Ann: HEALTHIA ANNOUNCES NEW QLD AND VIC GROWTH ACQUISITIONS, page-12

Sure that's a risk.
But personally I cant see why the risk with physios is any different to what Greencross faced with vets. And I rode GXL from $1.00 to $8.
Some people will be lost along the way post buyout, whilst others will be happy take the buyout and stay with building a brand, particularly if they take shares as part of the deal.
Ultimately if Heathia build their reputation by being good at what they do, people will want to work for them anyway.
Upshot, as a risk, its not a dealbreaker for me.
I will take an entry parcel soon before results and then see how they look before potentially building a larger stake.

Cheers
Gosouth