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Samll Business Ch 4

Small Business Management Ch 4

QuestionAnswer
Area Developers Individuals or firms that obtain the legal right to open several franchised outlets in a given area.
Business Format Franchising A franchise arrangement whereby the franchisee obtains an entire marketing and management system geared to entrepreneurs.
Churning Actions by franchisors to void the contracts of franchisees in order to sell the franchise to someone else and collect an additional fee.
Co-Branding Bringing two franchise brands together under one roof.
Disclosure Document A detailed statement provided to a prospective franchisee, containing such information as the franchisor's finances, experience, size, and involvelment in litigation.
Due Diligence The exercise of reasonable care in the evaluation of a business opportunity.
Encroachment The franchisor's selling of another franchise location within the market area of an existing franchisee.
Franchise The privileges conveyed in a franchise contract.
Franchise Contract The legal agreement between franchisor and franchisee.
Franchise Disclosure Document (FDD) A document that provides the accepted format for satisfying the franchise disclosure requirements of the FTC.
Franchise Rule A rule that prescribes that the franchisor must disclose certain information to prospective franchisees.
Franchisee An entrepreneur whose power is limited by a contractual relationship with a franchising organization.
Franchising A marketing system involving a legal agreement, whereby the franchisee conducts business according to terms specified by the franchisor.
Franchisor The party in a franchise contract that specifies the methods to be followed and the terms to be met by the other party.
Master Licensee An independent firm or individual acting as a sales agent with the responsibility of finding new franchisees within a specified territory.
Matchmakers Specialized brokers that bring together buyers and sellers of business.
Multi-Brand Franchising The operation of several franchise organizations within a single corporate structure.
Piggyback Franchising The operation of retail franchise within the physical facilities of a host store.
Multiple-Unit Ownership Ownership by a single franchisee of more than one franchise from the same company.
Product and Trade Name Franchising A franchise agreement granting the right to use a widely recognized product or name.
Created by: dengler
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