Aunt Millie’s BakeriesFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Aunt Millie’s Bakeries franchise requires a total initial investment of $65K – $186K, including a $65K franchise fee. The 2026 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: B. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2026 FDD issuance
Overview
- Investment
- $65K – $186K
- 4th pct Service Resta…
- Avg gross sales
- N/A
- 59th pct Service Resta…
- Royalty
- N/A
- Units
- 457
- 88th pct Service Resta…
- SBA default
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = >15% above Quick-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
The system contracted 25% year-over-year. Investigate why units are closing.
Bottom line
- Total investment $65K – $186K including a $65K franchise fee.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict B (Above Average) with a risk score of 60/100.
- System contracting at -32.4% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Perfection Bakeries, Inc.
- Incorporated in
- IN
- HQ
- 6230 Bluffton Road, Fort Wayne, Indiana 46809
- Auditor
- Crowe LLP
- Audited financials
- Franchisor revenue
- $462.7M
- vs $449.2M prior year
Affiliated brands
- Perfection Distribution
- First Capital Acceptance
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Aunt Millie's Bakeries franchisees operate retail/wholesale bakery locations selling fresh-baked goods (breads, pastries, cakes) to consumers and potentially foodservice accounts. Daily operations include dough preparation, baking, decorating, staffing, inventory management, and point-of-sale sales.
- CEO
- John F. Popp
- Headquarters
- IN
- Founded
- 1903
- FDD year
- 2026
- States available
- 5
FDD Item 7 · 2026 filing · 10 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
- $65K – $186K
- Better than avg vs category
- Liquid capital req'd
- $330 – $3K
- Better than avg vs category
- Franchise fee
- $30K – $100K
- Below avg, review vs category
- Royalty
- None
- Ad fund
- -n/d
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Transfer fee | $2 |
| Inventory (initial) | $3K – $25K |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Quick-Service Restaurants averages
How Aunt Millie’s Bakeries Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 457
- Opened
- 0
- Last reporting year
- Closed
- 13
- Turnover rate
- 2.8%
- Company-owned
- 342
- Corporate units in the system
- % franchised
- 25%
- vs corporate-owned
- Net growth (yr3)
- -25.3%
- Net unit change last year
- 3-yr CAGR
- -32.4%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 20
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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
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.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Crowe LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 60 / 100 rating
- 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
- 06HIGHNo litigation disclosed but system collapse pattern suggests potential underlying disputes or franchisor mismanagement
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Territory type | Geographic |
|---|---|
| Protected territory | Yes |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Right of first refusalℹ | Yes |
| Termination notice | 3 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | No |
| Governing law | Indiana |
| Litigation count | 0 |
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and off-site
- Franchisor financing
- Offered
- Item 10
- POS system
- Hand-held computer system and printer
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Hand-held computer system and printer
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 $65K – $186K, with an initial franchise fee of $65K. 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 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 154 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 B-grade franchise with a risk score of 60 out of 100, 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.
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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.