franchise

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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. An agreement between a firm and another party in which the firm provides the other party with the right to use the firm's name and to sell or rent its products. Selling franchise rights is a method of expanding a business quickly with a minimum of capital. See also franchisee, franchisor.
2. A right granted to another party by a government to engage in certain types of business. For example, a firm may obtain a government franchise to supply certain public services within a limited geographic region.

franchise

the granting by one company to another company (exclusive franchise) or a number of companies (non-exclusive franchise) of the right/s to supply its products. A franchise is a contractual arrangement which is entered into for a specified period of time, with the franchisee paying a royalty to the franchisor for the rights assigned. Examples of franchises include the McDonald Burger and Kentucky Fried Chicken diner chains, Tie Rack and Dyno-Rod.

Franchises are a form of co-partnership, offering mutual benefits. They allow the franchisor to expand sales rapidly and widely, sometimes on a global basis, without having to raise large amounts of capital, by building on the efforts of a highly motivated team of entrepreneurs. Individual franchisees are usually required to contribute the bulk of the investment in physical assets and hence have a personal interest in the success of the venture. For his part, the franchisee obtains access to an innovative product or novel selling method, with the franchisor providing back-up, technical assistance, specialized equipment and advertising and promotion. See VERTICAL MARKETING SYSTEM, BUSINESS STRATEGY, EXTERNAL GROWTH, BUSINESS FORMAT FRANCHISING.

franchise

the assignment by one FIRM to another firm (exclusive franchise) or others (nonexclusive franchise) of the right(s) to supply its product. A franchise is a contractual arrangement (see CONTRACT) that is entered into for a specified period of time, with the franchisee paying a ROYALTY to the franchisor for the rights assigned. Examples of franchises include the Kentucky Fried Chicken and MacDonald's burger diner and ‘take-away’ chains. Individual franchisees are usually required to put up a large capital stake, with the franchisor providing back-up technical assistance, specialized equipment and advertising and promotion. Franchises allow the franchisor to develop business without having to raise large amounts of capital.

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.

References in periodicals archive ?
You are the franchise player for your family, business and life.
A franchise player may sign a multiyear contract with his current club until July 22.
The report further said that the other international cricketers who have committed to playing in the league and have been assigned icon or 'franchise player' status as well are Ricky Ponting, Adam Gilchrist and Ross Taylor.
That seems like a lot for someone who is essentially a complementary player, not a franchise player, but the Red Sox tried the franchise player route and look where it got them.
Marc Dutiaume has been their franchise player lately - and I told Mike Blaisdell not to sign him because at the time he hadn't been doing much for Fife, where he used to play.
NorthPort traded away injured franchise player Stanley Pringle for three Barangay Ginebra reliables on Tuesday, and Sol Mercado, Kevin Ferrer and Jervy Cruz will practice with the Batang Pier starting Thursday to prepare for Blackwater.
George is arguably one of the most talked about players in the NBA, from his days as the franchise player for the Indiana Pacers to his time with Russel Westbrook in Oklahoma.
Paul Lee proved a franchise player for Rain or Shine when he was picked second overall in 2011 behind JV Casio; June Mar Fajardo of San Miguel Beer and Greg Slaughter of Barangay Ginebra definitely have the same roles for their respective squads.
Ajmal Khan, Founder and Chairman of the Caribbean Premier League (CPL), revealed further details about the league, including regional and international franchise player information, event dates, potential franchise countries, plans for player development in the region, tournament logo and the terms of agreement between the League and the WICB, all of which can be found on newly launched website: www.CPLT20.com.
FOXBORO - Patriots receiver Wes Welker said yesterday he has signed the $9.5 million tender offer that came along with being designated the team's franchise player.
Los Angeles Lakers owner Jerry West is now willing to listen to offers for Kobe Bryant, and would deal his franchise player to another team if he could get enough return.
The Texters were able to carve out the dominant win even with just one other player-Troy Rosario with 15 points-finishing in twin digits and franchise player Jason Castro shooting just eight.