PET FRESH - NORTH DAKOTA vs The Joint Chiropractic

The Joint Chiropractic wins on pure TAM and unit economics, and it’s not close. With 935 total units, 800 franchised, and 12% unit growth, you’re looking at a 615K AUV that generates real operating cash flow—meaning franchisees can actually afford a modern tech stack. PET FRESH has eight locations, one franchised, and an investment range that tops out near the same level but with no proof of scale. Selling into an 8-unit chain is a consulting gig, not a recurring revenue play.

The one dimension where PET FRESH looks better—procurement—is a trap. An approved-supplier model sounds open, but in a system this tiny, the “approved” list is probably one or two vendors hand-picked by the founder. You’ll spend cycles getting listed for a TAM that doesn’t exist. The Joint’s franchisor-controlled procurement is actually a forcing function: if you win corporate, you win the system, and 800 units with 12% annual growth is a territory worth fighting for.

Timing seals it. The Joint’s FDD is overdue, which means a refresh is imminent and new franchisees will be signing fresh agreements. That’s your insertion window. PET FRESH’s 2025 FDD is due, but with one franchised unit, there’s no incoming class to sell into. You’d be waiting for growth that may never come.

Verdict: The Joint Chiropractic is the only scalable, near-term software opportunity here—chase the 800-unit system with a real AUV and a refresh cycle, not the 8-unit curiosity.