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  • 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).

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Entrepreneurship by acquisition (ETA) is a growing trend we're also seeing in franchising. More independent sponsors (usually young post-grads looking for franchisor businesses to buy) are raising money and looking for acquisition opportunities. They are active in the franchise sector. Emerging brands that are still too small to attract traditional private equity are good candidates for this type of partner. More universities are (thankfully) teaching about entrepreneurship by acquisition...and even writing case studies about ETA in franchising...Professor AJ Wasserstein at Yale School of Management is one example. I'm encouraged to see more and more universities teaching both franchising and ETA.

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The Franchise Hot Seat Podcast with Dr. John Hayes is presented by the Titus Center for Franchising at Palm Beach Atlantic University. In this episode we discuss how private equity moves franchise brands forward, which players are investing in the franchise sector, and how founders and franchisees can reach their objectives in franchising now that PE is a dominant force.

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M&A Slow Down - Use This Time to Prepare M&A Slow Down - Use This Time to Prepare

2024 has been slower for franchise M&A deals, but a few transactions are getting done. A panel of franchise experts discusses what they're seeing and when deal flow will return.

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