Word: franchisees
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Dates: during 1980-1989
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Franchising may be a century-old idea, but it has never seemed fresher or hotter than in the U.S. of 1987. The business strategy that peppered the land with Golden Arches is in the midst of an unprecedented boom. Never have so many would-be tycoons turned to franchising, and...
As new franchise operations have popped up, many established chains have been enjoying explosive expansion. The number of Meineke muffler shops has jumped from 390 to 541 since the end of 1985, while Domino's Pizza has increased the size of its chain by 38%, from 2,839 to 3...
Prominent among the ranks of the franchisees are hundreds who have lost their jobs in the recent wave of retrenchment in American corporations. Says John Campbell, chief executive of Franchise Masters, a consulting firm with offices in San Francisco, Los Angeles and Tampa: "Some people want to buy a job. A lot of middle-management people are being displaced, and they've often got a good bit of money from severance...
...successful franchiser and franchisee form a symbiotic relationship that enriches them both. The franchiser can expand a new company without having to borrow huge amounts of capital. Franchisees pay an up-front fee, which usually covers certain training and furnishings, to become part of a chain. The cost is typically lower for companies that do not require much equipment or for chains that are just starting up. The fee can be as little as $9,750 for the business cards and other materials needed to open a Coustic-Glo franchise, which specializes in cleaning ceilings, or as much...
"There are various things you could not do without going to the Legislature," says Young. "You could not change the term of service or the franchise, but you could change the nominating process."