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

11 Mar 2026 Jiffy Lube Trades To Monomoy Capital in $1.3B Deal

Another well-established franchise system is trading ownership. Jiffy Lube will likely benefit from being a stand-alone business, but it also has the stuff to be the start of a new multi-brand automotive franchise platform.

10 Mar 2026 Gong Cha is for sale: Asking price $2B

After acquiring the brand back in 2019, TA Associates is said to be weighing a sale of this fast expanding brand.

24 Feb 2026 Franchise Business Review Acquired

Franchise Business Review has been acquired by IFPG, one of the leading broker platforms, which is backed by Levine Leichtman Capital Partners. LLCP is one of the most successful franchise investors. This transaction reminds us that M&A activity in franchising also rewards top suppliers who themselves attract interest from PE-backed platforms.

Go to Blog