IFA Launches Franchise Ascension Initiative To Catalyze Franchise Ownership Among Underrepresented Communities

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Six-month accelerator program aimed at narrowing the wealth gap; now accepting applications

WASHINGTON – The International Franchise Association (IFA) today announced the launch of the Franchise Ascension Initiative, a six-month accelerator program aimed at preparing qualified individuals from underrepresented communities with education, mentorship, resources, and guidance in accessing capital to maximize the opportunity for success through a career in franchise ownership. By expanding the franchisee talent pipeline, the Franchise Ascension Initiative aims to narrow the wealth gap and provide participants with access to new business ownership opportunities. Applications open today, May 1, 2024.

“Franchising is one of the greatest pathways to business ownership and creating generational wealth,” said Matt Haller, IFA President and CEO. “This program ensures that access to opportunity is available to everyone, regardless of background. What better way to bridge the wealth gap than through opening more doors for aspiring business owners from all walks of life. The Franchise Ascension Initiative will further help franchising changes lives and strengthen local communities.”

The program, first announced at the IFA Annual Convention in Phoenix, AZ, in February, was envisioned by Omar Simmons, IFA Board Member and Managing Director of Exaltare Capital Partners, and his wife Raynya, who provided the initial donation to launch the program.

“As a descendant of slaves who grew up in subsidized housing, I am living proof of the transformative power of access to opportunity, networks, and dedication to continuous learning and hard work,” said Omar Simmons. “Franchising has been at the center of my journey and can provide a unique path to financial freedom for others. Now it is time to pay it forward so that even more people can have access to the same opportunities I had. Raynya and I are honored to help launch this important and impactful initiative and look forward to the Franchise Ascension Initiative (FAI) accelerating the journeys of countless future entrepreneurs and sparking increased wealth creation in underrepresented communities.”

According to data from Oxford Economics, franchising uniquely helps break down barriers for business ownership, especially for underrepresented groups. Nearly one in three franchise owners say they would not own their own business without franchising. Black-owned franchises earn 2.2 times more than Black-owned independent businesses; Hispanic-owned franchises earn 1.6 times more than Hispanic-owned independent businesses; and Asian-owned franchises earn 1.4 times more than Asian-owned independent businesses. In addition to expanding business ownership opportunities, the Franchise Ascension Initiative helps expand the pool of small business owners in their local communities to better serve their diverse consumer base.

The six-month program includes three components:

  1. Self-paced online and experiential learning with mentorship, assignments, and case studies
  2. Live online learning/facilitated instructor learning; one-on-one mentorship meetings; mentorship cohorts; an expert speaker series; online live learning and experiential assignments
  3. A pitch contest on a specific franchise opportunity, which includes preparation of a business and financial model and a presentation in front of a select group of franchisees, suppliers, and/or franchisor executives

Applications are now being accepted through June 15, 2024, and the inaugural class of participants is set to begin in August 2024. More details on the program are available here.

In addition to Omar and Raynya Simmons, initial financial supporters contributing over $100,000 to the Franchise Ascension Initiative include:

Self Esteem Brands

Dine Brands Global Foundation, Inc.

DLA Piper

East Coast Wings + Grill

Good Feet Worldwide, LLC

Ignite Fitness Holding

Inspire Brands

Lathrop GPM

Planet Fitness

A full list of supporters and Founding Committee members is available here.

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About the International Franchise Association:
Contact

Press Contact

Name:

Katherine Knight Patterson

Email:

kpatterson@franchise.org

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