Franchise

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  • A form of business, also referred to as the “turnkey business” model, where a license is granted by a company (franchisor) to an individual or company (franchisee) to be able to operate a specific outlet using the franchisor's name for an agreed-on franchise fee. In exchange, the franchisee consents to use the franchisor's products and is provided with specified ongoing business and operational services such as marketing, selling, and distribution. Fees are typically structured as an initial fee and then as an ongoing percentage of gross sales of the business. Dating back as far as the 1850s, with products such as the sewing machine and telegraph systems, current franchising is particularly prevalent in the food service and hotel industry.

    10.4135/9781412972024.n1058

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