HPB Lighting vs 76 Fence

76 Fence is the high-ticket, low-headcount play. With an AUV of $1.54M, each location is a genuine enterprise budget, not a small-business swipe. That revenue density means the operator can absorb a real software stack—POS, scheduling, back-office—without the price objection you get at $488K AUV. The tradeoff is brutal TAM: two total units, one franchised. You’re not selling a territory; you’re selling a single proof-of-concept with a slim chance of a second deal. If you close, the ACV will be outsized. But you’ll starve waiting for pipeline.

HPB Lighting wins on terrain and TAM. The approved-supplier procurement model is the decisive dimension here. When the franchisor doesn’t mandate a tech stack, you can sell directly to 78 franchisees without fighting a corporate gatekeeper. That’s a real, addressable market right now—78 units, each a potential close. The -26% unit growth is a warning, not a dealbreaker: it means existing operators are churning, but it also means the franchisor is in no position to tighten procurement. You can walk in and become the default. The AUV is low, so you’ll need volume, but volume is exactly what this brand offers.

The meaningful tradeoff is budget versus terrain. 76 Fence has the budget but no terrain to hunt. HPB Lighting has open terrain and 78 doors, but each door is a $488K revenue shop that will push back on price. For a vendor that can sell efficiently at mid-market ACVs, HPB Lighting’s open procurement and 78-unit TAM make it the stronger opportunity right now. The one big-dollar deal at 76 Fence is a mirage until they actually franchise more units.

Verdict: HPB Lighting’s open procurement and 78-unit TAM beat 76 Fence’s fat AUV and empty pipeline.