Assuming you are planning for long term success, of course. If you felt like the business wasn't going to work and you wanted to squeeze as much cashflow out of

Assuming you are planning for long term success, of course. If you felt like the business wasn't going to work and you wanted to squeeze as much cashflow out of it as possible before the music stops, it would also look like this. I'd also expect ballooning teacher-student ratios and big weed-out bars that lock students into the ISAs but save money by kicking them out halfway. Edit: Another commenter pointed out that if you expect a good number of the ISAs to end up in litigation with students who feel mislead, it also makes sense to dump them at a discount on someone else, so your name doesn't show up immediately on the lawsuits.