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Franchise agreements: Billy Joel signs music franchise agreement

Franchises come in all different shapes and sizes, but what they have in common is a trademark or trade name. The most popular franchise agreements, in Georgia and elsewhere, are for popular fast food restaurants such as McDonald's. However, there are a myriad of other franchises, including music franchises.

These franchises typically involve contracts between a venue and an artist to perform a specified number of shows. However, some music franchises are open-ended. The venue collaborates with the artist to promote the shows, and the artist is guaranteed to be the sole provider of music for the venue.

For instance, Madison Square Garden recently announced a franchise agreement with the Piano Man himself, Billy Joel. Madison Square Garden has never had a music franchise before, but early indications are it will be a hit. Several of Joel's shows are already sold out, and more are in the works.

Both Madison Square Garden and Joel stand to earn a substantial amount of money from the shows, which are rumored to be patterned after Las Vegas-style shows. Several artists have had successful franchise agreements in Las Vegas. Undoubtedly, both Joel and the Garden are hoping to achieve the same success. Governor Cuomo was on hand at the press conference to announce the union in order to show his support for his longtime friend.

Starting a franchise can be as lucrative as it is risky. Many Georgia business people are willing to sign franchise agreements in the hopes of a faster road to success than they could achieve on their own. Even though many of the big name businesses have standard franchise agreements, it may be possible to make important adjustments to an agreement that would make the franchise more specific to the area while also maintaining the standards set by the owner of the trademark or trade name.

Source: New York Post, Billy Joel announces MSG residency, Amber Sutherland, Dec. 3, 2013

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