When an owner of a franchise wants to pass ownership on to their heirs:
A) they don't have to take any action or contact the franchisor.
B) they only must contact the franchisor.
C) they must pay a fee to the franchisor.
D) they must tell the franchisor of their plan and arrange for training for those wanting to take an ownership position.

Question

Quizplus · Accepted Answer

When an owner of a franchise wants to pass ownership on to their heirs, they must tell the franchisor of their plan and arrange for training for those wanting to take an ownership position. This is to ensure that the new owners understand the business model, the franchise agreement, and how to operate the franchise successfully. There may be a fee for the transfer of ownership, but this depends on the franchise agreement.

When an Owner of a Franchise Wants to Pass Ownership