<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2020-09-12</periodOfReport>

    <dateOfOriginalSubmission>2020-09-15</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001528930</issuerCik>
        <issuerName>Franchise Group, Inc.</issuerName>
        <issuerTradingSymbol>FRG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001511698</rptOwnerCik>
            <rptOwnerName>Laurence Andrew M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1716 CORPORATE LANDING PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>VIRGINIA BEACH</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>23454</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive Vice President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-09-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2724</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>42843</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2020-09-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2724</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2724</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each restricted stock unit represents the right to receive, upon vesting, one share of Common Stock.</footnote>
        <footnote id="F2">The restricted stock unit award was granted on September 12, 2019 and vested in full on September 12, 2020.</footnote>
        <footnote id="F3">Represents the conversion upon vesting of restricted stock units into Common Stock. On September 12, 2019, the reporting person was granted 1816 restricted stock units, of which all of the shares subject to the restricted stock units vested on September 12, 2020. Such restricted stock units were previously reported in Table II on the Form 4/A filed with the Securities and Exchange Commission on September 18, 2019.</footnote>
        <footnote id="F4">Reporting Person received 21,942 shares of Issuer's Common Stock as a pro rata distribution from Vintage Tributum, L.P. (&quot;Vintage&quot;), an investment vehicle which owned shares Issuer's Common Stock, on July 31, 2020. These shares were held by Vintage, all of which were distributed to limited partners of Vintage pro rata based on each limited partner's economic ownership interest in Vintage RTO on July 31, 2020. Reporting Person also received 16,353 shares of Issuer's Common Stock as a pro rata distribution from Stefac LP (&quot;Stefac&quot;), an investment vehicle which owned shares Issuer's Common Stock, on July 31, 2020. These shares were held by Stefac, all of which were distributed to limited partners of Vintage pro rata based on each limited partner's economic ownership interest in Vintage RTO on July 31, 2020.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Andrew M. Laurence</signatureName>
        <signatureDate>2020-09-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
