
On this episode of Start. Scale. Exit. Repeat., we sit down with Alicia Miller, author of the award-winning book Big Money in Franchising, to explore why franchising is one of the most accessible—and misunderstood—paths to entrepreneurship. Miller explains that franchising gives aspiring business owners a unique opportunity: the ability to run and grow a business using a proven system. Instead of building every process from the ground up, franchisees follow an existing model that provides training, support, and brand recognition. This makes it an appealing option for those who want to become entrepreneurs without starting from scratch. But, as Miller emphasizes, not all franchises are created equal. With over 400 new brands launching every year—and many fading just as quickly—due diligence is everything. She walks us through the importance of evaluating your own skills and lifestyle goals before choosing a concept, and explains why buying an existing franchise resale can sometimes be a smarter bet than launching a new unit. We also discuss private equity’s growing interest in franchise brands and how that can impact both franchisees and franchisors. If you’re thinking about starting a business—or wondering whether franchising is a shortcut to ownership—this episode is packed with perspective, strategy, and cautionary tales.

The franchise ownership model is evolving. On a recent episode of the Modrn Business podcast, hosted by Zack Fishman, CFE joined by guests Edith Wiseman and Alicia Miller, NACD.DC, CMAA, CFE dives into the trends that are redefining franchise growth, funding, and private equity interest—with expert insights on: - Why today’s franchisees are entering with a 5–10 year exit mindset How franchisors must rethink support and scalability to stay investable - The growing impact of credit risk scores like FUND on brand performance - What private equity and lenders are now both demanding from franchisors - Why resale activity is rising—and what it signals about system health

Gen Z is more and more aware of AI risk/opportunities to various jobs and it's driving more Gen Z to seek different careers compared to their parents. What does this mean to franchising? - We can expect continued, robust interest in entrepreneurship from Gen Z; some may be taking over their parents' businesses, others want to strike out on their own. - Gen Z entrepreneurs expect a tech-forward approach to running the business. It's a hard pass if your system is using antiquated tech. This includes unsophisticated marketing and highly manual training / support / documentation. Allow your franchisees and their employees to ask questions via AI to find faster solutions. Don't make them hunt and peck through a clunky operating platform to find things that turn out to be dated anyway. - Continued sale premium and demand (both PE buyers and franchisees) in categories perceived to have resilient customer demand & sustainable labor/profitability models. - Increased urgency to find viable consolidators in scale concepts. This is especially true in categories that are under extreme labor cost pressure and less likely to attract the next generation of entrepreneurs who are hypersensitive to various category risks. This means more PE-backed consolidation in some scale systems, working with strong operators. Some franchisors have been reluctant to accept this reality and even are putting in guardrails to try to keep the PE tail from wagging the franchisor dog in the relationship. If restrictions are taken too far, PE simply moves to greener pastures. Think carefully about long term ownership trends, franchisee tenure, and potential turnover before implementing overly restrictive PE-only covenants.

Presented by the New England Franchise Association and Boston Franchise Business Network: Private equity has created a dominant position in franchising, with broad implications for all franchise stakeholders. In this dynamic session, we covered recent trends and made predictions about the 2025 M&A landscape. We also discussed how to be proactive and thoughtful about your strategy to engage with PE, whether you're a franchisor, franchisee, supplier, or even corporate employee. Live event with audience participation and questions.

Founded in 2007, the Axiom Business Book Awards recognize outstanding new titles that drive professional growth and inspire positive change. In a landscape where leadership and innovation are crucial, these awards highlight books that serve as valuable resources for enhancing business acumen, fostering collaboration, and inspiring transformation. Whether through promoting effective strategies, encouraging entrepreneurial spirit, or advancing ethical practices, the Axiom Business Book Awards celebrate the creativity and ingenuity behind influential works in the business sector.

FRANdata, an industry-leading research and advisory firm offering market intelligence that enables clients to grow their business in franchising, is pleased to announce the appointment of Alicia Miller as Managing Director. In her new role, Miller will drive the expansion of FRANdata’s advisory practice, working with private equity investors, PE-backed franchisors, and multi-brand platforms to further enhance client growth and investment performance.

After a slower than usual year (despite some big headline deals) we expect restaurant dealmaking to pick up. And at the unit level, systems shouldn't ignore ongoing acquisition entrepreneur demand. There are searchers with capital looking for chunky assets to buy and strong systems that are open to consolidation. Make sure your website has a landing page specific to acquisition entrepreneurs so they know what resale opportunities are coming available.

Are you looking to make big money in franchising? And maybe hoping to grow your franchise company to exit to a private equity or venture capital group eventually? This discussion is for franchisors who wish to someday successfully exit.

Discussion of “acquisition entrepreneurship” in franchising – using the buy and build strategy rather than starting from scratch within the franchise model. It's important to think carefully through your objectives, exit strategy, and the impact of private equity.
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PRIVATE EQUITY’S IMPACT ON FRANCHISING
EMERGING BRANDS
TRENDS
BUILDING SMART
PROSPECTIVE FRANCHISEES
TURNAROUNDS & CASE STUDIES