Franchising follies? Big-name fast-food chains are embedding their products in practically any venue with a captive audience. Why are many waterparks so hesitant to join in?

With only a three- or four-month season, aquatic parks need to milk as much revenue from visitors as possible. Setting up, ordering and preparing their own food operations can be a very profitable enterprise--and is for many parks.

But could revenues increase if food operations were subcontracted to franchisees of wall-known fast-food restaurants?

The concept is seemingly successful for many other entertainment venues. Its crux is that two heads are better than one. By pairing image with marketing power, the long-term profitability of both enterprises will benefit. Soft drink giants figured this out long ago: Coca-Cola and Pepsi, in essence, pay parks to ...