A franchise is type of business when a person buys the right to a name to sell a product/service.
100
What are one of the requirements to run a franchise?
a) You have to satisfy legal documents needed
b) You have to graduate from harvard
c) You dont have to have lots of money
a) satify legal documents needed
100
How long do you think the average franchise contract is? (closest team will get points)
The average contract length is 10 years.
100
What is a franchisee?
The company or person who contacts the franchisor for the right to operate the franchise in return for payment of a initial fee and or on going royalty.
100
Name of of the newest local franchise in Allen.
Krispy Kreme +
200
What do you need to buy a franchise?
You need lots of money.
200
The franchisor is not allowed to :
a) allow the individual (franchisee) to run a location of their business
b) open another franchise near the franchisee's (your) franchise
b) Open another franchise near the franchisee's franchise.
200
What is the top franchise industry today?
Fast food franchises
200
What is franchising?
A way of doing business in which the franchisor gives the franchisee the right to offer, sell or distribute goods.
200
Name a "classic example" of a food franchise.
McDonalds
Burger King
300
How do you know the franchise will bring in money?
If it's a recognizable company.
300
What happens before you can buy the franchise?
a) You have to go to a special school to learn about franchises
b) You have dinner with the franchisor
c) You get a backround check
c) You get a backround check
300
What is franchise disclosure document?
A legal document which is presented to franchise buyers in the pre sale disclosure process.
300
What is a franchisor?
The company or individual that owns or controls the trade mark.
300
What is the most popular type of franchise today?
Food franchises
400
Name one agreement that is needed to open a franchise.