At the 2024 International Franchise Association (IFA) Annual Convention, a new program was launched. The Franchise Ascension Initiative (TAI), according to the IFA website, “is a 6-month accelerator program aimed at preparing qualified individuals from underrepresented groups and economically disadvantaged communities with the education, mentorship, resources, and support to successfully launch a career in franchise ownership.”
Referencing statistics from 2019 that show that white households hold 7.8 times more wealth than the typical black household, IFA states that the goal of TAI is “to narrow the wealth gap by catalyzing diversity in ownership in franchising.”
FranServe, Inc. President and CEO Alesia Visconti sits on the IFA Diversity Institute Board. She explained why FranServe pledged $25,000 to this initiative.
“Franchising is a great equalizer,” Visconti said. “Whether you have a college education or not, whether you are a Gen. Y or a baby boomer, whether you served in the military or not, whether you are a Republican or a Democrat, whether you are female or male, whether you are white or black, you can be successful in franchising. None of the aforementioned matters. What matters is you get on board with franchise ownership and follow the system.”
“The problem for marginalized communities is that they may not be aware of the franchise opportunities available to them and may not have access to capital. The TAI is addressing that,” Visconti added.
The six-month program has three major components: structured online training, interactive/experiential learning and a pitch contest case study. Because TAI recognizes that “franchising is a viable path towards wealth creation for all,” the program will help those seeking a path to franchise ownership overcome obstacles. The first cohort is expected in late 2024/early 2025.
“FranServe has a long history of giving back,” said Visconti. “Donating to The Franchise Ascension Initiative was a no-brainer for me. I am excited to help those who might not
see a path now embark into this community! We are seriously going to change lives!”
Nancy E. Williams
FRANCHISE ASCENSION INITIATIVE: VISION & OPPORTUNITY
FRANCHISE ASCENSION INITIATIVE: VISION & OPPORTUNITYThe goal of the initiative is to narrow the wealth gap by catalyzing diversity in ownership in franchising.
The Problem: In 2019, the median White household held 7.8x more wealth than a typical Black household. Further, as of 2019, African Americans made up 14.2% of the population, but only 2.3% of businesses are Black-owned.
The Solution: Franchising is a viable path towards wealth creation for all. Franchise businesses create jobs at a rate of 2.3x as high as non-franchise businesses. Franchising is a successful wealth-
generation strategy for historically disadvantaged communities, with, for instance, Black-owned franchise firms earning 2.2x as much in sales compared to Black-owned independent businesses, on average.
Beyond the meaningful impact the initiative can make on narrowing the wealth gap, the initiative will increase the diverse franchisee talent pipeline and catalyze scores of qualified, talented entrepreneurs to establish and grow franchise businesses. The program will also expose scores of individuals to the possibilities of franchise ownership and careers in franchising through outreach to underrepresented groups and economically disadvantaged communities during the applicant recruitment process.