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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 ...
DEFINITION of 'Franchise'. A franchise is a type of license that a party (franchisee) acquires to allow them to have access to a business's (the franchiser) proprietary knowledge, processes and trademarks in order to allow the party to sell a product or provide a service under the business's name.