Franchise

Part of speech: noun, verb

Pronunciation: /ˈfɹænt͡ʃaɪ̯z/

Definitions

1. A formal arrangement permits one entity to sell products or services using the branding and operational model of another entity
2. An operational model consisting of multiple interconnected businesses that share a recognizable brand for collective profitability exists
3. A legal authorization to use an established company's branding and business methods to operate locally ; a business structure where multiple outlets operate under the same brand but are individually managed

Etymology: The noun and the verb arrived in English from the same Old French family, and both grew out of the idea of being free. In Old French, "franc" meant "free," and from it came "franchise," a word for freedom, liberty, or a privilege granted to a person or community. Middle English borrowed that sense, so a franchise originally meant a special right or exemption, the kind a town might win from a king. The verb came by a separate route: Old French "franchir" meant "to set free," and English took it as "franchisen," to grant someone such a liberty. The modern meaning of a licensed local business is a long way from those medieval privileges. The shared thread is permission: the franchisee is granted a right to use a name and methods, much as a medieval town was granted the right to trade or govern itself. The word's core idea of freedom, given by a higher authority, survived intact.

Synonyms: license, authorization, permit, concession, privilege

Antonyms: restriction, prohibition