Morrow Hill Announces Support for New Initiative to Catalyze Franchise Ownership Among Underrepresented Groups

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.

SOURCE Morrow Hill