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ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts, "Old Carolina BBQ," "Smoke: The Burger Joint," and "Baja West Coast Kitchen" with a dozen corporate-owned locations. They have begun to allow external entrepreneurs to purchase a license to operate their own location(s). Entrepreneurs purchasing such a license are engaging in ______.

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Answer: Franchising.

Explanation:

Franchising refers to the relationship established in which a franchisor grants a licensed right to the franchisee to develop the business, offering assistance in exchange for monetary compensation, to help organize and manage the business. Franchising is a business that has the owner of a product or service gets distribution through associated franchisees.

The franchisee returns a specific fee and later royalties to the franchisor.

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