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SBM - Chapter 4

SBM Chapter 4 vocab

QuestionAnswer
Franchise The right to sell the licensing company’s goods or services in a particular area
Franchising A process for expanding a business and distributing goods and services through a licensing relationship
Franchisor The party in a franchise contract that specifies the methods to be followed and the terms to be met by the other party.
Franchisee The party in a franchise contract that is granted a license to do business under a particular trademark and trade name by the franchisor.
Product and trade name franchising A franchise agreement granting the right to use a widely recognized product or trademark
Business format franchising A franchise arrangement whereby the franchisee obtains an entire marketing, management, and supply system geared to entrepreneurs
Franchise contract The legal agreement between franchisor and franchisee. The contract spells out your relationship and obligations to each other
Master licensee An independent firm or individual acting as a middleman or sales agent with the responsibility of finding new franchisees within a specified territory
Multiple-unit ownership Ownership by a single franchisee of more than one unit of the franchised company
Area developers Individuals or firms that obtain the legal right to open several franchised outlets in a given area
Piggyback franchising The operation of a retail franchised outlet within the physical facilities of a host store
Multibrand franchising The operation of several franchised businesses within a single corporate structure
Co-branding Bringing two or more franchise brands together within a single enterprise
Churning Actions by franchisors to void the contracts of franchisees in order to sell the franchise to someone else and collect an additional fee
Encroachment To sell another franchise location within the market area of an existing franchisee
Franchise Rule A rule that requires the franchisor to disclose certain information to prospective franchisees
Franchise Disclosure Document A detailed statement providing information about the franchisor that satisfies the franchise disclosure requirements of the F T C.
Business brokers Specialized brokers that bring together buyers and sellers of businesses
Due Diligence The exercise of reasonable care in the evaluation of a business opportunity
Nondisclosure agreement An agreement in which the buyer promises the seller that he or she will not reveal confidential information or violate the seller’s trust.