La Diperie vs Papa Murphy's

La Diperie’s 100% unit growth is a timing signal, not a TAM signal. Two units, even if they triple next year, won’t generate enough software seats to justify a dedicated sales motion. The investment range is lower, which could mean leaner ops and less budget for non-essential software, and with only two franchisees, you’re one churn event away from zero revenue. The procurement model is the same for both brands, so no advantage there.

Papa Murphy’s wins on TAM and budget. With 965 franchised units, you’re selling into a base large enough to build a repeatable playbook and a reference pipeline. The higher investment range signals operators who’ve committed real capital and are more likely to pay for efficiency tools that protect that investment. The negative unit growth is a real tradeoff—shrinking systems can turn inward and freeze spending—but at this scale, even a flat or slightly declining base still represents hundreds of potential deals.

The meaningful tradeoff is scale versus momentum. La Diperie’s growth is eye-catching but economically irrelevant for a software vendor that needs volume. Papa Murphy’s gives you a real addressable market and operators with skin in the game, and that’s what converts to ARR.

Verdict: Papa Murphy’s is the stronger software-sales opportunity right now because TAM and budget outweigh growth theatrics.