I think you are correct. I am still struggling to see where...

I think you are correct.

I am still struggling to see where synergies come from. I also don't like the risk when you are relying on the practitioners.

For example if I wasn't an owner with escrowed incentive to stay and me and my peers had a reasonable referral base and long standing client list there is absolutely nothing stopping me moving across the road and taking my clients and referrals with me. I don't suggest this is happening on mass however it could.

On the other hand the clinics expansion is limited as once the practitioners hours are fully engaged that's it folks. Add more practitioners and wait to fill them which in initial stages is a financial drag.

I can see where the initial results could be acceptable however am not convinced the business model is sustainable in the longer term. Theres a lot of physios and podiatrists to keep happy.