Milio’sFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A MILIO’S franchise requires a total initial investment of $111K – $434K, including a $15K franchise fee and an ongoing 6.0% royalty[2]. Per the 2024 FDD, average unit revenue was $629K[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $111K – $434K
- 4th pct Service Resta…
- Avg gross sales
- $629K
- 4th pct Service Resta…
- Royalty
- 6.0%
- 26th pct Service Resta…
- Units
- 19
- 27th pct Service Resta…
- SBA default
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-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
Started franchising in 2023. Newer systems carry more uncertainty but may offer better territories.
Franchised units fell from 7 to 6 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $111K – $434K including a $15K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $629K/year (median $645K).
- Verdict A (Top Quintile) with a risk score of 19/100.
- Emerging franchise: only 3 years of franchising with 19 units. Early-stage systems carry higher risk but may offer better territory availability.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Regent Subs Franchise LLC
- Predecessor
- and these affiliates
- Prior franchisor entity
- Incorporated in
- WI
- HQ
- 5936 Seminole Centre Court #100, Fitchburg, WI 53711
- Auditor
- Meicher CPAs, LLP
- Audited financials
- Franchisor revenue
- $807K
- vs $865K prior year
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- Milios Subs Forever
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Milio's franchisees operate sandwich/sub restaurant locations, managing daily food preparation, customer service, inventory, and staff operations. Day-to-day responsibilities include managing kitchen staff, maintaining food quality standards, handling point-of-sale operations, and driving local marketing to compete against established QSR chains.
- CEO
- Timm Heller
- Headquarters
- WI
- Founded
- 2020
- FDD year
- 2024
- States available
- 3
FDD Item 7 · 2024 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $15K | $15K |
| Working capital (3–6 mo) | $13K | $30K |
| Equipment, build-out, other | $83K | $389K |
| Total initial investment | $111K | $434K |
Source: MILIO’S 2024 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$53K
8.5% margin
Unlevered ROIC
18%
EBITDA / total invested capital
Payback
5.5 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $111K – $434K
- Better than avg vs category
- Liquid capital req'd
- $13K – $30K
- Better than avg vs category
- Franchise fee
- $15K – $15K
- Better than avg vs category
- Royalty
- 6.0%
- percentage · typical 6–8%
- Ad fund
- 3.5%
- typical 3–5%
- Total fee load
- 9.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 3.5% of gross sales |
| Transfer fee | $8K |
| Inventory (initial) | $5K – $7K |
| Total fee load | 9.5% of rev |
Financial Performance
- Avg gross sales
- $629K
- Per unit, per year
- Median gross sales
- $645K
- Item 19 type
- gross_sales
- Sample size
- 6 units
- vs category median 13 · small
- Range (low → high)
- $300K→$821K
- Cohort dispersion (min → max)
- Quartile band
- $300K→$821K
- Bottom 25% → top 25%
- Transparency tier
- full
- Categorical assessment of disclosure depth
- Reporting year
- 2023
- Fiscal year the figures cover
- Transparency
- 6 / 5
- vs category median 4 / 5 · above
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Milio’s Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 19
- Opened
- 0
- Last reporting year
- Closed
- 0
- Turnover rate
- 0.0%
- Company-owned
- 13
- Corporate units in the system
- % franchised
- 32%
- vs corporate-owned
- Net growth (yr3)
- -14.3%
- Net unit change last year
- 3-yr CAGR
- -14.3%
- Compounded over last 3 years
3-year detail · Item 20
- Closed (3yr)
- 19
- Terminated (3yr)
- 1
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 19
- Franchisor bought back
- Termination rate
- 16.7%
- Franchisor-initiated terminations
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 3 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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 20
- Loan volume
- N/A
- Amount data pending
- Median loan
- N/A
- Charge-off rate
- N/A
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 0
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Milio's presents caution-level risk due to declining unit count, undisclosed profitability metrics, and franchisor going concern status, despite reasonable revenue and no litigation.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $100,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Meicher CPAs, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 19 / 100 rating
- 01MEDUnit count declined 14.3% YoY (19 units) indicating system contraction and potential viability concerns
- 02MEDNet income not disclosed in Item 19 — inability to assess actual profitability despite $628k avg revenue
- 03HIGHGoing Concern status is False — suggests financial instability or operational uncertainty at franchisor level
- 04MINORWide investment range ($111k-$433k) with 6% royalties on $628k revenue = ~$37.7k annual royalties, creating tight margin scenarios
- 05MINORSmall unit count (19 stores) limits brand recognition, supply chain leverage, and marketing economy of scale
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Population-based |
| Protected territory | Yes |
| Territory population | 18,500 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Wisconsin |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 15 hrs
- On-the-job training
- 185 hrs
- Training location
- On-site and at franchisor location
- Site selection
- franchisor
- POS system
- Toast
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast
Item 20 · call current owners
Franchisee Contacts
19 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
MILIO’S · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a MILIO’S franchise?
The total investment to open a MILIO’S franchise ranges from $111K – $434K, with an initial franchise fee of $15K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do MILIO’S franchise owners earn?
According to Item 19 of the MILIO’S FDD, the average gross sales per unit is $629K. The median is $645K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is MILIO’S's franchise failure rate?
SBA 7(a) loan charge-off data is not available for MILIO’S (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 MILIO’S franchise locations are there?
As of their most recent FDD filing, MILIO’S has 19 total units in the United States, including 7 franchised units and 13 company-owned units.
Is MILIO’S a good franchise to buy?
FranchiseVerdict rates MILIO’S as a A-grade franchise with a risk score of 19 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.
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.