Figure 1 Publishing

Business + Leadership / General Non-Fiction

Big Money in Franchising

Scaling Your Enterprise in the Era of Private Equity

“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

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“Any franchisor interested in working with private equity must read this book.”

—Scott Greenberg, author, The Wealthy Franchisee

Book Description

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

“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.”
Emergent Growth Advisors


Franchise Journal

Franchise Times


1851 Franchise

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


  • Hardcover
  • 6 × 9 inches
  • 384 pages
  • 978-1-77327-237-5
  • $40 CDN / $32 USD
  • March 2024