Todd Finkle, a college professor at a major university in the mid western United States, is passionate about fly-fishing, which he learned as a child from his father. So his interest was piqued when he heard that his favorite fly-fishing rod manufacturer, Thomas and Thomas, was for sale. Founded in 1969 and well known among fly-fishing aficionados, Thomas and Thomas has a solid reputation, good products, and a loyal customer base.

Finkle has decided to expand his business by franchising and Adam who wants to become an entrepreneur is interested in being a franchisee of Thomas and Thomas. Advise Adam on the pros and limitations of franchising system.