While minorities currently make up only a small percentage of franchisees, many believe this underserved population represents the future of franchising--and for good reason. U.S. Census data indicates that minorities will account for nearly 90 percent of the nation's total population growth between 1995 and 2050. Already, the share of businesses owned by ethnic minorities increased nearly 22 percent from 1997 to 2002, according to U.S. Census data. That represents a 33 percent increase in the number of ethnic minority-owned businesses.

As a result, independent organizations have formed to unite the nation's franchises in a push toward diversity--the most recent being the Diversity Institute formed earlier this year by the International Franchise Association.

Serving as a member of the board of trustees for the IFA Education Foundation is C. Everett Wallace, whose work as co-founder of the National Minority Franchising Initiative helped bring about the Diversity Institute. I recently spoke with Wallace about the current state of minority franchising.