CHOP5 Salad Kitchen vs Papa Murphy's

Papa Murphy’s wins on sheer TAM: 965 franchised units versus zero for CHOP5. That’s an installed base you can sell into immediately—POS replacements, scheduling, or marketing automation—without waiting for a system to build out. The CURRENT FDD filing signals active franchise sales, meaning a steady drip of new-owner onboarding where software attach rates are highest. CHOP5’s OVERDUE filing and zero franchised units make it a non-starter for any vendor who needs to hit a pipeline number this quarter; you’d be betting on a future that isn’t legally cleared to expand.

The tradeoff is growth trajectory. Papa Murphy’s unit count is shrinking at -3.6% YoY, so you’re selling into a base that’s slowly eroding—churn risk is real, and new-unit velocity is negative. CHOP5, if it ever gets its FDD current, could ride the fast-casual health wave with higher per-unit investment budgets ($535k–$995k vs. $450k–$693k), which often correlates with willingness to pay for tech. But “could” doesn’t pay commissions. The budget advantage is theoretical; the TAM and timing advantages are cash-in-hand. Both use an approved-supplier model, so terrain is neutral—neither locks you out, but neither gives you a proprietary wedge.

Verdict: Papa Murphy’s is the stronger opportunity right now because a large, accessible installed base with active franchising trumps a non-existent one, even with negative unit growth.