The International Franchise Association (IFA) has launched a new initiative aimed at breaking down barriers to franchise ownership for underrepresented groups and economically disadvantaged communities. The Franchise Ascension Initiative, officially opened for applications on May 1st, is described as an “immersive 6-month program” designed to prepare individuals for a career in franchise business ownership through education, mentorship, resources, and financial support. The goal of the initiative is to narrow America’s wealth gap by catalyzing diversity in franchise ownership.
The brainchild of Omar Simmons and his wife Raynya Simmons, the Franchise Ascension Initiative was inspired by former professional basketball player Shaquille O’Neal, who spoke about the power of generosity at the IFA annual conference in 2022. Omar Simmons, an IFA board member and managing director of Exaltare Capital Partners, a private equity firm specializing in multi-unit and franchise businesses, provided the initial financial investment to launch the initiative. Simmons, who grew up in subsidized housing, believes in the transformative power of access to opportunity, networks, continuous learning, and hard work, and sees franchising as a unique path to financial freedom for others.
Matt Haller, IFA President and CEO, highlighted franchising as a great pathway to business ownership and creating generational wealth. He believes that the Franchise Ascension Initiative will ensure that access to opportunity is available to everyone, regardless of background, and bridge the wealth gap by opening more doors for aspiring business owners from all walks of life. Data from Oxford Economics supports this view, showing that franchising offers less represented groups a chance at entrepreneurship and increases their chances of business success.
Statistics from the economic advisory firm’s 2021 report on the Value of Franchising revealed that Black-owned franchises were earning 2.2 times more than Black-owned independent businesses, Hispanic-owned franchises earning 1.6 times more than Hispanic-owned independent businesses, and Asian-owned franchises earning 1.4 times more than Asian-owned independent businesses. The Franchise Ascension Initiative is open to applicants until June 15, 2024, with successful participants expected to begin their journey in franchise ownership in August.
The Franchise Ascension Initiative aims to accelerate the journeys of countless future entrepreneurs and spark increased wealth creation in underrepresented communities. The program offers education, mentorship, resources, and financial support to individuals seeking a career in franchise business ownership. With the goal of narrowing America’s wealth gap by catalyzing diversity in franchise ownership, the initiative is set to make a significant impact on the franchise industry and local communities.
