franchise

Definition

A form of business organization in which a firm which already has a successful product or service (the franchisor) enters into a continuing contractual relationship with other businesses (franchisees) operating under the franchisor's trade name and usually with the franchisor's guidance, in exchange for a fee. Some of the most popular franchises in the United States include Subway, McDonalds, and 7-Eleven.

Use franchise in a sentence

I've been saving for years, and I finally just got approved to open a Wendy's franchise restaurant in my home town!

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John Smith's 10 year business plan is to open 10 fast food franchises in the state of Virginia and at least 5 more in Kentucky.

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They're so proud of little Suzy: from her first lemonade stand at age 7, to her Sour Stuff franchise at the ripe old age of 9, she's really dived into the family business.

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