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  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Mick McGuire",
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  "presentationDate": "2017-04-20 00:00:00",
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      "text": "Target 90% mix of franchised stores by 2020",
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      "text": "D. REALIGN MANAGEMENT INCENTIVES: Management compensation should be restructured to primarily incentivize returns on capital and per-share value rather than top-line growth or profit dollars",
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      "text": "A. REINVIGORATE CORE BUSINESS: Engage operational consultants to revitalize same-store sales growth and refocus on the company's historically successful core brand and value proposition",
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      "text": "B. FRANCHISING STRATEGY: Sell stores to new and existing franchisees to unlock capital currently earning sub-optimal returns; Target 90% mix of franchised stores by 2020; Invest in resources to accelerate international franchise growth",
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      "text": "C. ESTABLISH EXPLICIT CAPITAL ALLOCATION STRATEGY: Articulate a strategy for future capital deployment based on returns and profitability in combination with aggregate dollar growth; Considerations include current excess capital in the business as well as future free cash flow generation; Target an appropriate mix of debt and equity",
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      "text": "Source: Marcato's June 2016 presentation to management.",
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