Franchising (from the
French for
honesty or
freedom) is a method of doing business wherein a "franchisor" licenses proven methods of doing business to a "franchisee" in exchange for a recurring payment, fees and a percentage of sales or
profits. Various tangibles and intangibles such as national or international
advertising,
training, and other support services are commonly made available by the franchisor, and may indeed be required by the franchisor, which generally requires
audited books, and may subject the franchisee or the outlet to periodic and surprise spot checks. Failure of such tests typically involve non-renewal or cancellation of franchise rights.
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