This interpretation is wrong. Paying a 30% tax on EBITA brings...

This interpretation is wrong. Paying a 30% tax on EBITA brings your post tax profits multiple to 7.1x. implying 7.1 years to pay back. And that is assuming the weighted average client tenure is that long right now, with no net gain of clients over that time span and no equity in the business currently either.

Given Rob founded this business 33 years ago and GPS gets consistently high adviser satisfaction reviews, I think it's highly unlikely the situation is dire as made out to be.