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 14% 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

01 Oct 2024 Are PE Franchise Investors in a Funk?

Is private equity in franchising stuck in a funk? Deal volumes are way down and it's challenging now to create great exits, especially if buyers leaned in a few years ago and bid high while interest rates were low. But don't be fooled by the temporary M&A activity slow down! PE's interest in franchise businesses remains resilient. For example, both the Create Emerging Restaurant Investment Conference (Nashville, October) and the Restaurant Finance and Development Conference (Las Vegas, November) are expected to be packed with investors looking to connect with great brands and teams. The franchise business model is attractive and long term growth prospects for franchising are strong. In the short term, some PE sponsors may take "good" rather than "optimal" exits to return cash to investors, including trades between continuation funds. But PE will continue to invest in franchising because the model is attractive and resilient. It's also a great time to a proven operator, since PE is hiring operating talent to help transform and accelerate their holdings. Recruiters are busy! PE must hit their acquisition business case. Behind the scenes, PE firms, M&A advisors, legal teams, and CPAs are preparing for what is predicted to be an upswing in deal activity in 2025. And a few impressive deals are still set to close this year...

27 Sep 2024 Consider These Points When Selling Franchises During A Contentious Election Season

"Election jitters" can negatively impact the franchise development process. If your franchise sales have stalled, or you're suddenly hearing "We're going to wait" from prospective franchisees, here are tips to reboot growth.

25 Sep 2024 Franchise Sales Disclosures Improved in California, Model For Other States

California signed into law new requirements for franchise sellers related to disclosure and registration.The law was developed over a two year period through an alignment of stakeholders across franchising led by the IFA, AAFD, and CFA. The objective is to provide prospective franchisees with full transparency about the role of franchise sellers and how they are compensated, which is important information that should be included in the due diligence process. This is likely to be a model followed at least in part by other states. The legislation will go into effect July 1, 2026.

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