Which term describes the individual or business firm purchasing a franchise?

The term that accurately describes the individual or business firm purchasing a franchise is "franchisee." In the context of franchising, the franchisee is the party that acquires the rights to operate a franchise from the franchisor, who is the entity that owns the trademark, brand, or business model. The franchisee pays an initial fee and often ongoing royalties to the franchisor for the privilege of operating under the franchise brand and utilizing its established systems and support.

Understanding this distinction is important, as it highlights the roles within the franchising relationship. The franchisee benefits from the support and recognition of an established brand, whereas the franchisor expands their business footprint through the investment and efforts of the franchisee. This dynamic creates a mutually beneficial relationship within the franchise model.