Somewhat unique business, very uniqe management, page-8

To clarify my position I understand totally the use of company capital to generate profit. I also understand the fact that if the CEO gets dividends then so do the shareholders. But if the business model is largely just turning the capital into EBIT and the capital itself is not secure then the deal for the guy who is paying $6+ for a share is a DOG! I think this is reflected in the Net Tangible Asset/Share?
In my previous posts I have stated my problem with the business model is that I don't believe the returns are sustainable. The dentists in these large profitable practices sell because of a tax loop whole. Effectively they get there next 5 years profit up front as capital gain with all the associated small business concessions. In return they work for 5 years and return this capital as EBIT to 1300 smiles. A win- win up to this point. However being business savy they leave either to retire or to run their own businesses again without giving the approx. 20% margin to 1300 smiles. 1300smiles has managed to sustain profitability in most of these practices by using the government dental schemes while they are available. I suspect 1300's profit GROWTH substantially comes from another acquisition. In my opinion the capital has simply been transferred to EBIT and they are left with a practice that is worth very little without the personalities. My question is about sustainability. 10 years is a very short timeframe really. Especially when 4?(I think) of them were CDDS years. Remember even with the 10 million dollar acquisition and 30% profit growth profit is still not back to what it was a couple of years ago.
The basis for my guess is simply if something is overvalued and the profits may not be sustainable then it would be a good idea to sell at least some of it! Alternatively you could do another capital raising and try for another 10 million to turn into EBIT and then Dividends. If a 10 million dollar acquisition can produce 10 million in EBIT over 5 years that equates to at least 2million fully franked dollars in the largest shareholders pocket even if the purchase is worth nothing at the end of 5 years!