Firm Lab vs HealthSource Chiropractic

HealthSource Chiropractic is the only rational target here, and it’s not close. The TAM gap is disqualifying: 129 franchised units versus Firm Lab’s zero. Even with a -2.3% YoY unit decline, that’s still 129 live clinics with real P&Ls, each one a potential deal. The procurement model seals it—HealthSource’s approved-supplier structure means you can sell directly to franchisees without a franchisor gatekeeper blocking access. Firm Lab’s franchisor-controlled model, coupled with a total of two corporate units and an overdue FDD, offers no path to volume and no urgency to buy.

The budget dimension also tilts hard toward HealthSource. An AUV of $609K signals a business that can afford a modern software stack, especially when you’re