In this conversation, Alicia Miller, a former multi-unit franchisee and author, discusses the role of private equity in franchising. She highlights the misconceptions around private equity and the importance of understanding their perspective when evaluating franchise systems. Miller also emphasizes the need for founders to have a clear vision and goals for their business before considering outside investment. She explains that selling a majority of the business to private equity can result in changes to the management team, decision-making processes, and culture of the company. However, she also acknowledges that some founders choose to resist private equity and continue growing their business independently. In this conversation, Alicia Miller and Josh Brown discuss the role of private equity (PE) in franchising. They highlight that while PE can provide capital and strategic assistance, selling to PE is not necessary and depends on the objectives of the business. They also emphasize the importance of responsible and high-quality franchising, as well as the common missteps that emerging brands make. Alicia Miller's book, 'Big Money in Franchising: Scaling Your Enterprise in the Era of Private Equity,' is mentioned, which explores the history, impact, and opportunities of PE in franchising.