Where there is fragmentation, informality, and a dearth of infrastructure, there are questions about what the path to formality and standardization will look like. One intriguing answer to that question is conversion franchising, where existing stores are converted into a franchise. In the future of work context, are microenterprises, their owners, and their employees better off as converted franchisees? This episode is a case study, with mPharma's Gregory Rockson. 00:00 - We begin this episode's exploration with a question - are subsistence farmers better off as employees of a commercial farm? With Twiga Foods' Peter Njonjo.06:01 - What does the path to formalization and standardization look like across African markets and sectors? This episode is a case study of conversion franchising, with mPharma's Gregory Rockson.We define conversion franchising, with help from Next Billion.07:31 - mPharma started out as an asset-light platform.09:38 - How mPharma's pharmacy-in-a-box program, QualityRX, got started.15:38 - From converting franchises one-by-one to pursuing an M&A strategy to convert by the dozen.21:15 - Is conversion franchising the future of work? Exploring why the model has worked so well for mPharma and pharmacy retail.25:10- Gregory's theory of change.27:12 - A retrospective conversation with Sayo Folawiyo and Justin Norman. This season of The Flip is sponsored by MFS Africa.