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franchise |
Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
Franchise An agreement in which an entrepreneur buys a license to use another business' products, brand, proprietary knowledge, and trade secrets. This allows the entrepreneur to start a business without building up his/her own brand or products. This is a common way to start a business, especially in highly competitive industries. An industry that utilizes franchises on a regular basis is fast food; because of stiff competition, it is generally more profitable for one who wishes to start a fast food restaurant to buy a franchise. franchise (1) A contractual relationship whereby one party (franchisee) is entitled to use the trade name, image, procedures, and trade secrets of another (franchisor) usually in return for paying an initial purchase price and a percentage of gross revenues over the period of the arrangement. In most instances,there is a separate fee for the franchisee's share of national and regional advertising campaigns. Real estate franchises include Century 21, RE/MAX, and ERA. (2) A government grant of some privilege, such as the ability to operate as a corporation or the ability to sell drinks and sandwiches in the county courthouse. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| 0/0 North Hollywood 91605 22 Vagabond Franchise System Inc. Though the franchise system is designed to offer you ongoing support, managing a franchise is a full-time job that will require a salary that covers all your personal expenses. The total cash purchase price for the company-owned real estate brokerage operations as well as the license agreement was approximately $100 million, plus ah ongoing license lee based on future royalties from the development of the Sotheby's International Realty franchise system and company-owned operations. |
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