New accelerator program from the International
Franchise Association seeks to increase franchise business
ownership to narrow wealth gap
DALLAS,
May 6,
2024 /PRNewswire/ -- Morrow Hill today announces its
support for the International Franchise Association (IFA)'s new
Franchise Ascension Initiative, an accelerator program established
to support individuals from underrepresented communities with
education, mentorship, resources, and financial support to
successfully launch a career in franchise ownership. By increasing
diversity in the franchisee talent pipeline, the Ascension
Initiative aims to narrow the wealth gap and provide qualified
individuals with business ownership opportunities.
"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 minority business
owners? With the support of our generous partners like Morrow Hill,
the Ascension Initiative will further help franchising changes
lives and communities."
Morrow Hill contributed $50,000 to launch the effort, which is currently
accepting applications for the inaugural class now through
June 15, 2024. Interested candidates
can learn more and apply here.
"The Franchise Ascension Initiative resonates
deeply with me on a personal level. I know firsthand the impact
mentors and supportive networks have on one's entrepreneurial
journey," said Jonathan Hill,
Co-Founder of Morrow Hill. "My career has been marked by mentors
who took a chance on me and provided guidance that allowed me to be
where I am today. Now, I am privileged to be able to pay it forward
by supporting programs like the Franchise Ascension Initiative that
provides similar guidance to aspiring franchise owners."
According to data from Oxford Economics,
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.
The Franchise Ascension Initiative will select
capable candidates for a rigorous six-month education program to
help them build the essential skills they need to be successful
franchisees. Building on IFA's extensive library of franchise
educational materials, the program will be specifically curated for
participants, along with individualized mentorship. The program
will culminate in a pitch contest with potential franchise
opportunities.
More information on the Ascension Initiative is
available here.
About Morrow Hill:
Morrow Hill is a leading commercial real estate
firm dedicated to exclusively representing tenants and buyers.
Cutting-edge, proprietary technology empowers Morrow Hill to locate
the best sites for clients swiftly and efficiently, ensuring
optimal outcomes in the shortest possible time. By exclusively
representing tenants, Morrow Hill clients are presented with a
truly impartial and unbiased view of the market. For more
information on all Morrow Hill's services, please
visit morrowhill.com.
About the International Franchise
Association:
Celebrating over 60 years of excellence,
education, and advocacy, the International Franchise Association
(IFA) is the world's oldest and largest organization representing
franchising worldwide. IFA works through its government relations
and public policy, media relations, and educational programs to
protect, enhance and promote franchising and the approximately
806,270 franchise establishments that support nearly 8.7 million
direct jobs, $858.5 billion of
economic output for the U.S. economy, and almost 3 percent of the
Gross Domestic Product (GDP). IFA members include franchise
companies in over 300 different business format categories,
individual franchisees, and companies that support the industry in
marketing, law, technology, and business development.
View original
content:https://www.prnewswire.com/news-releases/morrow-hill-announces-support-for-new-initiative-to-catalyze-franchise-ownership-among-underrepresented-groups-302136291.html
SOURCE Morrow Hill