MILIO’S SandwichesFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A MILIO’S Sandwiches franchise requires a total initial investment of $131K – $445K, including a $15K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average unit revenue was $593K[2]. SBA 7(a) loans show a 29.4% charge-off rate across 17 loans[1]. Verdict grade: D. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $131K – $445K
- 5th pct Service Resta…
- Avg gross sales
- $593K
- 4th pct Service Resta…
- Royalty
- 6.0%
- 26th pct Service Resta…
- Units
- 18
- 26th pct Service Resta…
- SBA default
- 29.4%
- system-wide median varies by category
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
29.4% of SBA loans charged off across 17 loans, above the 16% franchise average.
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 $131K – $445K including a $15K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $593K/year (median $618K).
- Verdict D (Below Average) with a risk score of 74/100. SBA loan charge-off rate of 29.4% across 17 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- Emerging franchise: only 3 years of franchising with 18 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
- $768K
- 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 Sandwiches franchisees operate quick-service sandwich shops focused on customizable, made-to-order sandwiches. Daily operations include food preparation, inventory management, customer service, and point-of-sale management in small-format locations (typically 800–1,200 sq ft). Franchisees manage 3–8 employees per unit and handle local marketing, staffing, and regulatory compliance.
- CEO
- Timm Heller
- Headquarters
- WI
- Founded
- 2020
- FDD year
- 2025
- States available
- 3
FDD Item 7 · 2025 filing · 15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $15K | $27K | |
| Leasehold Improvements | $30K | $200K | |
| Furniture, Fixtures and Equipment | $40K | $112K | |
| Signage | $5K | $12K | |
| Computer POS System (POS Register) | $4K | $6K | |
| Rent | $1K | $8K | |
| Lease & Utility Security Deposits | $0 | $10K | |
| Initial Inventory | $5K | $7K | |
| Insurance | $1K | $3K | |
| Training | $8K | $10K | |
| Grand Opening Advertising/Marketing | $3K | $5K | |
| Branding Package | $1K | $4K | |
| Office Equipment and Supplies | $1K | $3K | |
| Professional Fees and Business Licenses and Permits | $5K | $10K | |
| Additional Funds (3-month period) | $13K | $30K | |
| Total initial investment | $131K | $445K |
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.
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
$50K
8.5% margin
Unlevered ROIC
16%
EBITDA / total invested capital
Payback
6.1 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $131K – $445K
- 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%
- Gross Sales · 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 |
| Technology fee | $2K |
| Transfer fee | $8K |
| Inventory (initial) | $5K – $7K |
| Total fee load | 9.5% of rev |
Financial Performance
- Avg gross sales
- $593K
- Per unit, per year
- Median gross sales
- $618K
- Item 19 type
- Unaudited Statement of Sales, Cost of Sales and Gross Margin
- Sample size
- 6 units
- vs category median 13 · small
- Range (low → high)
- $277K→$791K
- Cohort dispersion (min → max)
- Quartile band
- $277K→$791K
- Bottom 25% → top 25%
- Transparency tier
- full
- Categorical assessment of disclosure depth
- Reporting year
- 2024
- 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 Sandwiches Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 18
- Opened
- 1
- Last reporting year
- Closed
- 1
- Turnover rate
- 5.6%
- Company-owned
- 11
- Corporate units in the system
- % franchised
- 39%
- vs corporate-owned
- Net growth (yr3)
- +16.7%
- Net unit change last year
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 19
- Terminated (3yr)
- 0
- Transfers (3yr)
- 2
- Reacquired (3yr)
- 19
- Franchisor bought back
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
- 17
- Loan volume
- $3.2M
- Median loan
- $201K
- 50th percentile
- Charge-off rate
- 29.4%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 70.6%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- 5
Explore lender portfolios on Bank Reports or regional data on State Reports.
A 29.4% charge-off rate means roughly 1 in 3 franchisees failed to repay their SBA loan. Investigate what changed.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
MILIO'S presents moderate-to-cautious risk: undisclosed profitability metrics, small system size, tight investment ROI margins, and unproven unit economics make this suitable only for well-capitalized, risk-tolerant investors who can validate claims directly with existing franchisees.
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 74 / 100 rating
- 01MEDNet income not disclosed in FDD Item 19 — unable to validate profitability claims against $593K average revenue
- 02MINORSmall unit count (18 locations) limits sample size for performance data reliability and franchisor operational maturity
- 03MINORHigh investment-to-revenue ratio: $445K max investment against $593K avg revenue creates thin margin for error and long payback period
- 04MINORModest unit growth (16.7% YoY) from a tiny base — growth trajectory unclear and vulnerable to market saturation in protected territories
- 05MINOR6% royalty on gross sales (not net) incentivizes franchisor revenue over franchisee profitability
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 | Designated Area based on population and demographics |
| 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 off-site
- Site selection
- franchisor
- POS system
- Toast
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast
Item 20 · call current owners
Franchisee Contacts
18 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
MILIO’S Sandwiches · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a MILIO’S Sandwiches franchise?
The total investment to open a MILIO’S Sandwiches franchise ranges from $131K – $445K, 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 Sandwiches franchise owners earn?
According to Item 19 of the MILIO’S Sandwiches FDD, the average gross sales per unit is $593K. The median is $618K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is MILIO’S Sandwiches's franchise failure rate?
Based on SBA 7(a) loan data, MILIO’S Sandwiches has a charge-off rate of 29.4% across 17 loans, meaning 29.4% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many MILIO’S Sandwiches franchise locations are there?
As of their most recent FDD filing, MILIO’S Sandwiches has 18 total units in the United States, including 7 franchised units and 11 company-owned units. 1 new units were opened in the latest reporting year.
Is MILIO’S Sandwiches a good franchise to buy?
FranchiseVerdict rates MILIO’S Sandwiches as a D-grade franchise with a risk score of 74 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.