I would draw a further distinction. Some franchise operations (thinking Subway and Little Caesars) don’t really care if you make it: They get their money up f

I would draw a further distinction. Some franchise operations (thinking Subway and Little Caesars) don’t really care if you make it: They get their money up front and you have to pay to get out. McD is more strategic: They want a good business plan, location, etc. and are very picky at the cost of some false negatives.