Franchising is a business model based on partnership between franchisor and franchisee and such partnership is characterized with trust and cooperation. Nevertheless, the reality is that trust and cooperation in franchising is not established in a level as expected by franchisor or franchisee. There can be many reasons why the partnership between franchisor and franchisee are not correctly settled. It is caused by the fundamental characteristic of franchising business model and also by the changes in external environment such as consumers and competing firms. Particularly, it can be also caused by the mismatch during the process of making a partnership. Since franchising has inherently a characteristic of high-level interdependence, high-level conflicts can be latent and actually there occur many disputes between franchisor and franchisee. Consequently, a lot of efforts and energy have to be made in solving such conflicts but when the conflicts are not solved properly, complaints get growing and mutual cooperation is not made correctly so that the solidarity and growth of the system can be damaged. This study focused on the mismatching occurring during the process of selecting a partner even though such errors can occur during the establishment and maintenance of partnership between franchisor and franchisee because of inherent conflicts due to the characteristic of franchising business model itself or the absence of system's responding ability against changes of external environment. This study stressed on the fact that wrong decision makings are widely existing in the process of selecting franchisee by franchisor or vice versa, and consequently the franchisee cannot perform the role as a value creator and such wrong selection of partner by franchisor and franchisee can result in conflicts and disputes difficult to solve between them. Existing theories regarding how the partnership between franchisor and franchisee can be established and evolved overlooked the importance of the perception of franchisor on the role of franchisee as a value creator and the capability of actual execution of such role. Hence, based on marriage theory and strategic alliance theory, this study proposed a partner selection model in order to find out the on-process and structural cause of failure in making a partnership, and validated it through an empirical analysis. Utilizing a survey result on franchisee of restaurant industry, this study verified that the strategic fit between franchisor and franchisee has a positive impact on the franchisee performance. Especially for explaining the franchisee performance, the organizational compatability, a subdimension of strategic fit, has as much importance as relationship capital variables such as mutual commitment and trust which have been treated as important variables in the extant studies. In addition, this study verified that the organization compatability has a positive impact on relationship capital. Based on the results, this study discussed the theoretical and managerial implications and the directions for future research.