A comprehensive and cleareyed look at private equity in franchising.
With this financial guide, Miller demystifies the role of private equity in franchise-structured businesses.
Once a gold mine for the small businessperson, the world of franchising (the family-run 7- Eleven; a mom-and-pop-owned Dairy Queen) is quickly becoming dominated by private equity, both for the franchisor and franchisee. (Private equity interest in franchising was likely inevitable, given the franchising model’s profitability and predictability.) Such investment has become increasingly common ever since Bain Capital’s highly lucrative buyout of Domino’s Pizza in 1998. The resources PE has at its disposal make it an attractive partner for brands looking to launch, sell, or expand, and over half of all franchise outlets in the United States belong to brands that have partnered with private capital. Whether welcome or not, the change has arrived, and the author (the managing director of the Emergent Growth Advisors strategic advisory firm) argues that those who derive their income from the franchising model—or hope to—would do well to familiarize themselves with the inner workings of private equity. “I wrote this book primarily to help franchise founders and current franchisees understand the tremendous influence private equity now has across our sector so you can make smarter wealth-planning and partnership choices,” writes Miller in her introduction. According to the author, private equity, like franchising, is highly systems-based, which makes comprehending and anticipating the PE playbook fairly easy. Miller offers a history of private equity’s role in franchising, from early forays into the pizza business to the rise of family offices (FOs) that pool the wealth of families and invest on their behalf. She then describes the various strategies private equity uses to accelerate growth, maximize compensation, and achieve other goals related to its investment. Miller also outlines the “Profit Ladder” (offering advice on how to move up it), analyzes how PE can end up destroying the value of franchises, and speculates where the future of franchising may be headed.
Pub Date: March 12, 2024
ISBN: 9781773272375
Page Count: 384
Publisher: Figure 1 Publishing
Review Posted Online: March 18, 2024
Review Program: Kirkus Indie
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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A passionate and accessible guide to humanizing the workplace.
Helbig and Norman present a game plan for making leadership more responsively human.
In this expanded update to The Psychological Safety Playbook: Lead More Powerfully by Being More Human (2023), the authors provide “practical strategies for responding to resistance, sparking change, embodying the change we want to see, and moving forward deliberately,” specifically in a business setting. They suggest ways to encourage what they call “changemakers” through the use of five key “plays” from their playbook: Communicate Courageously, Master the Art of Listening, Manage Your Reactions (“shift from automatic reaction to conscious response to stay better connected to yourself and others”), Embrace Risk and Failure, and Design Inclusive Rituals. The goal is to ensure that organizational cultures promote psychological safety, guided by leaders who “walk the talk” by emphasizing their own humanity at every turn. (“We must be the first to share our own failures with our teams, which will start to make it possible for others to do the same.”) This call for example-setting is sounded throughout the book as Helbig and Norman urge their target audience (leaders and would-be leaders) to go beyond mere instruction and instead embody the qualities they want to see in their subordinates, such as continuous learning, active curiosity, and self-reflection. Each chapter includes a detailed “Recommended Reading” section and text with extensive numbered and bulleted points formatted to make the core concepts more immediately digestible. The authors effectively employ clear and empathetic prose to assure readers that psychological safety is slow to build and quick to break, observing that such safety requires steady attention and delivers outsize payoffs as a result. They refreshingly ground a great deal of the material in psychology and neuroscience, pointing out, for instance, that research has demonstrated that the parasympathetic nervous system responds to honest appreciation, which improves creative thinking. Some wistful readers might consider some of the authors’ suggestions beyond the reach of their own organizations, as when group facilitators are advised to “gently intervene when someone dominates the conversation,” but hope springs eternal.
A passionate and accessible guide to humanizing the workplace.Pub Date: May 19, 2026
ISBN: 9798993550503
Page Count: 170
Publisher: Crazy Idea Press
Review Posted Online: April 23, 2026
Review Program: Kirkus Indie
BOOK REVIEW
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