Aunt Millie’s Bakeries Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Aunt Millie's Bakeries is a bakery franchise selling fresh-baked breads, buns, and pastries to consumers and foodservice accounts. Franchisees run retail and wholesale bakery operations managing baking, staffing, and distribution.
FranchiseVerdict summary · 2026
A Aunt Millie’s Bakeries franchise requires a total initial investment of $37K – $186K, including a $30K – $100K franchise fee. The 2026 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2026 FDD issuance
Overview
- Investment
- $37K – $186K
- 2nd pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- N/A
- Units
- 457
- 88th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants avg · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $37K – $186K including a $30K franchise fee.
- RETURNSAudited consolidated statements of income of Perfection Bakeries, Inc. (parent/franchisor, dba Aunt Millie's Bakeries); fiscal year ended September 30, 2025. Net sales $449,218,205 (FY2025) vs $462,702,057 (FY2024). Other income, net of $3,874,789. Audited by Crowe LLP, opinion dated January 30, 2026.
- RISKVerdict C (Average), verdict score 41/100 (higher is better).
- FLAGAuditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Perfection Bakeries, Inc.
- Parent company
- None
- CEO title
- Director, President, and Chief Executive Officer
- John F. Popp
- Incorporated in
- IN
- HQ
- 6230 Bluffton Road, Fort Wayne, Indiana 46809
- Auditor
- Crowe LLP
- Audited financials
- Franchisor revenue
- $449.2M
- vs $462.7M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2026
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Affiliated brands
- Perfection Distribution
- First Capital Acceptance
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- John F. Popp
- Headquarters
- IN
- Founded
- 1903
- FDD year
- 2026
- States available
- 5
Can you afford it, and what does the money buy?
Entry cost runs 83% below the typical quick-service restaurants franchise.
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown10 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $30K | $100K | |
| Computer Usenot refundable | $455 | $455 | |
| Sales/Use Tax | $27 | $39 | |
| Vehicle | $3K | $55K | |
| Loan Fees to First Capital | $0 | $800 | |
| Loan Origination Fee to DSA | $0 | $400 | |
| Products for 1 week (Inventory) | $3K | $25K | |
| Vehicle Maintenance | $156 | $780 | |
| Initial Insurance Coveragenot refundable | $520 | $715 | |
| Additional Funds | $330 | $3K | |
| Total initial investment | $37K | $186K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $37K – $186K
- Top 40% of category vs category
- Liquid capital req'd
- $330 – $3K
- Top 40% of category vs category
- Franchise fee
- $30K – $100K
- Top 40% of category vs category
- Royalty
- No royalty fee. Franchisee (Distributor) earns margin by …
- Ad fund
- No advertising fund. Franchisee is not obligated to contr…
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Technology fee | $35 |
| Transfer fee | $2 |
| Inventory (initial) | $3K – $25K |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Aunt Millie’s Bakeries did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Aunt Millie’s Bakeries unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
86%
Above the 30–60% band. Verify revenue is per-unit average
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2026 FDD
Financial Performance
Audited consolidated statements of income of Perfection Bakeries, Inc. (parent/franchisor, dba Aunt Millie's Bakeries); fiscal year ended September 30, 2025. Net sales $449,218,205 (FY2025) vs $462,702,057 (FY2024). Other income, net of $3,874,789. Audited by Crowe LLP, opinion dated January 30, 2026.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System contracting at -32.4% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Quick-Service Restaurants averages
How Aunt Millie’s Bakeries Compares
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 457
- Opened
- 0
- Last reporting year
- Closed
- 13
- Terminated
- 13
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 22.6%
- Company-owned
- 342
- Corporate units in the system
- % franchised
- 25%
- vs corporate-owned
- Net growth (3-yr)
- -32.4%
- Net unit change over 3 years
- 3-yr CAGR
- -32.4%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 13
- Terminated (3yr)
- 13
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 20
- Reacquired (3yr)
- 13
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 8 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Aunt Millie's Bakeries presents HIGH RISK due to a collapsing franchise system (25% unit decline), missing financial disclosures, and going concern uncertainty, making ROI validation impossible.
Litigation (Item 3)
No litigation disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Crowe LLP⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 41 / 100 verdict
- 01MINORSystem shrinking dramatically: 457 units down 25.3% YoY indicates active closures or non-renewals
- 02MINORNo revenue or profitability disclosure (Item 19): Unable to verify franchisee earnings claims or validate ROI
- 03HIGHGoing concern status FALSE: Franchisor may face solvency, operational, or liquidity issues
- 04MEDHigh initial investment ($36,988–$186,494) with zero royalty relief and no disclosed average returns
- 05MINORUnknown franchise term length: Unclear renewal rights, exit strategy, or long-term commitment obligations
- 06MEDNo litigation disclosed but system collapse pattern suggests potential underlying disputes or franchisor mismanagement
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Territory type | exclusive |
|---|---|
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 3 days |
| Mandatory arbitration | Yes |
| Arbitration location | County where principal place of business of distributor is located |
| Jury trial waiver | No |
| Governing law | IN |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and off-site
- Ongoing training
- Optional
- Time to open
- 0 mo
- From signing to launch
- Site selection
- Franchisor designates the Sales Area
- Franchisor financing
- Offered
- Item 10
- POS system
- Hand-held computer and printer (proprietary system)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Hand-held computer and printer (proprietary system)
Item 20 · call current owners
Franchisee Contacts
98 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Aunt Millie’s Bakeries · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Aunt Millie’s Bakeries franchise?
The total investment to open a Aunt Millie’s Bakeries franchise ranges from $37K – $186K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Aunt Millie’s Bakeries franchise owners earn?
Aunt Millie’s Bakeries does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Aunt Millie’s Bakeries FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Aunt Millie’s Bakeries FDD and qualifies whose outlets they describe.
What is Aunt Millie’s Bakeries's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Aunt Millie’s Bakeries (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Aunt Millie’s Bakeries franchise locations are there?
As of their most recent FDD filing, Aunt Millie’s Bakeries has 457 total units in the United States, including 115 franchised units and 342 company-owned units.
Is Aunt Millie’s Bakeries a good franchise to buy?
FranchiseVerdict rates Aunt Millie’s Bakeries as a C-grade franchise with a verdict score of 41 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.