Franchising is permission granted by a manufacturer to a distributor or retailer to sell his/her products and the territory to which such permission extends. The legal definition expands this meaning — franchising may also extend the right to use a predetermined method for marketing products or services through outlets that use a known name or trademark. The International Franchise Association, the major trade association in franchising, defines a franchise business opportunity as a “continuing relationship in which the owner of the franchise business provides a licensed privilege to do business, plus assistance in organizing, training, merchandising and management in return for a consideration from the franchise business.”
Franchise A franchise is a legal agreement that allows one organization with a product, idea, name or trademark to grant certain rights and information about operating a business to an independent business owner. In return, the business owner (franchisee) pays a fee and royalties to the franchisee. Franchisor — A franchisor is a company that owns a product, service, trademark or business format and provides this to a business owner in return for a fee and possibly other considerations. A franchisor often establishes the conditions under which a business owner operates but does not control the business or have financial ownership. McDonald’s is an example of a franchisor.
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