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Big Money in FranchisingAuthor: 

Alicia Miller

Book Title:

Big Money in Franchising: Scaling Your Enterprise in the Era of Private Equity

Publishing Information:

Figure 1 Publishing, 2024

Link to Purchase Book:

Figure 1 Publishing


Franchising has been a powerful wealth creation and entrepreneurial engine for more than a century. It came of age and spread across the globe before private equity as an industry even existed. But now, private equity dominates modern franchising. Nearly all of the top franchise brands have had PE investment at the franchisor level, franchisee level, or both. Despite all this activity, many franchises will never have what it takes to attract PE investment. Yet these brands are competing in a vastly different competitive landscape forever changed by PE.

Charting the evolution of private capital’s role in franchising, from its nascent origins to the operational intricacies of today’s high-growth franchises, Big Money in Franchising offers a deep-dive into the mechanics and strategies that drive this complex, fascinating sector.

Key Learnings:

  • Why private equity (PE) likes franchising
  • The breadth of PE players & strategies
  • What PE looks for in acquisition targets
  • How PE came to dominate franchising
  • How PE-to-PE trading impacts brands
  • Why PE is also investing in franchisees
  • PE’s growth playbook to accelerate brands
  • Why most franchises will never attract a private capital partner
  • PE’s top contributions and biggest mistakes in franchising
  • How to engage with PE & what to expect
  • The future of PE investment in the franchise sector

Author Bio:

Alicia Miller is the founder and managing director of Emergent Growth Advisors, a boutique strategic advisory firm with deep expertise in franchising and private capital, and a particular focus on helping emerging brands grow smart from the beginning so they can reach their greatest potential. She is also an investor in both brands and multi-unit franchise operators. She is also a member of the board of governors for the International Franchise Association’s Certified Franchise Executive education program; has authored numerous articles on franchising and private equity for Franchise Times, Entrepreneur, and Forbes; and has been a multi-unit franchisee. For more information, go to

Book Testimonials: 

“Alicia Miller has written an important, thorough, and highly readable volume on the role of private equity in the business of franchising. Big Money in Franchising will appeal to investment professionals working in the field, those considering becoming a franchisee of any type of service business, as well as the general business reader. As someone who has led several PE investments in franchising, I found her work to be accurate, informative, and valuable. I highly recommend it.”
– James J. Goodman, President, Gemini Investors

“This book is a must-read for anyone involved in franchising or private equity! The author’s observations provide critical information to educate and inform franchise stakeholders. The insights are spot on and having personally been through the PE acquisition process several times, I can attest to the book’s accuracy. As someone who has partnered with PE to accelerate the growth of my company, I am impressed by the level of detail and knowledge contained within this seminal work. Bravo to the author for this tremendous contribution!” 
– Charles Watson, CEO, Tropical Smoothie Cafe

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