In banking, a bank's franchise is a combination of its reputation, relationships, skills and markets.
2. Business format franchising.
A business format franchise agreement is a licence granted by the owner of a brand, business system and model to a 'franchisee'.
The franchisee runs the business under the franchised brand, using the franchised business system and model.
Initial and ongoing fees are paid to the owner of the brand and business system.
An authorisation from a government or company to carry out specified commercial activities for a given period in a particular region or location.