Miller’s Famous SandwichesFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Miller’s Famous Sandwiches franchise requires a total initial investment of $336K – $691K, including a $30K franchise fee and an ongoing 5.0% royalty[2]. Per the 2023 FDD, average unit revenue was $2.0M[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2023 FDD issuance
Overview
- Investment
- $336K – $691K
- 22nd pct Service Resta…
- Avg gross sales
- $2.0M
- 21st pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 2
- 6th 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
Each dollar invested generates 3.9x in gross revenue, well above the typical 1.5-2.5x range.
Bottom line
- Total investment $336K – $691K including a $30K franchise fee, 5.0% ongoing royalty.
- Average unit revenue of $2.0M/year.
- Verdict A (Top Quintile) with a risk score of 36/100.
- Revenue data based on only 2 reporting units. Treat as directional, not definitive. Ask franchisees directly for current unit economics.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Miller’s Restaurant Group, LLC
- Incorporated in
- DE
- HQ
- 2345 Pawtucket Avenue, East Providence, Rhode Island 02914
- Auditor
- Citrin Cooperman & Company, LLP
- Audited financials
- Franchisor revenue
- $0
- vs $0 prior year
Overview
About
Franchisees operate sandwich shop locations serving premium/specialty sandwiches, likely handling food preparation, customer service, inventory management, and day-to-day P&L responsibility. The business model depends on foot traffic, food quality consistency, and local marketing execution across a protected territory.
- CEO
- Gwendolyn Graham
- Headquarters
- RI
- Founded
- 2017
- FDD year
- 2023
- States available
- 0
FDD Item 7 · 2023 filing · 15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $30K | $30K | |
| Trainingnot refundable | $2K | $10K | |
| Furniture, Fixtures, Equipment & Smallwaresnot refundable | $138K | $188K | |
| Leasehold Improvementsnot refundable | $95K | $280K | |
| Lease and Utility Security Deposits | $5K | $18K | |
| Signsnot refundable | $5K | $25K | |
| Point-of-Sale/Back Office Systemnot refundable | $3K | $15K | |
| Licenses, Permits & Contingency Costsnot refundable | $1K | $3K | |
| Insurancenot refundable | $3K | $5K | |
| Professional Feesnot refundable | $2K | $5K | |
| Architecture Feesnot refundable | $5K | $15K | |
| Initial Inventorynot refundable | $8K | $12K | |
| Grand Opening Marketing Packagenot refundable | $10K | $10K | |
| Extension Feenot refundable | $0 | $15K | |
| Additional Funds - 3 Monthsnot refundable | $30K | $60K | |
| Total initial investment | $336K | $691K |
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
$231K
11.5% margin
Unlevered ROIC
41%
EBITDA / total invested capital
Payback
29 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $336K – $691K
- Better than avg vs category
- Liquid capital req'd
- $30K – $60K
- Better than avg vs category
- Franchise fee
- $30K – $30K
- Better than avg vs category
- Royalty
- 5.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 1.5%
- typical 3–5%
- Total fee load
- 6.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.5% of gross sales |
| Technology fee | $200 |
| Transfer fee | $15K |
| Renewal fee | $10K |
| Total fee load | 6.5% of rev |
A 6.5% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $2.0M
- Per unit, per year
- Median gross sales
- N/A
- Item 19 type
- Affiliate Businesses
- Sample size
- 2 units
- vs category median 13 · small
- Range (low → high)
- $1.4M→$2.6M
- Cohort dispersion (min → max)
- Transparency
- 6 / 5
- vs category median 4 / 5 · above
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Miller’s Famous Sandwiches Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 2
- Opened
- 0
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 0
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 5 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.
No SBA loan data available for this brand.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
This is a high-risk micro-franchise with only 2 units, no financial performance disclosure, and 'Going Concern = False' status, indicating serious franchisor stability concerns despite low litigation history.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Citrin Cooperman & Company, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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 36 / 100 rating
- 01MEDOnly 2 franchised units — critically small system with no disclosed growth trajectory suggests stagnant or failing franchise model
- 02HIGHGoing Concern = False indicates franchisor financial distress or operational viability problems
- 03MINORNo Item 19 (financial performance representations) — cannot verify if $2.0M avg revenue is achievable or sustainable for franchisees
- 04MEDHigh investment range ($335.5K–$690.5K) with undisclosed net income creates opacity around actual profitability and ROI
- 05MINORExtreme unit concentration risk: only 2 locations means any closure materially damages franchise credibility and franchisor support capability
- 06HIGHNo litigation disclosed but Going Concern status suggests underlying legal or operational issues not surfaced
- 07MINOR10-year term is long commitment to unproven system with minimal track record or peer validation
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 | Radius |
| Protected territory | Yes |
| Territory radius | 1 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | East Providence, Rhode Island |
| Jury trial waiver | Yes |
| Governing law | Delaware |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 24 hrs
- On-the-job training
- 136 hrs
- Training location
- On-site and corporate
- Time to open
- 9 mo
- From signing to launch
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
8 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Miller’s Famous Sandwiches · FDD (2023) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Miller’s Famous Sandwiches franchise?
The total investment to open a Miller’s Famous Sandwiches franchise ranges from $336K – $691K, 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 Miller’s Famous Sandwiches franchise owners earn?
According to Item 19 of the Miller’s Famous Sandwiches FDD, the average gross sales per unit is $2.0M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Miller’s Famous Sandwiches's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Miller’s Famous Sandwiches (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 Miller’s Famous Sandwiches franchise locations are there?
As of their most recent FDD filing, Miller’s Famous Sandwiches has 2 total units in the United States, including 0 franchised units and 2 company-owned units.
Is Miller’s Famous Sandwiches a good franchise to buy?
FranchiseVerdict rates Miller’s Famous Sandwiches as a A-grade franchise with a risk score of 36 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.