Want Franchise With That?
No discourse on entrepreneurship past, present or future is complete without mentioning one of the most successful growth strategies going.
Today, franchising's power is pretty hard to ignore. Filling
strip malls and plazas, spreading over borders and oceans,
franchising is making its way into every corner of the world and is
servicing many needs in our lives. In the United States alone,
nearly $1 trillion a year in sales are rung up at franchised
outlets.
But only 25 years ago, franchising's place in the world was
a lot less certain. While many of today's big players, like
McDonald's and Holiday Inn, were enjoying franchising success
back then, the franchising industry was still suffering from a bad
reputation, dogged by lawsuits and horror stories about
get-rich-quick schemes and fraudulent business opportunities.
"In the late 1960s, franchising and fraud became almost
synonymous," says David J. Kaufmann, a franchise attorney with
New York City-based Kaufmann, Feiner, Yamin, Gildin & Robbins
Inc. "Those days, thank goodness, are long gone. The federal
and state disclosure laws that some franchisors view as a burden
were actually a savior for the franchising industry. Those laws
have almost completely eradicated franchise fraud and criminal
involvement in the franchise arena."
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·Technology: First it leveled the
playing field. Where's it headed now?
·Money: Capital was scarce 25 years ago.
Here's its state today.
·Management: Trends are multiplying
fast. What will stand the test of time?
·Marketing: Technology and
personalization will rule this arena.
·Franchising:Get ready . . . the golden
age of franchising is upon us.
| | 25 Years of
Entrepreneur: A timeline of the forces that
have shaped entrepreneurship through the years |
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