What Are Alternative Franchise?
Are you interested in learning how to start an Embassy Suites franchise in just 7 steps? Discover the essential checklist that will guide you through the process, from financial requirements to site selection. If you're serious about your investment, don't miss our Embassy Suites Franchise Business Plan Template, designed to give you a clear roadmap for success!
| # | Step Short Name | Description |
|---|---|---|
| 1 | Complete the Franchise Application | Submit your application to the franchisor, providing necessary information about your background and business experience. This step initiates the process of becoming a franchisee and allows the franchisor to assess your suitability. |
| 2 | Meet Financial Requirements and Secure Funding | Ensure you have the necessary capital to invest in the franchise, which may include franchise fees and startup costs. Explore funding options such as loans or investors to cover your financial requirements. |
| 3 | Attend Initial Franchise Orientation | Participate in an introductory session with the franchisor to learn about the brand, operations, and support systems. This orientation helps you understand the franchise model and what to expect as a franchisee. |
| 4 | Finalize Franchise Agreement | Review and sign the franchise agreement, which outlines your rights and responsibilities as a franchisee. Ensure you fully understand the terms and conditions before committing. |
| 5 | Select and Secure a Suitable Location | Identify a location that meets the franchisor's criteria and aligns with your target market. Securing the right location is crucial for the success of your hotel franchise. |
| 6 | Build Out and Equip the Hotel | Oversee the construction and design of the hotel according to the franchisor's specifications. This phase includes installing necessary equipment and ensuring that facilities meet brand standards. |
| 7 | Complete Training and Launch the Business | Attend comprehensive training programs provided by the franchisor to learn operational procedures, customer service, and management practices. Once trained, you can officially open your hotel to guests. |
Key Takeaways
- The minimum net worth requirement for potential franchisees typically starts at around $1 million, with a certain percentage needing to be liquid assets.
- Experience in the hospitality industry is highly valued, with many successful franchisees having prior management or operational roles in similar settings.
- The initial investment for opening an Embassy Suites franchise can range from approximately $7 million to $10 million, depending on various factors such as location and property size.
- During the application process, franchisees must undergo a thorough financial verification, including the submission of personal financial statements and credit reports.
- Location selection is critical; demographic analysis and competition assessment are essential to ensure a successful market entry.
- Franchisees receive extensive training, covering both corporate standards and operational best practices, ensuring a strong foundation for managing the hotel.
- Ongoing support from the franchisor includes regular field visits, marketing assistance, and access to continuing education programs to help franchisees operate successfully.
What Are the Basic Requirements for Opening an Embassy Suites Franchise?
Financial Requirements
To successfully start an Embassy Suites franchise, it’s crucial to understand the financial commitments involved. Firstly, franchisees must meet the minimum net worth requirements, which generally fall between $1 million and $5 million, depending on the specific market and location. Additionally, liquid capital requirements typically range from $500,000 to $1.5 million to ensure that franchisees can cover initial expenses and operational costs.
The initial investment for an Embassy Suites franchise can vary significantly, generally ranging between $8 million and $14 million. This investment encompasses various costs, including real estate, construction, equipment, and franchise fees. Furthermore, franchisees must provide proof of financial stability, which may include personal financial statements and bank references.
Personal Requirements
In addition to financial qualifications, personal requirements are essential when considering how to open an Embassy Suites franchise. Candidates are typically expected to have prior hospitality industry experience, ideally with a background in hotel management. Educational qualifications may include a degree in business, hospitality, or a related field, although extensive experience can sometimes substitute for formal education.
Management and leadership experience are also critical, particularly in handling teams and operations. A personal credit score minimum of 700 is often preferred, reflecting the franchisee's ability to manage financial obligations. Meeting these personal requirements is vital for navigating the challenges of running a hotel franchise effectively.
Tips for Assessing Your Fit
- Evaluate your experience in the hospitality sector to ensure alignment with franchise expectations.
- Prepare documentation showcasing your financial capability to meet investment requirements.
- Consider completing a management training program to bolster your qualifications.
For those exploring options, understanding the What Are Some Alternatives to the Embassy Suites Franchise? can provide valuable insights into the broader landscape of hospitality franchises.
What Steps Are Involved in the Application Process?
Initial Application Steps
To start the Embassy Suites franchise application process, you'll first need to submit a preliminary franchise application. This application collects essential information about your background, financial status, and business experience. After submission, an initial screening process will be conducted by the Embassy Suites corporate team to evaluate your suitability as a franchisee.
Next, a background check will be performed to ensure you meet the franchisee qualifications. This includes reviewing your criminal history, credit history, and prior business dealings. Finally, a financial verification process confirms that you meet the financial requirements for Embassy Suites, which typically include a net worth of at least $1 million and liquid assets around $500,000.
Discovery Process
Once you pass the initial screening, you'll enter the discovery process. This phase provides a comprehensive understanding of the Embassy Suites franchise model and expectations. You will be required to attend discovery day events, where you can interact with company representatives and learn more about operations.
Meeting with existing franchisees is another critical component, as it offers real-world insights into their experiences and challenges. Additionally, a thorough territory analysis and selection will be conducted to identify the best locations for your franchise. Following this, you will participate in corporate team interviews to finalize your fit within the franchise system.
Tips for a Smooth Application Process
- Prepare all necessary documentation ahead of time to expedite the initial application.
- Be transparent during background checks to avoid any delays.
- Research potential territories thoroughly to present informed questions during discovery events.
Following these steps will set a strong foundation for your journey to open an Embassy Suites franchise. Proper preparation is key, and understanding the pros and cons of owning an Embassy Suites franchise can provide valuable context as you navigate the application process.
How Do You Choose the Right Location for an Embassy Suites Franchise?
Site Selection Criteria and Market Analysis
Choosing the right location for your Embassy Suites franchise is crucial for success. You'll need to conduct a thorough demographics analysis, focusing on factors such as income levels, age distribution, and tourism trends in the area. For instance, a high population density can mean more potential guests. Assessing the competition in the target area is also vital; ideally, your franchise should be in a market with limited direct competition.
Traffic patterns and accessibility are key elements as well. A location near major highways or airports can significantly increase visibility and foot traffic. Also, ensure that parking and visibility requirements are met to facilitate easy access for guests.
Identifying your target market is essential. Understand who your guests will be—business travelers, families, or tourists—and map local competition to gauge if your franchise will thrive in that environment. Additionally, evaluate the growth potential of the area. Look for locations with signs of economic development, as this often correlates with increased hotel demand.
Tips for Effective Site Selection
- Conduct surveys to gauge local interest in hotel accommodations.
- Engage with local business associations to understand market dynamics.
- Use online tools to analyze traffic patterns and local demographics.
Real Estate Considerations
When evaluating real estate options for your Embassy Suites franchise, the choice between leasing and purchasing is critical. Leasing may require a lower upfront investment but can lead to higher long-term costs. On the other hand, purchasing property can provide a stable asset but demands a substantial initial investment.
Building requirements and specifications must align with Embassy Suites standards. Ensure the architecture and facilities meet the brand’s guidelines to maintain consistency across franchises. Compliance with zoning regulations is non-negotiable; ensure your chosen location is zoned for hotel use.
Lastly, consider the potential for renovations. Older buildings may require significant updates to meet brand standards and guest expectations, impacting your initial investment and operational costs. Assessing renovation potential can help you avoid unexpected expenses down the road.
For more detailed financial insights, you can explore How Much Does an Embassy Suites Franchise Cost?.
What Are the Setup Requirements for an Embassy Suites Franchise?
Hotel Development Process
When considering how to open an Embassy Suites franchise, a well-structured hotel development process is essential. This begins with hotel design and layout specifications. The design should reflect brand standards while catering to the target market's preferences.
Next is furniture and equipment procurement. It's crucial to source high-quality, brand-appropriate furnishings and amenities that enhance the guest experience. The estimated investment in furniture and equipment can range from $1 million to $2 million.
Construction and renovation guidelines must be strictly followed to ensure compliance with safety and brand standards. Engaging experienced contractors who specialize in hotel projects can streamline this process.
Finally, setting up the technology and reservation system is vital. This includes integrating property management systems, booking engines, and point-of-sale systems that align with operational needs.
Pre-Opening Preparations
Pre-opening preparations play a critical role in successfully launching an Embassy Suites franchise. One of the first steps is staff hiring and training. A well-trained team is integral to maintaining the hospitality standards expected from the brand.
Next, you'll need to focus on initial inventory ordering. This involves assessing the necessary supplies, from linens to kitchen equipment, ensuring everything is ready for the grand opening.
Developing a pre-opening marketing campaign is essential to create buzz and attract guests. Utilize social media, local advertising, and partnerships with travel websites to maximize visibility.
Lastly, ensuring health inspection and safety compliance is paramount. Schedule inspections well in advance to address any potential issues before opening day.
Tips for a Successful Setup
- Engage with local contractors who understand regional compliance regulations to avoid delays during construction.
- Invest in a comprehensive training program for staff to align with brand standards and customer service expectations.
- Monitor inventory levels closely to prevent shortages, particularly during the initial operational phase.
Understanding the Embassy Suites franchise investment is also crucial. For detailed financial insights, refer to our guide on How Much Does an Embassy Suites Franchise Cost?.
What Training And Support Is Provided?
Initial Training Programs
When you begin your journey to start an Embassy Suites franchise, you will undergo comprehensive corporate training designed to equip you with the knowledge needed for successful operations. This training covers essential aspects of hotel management, including:
- Management training curriculum focused on operational excellence
- Hospitality service standards that ensure a high-quality guest experience
- Review of the operations manual, which serves as a vital resource for daily operations
This structured training approach ensures that franchisees not only understand the brand's values but also are prepared to meet customer expectations effectively.
Ongoing Support Systems
The support doesn’t stop once you open your doors. Embassy Suites provides ongoing assistance tailored to help you succeed in the hotel franchise landscape. Key components of this support include:
- Field support visits from corporate representatives to assess operations and offer guidance
- Continuing education programs to keep you updated on industry trends and best practices
- Marketing assistance to help you effectively promote your franchise within your community
- Technical support services to address any operational challenges that may arise
These systems are designed to foster long-term success and profitability, ultimately aiding in maximizing your Embassy Suites franchise investment.
Tips for Maximizing Training Benefits
- Engage actively in all training sessions for better retention of information.
- Network with fellow franchisees to share insights and experiences.
- Utilize the operations manual as a daily tool for reference and training new staff.
Understanding the support and training provided is essential for a successful venture. For more insights on potential earnings, check out this link: How Much Does an Embassy Suites Franchise Owner Make?.
Step: 1 - Complete the Franchise Application
Starting your journey to an Embassy Suites franchise begins with the franchise application. This crucial first step sets the tone for your entire franchise experience. The application process is designed to assess your qualifications and readiness to operate a franchise successfully.
Franchise Application Checklist
- Complete the preliminary franchise application form.
- Provide personal and business financial information.
- Submit documentation verifying your financial stability.
- Include any relevant experience in the hospitality industry.
- Prepare for a background check, which may include criminal and credit history.
Financial requirements for Embassy Suites are essential to address at this stage. Typically, potential franchisees should demonstrate a minimum net worth of $1 million and liquid assets of at least $500,000. This financial framework not only indicates your ability to invest but also assures the franchisor of your capability to sustain operations during the initial phases.
Tips for Completing Your Application
- Be thorough and honest in your financial disclosures to avoid complications later.
- Gather all necessary documents ahead of time to streamline the process.
- Consider consulting a financial advisor to ensure your application reflects your financial health accurately.
After submitting your application, you will enter the initial screening process. This involves a review of your application by the Embassy Suites corporate team, who will assess your suitability as a franchisee. If you pass this stage, you will undergo a detailed financial verification process to confirm your ability to meet the Embassy Suites investment requirements.
Keep in mind that the application process can take several weeks, depending on various factors, including the volume of applications and the thoroughness of your documentation. Remaining patient and responsive during this period is crucial, as effective communication can expedite the process.
| Requirement Type | Details | Estimated Costs |
|---|---|---|
| Minimum Net Worth | Net worth required to qualify for the franchise | $1,000,000 |
| Liquid Capital | Cash or cash-equivalent assets available | $500,000 |
| Initial Investment Range | Overall investment range to open the franchise | $5 million - $7 million |
In summary, completing the franchise application is a pivotal step in the journey of how to open an Embassy Suites franchise. By meticulously following the application checklist and adhering to financial requirements, you position yourself for success in the franchise application process.
For more insights on the operational aspects of the franchise, check out How Does the Embassy Suites Franchise Work?.
Step: 2 - Meet Financial Requirements and Secure Funding
To start an Embassy Suites franchise, meeting the financial requirements is a crucial step. Understanding the investment landscape will help you prepare for the costs associated with this hospitality franchise opportunity.
Financial Requirements Overview
The overall financial requirements for opening an Embassy Suites franchise include several key components:
- Minimum Net Worth: Franchisees are typically expected to have a minimum net worth ranging from $1 million to $1.5 million.
- Liquid Capital: It's essential to have liquid capital available, which generally starts at around $500,000 to cover initial expenses.
- Initial Investment: The total initial investment can vary widely but generally falls between $7 million and $12 million, depending on the location and size of the hotel.
- Proof of Financial Stability: Applicants must provide documentation demonstrating their financial stability, including bank statements and tax returns.
Understanding the Investment Breakdown
Here's a more detailed breakdown of the expected costs involved in the Embassy Suites investment:
| Cost Category | Estimated Amount | Description |
|---|---|---|
| Franchise Fee | $75,000 | One-time fee for using the brand name and support. |
| Real Estate | $3 million - $7 million | Costs related to purchasing or leasing property. |
| Construction & Renovation | $2 million - $4 million | Building and interior setup expenses. |
| Operating Capital | $500,000 - $1 million | Funds needed for the first few months of operation. |
It's important to consider that financing options are available. Many franchisees utilize a combination of personal savings, bank loans, and investor funding to meet their financial requirements.
Tips for Securing Funding
- Develop a comprehensive business plan outlining projected revenues and expenses to present to potential investors or lenders.
- Explore Small Business Administration (SBA) loans that may offer favorable terms for franchise financing.
- Network with other franchisees or industry professionals for insights into funding opportunities and strategies.
In summary, understanding the financial requirements and securing funding are pivotal steps in the Embassy Suites application process. By preparing adequately, you can navigate the financial landscape with confidence and set the stage for a successful franchise venture.
For more insights on the pros and cons, check out What are the Pros and Cons of Owning an Embassy Suites Franchise?
Step: 3 - Attend Initial Franchise Orientation
Attending the initial franchise orientation is a crucial step in the process of starting an Embassy Suites franchise. This orientation serves as an introduction to the brand, its values, and the operational standards that franchisees are expected to uphold. It provides an opportunity for prospective franchisees to gain valuable insights into the company's culture and operational procedures.
What to Expect During Orientation
During the orientation, you'll engage in various sessions designed to equip you with the essential knowledge needed for your new venture. Key components typically include:
- Overview of the Embassy Suites brand and its unique selling propositions
- Deep dive into the franchise application process and franchise requirements
- Financial education focusing on the Embassy Suites investment and how to manage costs effectively
- Introduction to the operational systems, including reservation technology and property management
- Networking opportunities with corporate executives and fellow franchisees
Understanding the financial requirements for Embassy Suites franchises is vital. Typically, the initial investment ranges from $7 million to $12 million, depending on the location and property specifications. This investment includes franchise fees, construction costs, and initial inventory.
Tips for Maximizing Your Orientation Experience
Be Prepared
- Bring questions you may have about the Embassy Suites franchise support and training.
- Take notes on important topics such as location selection for franchise and operational guidelines.
- Network with other attendees to share insights and experiences.
Participating in the orientation not only enhances your understanding of how to open an Embassy Suites franchise but also prepares you for the challenges ahead. Engaging with current franchisees during this time can provide real-world perspectives that are invaluable as you move forward.
Additionally, the orientation will cover the importance of site selection for hotel franchises, which can significantly impact your franchise’s success. Research suggests that well-located hotels can see an increase in revenue by as much as 20% compared to those in less desirable areas.
| Investment Breakdown | Cost Range | Percentage of Total Investment |
|---|---|---|
| Franchise Fee | $75,000 | 1% - 1.5% |
| Construction Costs | $6 million - $10 million | 85% - 90% |
| Initial Inventory | $1 million | 10% - 15% |
By attending the initial franchise orientation, you are laying a strong foundation for your journey in the hospitality industry. The knowledge gained here will be a crucial asset as you navigate the complexities of franchise ownership.
For more detailed insights into potential earnings, check out this resource: How Much Does an Embassy Suites Franchise Owner Make?
Step: 4 - Finalize Franchise Agreement
Finalizing the franchise agreement is a crucial step when you decide to start an Embassy Suites franchise. This legally binding document outlines the terms and conditions of your relationship with the franchisor, including operational guidelines, fees, and obligations.
Before signing, it’s essential to thoroughly review the agreement. Here are key components to look out for:
- Franchise Fees: Understand the initial franchise fee, which typically ranges from $50,000 to $75,000, and ongoing royalty percentages, usually around 5% of gross sales.
- Term Length: The agreement often spans 10 to 20 years, with renewal options available.
- Operational Guidelines: Familiarize yourself with the operational standards and requirements that you must adhere to, which may include everything from employee training to marketing practices.
- Termination Clauses: Pay close attention to termination clauses, including conditions under which either party can terminate the agreement.
- Territory Rights: Clarify your exclusive territory rights to protect your investment and market share.
It’s advisable to consult with a franchise attorney to ensure that you fully understand the implications of the agreement. They can assist in negotiating terms that align with your business goals.
Once you are comfortable with all aspects of the franchise agreement, sign it and submit it to the franchisor. This signifies your commitment to how to open an Embassy Suites franchise and sets the stage for the upcoming steps in the process.
Tips for a Smooth Agreement Finalization
- Take your time to review the document thoroughly; do not rush the process.
- Ask questions about any terms that are unclear to you; clarity is vital.
- Keep a copy of the signed agreement for your records.
Understanding the financial requirements for Embassy Suites is vital. Along with the initial franchise fee, be prepared for additional costs, such as real estate expenses, construction, and initial inventory. For more detailed financial insights, check out How Much Does an Embassy Suites Franchise Cost?.
| Cost Component | Estimated Amount | Notes |
|---|---|---|
| Franchise Fee | $50,000 - $75,000 | One-time payment for franchise rights |
| Initial Investment | $2 million - $3.5 million | Includes construction, equipment, and inventory |
| Royalty Fee | 5% of gross sales | Ongoing fee for brand support |
By following these guidelines and understanding the implications of your franchise agreement, you can confidently move forward in your journey to becoming an Embassy Suites franchisee.
Step: 5 - Select and Secure a Suitable Location
Choosing the right location is a critical component of starting an Embassy Suites franchise. This decision can significantly impact your overall success and profitability. A well-placed hotel can attract more guests, leading to higher occupancy rates and increased revenue.
Site Selection Criteria and Market Analysis
When evaluating potential sites for your Embassy Suites franchise, consider the following criteria:
- Demographics Analysis: Understand the population characteristics of the area, including age, income levels, and travel patterns.
- Competition Assessment: Identify existing hotels and their offerings in the vicinity to gauge market saturation.
- Traffic Patterns: Analyze local traffic data to ensure easy accessibility for guests.
- Parking and Visibility: Ensure that the location has adequate parking facilities and is visible from major roads.
- Target Market Identification: Define your ideal guest demographic and assess whether the location aligns with their travel preferences.
- Growth Potential: Evaluate the area's economic growth and development plans, which can affect your long-term success.
- Population Density Requirements: A higher population density can lead to more potential guests.
Real Estate Considerations
Once you've identified a suitable area, it's essential to consider the following real estate factors:
- Lease vs Purchase Analysis: Determine whether leasing or purchasing the property is more financially viable for your investment.
- Building Requirements: Ensure the building meets Embassy Suites' design and layout specifications.
- Zoning Regulations Compliance: Verify that the location adheres to local zoning laws for hospitality establishments.
- Renovation Potential Assessment: Evaluate the need for renovations or upgrades to meet brand standards.
Investing in a suitable location is key to the success of your franchise. Research and careful planning can help you identify the best opportunities. In fact, studies show that a well-chosen location can lead to occupancy rates exceeding 70%, significantly boosting revenue.
Tips for Selecting the Right Location
- Visit potential sites during peak and off-peak times to assess traffic and demand.
- Engage with local business owners to gather insights on the market.
- Consult with a commercial real estate agent specializing in hotel properties to navigate lease or purchase negotiations.
Overall, the selection process for your Embassy Suites franchise location involves in-depth analysis and strategic planning. For additional insights on financial performance, you may want to check out How Much Does an Embassy Suites Franchise Owner Make?.
Step: 6 - Build Out and Equip the Hotel
Building out and equipping your Embassy Suites franchise is a critical step in the journey to opening your hotel. This phase involves carefully coordinating various elements to create a welcoming and functional space for guests. The investment in this step can vary significantly, but it's important to ensure that all components meet brand standards and operational needs.
Hotel Development Process
The hotel development process includes several key aspects that must be addressed:
- Design and layout specifications that align with the Embassy Suites brand.
- Procurement of furniture and equipment necessary for guest accommodations and operational efficiency.
- Adhering to construction and renovation guidelines set forth by the franchisor.
- Setting up technology and reservation systems that enhance guest experience and streamline operations.
Investment Breakdown
The investment for building out an Embassy Suites can be substantial. Here’s a rough breakdown of costs:
| Item | Estimated Cost | Notes |
|---|---|---|
| Construction | $5 million - $10 million | Depends on location and size of the hotel |
| Furniture & Equipment | $500,000 - $1 million | Includes guest rooms and common areas |
| Technology Setup | $100,000 - $300,000 | Reservation systems, Wi-Fi, and other tech |
Pre-Opening Preparations
As the build-out progresses, pre-opening preparations are essential to ensure a smooth launch:
- Hiring and training staff to deliver exceptional service that meets brand standards.
- Ordering initial inventory for various departments, including food and beverage.
- Developing a pre-opening marketing campaign to create buzz and attract guests.
- Ensuring compliance with health and safety regulations through inspections.
Tips for a Successful Build-Out
- Engage with experienced contractors who have a history of working with hotel franchises.
- Regularly consult with your franchisor to ensure adherence to brand standards throughout the build-out.
- Plan for potential delays by building extra time into your construction schedule.
Understanding the financial requirements for Embassy Suites and preparing for the build-out process is crucial. To get a clearer picture of the overall investment, you can refer to this resource: How Much Does an Embassy Suites Franchise Cost?
By focusing on these building and equipping strategies, you can create a successful environment that not only meets guest expectations but also aligns with the operational goals of your Embassy Suites franchise.
Step: 7 - Complete Training and Launch the Business
Once you have finalized the necessary setup for your Embassy Suites franchise, the next crucial step is to complete the training provided by the franchisor and launch your business. This phase is essential for ensuring that you and your team are well-prepared to deliver the high standards expected from the brand.
Embassy Suites Franchise Training Overview
The training program for an Embassy Suites franchise covers various aspects of hotel management, operations, and customer service. The initial training typically lasts for several weeks and is designed to equip you with the necessary skills to run your hotel successfully.
- Comprehensive training on hotel operations and management
- Hospitality service standards to meet guest expectations
- Hands-on experience in a training hotel
- Review of the operations manual for ongoing reference
- Marketing strategies tailored to the local market
Ongoing Support and Resources
After the initial training, Embassy Suites franchise support continues through various avenues. This ongoing support is vital as it helps you navigate any challenges that may arise during the operation of your franchise.
- Regular field support visits from corporate representatives
- Access to continuing education programs to stay updated
- Marketing assistance to promote your hotel effectively
- Technical support for reservation systems and technology
Launching Your Business
As the launch date approaches, several critical tasks need to be completed to ensure a smooth opening:
- Finalize staffing and ensure all team members are trained
- Order initial inventory and supplies
- Develop a pre-opening marketing campaign to generate buzz
- Conduct health inspections to ensure compliance with safety regulations
Investment Considerations
When considering how much does it cost to open an Embassy Suites, it is important to account for various expenses associated with the launch, including:
| Expense Category | Estimated Cost | Notes |
|---|---|---|
| Initial Franchise Fee | $50,000 | One-time fee paid to the franchisor |
| Construction/Renovation Costs | $5 million - $10 million | Varies based on location and size |
| Operational Expenses | $500,000 - $1 million | Includes staffing, supplies, and marketing |
It’s crucial to keep track of these costs and ensure that you have sufficient funding to cover them. A well-planned financial strategy will facilitate a smoother launch.
Tips for a Successful Launch
- Engage with the local community before opening to build relationships.
- Utilize social media platforms to promote your grand opening.
- Offer special promotions or discounts to attract initial guests.
With the right training and thorough preparations, your Embassy Suites franchise can achieve a successful launch, setting the stage for a profitable operation. For those considering alternatives, you can explore What Are Some Alternatives to the Embassy Suites Franchise? for additional insights.