D’bo’s Daiquiris, Wings, and Seafood vs Papa Murphy's

D’bo’s Daiquiris is a rounding error. Three units, zero growth, and an AUV that barely cracks $1.3M means the total addressable market is a single deal—and not a particularly rich one. Even if you close all three locations, the software contract value is capped at a few thousand dollars in annual recurring revenue. The investment range is modest, so budget isn’t the bottleneck; the bottleneck is that there’s no there there. You’d spend more on outbound than you’d ever recoup.

Papa Murphy’s gives you a real TAM play: 965 franchised units, even with negative growth, is a massive installed base that needs POS, scheduling, and back-office tools today. The -3.6% unit decline is a terrain warning—closings mean churn risk and a shrinking renewal base—but it also signals operator pain. Franchisees in a contracting system are under pressure to cut labor and food cost, which your software directly addresses. The lower royalty rate (5%) leaves slightly more operator cash flow for tech spend, and the higher investment ceiling ($693K) suggests franchisees have the capital to buy. The tradeoff is timing: you’re selling into a shrinking pond, so you must move fast and lock in multi-year deals before more units disappear. The open approved-supplier procurement model means no corporate gatekeeper blocking your integration, so speed is on your side.

Verdict: Papa Murphy’s is the only rational choice—a large, pain-rich base with budget and procurement access, despite negative unit growth.