Franchise businesses are currently undergoing sweeping and dramatic changes from financial, social, cultural, and demographic influences. The largest chains are restructuring their business models to adapt. Recent regulations, exemptions, and court decisions have radically changed the legal, financial, and relationship between franchisors and franchisees. For every ten new outlets that open each year, eight existing outlet go out of business. Over-expansion threatens the outlook of franchisors as well as franchisees. The looming Demographic Cliff will radically transform franchise business models in every category. Franchising: The Promise and the Peril is the most up-to-date revelation of the state of franchising, delving into the crucial issues confronting prospective franchise buyers today, while focusing on regulatory, socioeconomic, financial, and demographic challenges never before experienced in modern history.