Share to Twitter Share to Linkedin (AP Photo/Jon Elswick, File) Want to achieve the American Dream of becoming a small business owner but don’t want to spend years establishing your brand? Then the franchise system is for you. If you’re not familiar with the franchise system, it’s difficult to understand just how powerful it is. For a small fee and percent of revenues, almost anyone can immediately become a small business owner of an established brand that will attract customers based on reputation and marketing. Other than following basic product offerings and quality control, franchisees have complete say over their business. In return, franchisors get to see their brand grow. This win-win relationship has made the franchise system one of the most successful business models in U.S. history. It is responsible for 13.3 million jobs and $1.6 trillion of GDP . As the former president of McDonald’s and current chairman of FAT Brands Inc., I’ve had … [Read more...] about I’ve Spent Half a Century Witnessing Power of the Franchise System. This NLRB Decision Threatens It.
Share to Twitter Share to Linkedin At the Federal Reserve’s annual Jackson Hole symposium last week, Chairman Jerome Powell announced the results of the Fed’s monetary policy framework review. As expected, that review has resulted in the Fed adopting an average inflation target. Sort of. The twist is that they are going to target average inflation in a “flexible” way. What does that mean? In Powell’s own words : In seeking to achieve inflation that averages 2 percent over time, we are not tying ourselves to a particular mathematical formula that defines the average. Thus, our approach could be viewed as a flexible form of average inflation targeting. Talk about leaving yourself wiggle-room! There’s no credible commitment here. In theory, making up for past misses is a good thing, but the flexible nature of this new policy makes it very difficult to know exactly what the Fed will do as economic conditions unfold. All that we really know is … [Read more...] about Good Politics Versus Good Policy: The Fed’s New Average Inflation “Target”