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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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      "text": "Given McDonald's exclusivity requirements for franchisees, the only opportunity for franchisees to materially increase their wealth is to own more McDonald's units",
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      "text": "McOpCo's current portfolio of restaurants needs to be rationalized through refranchising, in order to: Increase McOpCo's profitability; Improve systemwide same-store sales growth; Satisfy considerable franchisee demand.",
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      "text": "A refranchising program would create an attractive incentive system. Would allow the top quartile performing operators to be rewarded with an opportunity to increase units.",
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      "text": "(6) Strong interest in owning new units / McOpCo refranchising program",
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      "kind": "title",
      "text": "Strengthening the McDonald's System: What Franchisees Had to Say (cont'd)",
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