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  "docSlug": "06bee195e08c",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2016-06-13 00:00:00",
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  "nDataPoints": 10,
  "notes": "The slide uses a comparison table to frame the franchise model as more capital-efficient and resilient to cost inflation.",
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      "kind": "callout",
      "text": "BWLD's franchise operation = a high margin royalty stream that grows without capital",
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      "text": "Contribution Margins: 70%+",
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      "kind": "table",
      "text": "Comparison of Restaurant Operator vs Restaurant Franchisor across 5 metrics: Contribution Margins, Earnings Sensitivity, Cost Inflation, Maintenance CapEx, Unit Growth.",
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      "text": "A FRANCHISE MODEL PROVIDES SIGNIFICANT ECONOMIC BENEFITS",
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      "name": "Tale Two Worlds",
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