Aunt Millie’s Bakeries Franchise Cost, Revenue & Review 2026
- Investment
- $37K – $186K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
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. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored3 of 3 headline figures on this page cite a page of the filing.
Overview
- Investment
- $37K – $186K
- 2nd pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- Not extracted
- 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 median · 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.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict C (Average), verdict score 43/100 (higher is better).
- GROWTHNegative: net -39 franchised outlets in the latest year (0 opened, 13 closed) (Item 20).
- DECLINESystem 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
Corporate structure & franchisor financials
- Legal entity
- Perfection Bakeries, Inc.
- 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
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 77% 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 makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Aunt Millie’s Bakeries unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, royalty rate, ad fund rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 medians
How Aunt Millie’s Bakeries Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
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
Last fiscal year · Item 20 exits and transfers
- Terminated
- 13
- Not renewed
- 0
- Transferred
- 20
- Reacquired
- 13
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 5
- Franchisor's next-year forecast
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.
Where the owners are · Item 20 owner list
98 current owners across 8 states.
- IL 38
- IN 35
- KY 8
- MI 6
- OH 6
- WI 3
- AR 1
- NV 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
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?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Crowe LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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.
ⓘ 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 43 / 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
- 03MEDHigh initial investment ($36,988–$186,494) with zero royalty relief and no disclosed average returns
- 04MINORUnknown franchise term length: Unclear renewal rights, exit strategy, or long-term commitment obligations
- 05MEDNo 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 territory |
|---|---|
| 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
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 makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Aunt Millie’s Bakeries?
Aunt Millie’s Bakeries is franchised by Perfection Bakeries, Inc.. The FDD names no parent company. Source: FDD Item 1, 2026 filing.
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 43 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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.