I do know a bit about HVN because I used to own it
HVN would be a great model back in the 90s when there isn't much competition around
but there days, the field is filled with a dozen of competitors and HVN franchisee model
can no longer work.
As competitor heat up you don't have control of the franchisees as each one is their own little business own by some mum and dad and most of the time they locked in their sphere and don't want to change or evolve to effectively compete, they don't treat their customer well because they want to save money and that is the worse possible move in a highly competitive environment
Look at Metcash IGA and Home and Timber hardware, as competition heats up and more players come in
the franchise model loses out as they cant operate as a single unit with a uniform policy.
Even the Good Guys are buying back all the franchisee before JBH bought them because JBH knows this model doesn't work with online and hundred of competitors
I also couldn't quite understand the HVN accounting model as well, it is a complex web of multiple parties but AFR has some good article highlight its complexity and non-transparency so I would never invest in it knowing what I know now.
HVN properties is also underpinned by those franchisee making a profit, it is a double edges sword
in good time and not much competition it enhance your earning power, in bad time the reverse is true
less rent, less profit from franchisee.
Good luck folks and remember when the fact change you can change your mind
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