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2025 AXIOM BUSINESS BOOK AWARDS SILVER MEDALIST - ENTREPRENEURSHIP/SMALL BUSINESS
"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
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.
Contents
Introduction
Part One: Private Equity Arrived Late, But Now Dominates Franchising
Chapter 1: Understanding Franchising's Enduring Appeal
Chapter 2: A Brief History of Private Equity in Franchising: Where It Began
Chapter 3: Family Pizza Night Looks Like a Pile of Cash-Private Equity Discovers Franchising
Chapter 4: A Frog, More Big Money, and the Final Missing Piece
Part Two: The PE Profit Ladder
Chapter 5: The Private Capital Landscape: Players and Strategies
Chapter 6: PE's Playbook for Growing Franchise Businesses
Chapter 7: The PE Profit Ladder
Chapter 8: Roark's Impact on Franchising
Part Three: Private Equity's Franchise Track Record and Future
Chapter 9: When Everything Clicks: Positive PE Impacts On Franchising
Chapter 10: Smart Money Bloopers - Mistakes, Head-Scratchers, and Flameouts in Franchise Investing
Chapter 11: The Future of Franchising and Private Equity
Appendix: Private Equity Fund Performance
Resources for Franchise Disclosure Documents
Recommended Reading
Educational Resources
Online Resources
Acknowledgements
Endnotes
Index
