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  "docSlug": "28a425ed69eb",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "The slide uses a peer benchmarking approach to justify a proposed strategic shift toward franchising for Olive Garden and LongHorn.",
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      "kind": "callout",
      "text": "Peers have successfully refranchised in a number of markets",
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      "text": "The first step is to consider which markets peers have successfully franchised, indicating the presence of strong franchise partners capable of operating casual dining brands.",
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      "text": "Since DineEquity (Applebee's and IHOP) is 99% franchised, it is not included in the table above, but markets with strong DineEquity franchisees should obviously be considered.",
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      "text": "Based on a review of restaurant units by state and franchise mix of a select peer group, we believe there are several markets that Olive Garden and LongHorn should consider franchising.",
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      "text": "Table showing Restaurant Concept, # of Units per State, and franchise mix (100% Company-Operated, Partially Franchised, Majority Franchised Markets) for Chili's, TGIF, Outback, and Texas Roadhouse.",
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      "text": "Peers provide a roadmap for franchising select markets",
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