“A ground-breaking and definitive roadmap to finding success through the dynamic partnership of private equity and franchising.”
–Justin Nihiser, Operating Partner, Garnett Station Partners
“Any franchisor interested in working with private equity must read this book.”
—Scott Greenberg, author, The Wealthy Franchisee
Private equity (PE) is profoundly transforming the business of franchising, as companies increasingly perceive PE transactions as an attractive alternative to going public, and as investors realize the strength and resilience of the franchise model. In recent years, franchisors and multi-unit franchisees encompassing more than 700 brands have partnered with private capital, including Subway, which announced in 2023 that after decades of independence it would be acquired by Roark Capital Group for more than $9 billion. It’s estimated that private capital is currently sitting on at least $1 trillion of “dry powder”— committed funds that haven’t yet been deployed. Franchising will continue to attract investment out of this substantial and still-growing pool.
In Big Money in Franchising, franchise thought leader, board advisor, franchise investor, and PE consultant Alicia Miller demonstrates how founders and franchisees alike can effectively leverage private capital to take their businesses to the next level of performance.
Miller walks through PE growth playbooks in depth, drawing on recent case studies, highlighting best practices, and sharing valuable insights into PE’s investing mindset, key players, selection criteria, and trading dynamics. The book also tracks the top challenges private capital has experienced in franchise investing, providing guidelines for vetting potential partners and conducting due diligence to avoid negative outcomes, value destruction, and stall-outs.
Featuring interviews with franchise entrepreneurs, brand founders, deal advisors, and PE executives, Big Money in Franchising empowers readers with the information needed to build enterprise value and climb the private equity profit ladder.
“Alicia Miller offers actionable insights for founders and franchisees eager to tap into the vast power of private equity”
Global Franchise
“A comprehensive and cleareyed look at private equity in franchising.”
Kirkus Reviews
“Packed with nuggets and takeaways anyone involved in (or considering getting involved in) franchising can benefit from.”
Franchise Masters
“Alicia offers nuggets of wisdom and indispensable advice.”
Franchise Findings podcast
Franchise Experts Acknowledge ‘New Normal’ With M&A Slowdown
Franchise Times
“An essential read to understanding the ups and downs, cycles, motivations, and powerful ways private equity functions within the franchise sector.”
—John A. Gordon, MAFF, founding partner, Pacific Management Consulting Group
“Any franchisor or franchisee interested in working with private equity must read this book.”
—Scott Greenberg, author, The Wealthy Franchisee
“An essential guide for any franchise entrepreneur. Private equity’s impact is tremendous and growing.”
—Walker Deibel, WSJ–bestselling author of Buy Then Build and creator of Acquisition Lab
“If you are in franchising and buy one book this year, make sure it is this one. If you are a savvy investor that isn’t in franchising, then this book will give you a reason to be. The most interesting book I have seen on the franchise business in my 30 years advising, selling, operating and owning franchises and companies. Empire builders will love it!”
—George Knauf, Senior Franchise Advisor, FranGuide
“After years of partnering with private equity, I cannot say enough about this great book. If you are thinking about partnering with PE or just curious about the PE world, this is a must-read!”
—Chris Dull, President and CEO, Freddy’s Frozen Custard and Steakburgers
“It took me 15 years of working with private equity to learn the things in this book–and I learned some of my lessons the hard way! Instead, you could just buy this book and read it. Do that. Today.”
—David Humphrey, Vice Chair, Ignite Fitness Holdings and former Chair of the International Franchise Association
“This is required reading for anyone serious about scaling their franchise business and maximizing their multiple at exit.”
—Gary Occhiogrosso, Managing Partner, Franchise Growth Solutions
“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. 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.”
—Charles Watson, Chief Executive Officer, Tropical Smoothie Cafe
“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, and to 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
“Big Money in Franchising peels back the curtain on how private equity money is changing the franchise industry, and helps the reader understand the different types of PE partners who are becoming embedded in the fabric of the franchise landscape. A critical read for anyone in franchising who is serious about scaling their enterprise.”
—Gary Prevenost, Board of Directors, Canadian Franchise Association, and author of The Unstoppable Franchisee
“There are so many books on franchising that are more fiction than literary works; this is not one of them. Miller provides a well-researched and evidence-based illumination of how financial firms are fundamentally changing the landscape of the franchise sector. I’ll be recommending it to my students, clients, and franchising associates.”
—Dr. Ben C. Litalien, Faculty at the Liniger Center on Franchising at the Daniels College of Business, University of Denver; Program Advisor Georgetown University Certificate in Franchise Management; Founder & CEO of FranchiseWell LLC
“Big Money in Franchising fills an information gap that so many of us in the franchise world have been craving…I’ve been in the franchising space for 33 years and never knew I had so much yet to learn until I read this book!”
—JT Thiessen, Home Franchise Concepts
“Alicia Miller discusses all elements of how private equity is fueling growth and includes a thoughtful discourse on the positives as well as some concerns. This is a must-read for anyone in franchising and especially for those interested in growth.”
—Kathleen Gosser, Ph.D., Yum! Assistant Professor of Franchise Management, Director of the Yum! Center for Global Franchise Excellence at University of Louisville, and Podcast Host of FranchiseU
“Miller’s trajectory from corporate America to franchise ownership has given her a unique perspective on the importance of responsible franchising and the best methods to reach franchise success.”
—1851 Franchise
“This is a book worthy of a close read by anyone interested in the business model of franchising, whether a franchisor, a prospective or existing franchisee, or a private equity firm. This is especially true of anyone interested in better appreciating the enormous impact of private equity on franchising today. Alicia Miller’s writing is skillful, articulate, succinct, and very informative. I especially enjoyed reading the case studies throughout the book. I highly recommend this book.”
—Joseph Adler, Partner, Hoffer Adler LLP
“Big Money in Franchising isn’t just a good read—it’s essential for anyone involved in franchising, especially franchise owners and aspiring entrepreneurs. While franchisors understand the growing power of private equity, many current and prospective franchisees remain unaware of its dramatic impact on their businesses. This book by Alicia Miller sheds light on a critical but often overlooked factor. Private equity investments are transforming the franchising landscape, affecting both short-term success and future exit strategies. Miller’s insightful research and clear writing empower franchise owners to navigate this changing environment and make informed decisions. As the saying goes, knowledge is power. Big Money in Franchising equips you with the knowledge you need to thrive in the era of private equity.”
—Ted Fireman, Franchise Guide & Franchise Owner