Business format franchise: A franchise where the franchise owner buys into a total turnkey system of brand, know-how, training, methodology and support.
Exclusive training: The area licensed out to the franchise owner in which to exclusively conduct the business.
Franchise agreement: The contract between the franchisor and franchise owner which documents the legal obligations of their business relationships.
Franchising: Method of marketing goods and services via individuals replicating a proven licensed business formula.
Franchise owner/franchisee: An individual or group who own the rights to replicate a business concept.