Ed Elson

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So the franchise model is like the licensing model.

It's the ultimate business model.

They come up with a good concept that people love.

And then rather than scale the company and use your own capital, you find local entrepreneurs that want to open

I was on the board of Panera and the largest Panera, there was a franchise that had 40 stores in Southern Florida and you have a talented on the ground, you have talented on the ground management.