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Franchise Glossary |
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- Broker
An intermediary who manages a sale and purchase. Brokers can represent either sellers or buyers. Different brokers can represent both a seller and a buyer.
- Business Format Franchising
The franchisor licenses the franchisee to use the franchisor"s product, service and trademark. The franchisor also teaches the franchisee the entire business format including marketing, selling, inventory, accounting and personnel procedures. Furthermore, the franchisor provides support via training and communications for the duration of their business relationship. Restaurants, retail and many service businesses are business format franchisors.
- Business Plan
A plan that provides the objectives of a business and the steps necessary to achieve those objectives.
- Buy-Sell Agreement
A legal document that details the provisions under which a business may be sold.
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