One of the fastest ways to establish a business is to purchase a franchise. Historically, the concept of a franchised business became popular in the 1960s and has continued to increase in economic importance. Franchising involves drafting a contract between a manufacturer (franchiser) and a dealer (franchisee), which stipulates how the manufacturer's or supplier's products or services will be sold. The dealer (franchisee) agrees to sell the product or service of the manufacturer (franchiser) in return for royalties. The franchising agreement can be beneficial to both the franchisee and the franchiser. The benefits of the franchisee are as follows: Recognition - the franchise name gives the franchisee instant recognition with the public. Standardized appearance of the franchise - customers know that the quality and consistency of the goods or services ...