Very true.There was no other avenue for the owners to sell this...

Very true.

There was no other avenue for the owners to sell this business as their business model is so shady is not even funny. Plus the price tag is exorbitant for a business that will rely heavily on overseas expansion for growth.

Only recently have they moved to this 'franchisee' model to find a way to cash out. Prior to that, I am very confident that their 'franchisees' had little (if any) skin in the game other than their name on the front entrance of the pharmacy. However, their loyalty is now being rewarded handsomely if they have been gifted shares in CWG. What happens to new franchisees? Do they also get shareholdings in the future?

How much money do franchisees actually make if they do not have shares and will this be enough of an incentive to keep these pharmacists happy knowing there isn't going to be a massive payout in the future?

It was virtually impossible to get any details from these pharmacists and nobody could actually explain how their business model operated.

I would love to see the expense breakdown of each segment to determine what margin CWG charges its franchisees for wholesale items (I am calculating between 6-10%) as the margins on their retail products are so small I find it hard to believe it will be sustainable for franchisees to make much of a profit in their day-to-day operations in the FOS. Hence why I am skeptical that the franchisees have made any money prior to cashing out their shareholdings once (if) this goes live.

Sales revenue $2,257m - what is the profit margin here?
Fees revenue $147m
Franchise and related revenue $82m
Marketing, advertising and other revenue $604m