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 17% 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
Investors (private equity and also pensions, university endowments, sovereign wealth funds, etc.) also buy into franchise businesses on the debt side. For example, publicly traded #wingstop recently announced a $500 million whole business securitization. According to Global Capital it was 8x oversubscribed. Franchising's impact on our economy is bigger than most people realize and its tentacles reach broadly across various stakeholders.
Read MoreWhen you build a more valuable business FOR YOUR FRANCHISEES you win at exit. ..."only" 3,000 locations, $1.3M AUV, sold for $8B. Compare that to Subway with AUVs less than half JM's performance, 36,500 locations, sold for $9.6B. JerseyMikes continues to crush it. Now Blackstone simply needs to avoid messing up a great business.
Read MoreThe Tropical Smoothie Cafe case study appears in Big Money in Franchising because it shows what can be accomplished when a management team and PE sponsors both put franchisee outcomes and a great culture first. Charles Watson, CFE has had an incredible 16 year run @ TSC, the last 6 as CEO. These are big shoes for the new incoming CEO to fill.
Read MorePopular Insights
As Seen In
PE Profit Ladder® Market Watch Newsletter
PRIVATE EQUITY’S IMPACT ON FRANCHISING
EMERGING BRANDS
TRENDS
BUILDING SMART
PROSPECTIVE FRANCHISEES
TURNAROUNDS & CASE STUDIES