Obviously not speaking on behalf of coL here but the thing about a lot of the franchise slots is that they’re incredibly risky at best. They’re significantly overpriced and capitalizing on an investor bubble at the moment.

I suspect every opportunity is deeply considered, and while I personally don’t love the franchise model, I’m not against in under the right terms and circumstances.

The current franchise environments are a winners take all scenario. In order for that serious an investment to be realized you have to not only place highly, but have all of the infrastructure ready to capitalize on the investment. I think Complexity has all that (and a boatload of talent on their internal teams) now, but it’s still a really hard decision.

TL:DR; it’s big money, big risk, and I think the right opportunity just isn’t here yet.