Beignets & Brew vs Papa Murphy's

Papa Murphy’s is the stronger opportunity, and it’s not close. The dimension that wins is TAM—1,014 total units versus 6 for Beignets & Brew, with 965 franchised doors that actually buy software independently. That’s a real addressable market where even a modest attach rate generates meaningful pipeline. Beignets & Brew’s two franchised units make it a rounding error; you’d spend more on outbound than you’d ever recoup. The investment range is higher at Papa Murphy’s too ($450K–$693K vs. $148K–$482K), which signals operators with capital to spend on tech, not just survive.

The tradeoff is terrain. Papa Murphy’s is a mature, contracting system—unit growth is negative 3.6% year-over-year—so you’re selling into a shrinking base where churn risk is real and net-new logo velocity will be a grind. Beignets & Brew, by contrast, is a blank slate with no legacy tech debt and a founder-era buyer who might standardize on you early. But that’s a bet on future growth that doesn’t exist yet, and the procurement model is identical (approved supplier), so there’s no structural ease-of-sale advantage to offset the tiny unit count.

Timing and budget reinforce the TAM argument. Papa Murphy’s has a current 2026 FDD, meaning the franchise system is actively recruiting and operators are making investment decisions right now. A 5% royalty and 2% ad fund leave more operator margin than Beignets & Brew’s combined 7.5% load, which translates to slightly more budget headroom for POS and back-office tools. You sell software to units that exist, not units that might.

Verdict: Papa Murphy’s is the only choice that puts a real revenue number on the board—sell the installed base, not the dream.