Belgo vs Papa Murphy's

Papa Murphy’s presents the stronger opportunity purely on TAM. With 1,127 total units—nearly all franchised—there are over a thousand independent store operators making their own tech decisions. That’s a broad, dispersed buyer base for POS, scheduling, and marketing automation, versus Belgo’s single-digit corporate footprint. The 10-unit Belgo chain offers a negligible deal size and no pipeline; its DORMANT FDD confirms it’s not actively selling franchises, so no future unit growth is coming. Even with Papa Murphy’s negative unit growth, the installed base is two orders of magnitude larger, making it a far bigger addressable market today.

The tradeoff lies in budget depth. Belgo’s unit-level revenue is 55% higher ($1.05M vs. $681K), which typically translates into greater willingness and ability to pay for software per location. Papa Murphy’s lower AUV may compress per-site SaaS pricing and lengthen sales cycles with more cost-conscious franchisees. But that per-unit budget gap is dwarfed by the sheer unit-count disparity. In B2B restaurant software, volume wins when the alternative is a 10-store chain with no franchisees and a dormant expansion plan. The meaningful tradeoff is that you’re exchanging a high-wallet, tiny-deal prospect for a mass-market grind with more price sensitivity—but the math overwhelmingly favors the grind.

Verdict: Papa Murphy’s is the right target; its massive franchisee base delivers a TAM that no AUV premium at Belgo can offset.