FRANCHISE ADVICE
"Your operations manual is the 'Bible' of your franchise, describing every item of the business system and work procedures"
"For yourself but not by yourself" Oft-cited benefit of franchising: running your own business with the support of a franchisor and their network.
Franchise agreement Documents the legal relationship of obligations existing between the franchisor and a franchisee.
Franchisee The person who buys a licence to replicate a business system. Also known as the 'franchise owner' or 'partner'.
Franchise package The sum total of franchise system rights licensed to the franchisee, including branding, know-how, systems, territory and training, for which an initial franchise fee is charged by the franchisor.
Franchising Method of marketing goods and services via a business formula licensed for others to copy.
Franchisor A company that offers the licence to replicate its system.
Intellectual property rights The franchisor's secrets of doing business, plus various trademarks, branding, manuals, and so on, which should be legally protected before being sold as part of the franchise package.
Management service fees (MSF) Fees due to the franchisor, often based upon total turnover.
Master franchisor The entity that grants regional master franchises to others – this is usually used in international contexts.
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