Sometimes, but usually not. I once worked for a check/credit card processor. There was a company called "Jam Pizza" that owned most of the Pizza Huts on my side of the state. Sure they owned like 15 of them, but it was just this one family who had gotten into it years ago. They took the risk, got the loans, bought the franchise package ... sure there is a big corpo they buy the trademark stuff from, but they still put in the original effort. There are tons of people like them who take out those same loans, go in on a franchise, and totally fail. If they're smart, only their LLC takes the hit .. but it's still a lot of work (more risk than I'd be willing to take 🤷)