Steak-Out franchisee James Medlock on May 24 bought out business partner Jeff Prantl. Medlock is now sole owner of the delivery and carry-out restaurant at 550 E. Chestnut Expressway. In the deal, signed just before the Memorial Day weekend, Medlock said he purchased Prantl’s half of the managing company, JNP & JDM LLC, for $40,000.
Medlock and Prantl were Steak-Out managers when they came together about five years ago to buy the franchise rights from Bill Brandt, who brought the Atlanta-based franchise to Springfield in 1992. Medlock said he plans to get back to the restaurant’s basics by simplifying the menu and emphasizing quality service with his staff of roughly 14.
“After doing this 19 years, I realized the old guys were right,” Medlock said, noting he’s bringing back a N.Y. strip steak entrée and pushing the popular rib eye and steak tip meals.
Medlock began working for Brandt a few weeks after he opened Springfield’s Steak-Out.
Last year, Medlock and Prantl had been subcontracted to serve Steak-Out food in a College Station comedy club before those plans dissolved in the wake of a drug possession charge against its organizer, Travis Dibben. While Medlock said he’s severed business ties with Dibben, he has discussed the idea of running a Steak-Out kitchen in another partnership scenario, but no deals have been reached. None of Steak-Out’s 30 locations offer dine-in service, but Steak-Out Chief Operating Officer Peter Petrosian had approved of Medlock’s plan in Springfield.
According to WeDeliverSteaks.com, Steak-Out franchise opportunities are available in Missouri. Franchisees must show liquid capital of at least $75,000, and the initial investment ranges between $271,000 and $453,000, including Steak-Out’s $30,000 franchise fee. Steak-Out charges 7 percent of weekly net sales for royalties and promotions, the site said.