Franchising is considered to be the world's most successful business formula. It
is used to describe a licensing arrangement between a business owner (the
Franchisor) and a business operator (the Franchisee) whereby a Franchisor
agrees to sell the licensed rights, for an agreed upon sum in addition to a continuing fee,
to a Franchisee who then operates the business in accordance with agreed guidelines and
policies of a Franchisor within a given territory.