Your uncle Ralph owns a convenience store that also has similar stores own nationwide that are each owned by different people. his store is an example of a business franchise.
A franchise is a joint venture between a franchiser and a franchisee. The franchiser is the original company. It sells the right to use that name and idea. Franchisees purchase this right to sell franchiser products or services under existing business models and brands.
The main advantage of buying a franchise is that you have access to the brand name of an established company. Franchisers use the power of franchises as a system to build customer loyalty to attract and retain more customers. Franchisees have local market knowledge, which makes nationwide expansion easier and faster.
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