Entrepreneurs should look for franchises that offer terms of at least ______, with a 20-year term being more acceptable.

Question

06-02-2025
Business

High School

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Entrepreneurs should look for franchises that offer terms of at least ______, with a 20-year term being more acceptable.

Answer :

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MariaRobell MariaRobell · Answer 1 · 2024-03-09T17:17:39-05:00

Final answer:

Entrepreneurs should look for franchise terms that allow for ample time to recoup investments and earn profits, with 10-year terms being minimal and 20-year terms more favorable for sustainable business planning.

Explanation:

Entrepreneurs looking into franchises should seek out terms that provide sufficient time to establish the business and see a return on their investment. A franchise term must give an entrepreneur enough time to recuperate initial costs and start earning profits. While a 21-year patent timeline is suggested for inventor's earning and to avoid perpetual monopolies, businesses might have different long-term needs depending on the industry. For example, an earthmover investment requires a certain return on its cost, maintenance, and interest to be viable. On the other hand, mortgages often span 15 to 30 years, accommodating the timeframe over which homeowners pay their housing investment. Similarly, power generation facilities require planning and construction periods that can last for decades, indicating the need for an extended term for long-term decisions.

As such, for franchises, a long-term agreement is often advisable. Terms of at least 10 years are recommended, with a 20-year term being more generally acceptable and aligning better with long-term business planning and capital investment recovery.