Steak-Out employees buy out local franchisee

James Medlock and Jeff Prantl purchased the business July 30 from Bill Brandt, who opened the 550 E. Chestnut Expressway location in 1992. Medlock would not disclose a purchase price. Brandt sold the restaurant franchise to pursue plans to open an accounting firm, William P. Brandt Accounting & Tax, Medlock said.

Steak-Out, based in Atlanta, offers carry-out and delivery of made-to-order grilled foods, including steaks, chicken, salmon and cheeseburgers. The local franchise also does catering – an area Medlock says the owners plan to expand.

Medlock and Prantl hope to punch up sales, which have stagnated around $1.2 million annually, Medlock said. Their goal is to reach $2 million per year.

“We noticed how successful some (Steak-Out franchises) have been and knew this one had been hugely successful in the past and been kind of on autopilot for a while,” Medlock said. “We knew we could do a lot of good things with it.”

After the duo gets on its feet, Medlock says it’ll be necessary to open a south Springfield location, with the possibility of a third restaurant. The added locations will shorten delivery routes – and cut gasoline expenses – as well as expand the company’s service area, currently bound by Battlefield Road, Highway 65, West Bypass and Springfield’s north city limit.

The new owners also plan to introduce an online ordering service at its Web site, www.steakout.com, that Medlock says is particularly useful for business luncheons.

This story originally appeared in SBJ’s Aug. 10 free e-news Daily Update. Click here to register.