Two decades of theory building in the international franchising since the seminal papers by Eroglu (1992) and Huszagh et al. (1992) collectively provide a substantial conceptual platform for scholars in this area. The platform can be, and has been, used in numerous empirical studies into international franchising. Additionally, the current review of the theory evolution provides an aerial view for other scholars to further refine the platform, either integratively or through pursuing an as yet unaddressed major theoretical plank. Of course, the theories surveyed have already addressed most of the ‘‘big topics’’ in marketing, such as capabilities, relationships, stakeholders, and governance systems, so one might pause to consider what are the as yet unaddressed major theoretical planks from mainstream marketing to be addressed in international franchising. One possible gap does come to mind—branding. That is to say, there is scope forscholars to develop a new theory of international franchising in which the core focus is the development of a global franchise brand. The next section of the paper will elaborate on this suggestion for future research.