Buffalo Wild Wings through the years

1982: Jim Disbrow opens Buffalo Wild Wings & Weck near the Ohio State University, with Scott Lowery.

1992: With eight company-owned restaurants, the first franchised location opens.

1994: Ken Dahlberg — who had sold his Miracle-Ear hearing aid business in 1993 for $138 million and was Disbrow's father-in-law — makes a significant investment and brings on Dahlberg Inc.'s chief financial officer, Sally Smith, as CFO. Company moves headquarters from Cincinnati to St. Louis Park.

1995: As Smith helps to shore up finances, a prototype of a free-standing restaurant with 190 seats is unveiled. The franchise concept is ramped up, with new franchisees brought on board and current franchisees encouraged to expand.

1996: Sally Smith becomes CEO, with the company owning 10 restaurants and having 65 franchisee-owned outlets. Disbrow becomes chairman.

1999: After opening its 100th restaurant, in Apple Valley, $8.5 million private placement of stock to fund further expansion.

2003: With 220 restaurants in 28 states, it goes public, with its initial public offering generating $51 million, $8 million more than anticipated. The stock increased 35 percent on its first day of trading.

2007: Chain outgrows St. Louis Park headquarters and moves to the Colonnade in Golden Valley.

July 2016: Marcato Capital, led by Mick McGuire, takes 5 percent stake and starts an activist campaign for changes.

March 2017: Under pressure from Marcato Capital to shed company-owned restaurants, the chain hires an investment banker to begin selling 50 or more of the locations to franchisees.

June 2017: Marcato wins proxy battle at the company's annual meeting; Sally Smith says she will retire at end of year.

November 2017: Receives offer from Arby's.

Sources: Star Tribune staff reports, Buffalo Wild Wings, International Directory of Company Histories