=https://web.archive.org/web/20230308042648/https://www.expressnews.com/business/local/article/investor-sardar-biglari-jack-in-the-box-ferrari-17808516.php |archive-date=2023-03-08 |access-date=2024-12-25 |work=San Antonio Express-News |language=en-US |url-status=live }} By 2023, the ownership had grown to 402,000 shares with a market value of $135 million dollars.{{Cite web |title=Wayback Machine |url=https://www.biglariholdings.com/letters/2023/2023.pdf#zoom=100 |archive-url=http://web.archive.org/web/20240517221232/http://biglariholdings.com/letters/2023/2023.pdf |archive-date=2024-05-17 |access-date=2025-03-14 |website=www.biglariholdings.com}}

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".{{cite web|last=Jefferson |first=Greg |url=http://www.expressnews.com/business/business_columnists/greg_jefferson/article/Biglari-s-Maxim-purchase-is-a-classic-5298580.php |title=Biglari's 'Maxim' purchase is a classic 'alpha-dog' move – San Antonio Express-News |website=Expressnews.com |date=2014-03-07 |accessdate=2017-06-23}} In January 2016, Biglari officially took over as editor-in-chief of Maxim, though a magazine staffer said that the new masthead title just formalizes what has always been clear: Biglari exercises full editorial control over Maxim. At one point in 2015, the staffer said, Biglari discarded the nearly complete version of the December issue in order to completely redesign it.{{cite web|last=Sterne |first=Peter |url=http://www.capitalnewyork.com/article/media/2016/01/8586909/maxim-name-owner-sardar-biglari-editor-chief |title=Maxim to name owner Sardar Biglari editor in chief- POLITICO Media |website=Capitalnewyork.com |date=2016-01-08 |accessdate=2017-06-23}} On January 13, 2016 Gilles Bensimon joined Biglari as a special creative director. "What drew me to Maxim was Sardar's vision for the brand", said Bensimon.{{cite web|author=Alexandra Steigrad |url=http://wwd.com/media-news/fashion-memopad/maxim-names-gilles-bensimon-as-special-creative-advisor-sardar-bilgari-10313209/ |title=Maxim Taps Gilles Bensimon as Special Creative Adviser – WWD |website=Wwd.com |date=2016-01-13 |accessdate=2017-06-23}} Maxim magazine endorsed Donald Trump in the 2024 US elections.

On March 19, 2014, Biglari purchased First Guard Insurance Company. First Guard Founder and CEO Ed Campbell said: "I couldn't imagine a better, more fitting owner of First Guard."{{Cite web |last=admin |date=2014-03-24 |title=Biglari Holdings Acquires First Guard Insurance in Florida |url=https://www.insurancejournal.com/news/southeast/2014/03/24/324190.htm |access-date=2025-03-14 |website=Insurance Journal |language=en-US}}

In 2020, Biglari acquired Southern Pioneer Property & Casualty Insurance Co. from the Hyneman family who will continue to operate the company. Since 1981, Southern Pioneer has grown from $500,000 in capital and surplus and zero premium to over $18,000,000 capital and surplus with written premium in excess of $24,000,000 in 2015.{{Cite web|url=https://www.insurancejournal.com/news/southcentral/2020/03/16/561246.htm|title=Arkansas' Southern Pioneer P/C Insurance Acquired by Biglari; Ratings Unchanged|date=16 March 2020}}

In September 2019, Biglari acquired Southern Oil of Louisiana Inc. for $51.5 million.In 2022, Biglari acquired 90% of the voting power of San Antonio-based Abraxas Petroleum for $80 million. {{Cite web|url=https://www.expressnews.com/business/local/article/Iinvestor-Sardar-Biglari-Abraxas-Petroleum-17480413.php|title=Enigmatic investor Sardar Biglari snaps up troubled San Antonio-based driller Abraxas Petroleum|first=Diego|last=Mendoza-Moyers|date=October 3, 2022}}

Biglari owns 1.1 million shares of Jack in the Box indicating an ownership of more than 5.5% of the company.{{Cite web |date=March 14, 2025 |title=Quick Service recent news | Nation’s Restaurant News |url=https://www.nrn.com/restaurant-segments/quick-service |website=Nation's Restaurant News}}

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Category:1977 births

Category:Living people

Category:American investors

Category:American money managers

Category:20th-century American businesspeople

Category:Businesspeople from Tehran

Category:Iranian emigrants to the United States

Category:American people of Iranian descent

Category:Trinity University (Texas) alumni

Category:21st-century American businesspeople

Category:Businesspeople from San Antonio