FRANCHISE ADVICE


Franchising explained


Nick Williams of Ashtons Franchise Consulting demystifies some common franchise terminology


Y


ou’ll read a lot about franchisingin your research to own your own business and it’s highly likely you


will hear some phrases over and over again. Here’s a brief glossary of some of the terms you’ll most frequently encounter.


British Franchise Association (bfa) The bfa grants membership to franchisors that meet its Code of Ethics and proc edures. It also accredits exhibitors at The Franchise Exhibitions.


Business format franchise The franchisee buys into a total turnkey system of brand, know-


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how, training, methodology and support.


Buyback Where the franchisor agrees to purchase a franchise back from a franchisee if the latter no longer wishes to continue.


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