Buffalo Wild Wings vs Wingstop | Chicken Fight

October 14, 2026

AI Summary

5 min read

In June 2016, Buffalo Wild Wings CEO Sally Smith sat in her Minnesota office reading a 50-page PowerPoint from hedge fund manager Mick McGuire. The document detailed everything McGuire believed was wrong with the company she had led for two decades. On the surface, Buffalo Wild Wings still looked healthy—net income was growing. But same-store sales, the metric that measures whether existing locations are actually selling more, were shrinking. The company was cutting costs, not selling more food, to keep profits up. McGuire owned 5.2% of the company through his firm Marcado, and he was just getting started.

The structural squeeze

Buffalo Wild Wings faced pressures that went beyond any single management decision. The casual dining category was broadly declining as millennials ate out less than previous generations. Big-screen TVs had become cheap enough that fans could watch games at home instead of heading to a sports bar. Even NFL viewership was slipping, which hurt foot traffic. On top of all that, chicken wing prices kept climbing, squeezing margins on the company's core product.

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What you'll learn

1 (00:40) **Sally Smith Receives a Hostile Presentation** - Activist investor Mick McGuire sends a 50-page critique to Buffalo Wild Wings CEO Sally Smith, arguing she is mismanaging the company.
2 (05:46) **The Rivalry's Backstory** - The episode sets up the two competitors: Buffalo Wild Wings, the established family-friendly sports bar, and Wingstop, the younger takeout-focused chain.
3 (07:10) **Buffalo Wild Wings Struggles Against Market Headwinds** - Smith tries to boost profits to fend off McGuire, but faces economic and societal shifts that are hurting sit-down dining.
4 (10:33) **McGuire Escalates His Attack** - Despite a positive earnings report, McGuire is not fooled and sends a livid letter to the board chair, excluding Smith from the communication.
5 (13:08) **Board Refreshment Backfires** - Buffalo Wild Wings adds three new board members, but McGuire is infuriated that he wasn't consulted, calling the move an act of hostility.
6 (15:24) **Disappointing Earnings Trigger McGuire's Proxy Fight** - Buffalo Wild Wings releases weak Q4 2016 earnings, and McGuire decides to make his move for control of the board.
7 (17:27) **The Proxy Fight Campaign Begins** - The episode explains how a proxy fight works, comparing it to an election where shareholders vote for board members.

+ Full timestamped outline available in the app

Guests on this episode

Sally Smith Paul Brown

Show Notes

After years of turning profits, in 2015 Buffalo Wild Wings sees signs of trouble. Younger generations are take-out over dine-in, and for the first time since going public, Buffalo Wild Wings starts to miss Wall Street expectations. And Buffalo Wild Wings CEO Sally Smith finds herself in the cross hairs of a hostile takeover attempt. As Smith leads her restaurant through the proxy battle, Wingstop continues to thrive, making a play to become the biggest wings restaurant in the country.

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