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The best franchises aren't really the best unless the franchisors that operate them are up to par as well. The legal requirements necessary to become a franchisor don't at all prove that a particular business is ready and able to become a good franchisor.
Profitable franchises need to stem from a business that can be sensibly franchised. Equally as important however, is the need for skills to mentor franchises--not just run individual businesses. In other words, someone may be able to run a successful business, but not have what it takes to package that success on a larger scale and create a top franchise. A successful franchisor needs to have the resources, staff, and knowledge to support its franchises.