Franchise systems present a valuable investment proposition for both strategic and financial investors. The franchise business model as an expansion strategy has been on the rise across the globe for many years, and its growth together with its contributions to national gross domestic product and job creation have outperformed other sectors and business models. Moreover, franchise systems have progressed well beyond traditional quick-service restaurants to many other industries and sectors. Unsurprisingly, franchise businesses have increasingly become a focus for M&A deals, some of them large and complex. Take, for example, the recent Burger King C$14.6 billion acquisition and tax inversion involving Tim Hortons.