Is this the beginning of a fast food renaissance?

Is this the beginning of a fast food renaissance?

After being in a trading range for three years, Wendy's (NASDAQ: WEN  ) finally changed gears, trading 65% higher for the year and at a five year high. 

There are a lot of changes going on in the company's operations. 

Let's see if this is the beginning of a long, successful run for the fast food giant.

Transformation into the franchise model

Management is keen to completely transform the company into the franchise model, which is why it sold 425 company owned stores this year to reduce its total ownership from 22% to 15%. 

Franchises require less capital and bring in higher margins and a steady cash flow; thus this initiative could be highly beneficial in the long term profitability of the company.

A brand new Wendy's is on…