Strategic Advisory Focus

  • Private Capital 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.
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  • Emergent Brands 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.
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  • Re-Emergent Brands 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.
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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 also has also been published in Entrepreneur and Forbes. Together she has published more than 80 articles about franchising and private equity.

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

How to Build and Grow a Franchise System that You Can Sell to Private Equity How to Build and Grow a Franchise System that You Can Sell to Private Equity

What does it take to build a franchise business that will attract a private equity buyer? What should you do right now? Over the next 12, 24, 36 months to get ready? Begin with the end in mind. What does it takes to really scale a franchise system? How do you position your brand right out of the gate?

Read More
Carl's Jr. & Hardee's to Separate Carl's Jr. & Hardee's to Separate

It appears that after years of attempting to reboot both brands, the split of Hardee's and Carl's Jr. will hopefully create more focused marketing to drive traffic. It also makes it easier to sell each brand or transfer one of them to one of Roark's portfolio companies should Roark wish to do so. For more, see the CKE Restaurants case study in my book: Big Money in Franchising (available on Amazon).

Read More
Franchise Woman - Interview Part 2 Franchise Woman - Interview Part 2

Part 2 of our conversation between a franchise attorney, a behavioral scientist with expertise in franchisee performance, and a private equity advisor. We go deep strategically as well as psychologically to help founders prepare mentally for each transition. We discuss the importance for entrepreneurs to keep the end in mind and how to position the company for private equity. We also address the changes and challenges a franchise concept and its franchisees will experience in systems, culture, and initiatives with each sponsor change. Join Alicia Miller, Rebecca Monet, CEO & Chief Scientist at Zorakle Profiles, and Bruce McFarlane, franchise attorney, franchisee and investor in this lively and insightful conversation.

Read More

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