Emergent Growth Advisors

Strategic Advisory Focus

Private Capital Successful franchise investing requires deep sector knowledge and the right approach.

Include our perspective in your origination, due diligence, value creation planning, and performance improvement efforts. Learn More
Emergent Brands Thousands of emerging franchises never emerge!

Work with us to avoid expensive mistakes and build your business for maximum exit value, long-term sustainability, and franchisee satisfaction. Learn More
Re-Emergent Brands 42% of active franchises are stalled out or shrinking. And 45% of all brands stop franchising altogether.

Work with us to re-energize your franchise with targeted intervention focused on rebuilding enterprise value and franchisee satisfaction. Get growing again. Learn More

Private Capital in Franchising is Dynamic

Maximum Value Creation Requires the Right Strategy

brands have had private equity investment at the franchisor, franchisee level, or both.*

This represents only 18.75% of active brands. The majority of franchises will never attract private capital interest or command an attractive valuation without a change in approach.
* Source: Emergent Growth Advisors proprietary research

private capital firms have already invested in franchising.*

While impressive, this also means 93% of PE firms have yet to discover franchising. There will be more entrants, but existing investors with franchise knowledge have a significant advantage.
* Source: Emergent Growth Advisors proprietary research

PE (US) dry powder still available to invest.**

We've barely scratched the surface of total available funds. But PE dealmakers are also selective. According to a recent survey, only 4% of initial PE discussions lead to an LOI.
** Source: EY

Meet the founder

Alicia Miller is the Founder and Managing Director of Emergent Growth Advisors, a boutique strategic advisory firm working at the intersection of franchising and private equity. She supports founders and franchise management teams facing growth, disruption, or transformation challenges, and helps them accelerate their businesses. She also advises private capital firms pre- and post-transaction on strategy and value creation initiatives and co-invests alongside her partners. As a former multi-unit franchisee, she brings a franchisee’s perspective and operating experience into every engagement.

Ms. Miller is a recognized thought-leader in franchising. She is a monthly columnist for Franchise Times and has also been published in Entrepreneur and Forbes. Together she has published more than 100 articles about franchising and private equity. Her book Big Money in Franchising: Scaling Your Enterprise in the Era of Private Equity (Figure 1 Publishing, 2024) is the first detailed examination of PE's impact on franchise stakeholders.

She currently serves as an independent director for Elevated Ventures Group, a private equity backed multi-unit franchisee of Urban Air Adventure Parks. She also serves as an advisor to the International Franchise Association’s certification program (CFE), promoting franchising best practices and regulatory compliance.

Ms. Miller earned a Master of Business Administration (MBA) from The Wharton School at the University of Pennsylvania, a Master of Science (MS) from the University of Maryland, and a Bachelor of Arts (BA) from Smith College. She holds a Graduate Certificate in Franchise Management from Georgetown University as well as a Graduate Certificate in Administration & Management from Harvard University. She is a Certified Merger & Acquisition Advisor™ (CM&AA), a Certified Franchise Executive™ (CFE), and is Directorship Certified™ by the National Association of Corporate Directors (NACD.CD).

Recently Published

26 Jun 2025 Should You Start with a Franchise?

On this episode of Start. Scale. Exit. Repeat., we sit down with Alicia Miller, author of the award-winning book Big Money in Franchising, to explore why franchising is one of the most accessible—and misunderstood—paths to entrepreneurship. Miller explains that franchising gives aspiring business owners a unique opportunity: the ability to run and grow a business using a proven system. Instead of building every process from the ground up, franchisees follow an existing model that provides training, support, and brand recognition. This makes it an appealing option for those who want to become entrepreneurs without starting from scratch. But, as Miller emphasizes, not all franchises are created equal. With over 400 new brands launching every year—and many fading just as quickly—due diligence is everything. She walks us through the importance of evaluating your own skills and lifestyle goals before choosing a concept, and explains why buying an existing franchise resale can sometimes be a smarter bet than launching a new unit. We also discuss private equity’s growing interest in franchise brands and how that can impact both franchisees and franchisors. If you’re thinking about starting a business—or wondering whether franchising is a shortcut to ownership—this episode is packed with perspective, strategy, and cautionary tales.

20 Jun 2025 Bubbakoo's Burritos Acquired By Thompson Street Capital Partners

Franchise M&A is alive and well (despite recent economic headwinds) for high quality brands with the right stuff. This week's example: Bubbakoos Burritos. Beloved Jersey shore QSR Mexican offering that delivers quality and strong value for customers, protein forward, fun and irreverent branding - and passionate franchisees. Other things to note: - M&A trades just UNDER the largest PE firms active in franchising (e.g. KKR, Roark, Blackstone, etc) remains a great place to be, knowing there are large upstream buyers for brands that can increase scale and create strong franchisee outcomes. Thompson Street Capital Partners made a shrewd pick here. With steady and thoughtful nurturing this brand is primed for scale. - Focus on executing the model, not fast franchise sales. This brand is growing fast but in steady and controlled way. Quality over speed and the speed will take care of itself. - Founders - choose a proven partner. TSCP has a solid track record and good things are expected here too. - Did you know that of the franchises that at some point in their history reach $100M in systemwide sales, 23% never exceed $150M? (Source: FRANdata) Having the right support and scaffolding in place is critical to reach the next level. If you hit an inflection point, bringing in the right capital and strategic partner can make all the difference.

05 Jun 2025 Modrn Business Podcast: 2025 FRANdata

The franchise ownership model is evolving. On a recent episode of the Modrn Business podcast, hosted by Zack Fishman, CFE joined by guests Edith Wiseman and Alicia Miller, NACD.DC, CMAA, CFE dives into the trends that are redefining franchise growth, funding, and private equity interest—with expert insights on: - Why today’s franchisees are entering with a 5–10 year exit mindset How franchisors must rethink support and scalability to stay investable - The growing impact of credit risk scores like FUND on brand performance - What private equity and lenders are now both demanding from franchisors - Why resale activity is rising—and what it signals about system health

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