Everhome vs Atwell Suites

Everhome is the stronger software-sales opportunity right now, and the case comes down to TAM and timing. With 25 total units and 10 already franchised, it offers a larger addressable base today and a clearer signal that the franchise model is scaling. The lower investment ceiling ($16.9M vs. Atwell’s $25.3M) also works in our favor: operators running leaner builds are more likely to buy cloud-native POS, marketing automation, and scheduling tools rather than overpaying for legacy systems bundled into a pricier construction budget. That’s a budget profile that aligns with our deal size.

The tradeoff is royalty burden. Everhome charges a 9% royalty versus Atwell’s 2%, which means franchisees have thinner operating margins and less free cash flow for software. That’s real friction, but it’s offset by the sheer unit momentum and the fact that Everhome’s FDD shows no restrictive procurement model—implying an open tech stack where we can compete on merit, not on an approved-vendor list. Atwell’s approved-supplier model, by contrast, creates a gatekeeper risk that can freeze us out regardless of product fit.

Terrain seals it. Everhome’s faster unit growth and open procurement give us a wider, unprotected beachhead to land and expand inside a growing franchise system. Atwell’s tiny footprint and controlled vendor ecosystem make it a high-effort, low-reward target until it proves it can scale beyond single-digit units.

Verdict: Target Everhome now for TAM and terrain; revisit Atwell only if its procurement model opens and unit count breaks 50.