Sardar Biglari: Difference between revisions
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{{short description|Iranian-born American businessman}} |
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{{Infobox person |
{{Infobox person |
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| name = Sardar Biglari |
| name = Sardar Biglari |
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| birth_name |
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| birth_date = {{birth date and age|1977|8|30}} |
| birth_date = {{birth date and age|1977|8|30}} |
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| birth_place = [[Tehran, |
| birth_place = [[Tehran]], [[Imperial State of Persia]] |
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| citizenship = [[Iranian-American]] |
| citizenship = [[Iranian-American]] |
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| alma_mater = [[Trinity University (Texas)|Trinity University]] |
| alma_mater = [[Trinity University (Texas)|Trinity University]] |
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| occupation = Founder, |
| occupation = Founder, chairman and CEO, [[Biglari Holdings]] |
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| networth = |
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| salary = $34.4 [[million]] (2014) <ref>{{cite web|url=http://www.restfinance.com/Restaurant-Finance-Across-America/March-2015/2014-A-Blowout-Compensation-Year-for-Sardar-Biglari/ |title=2014: A Blowout Compensation Year for Sardar Biglari - Restaurant Industry Insight and Analysis - March 2015 |website=Restfinance.com |date= |accessdate=2017-06-23}}</ref> |
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'''Sardar Biglari''' ({{lang-fa|سردار بیگلری}}; born August 30, 1977) is an |
'''Sardar Biglari''' ({{lang-fa|سردار بیگلری}}; born August 30, 1977) is an American [[entrepreneur]] and is the founder, [[chairman]] and [[chief executive officer|CEO]] of [[Biglari Holdings]],<ref name="forbes">[https://web.archive.org/web/20090507035907/http://people.forbes.com/profile/sardar-biglari/79251 Profile] on [[Forbes]] </ref> a holding company that trades on the [[New York Stock Exchange]] under the symbol BH. Biglari controls the [[Steak 'n Shake]] Company, First Guard Insurance, Abraxas Petroleum, ''[[Maxim Magazine|Maxim]]'', Southern Oil of Louisiana, Southern Pioneer Insurance and the [[Western Sizzlin']] corporation, which are subsidiaries of Biglari Holdings.<ref>{{cite web|url=http://www.biglariholdings.com/ |title=Biglari Holdings Inc |website=Biglariholdings.com |date= |accessdate=2017-06-23}}</ref> Biglari is also founder, chairman and CEO of Biglari Capital, the general partner to [[The Lion Fund]]. |
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==Early history== |
==Early history== |
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Biglari was born in Iran in 1977, two years before the Iranian Revolution. |
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]].<ref>{{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}}</ref> |
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==Business career== |
==Business career== |
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At the age of 18, he founded INTX.net, an [[ |
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]].<ref>{{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}}</ref> |
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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, Prestley Blake, found an ally in Biglari <ref>{{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 |
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 <ref>{{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}}</ref> and he cashed out and profited when Friendly's was bought out by a private-equity firm.<ref>{{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 }}</ref> The case was covered by Harvard Business School Professors Fabrizio Ferri, V.G. Narayanan and James Weber.<ref>{{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}}</ref> |
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Biglari operates [[Biglari Holdings]] in San Antonio with a corporate staff of 4. The holding company has over |
Biglari operates [[Biglari Holdings]] in San Antonio with a corporate staff of 4. The holding company has over 2,559 employees in total.<ref>{{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}}</ref> |
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==Steak 'n Shake== |
==Steak 'n Shake== |
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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 [[ |
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.<ref>{{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 }}</ref> By 2015, the company had attained 24 consecutive quarters of same-store sales increases under Biglari.<ref>{{cite press release|url=http://www.prnewswire.com/news-releases/steak-n-shake-achieves-24th-consecutive-quarter-of-same-store-sales-growth-300053439.html |title=Steak 'n Shake Achieves 24th Consecutive Quarter Of Same-Store Sales Growth |website=Prnewswire.com |date= |accessdate=2017-06-23}}</ref> 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.<ref>{{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}}</ref> |
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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.<ref>{{Cite web|url=https://www.mysanantonio.com/sa-inc/article/Has-San-Antonio-s-Sardar-Biglari-lost-his-touch-15393824.php#photo-11208608|title = Has San Antonio's Sardar Biglari lost his touch?|date = 7 July 2020}}</ref><ref>{{Cite web|url=https://www.beaconjournal.com/ZZ/sponsored/20200528/entrepreneurial-opportunities-in-restaurant-industry|title = Entrepreneurial opportunities in the restaurant industry}}</ref> |
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Sardar Biglari failed to achieve meaningful gains at Steak 'n Shake. His arrogance and unwillingness to seek out counsel led to an ongoing decrease in the value of Steak 'n Shake. As Biglari declared in February in his annual letter to shareholders of his holding company, Biglari Holdings Inc., “As the sole capital allocator, I employ neither analysts nor advisors.”<ref>{{Cite web|url=https://www.ibj.com/articles/what-sardar-biglari-needs-to-fix-to-save-steak-n-shake-2|title=Biglari needs|}}</ref>. |
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==Cracker Barrel== |
==Cracker Barrel== |
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Biglari bought 4.7 million shares of [[Cracker Barrel]] in 2011.<ref>{{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}}</ref> |
Biglari bought 4.7 million shares of [[Cracker Barrel]] in 2011.<ref>{{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}}</ref> |
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In 2014, Harvard Business School professors Suraj Srinivasan and Tim Gray wrote a case study on Biglari and Cracker Barrel.<ref>{{cite web |url=https://hbr.org/product/showdown-at-cracker-barrel/114026-PDF-ENG |title= |
In 2014, [[Harvard Business School]] professors [[Suraj Srinivasan]] and Tim Gray wrote a case study on Biglari and Cracker Barrel.<ref>{{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 }}</ref> |
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On March 14, 2019, it was reported that Biglari wants Cracker Barrel to close its Start up company Holler & Dash.<ref>{{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}}</ref> |
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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.<ref>{{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}}</ref> |
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==Ferrari== |
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Biglari questioned the credentials of board member [[James W. Bradford]] in 2012.<ref name="nashresumegate">{{cite news|last1=De Lombaerde|first1=Geert|title=Résumé-gate at Cracker Barrel?|url=http://www.nashvillepost.com/business/area-stocks/article/20466566/rsumgate-at-cracker-barrel|accessdate=June 23, 2017|work=The Nashville Post|date=October 8, 2012}}</ref><ref name="nashregretsbradford">{{cite news|last1=De Lombaerde|first1=Geert|title=Cracker Barrel regrets Bradford bio confusion, says Owen dean 'beyond reproach'|url=http://www.nashvillepost.com/home/article/20466578/cracker-barrel-regrets-bradford-bio-confusion-says-owen-dean-beyond-reproach|accessdate=June 23, 2017|work=The Nashville Post|date=October 9, 2012}}</ref><ref name="nashtriestoclear">{{cite news|last1=De Lombaerde|first1=Geert|title=Cracker Barrel tries to clear the Bradford air|url=http://www.nashvillepost.com/home/article/20466661/cracker-barrel-tries-to-clear-the-bradford-air|accessdate=June 23, 2017|work=The Nashville Post|date=October 15, 2012}}</ref> |
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In 2022, Biglari acquired 360,000 shares of [[Ferrari]]<ref>https://www.expressnews.com/business/local/article/investor-sardar-biglari-jack-in-the-box-ferrari-17808516.php</ref>. By 2023, the ownership had grown to 402,000 shares with a market value of $135 million dollars.<ref>https://www.biglariholdings.com/letters/2023/2023.pdf#zoom=100</ref> |
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On March 14th 2019 it was reported that Biglari wants Cracker Barrel to close its Start up company Holler & Dash.<ref>{{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}}</ref> |
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==Maxim== |
==Maxim== |
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On February 27, 2014, Maxim was bought by Biglari who commented, "We plan to build the business on multiple dimensions, thereby energizing our readership and viewership.".<ref>{{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 |
On February 27, 2014, [[Maxim (magazine)|Maxim Magazine]] was bought by Biglari who commented, "We plan to build the business on multiple dimensions, thereby energizing our readership and viewership.".<ref>{{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}}</ref> In January 2016, Biglari officially took over as [[editor-in-chief]] of ''Maxim'', though a Maxim 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, he decided to throw out a nearly complete version of the December issue in order to completely redesign the magazine.<ref>{{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}}</ref> 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.<ref>{{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}}</ref> |
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==First Guard Insurance== |
==First Guard Insurance== |
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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."<ref>{{cite press release|url=http://www.prnewswire.com/news-releases/biglari-holdings-inc-acquires-first-guard-insurance-company-251047701.html |title=Biglari Holdings Inc. Acquires First Guard Insurance Company |website=Prnewswire.com |date= |accessdate=2017-06-23}}</ref> |
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==Southern Pioneer Property and Casualty Insurance== |
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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.<ref>{{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}}</ref> |
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==Oil and Gas Operations== |
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In September 2019, Biglari acquired Southern Oil of Louisiana Inc. for $51.5 million.<ref>{{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}}</ref>. |
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In 2022, Biglari acquired 90% of the voting power of San Antonio-based Abraxas Petroleum for $80 million. <ref>https://www.expressnews.com/business/local/article/Iinvestor-Sardar-Biglari-Abraxas-Petroleum-17480413.php</ref> |
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==Jack in the Box== |
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Biglari owns 1.1 million shares of [[Jack in the Box]] indicating an ownership of more than 5.5% of the company.<ref>https://www.nrn.com/quick-service/sardar-bfiglari-affiliates-acquire-more-55-jack-box-shares</ref> |
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==References== |
==References== |
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Revision as of 16:10, 2 July 2024
Sardar Biglari | |
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Born | |
Citizenship | Iranian-American |
Alma mater | Trinity University |
Occupation(s) | Founder, chairman and CEO, Biglari Holdings |
Sardar Biglari (Persian: سردار بیگلری; born August 30, 1977) is an American entrepreneur and is the founder, chairman and CEO of Biglari Holdings,[1] a holding company that trades on the New York Stock Exchange under the symbol BH. 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.[2] Biglari is also founder, chairman and CEO of Biglari Capital, the general partner to The Lion Fund.
Early history
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.[3]
Business career
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.[4] 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 [5] and he cashed out and profited when Friendly's was bought out by a private-equity firm.[6] The case was covered by Harvard Business School Professors Fabrizio Ferri, V.G. Narayanan and James Weber.[7]
Biglari operates Biglari Holdings in San Antonio with a corporate staff of 4. The holding company has over 2,559 employees in total.[8]
Steak 'n Shake
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.[9] By 2015, the company had attained 24 consecutive quarters of same-store sales increases under Biglari.[10] 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.[11]
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.[12][13]
Cracker Barrel
Biglari bought 4.7 million shares of Cracker Barrel in 2011.[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.[16] 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.[17]
Ferrari
In 2022, Biglari acquired 360,000 shares of Ferrari[18]. By 2023, the ownership had grown to 402,000 shares with a market value of $135 million dollars.[19]
Maxim
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.".[20] In January 2016, Biglari officially took over as editor-in-chief of Maxim, though a Maxim 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, he decided to throw out a nearly complete version of the December issue in order to completely redesign the magazine.[21] 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.[22]
First Guard Insurance
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."[23]
Southern Pioneer Property and Casualty Insurance
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.[24]
Oil and Gas Operations
In September 2019, Biglari acquired Southern Oil of Louisiana Inc. for $51.5 million.[25]. In 2022, Biglari acquired 90% of the voting power of San Antonio-based Abraxas Petroleum for $80 million. [26]
Jack in the Box
Biglari owns 1.1 million shares of Jack in the Box indicating an ownership of more than 5.5% of the company.[27]
References
- ^ Profile on Forbes
- ^ "Biglari Holdings Inc". Biglariholdings.com. Retrieved 2017-06-23.
- ^ Roose, Kevin (2012-02-06). "Sardar Biglari Take a Page From Warren Buffett for His Own Path". Dealbook.nytimes.com. Retrieved 2017-06-23.
- ^ Weiss, Sebastian (August 1, 1999). "Geek Internet provider buys out INTX.Net". American City Business Journals.
- ^ "In Friendly's Fight, a Brotherly Feud – The New York Times". Dealbook.nytimes.com. 2007-03-19. Retrieved 2017-06-23.
- ^ "A Buffett Devotee Riles His Targets - WSJ". Archived from the original on 2016-03-10. Retrieved 2017-03-11.
- ^ Ferri, Fabrizio (2008-04-04). "Shareholder Activists at Friendly Ice Cream (A) – Case – Harvard Business School". Hbs.edu. Retrieved 2017-06-23.
- ^ "BH Company Profile & Executives – Biglari Holdings Inc. – Wall Street Journal". quotes.wsj.com.
- ^ "Who is Sardar Biglari? - QSR magazine". Archived from the original on 2016-01-29. Retrieved 2016-01-22.
- ^ "Steak 'n Shake Achieves 24th Consecutive Quarter Of Same-Store Sales Growth". Prnewswire.com (Press release). Retrieved 2017-06-23.
- ^ danny (2019-02-25). "Where Steak 'n Shake Lost its Way". QSR magazine. Retrieved 2019-05-20.
- ^ "Has San Antonio's Sardar Biglari lost his touch?". 7 July 2020.
- ^ "Entrepreneurial opportunities in the restaurant industry".
- ^ "Cracker Barrel Adopts Poison Pill". Dealbook.nytimes.com. 2011-09-23. Retrieved 2017-06-23.
- ^ "Showdown at Cracker Barrel". Archived from the original on 2016-01-26. Retrieved 2016-01-22.
- ^ Ruggless, Ron (Mar 14, 2019). "Activist pushes Cracker Barrel to divest Holler & Dash". Nation's Restaurant News. Retrieved March 15, 2019.
- ^ "Has San Antonio's Sardar Biglari lost his touch?". 7 July 2020.
- ^ https://www.expressnews.com/business/local/article/investor-sardar-biglari-jack-in-the-box-ferrari-17808516.php
- ^ https://www.biglariholdings.com/letters/2023/2023.pdf#zoom=100
- ^ Jefferson, Greg (2014-03-07). "Biglari's 'Maxim' purchase is a classic 'alpha-dog' move – San Antonio Express-News". Expressnews.com. Retrieved 2017-06-23.
- ^ Sterne, Peter (2016-01-08). "Maxim to name owner Sardar Biglari editor in chief- POLITICO Media". Capitalnewyork.com. Retrieved 2017-06-23.
- ^ Alexandra Steigrad (2016-01-13). "Maxim Taps Gilles Bensimon as Special Creative Adviser – WWD". Wwd.com. Retrieved 2017-06-23.
- ^ "Biglari Holdings Inc. Acquires First Guard Insurance Company". Prnewswire.com (Press release). Retrieved 2017-06-23.
- ^ "Arkansas' Southern Pioneer P/C Insurance Acquired by Biglari; Ratings Unchanged". 16 March 2020.
- ^ "Has San Antonio's Sardar Biglari lost his touch?". 7 July 2020.
- ^ https://www.expressnews.com/business/local/article/Iinvestor-Sardar-Biglari-Abraxas-Petroleum-17480413.php
- ^ https://www.nrn.com/quick-service/sardar-bfiglari-affiliates-acquire-more-55-jack-box-shares