Franchising & Licensing: Two Powerful Ways to Grow Your Business in Any Economy / Edition 4

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Overview

The definitive resource for corporations in myriad industries—now completely revised and updated. Filled with illuminating examples, stories from the field, and dozens of forms for drafting franchising agreements and licensing programs, the fourth edition of Franchising & Licensing covers all the strategic, legal, financial, and operational aspects of these complex but highly profitable business strategies. Incorporating up-to-the-minute information on regulations, best practices, Web 2.0 strategies, branding techniques and global trademark laws, the new FDD disclosure format, and the latest franchising trends, this indispensable reference reveals how to: Raise capital, structure agreements, and protect intellectual property • Create market-responsive sales, marketing, and globalization strategies • Establish quality control and compliance measures • Assess opportunities for mergers and acquisitions, joint ventures, and other alternatives to franchising • And much more Comprehensive and applicable to domestic and international franchising initiatives alike, this essential guide remains the industry standard.
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Editorial Reviews

BIZLIFE
Filled with illuminating insights and stories from the field, it remains the definitive resource.
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Product Details

  • ISBN-13: 9780814415566
  • Publisher: AMACOM
  • Publication date: 4/13/2011
  • Edition description: Fourth Edition
  • Edition number: 4
  • Pages: 464
  • Sales rank: 1,060,988
  • Product dimensions: 7.40 (w) x 10.10 (h) x 1.70 (d)

Meet the Author

ANDREW J. SHERMAN is a partner in the Washington, D.C., office of Jones Day and an internationally recognized authority on the legal and strategic issues of emerging and established companies. He has been interviewed by The Wall Street Journal, USA Today, Forbes, Time, and other publications, and is the author of Raising Capital (978-0-8144-0856-8).
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Read an Excerpt

PREFACE TO THE FOURTH EDITION

It is hard to believe that 20 years have passed since the publication of the first edition of Franchising & Licensing in 1991. The impact of technology and globalization has had a permanent effect on the dynamics of the franchise relationship. When the manuscript was being written for the first edition in the late 1980s, I could not have envisioned the many changes in today’s franchise relationships or the diversity in the number of industries and companies that would pursue franchising as their primary growth strategy.

It has been my honor to work with companies launching franchising programs in dozens of different industries and at various stages of growth—

ranging from start-up to Fortune 500 companies—all over the globe.

A wide variety of recent events and trends are affecting the growth and development of domestic and international franchising:

❒ From the franchisor’s perspective, the weak capital markets have limited access to the resources needed for more organic or traditional growth strategies, thereby making franchising the strategy of choice to accomplish such objectives and brand building, provided that the prospective franchisee can access the capital they need to develop the territory.

❒ From the franchisee’s perspective, more families in a recessionary environment (and with job losses averaging 300,000 per month) want to have greater control over their own destiny and are pursuing many different types of franchised opportunities as a way of owning their own businesses.

❒ The very weak residential real estate market has fueled the growth of many different types of home improvement and home services franchisors a as Americans invest less resources into the pursuit of making their homes more comfortable.

❒ Trust building, proper governance, and leadership have become hypercritical in this post-Madoff era. Franchisors must have integrity when interacting with franchisees, or their systems will fail.

❒ The ease of access to technology, as well as a desire to avoid the hassles (and fears) of going to a shopping mall, have fueled an increase in online sales of products and services. Franchising systems are forced to offer sites that facilitate e-commerce and that create a balance for sharing these new sales and customers with the franchisees in their systems.

❒ The improvements in Internet technology and smartphones, as well as travel/logistics concerns, have changed how franchisees are recruited a meetings are held, and data is gathered.

❒ The impact of the Internet on franchise sales (as well as related legal implications) are discussed in new sections in Chapters 6 and 10 of this fourth edition.

Yet, as volatile as the global and domestic economies have been since the publication of the third edition, franchising has remained relatively stable.

Each year, hundreds of new companies launch new franchising programs a and tens of thousands of families invest in franchised businesses as the first step in their journey toward achieving the American dream. Even with all of the new technology and all of the new developments, franchising is, and always will be, about mutual commitment, trust, fairness, and communication in a uniquely interdependent relationship that has helped fuel our economy for nearly 100 years.

History has shown that the leveraging of intellectual capital can be an effective and capital-efficient way to perpetrate business growth whether economic conditions are weak or strong. Companies of all sizes and in many different industries are realizing that their intangible assets can be a source of new revenue and profit centers and that they can thereby bring greater control, predictability, and loyalty to their distribution channels. The critical importance of adopting this more strategic perspective to the management and leveraging of intellectual capital is discussed in greater detail in the first chapter.

Andrew J. Sherman

Bethesda, Maryland

Spring 2010

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Table of Contents

C O N T E N T S

Preface to the Fourth Edition

Acknowledgments

Part One. The Foundation for Franchising

1 Leveraging Intellectual Capital to Create Growth

Opportunities and Profitable New Income Streams

Part Two. Building a Franchising Program

2 The Foundation of Franchising

3 Developing the Operations and Training Programs

4 Developing System Standards and Enforcing Quality Control

5 The Regulation of Franchising

6 Compliance

7 Structuring Franchise Agreements, Area Development

Agreements, and Related Documents

8 Protecting the Intellectual Property of the Franchise System

9 Managing Disputes

10 Developing Sales and Marketing Strategies at the Target

Franchisee and Target Consumer Levels

11 Taking Your Franchise Program Overseas

Part Three. Financial Strategies

12 Business and Strategic Planning for the Growing Franchisor

13 Capital Formation Strategies

14 Management and Leadership Issues in Building a Successful

Franchising Organization

15 The Role of the Chief Financial Officer and Related Financial and Administrative Management Issues

16 Special Issues in Mergers and Acquisitions

17 Managing the Transfer and Renewal Process

18 Strategic and Structural Alternatives to Franchising

19 Structuring Licensing Programs and Agreements

20 Joint Ventures and Strategic Alliances

21 Resource Directory

Index

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