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.
    Learn More
  • 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.
    Learn More
  • 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.
    Learn More

Subscribe to Updates

Join our mailing list for book availability updates and new content!

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

The Franchise Industry is on the Verge of Massive Change with Private Equity's Potential $8 Billion Acquisition of Jersey Mike's The Franchise Industry is on the Verge of Massive Change with Private Equity's Potential $8 Billion Acquisition of Jersey Mike's

This article is a follow-up to my short blog post - Entrepreneur asked me to elaborate on the pending Jersey Mike's and Subway acquisitions by private equity. Two iconic brands. Two massive transactions. Company culture in the spotlight as rarely seen in PE deals.

Read More
3 Ways to Get on the Road to Franchising - and How to Find the Right Business for You 3 Ways to Get on the Road to Franchising - and How to Find the Right Business for You

Although franchising contributes significantly to the US economy, most US business schools lack dedicated franchising curriculums. These three sources will help you get started and find out which franchise is right for you.

Read More
Jersey Mike's May Be Contemplating $8B PE Sale Jersey Mike's May Be Contemplating $8B PE Sale

Today many new brands are launched to quickly “flip” the business to PE. Jersey Mike’s is one of the remaining large-scale, as-yet-unaffiliated brands built in a time when culture came first. In my view, if Cancro is seriously contemplating a PE transaction it is more of a watershed moment in franchising than Subway’s pending sale to Roark.

Read More

Popular Insights

As Seen In

franchise-investment-decisions

How Can We Help You?

All fields marked with * are required