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A franchise is the agreement or license between two legally independent parties which gives: â¢ a person or group of people (franchisee) the right to market a product or service using the trademark or trade name of another business (franchisor) â¢ the franchisee the right to market a product or service using the operating methods of the franchisor â¢ the franchisee the obligation to pay the franchisor fees for these rights â¢ the franchisor the obligation to provide rights and support to ...
One of the main concerns that franchise corporations have with transfers to heirs is the qualifications of the new operators. A contract may require heirs to meet qualification standards set by the company. The new owners may need to meet certain personal and financial criteria required by the company.ransfer rules, including all the various possibilities of allowable transfers, will be included in the contract. If the franchise does not allow you to include your business in your will, you can request that this provision be change.