Franchise, Franchisee, Franchisor, Ray Kroc, McDonald's, Dunkin' Donuts, Subway, The Franchise Group, International Franchise Association (IFA), Franchise Disclosure Document (FDD), licensing, brand management, supply chain management, business model, lega

A franchise is a business model where a franchisor allows a franchisee to operate under its brand and sell its products. Ray Kroc, who greatly expanded McDonald’s, exemplifies successful franchising. Dunkin’ Donuts and Subway are other well-known franchises. The Franchise Group is an organization that supports franchise businesses, while the International Franchise Association (IFA) advocates for franchising. A Franchise Disclosure Document (FDD) provides essential information to potential franchisees. Licensing refers to granting permission to use brand elements. Effective brand and supply chain management are crucial for consistency and efficiency in franchise operations. Legal agreements outline the responsibilities of each party.