Again going to my portfolio comparison, let's say a person has buys $400,000 worth of stock and over two years that investment increased to $500,000. In the next six months the market has crashed a bit and his $400,000 is only worth $450,000.... has he lost money?
There's no doubt that JH can sell the franchise for more than he initially paid for it but if he doesn't sell it at the highest value ever has he lost money?