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  "documentTitle": "Goosehead Insurance, Inc. (GSHD)",
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  "notes": "Uses cohort tracking to derive failure percentages from disclosed year-end tenure buckets.",
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      "text": "According to our Calculations, 67% of Signed Franchisees Failed in 2021",
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      "text": "We can see in the data that the likelihood that a GSHD franchisee will get to its second year has gotten progressively worse since the IPO. The absolute number of franchises is increasing... but the percentage... has declined every year.",
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      "text": "In GSHD's annual report they include a chart that indicates how many franchisees the company has at year-end, and they disclose how long the franchisees have been with the company. In 2022, the company disclosed the following chart:53",
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