Food & Beverage
Financial summary
Comparable pricing
73% below marketComparable Food & Beverage businesses sell at a median of 2.5x SDE, based on 1860 listings. This one asks 0.7x, about 73% below that median. At the comparable median it would price ~$23.9M.Methodology refines over time.Comparable Food & Beverage businesses sell around $23.9M vs this $6.4M ask.
Methodology refines over time.
SBA financeability
Businesses in food services & beverage retail are commonly SBA-financed. The figures below are the industry-category norm from SBA 7(a)/504 lending, a gauge of how financeable a deal like this tends to be.
Food Services & Beverage Retail benchmarks
Typical SBA leverage
71%
Industry charge-off
1.3%
Common term
10 yr
Median loan
$269,200
Active lenders in this category: The Huntington National Bank, U.S. Bank, National Association, Manufacturers and Traders Trust Company.
Based on 52,309 SBA loans · source: SBA 7(a)/504 FOIA, as of 2026Q1 · industry-category level.
Detailed information
low multiple, high SDE margin and strong SDE.
Linked page lives on the broker site, not on OpenAcquisitions.
Key points
Business description
Real estate available but not included in List Price. Two years of double-digit sales increases. Ideal locations with extraordinary store performance. Steak 'n Shake was founded in 1934 by A.H. "Gus" Belt in Normal, Illinois, transforming a gas station into a popular dining spot. Gus and his wife Edith introduced the Steakburger, made from fresh cuts of steak ground in full view of customers, promoting quality and transparency. The restaurant's success grew with its hand-dipped milkshakes and commitment to premium ingredients, expanding across Illinois and into other states. Today, Steak 'n Shake is a beloved American icon, known for its signature burgers and shakes, maintaining a legacy of quality and innovation in the fast-casual dining scene. $1 million net worth with at least $400k liquid. Solid multi-unit restaurant management experience recommended but not required. Franchisees from non-competing brands are welcome.
See something off?
