Big Money in Franchising
Scaling Your Enterprise in the Era of Private Equity
Alicia Miller
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- UNIQUE TOPIC: This is a book intended to help franchisors, franchisees, and private equity investors to understand how they can work together to mutual benefit. There isn’t a book like this in the market, likely because it is a niche topic about something that has only been happening for a relatively short amount of time.
- TIMELY COMMENTARY:The Subway sandwich shop chain is set to be sold to a private-equity firm, Roark Capital, for nearly $10 billion dollars, which has been in the news. There have been a number of high-profile acquisitions in recent years. The franchise sector saw robust M&A activity from mid-2020 through mid-2022, with more than 100 transactions.
- AREA OF OPPORTUNITY: There are more than 9,200 professional PE firms worldwide, approximately 4,500 of which are in the United States. In the U.S. alone, private equity is sitting on more than $3 trillion in “dry powder” (committed funds that haven’t yet been deployed.) So we are far from saturated in terms of potential private capital coming into franchising. The book is food-for-thought for franchisors and multi-unit franchisees who are thinking about succession and exit strategies.
- AUTHOR WITH DEEP SECTOR EXPERTISE: Miller is a former multi-unit franchise operator, so she understands very well the challenges and benefits of being a franchisee. Because she also co-invests alongside her private capital partners, she has a unique point of view as an advisor and investor with deep sector expertise.
- SECONDARY AUDIENCES: Franchise suppliers and advisors; education and business programs; wealth management and financial advisors.
- COMPELLING NARRATIVE: This is the surprisingly rollicking story of how private equity transformed the greatest engine of small business and job creation ever invented: franchising. In addition to its target audiences, it'll appeal to those interested in the history of small business in North America.
