yes if that is the case then it is true but look at their bad debt side which is hidden from the book
the properties they buy to rent to the franchisee and some cant make a buck so they helped them out with the rental so you generate no income from this side by buying properties.
It is manageable if you have small number of franchisee fallen into hard times but it becomes an issue
when you have a larger number.
that always the issue people cant figure out what going on with this arrangement
you can see why people are suspicious if you not clear on this arrangement do you have something to hide? why not lay it all out?
I don't think HVN is committed to any book cooking but I have a suspicion if they were to lay this information out things aren't as good as they reported
Ann: 10 mths to 30-4-2017 agg sales by hn, dm & jm franchisees, page-259
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