If franchising is more efficient, the ESOP was a mistake, as were both conglomeration and the core-business focus.
No matter the economic or business circumstances, the ESOP can never be considered a mistake. 
mnli hypothesis: No matter the economic or business circumstances, the ESOP can never be considered a mistake.  premise: If franchising is more efficient, the ESOP was a mistake, as were both conglomeration and the core-business focus.