Duff's Famous Wings vs Papa Murphy's

Papa Murphy’s is the only rational choice here, and it comes down to total addressable market. With 965 franchised units against Duff’s 2, the TAM gap isn’t close—it’s a 482x difference. Even if you assume a higher close rate at Duff’s, you’re still hunting a handful of deals at best. Papa Murphy’s gives you a real pipeline: a large installed base to convert, plus a current FDD that signals active franchise sales, meaning fresh prospects entering the system every quarter. For a software vendor, volume is the engine, and Duff’s simply doesn’t have the unit count to justify a sales campaign.

The tradeoff is unit-level economics versus scale. Duff’s AUV sits near $2.8M, which implies franchisees have budget for technology; Papa Murphy’s AUV isn’t listed but industry averages put it well below half that. So per-store wallet size likely favors Duff’s. But that advantage collapses when you multiply by units: two well-heeled franchisees can’t generate the revenue of a 965-unit chain, even one with negative comps. And Duff’s “DUE” filing freshness suggests a brand that’s stalled or retrenching, not actively recruiting new operators—timing is against you before you even start.

Terrain is a wash (both are approved-supplier models), so the decision hinges entirely on TAM and timing. Papa Murphy’s is shrinking at -3.6% unit growth, and that’s the meaningful risk: you’re selling into a declining base. But a large, declining chain still delivers far more at-bats and near-term revenue than a stable micro-brand. Software sales is a numbers game, and Papa Murphy’s puts numbers on the board.

Verdict: Papa Murphy’s wins on TAM and active franchising, making it the stronger immediate opportunity despite negative unit growth and lower per-unit budget.