What is Franchising?
Is your Saturday morning any thing like mine? Stopped by the coffee shop to pick up bagels. Had the oil changed. Gas for the car. Dropped the dog off at the groomer. Worked out at the gym. Picked up some wiper blades. Every one of these businesses is locally owned, but operated under a nationally recognized brand. We commonly refer to them as "franchises." But what makes a franchise a franchise?
Franchising is a method of marketing and distributing products and services. Virtually one out of every $7.00 spent by Americans for goods and services is spent with a franchise operation. Homes are cleaned, repaired, painted, carpeted, bought and sold through a variety of franchised businesses. The car you are driving? You probably bought, serviced and fueled it by way of multiple franchises. Franchised businesses today operate in more than 100 lines of goods and services, including health-care and fitness centers, employment agencies, hotels and motels, quick service restaurants, packing and shipping stores, real estate, automotive shops and many retail businesses.
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Brian McMahon is a partner in the franchising, corporate and real estate practice groups in the firm's Toledo office.
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