As a former franchisee (retail) I have written a very comprehensive article (epic actually) detailing just about everything you've ever wondered about franchises. I am NOT selling anything. This is just something to share. Look for the post "Franchises by a Franchisee" below (in the How to Start Your Own Business section). Details about the UFOC, disclosing earnings, mandatory waiting period, franchise agreement, training, etc. Hope you find it helpful.