True Rest vs HealthSource Chiropractic

HealthSource Chiropractic is the higher-AOV, bigger-TAM play right now. With 129 franchised units all under one owner-operator model and an AUV north of $600k, the budget per location is materially stronger. That $609k top line means franchisees can absorb a mid-market software bundle (POS + marketing + scheduling + back-office) without the kind of sticker shock that kills deals in sub-$400k AUV concepts. The unit count gives you a real TAM: 129 doors you can sell into today, and the royalty rate (7%) tells you the franchisor has margin to invest in compliance-driven tech mandates if you convert them top-down.

The tradeoff is trajectory. True Rest is growing at 12.5% YoY while HealthSource is shrinking, and a contracting system means net new-logo opportunities decline every year unless you drive a rip-and-replace wave. But in personal services, a declining franchise with strong per-unit economics is often a timing win: franchisees are hurting for traffic and more likely to buy software that promises marketing automation and scheduling efficiency. The overdue FDD for True Rest introduces compliance and procurement-process risk, while HealthSource’s current filing signals an organized franchisor you can engage cleanly on an approved-supplier deal.

Terrain matters too. Both are approved-supplier models, so neither gives you a fully open procurement gate, but HealthSource’s larger system and higher AUV mean winning that supplier slot unlocks more ARR per unit and a fatter total contract value. You trade near-term growth for immediate revenue density.

Verdict: HealthSource Chiropractic is the stronger opportunity — higher AUV and unit count give you budget and TAM advantage, and the shrinking footprint creates a tactical buying window greater than the growth upside True Rest offers at lower revenue per door.