"Biglari" is a reference to activist investor (and Steak 'n Shake owner) Sardar Biglari, who owns a $54.5 million stake in Cracker Barrel. He made a 120-page presentation to Cracker Barrel shareholders in 2024. His manifesto decried the Southern dining chain's costly rebranding as " obvious folly ." He pushed for board seats—he wanted to be chairman—and lampooned management's "corporate myopia." (Despite Biglari's warnings, the board sided with Masino's decision to modernize the brand.)