This paper examines ownership and control of registered trade marks in franchise networks in Australia. It draws on a sample of franchisors that have franchsiees trading from premises that are regulated by the Retail Leases Act 1994 (NSW). It examines problems surrounding the current valuation of trade marks, their use and their potential to be used as a source of development equity for franchisors. It asks whether policy objectives of the TMA are being met in the context of franchising. It also identifies challenges that confront a researcher of legal issues concerning intellectual property assets in franchising in Australia.