An apparatus for grinding a shank of a drill bit includes a base and several movable jaws supported by the base, that are movable toward each other and away from each other. A support ring is rotatably secured to the base, which has a central opening that encircles the movable jaws. A laterally adjustable grinding wheel support is secured to the support ring. Incremental rotation of the support ring results in incremental orbital movement of the grinding wheel support relative to the movable jaws. Lateral adjustment of the grinding wheel support moves the grinding wheel support toward and away from the movable jaws.