You recently come into a large inheritance and decided you want to own a restaurant in Milan, Italy. Several of your Italian family members

1. A franchise because it provides a pre-established business model and brand recognition.

A franchise arrangement grants an individual owner/operator (franchisee) a degree of autonomy to run their business while benefiting from an established product or service that may have established brand-name recognition. This advantage enables franchisees to leverage a pre-existing customer base, which otherwise could take years to establish. In addition, by affiliating with proven products and methods, franchises provide franchisees with an increased probability of business success. Franchises also offer consumers a particular level of quality and consistency, which is required by the franchise agreement and can be an attractive proposition.