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Why might a parent company like Mc Donald or Hilton choose to franchise its local outlets rather than own them and staff them with employees?

Why might a parent company like Mc Donald or Hilton choose to franchise its local outlets rather than own them and staff them with employees? In many smaller cities all McDonald’s outlets are owned by the same franchise. Why is (or isn’t) this fact consistent with our discussion of specific investments?
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Answer:
Franchising is the most dynamic method of business expansion ever devised. By franchising
many businesses have grown from a handful of units (or even just one unit) to hundreds or
sometimes...

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