Most franchisees are happy with one location: it’s a way of being a sole proprietor and making a decent living doing something one enjoys.

Others, however, obtain financing to set up multiple franchises and in so doing, create more cash flow and a greater income as their operations do well and they pay off the financing needed to grow them. In most instances, this amounts to two to five franchise locations. But sometimes, a franchisee pick up dozens of locations. And as this occurs, the value of his or her operation becomes high enough to either sell it (such as Anytime Fitness’s largest franchisee did in May) or turn it into a publicly traded company.

The latter is the goal of Diversified Restaurant Holdings (DRH) in Southfield, Mich. One of Buffalo Wild Wings’ largest franchisees—with 65 stores across five states—it announced late last week it plans to go public.

The offering is being managed by Minneapolis-based Dougherty & Co. and is out to raise only $5.3 million.

DRH’s franchised restaurants are in Florida, Illinois, Indiana, Michigan and Missouri. DRH’s strategy is to generate cash, reduce debt and leverage its strong franchise operating capabilities for future growth.