Lawmakers look to establish day that celebrates the platform’s economic impact.
Staff Report
Lawmakers in Washington have placed emphasis on the significance of the franchise business model.
A resolution has been led by U.S. Senators Markwayne Mullin (R-OK) and Chris Coons (D-DE), and in the U.S. House of Representatives by U.S. Reps. Kevin Hern (R-OK), Troy Carter (D-LA), Hillary Scholten (D-MI), and Beth Van Duyne (R-TX). The House resolution has 12 bipartisan original cosponsors.
The result is June 11 being recognized as the first-ever World Franchise Day, which honors franchises and the business platform’s impact on job creation, entrepreneurship, and economic development across the United States and the world.
The resolution was introduced ahead of the global celebration organized by the World Franchise Council, a non-political association made up of more than 40 national franchise associations from around the world.
“World Franchise Day is a powerful reminder of the franchise model’s unparalleled ability to create opportunity for aspiring entrepreneurs of all backgrounds and walks of life,” said Matt Haller, president and CEO of the International Franchise Association (IFA). “We’re grateful to the bipartisan and bicameral group of leaders for recognizing the incredible impact franchising has on the American economy and the opportunity and upward mobility it provides. From this point forward, each June 11 will be a moment to not only take stock and celebrate all that franchising does but also ensure that we are doing everything in our power to preserve, protect and enhance the model for future generations.”
According to the IFA, franchising in the United States includes more than 830,000 establishments, supporting nearly 8.8 million direct jobs, generating $897 billion in economic output. Franchises also contribute about 3 percent of the overall U.S. gross domestic product (GDP).
The IFA’s membership includes franchise companies in over 300 different business format categories, individual franchisees, and companies that support the industry in marketing, law, technology, and business development.
