Ben's Soft Pretzels vs Papa Murphy's

Papa Murphy’s is the stronger software-sales opportunity right now, and it’s not close. The decision comes down to TAM and budget. With 1,014 total units (965 franchised) and an investment range that starts at $450K, Papa Murphy’s franchisees run higher-volume operations that need and can afford multi-module software. Ben’s Soft Pretzels, at 85 units and a $122K entry point, simply doesn’t generate enough per-location software spend to build a material pipeline—even if you captured every store.

The growth rate is the only dimension where Ben’s wins, but a 4% unit increase on a base of 85 adds roughly three new locations a year. That’s not a sales motion; it’s a side project. Meanwhile, Papa Murphy’s -3.6% unit decline actually sharpens the need for efficiency tools like scheduling and back-office automation, and the sheer size of the installed base (12x larger) means even a modest attach rate delivers far more revenue. Add in Ben’s higher royalty and ad fund (10% combined vs. Papa Murphy’s 7%), and its franchisees have even less free cash flow for third-party software.

Verdict: Papa Murphy’s offers the budget and TAM that turn a franchise vertical into a real revenue line; Ben’s Soft Pretzels is a niche play at best.