Risk Score
Pending analysis
Investment Range
$130,850 - $445,000
Franchise Fee
$10,000
Total US Locations
18
Business Summary
Milio's Restaurant operates a business that offers a wide variety of sandwiches, wraps, and other food products and beverages. These restaurants focus on carry-out dining, with some locations also offering on-premises dining and/or delivery services, and potentially drive-thru services. Milio's prepares menu items according to specific recipes and serves them under designated brand standards.
Corporate History
Milio's Sandwiches' origins date back to March 1989 when its predecessor, Big Mike's Super Subs Franchise Systems, Inc., along with its parent Milio's Sandwiches Inc. and affiliate Big Mike's Super Subs of Wisconsin, Inc., began operating MILIO'S® restaurants (then known as "Big Mike's Super Subs"). The current franchisor, Regent Subs Franchise LLC, was formed on August 17, 2020. An affiliate, Milios Subs Forever, LLC (MSF), also formed on August 17, 2020, has owned and operated MILIO'S restaurants since October 2020. Regent Subs Franchise LLC started offering MILIO'S franchises on August 10, 2023.
Financial Overview
Investment Range
$130,850 - $445,000
Franchise Fee (Low)
$10,000
Franchise Fee (High)
$15,000
Royalty %
6%
Marketing %
3.5%
Equipment Costs (Low)
$70,000
Equipment Costs (High)
$312,000
Working Capital
$21,500
Audited Financials
Yes
Offers Financing
No
Audit Opinion
Unqualified opinion
Financial Health Notes
Milio's has audited financial statements as of December 29, 2024, and December 31, 2023, which received an Unqualified Opinion from its independent auditor. The company reported positive cash balances and net income for both fiscal years. There are no concerns noted regarding going concern, and the company has no balances in excess of FDIC insurance limits. Overall, Milio's demonstrates a stable financial position.
Financing Details
Milio's does not offer any direct or indirect financing to its franchisees. Franchisees are responsible for securing their own financing for all investment components.
Performance Metrics
Total US Locations
18
Franchised Units
7
Corporate Units
11
Avg Square Footage
1,300
Franchising Since
2023
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
Milio's has no litigation to report, as no litigation is required to be disclosed in Item 3 of its Franchise Disclosure Document.
Bankruptcy History
Milio's has no bankruptcy history to report, as no bankruptcy information is required to be disclosed in Item 4 of its Franchise Disclosure Document.
Agreement Terms
Initial Term
10 years
Renewal Term
5 years
Renewal Conditions
To renew their Milio's franchise agreement, franchisees must provide written notice of their decision to renew between 6 and 12 months before the current term expires. They must sign Milio's then-current franchise agreement, which may have different terms and fees. Franchisees must also have completed all modernization requirements for their restaurant, be in good standing with no defaults, and have met all financial obligations on time. If leasing their location, they need to show proof they can stay in the premises for the renewal period, comply with all current training requirements, and sign a general release of claims.
Training & Support Program
Franchisor Assistance
Milio's provides several forms of assistance to its franchisees. Before opening, the franchisor offers site selection guidelines, building and design requirements, approved supplier lists, and copies of operations manuals. Milio's also approves all grand opening advertising materials and provides initial training programs. Once open, Milio's maintains a Marketing Fund, updates approved supplier lists, conducts periodic restaurant visits for consultation, and offers refresher training courses at no charge to the franchisee (though franchisees cover their own expenses).
Initial Training Hours
200
Training Location
Our facility in Madison, WI or another location we specify
Ongoing Support
Milio's provides ongoing support to its franchisees after opening, including maintaining a Marketing Fund and updating approved supplier and supply lists. The franchisor conducts periodic visits to restaurants for consultation and guidance, and offers refresher training courses as deemed necessary. Additionally, Milio's requires franchisees to attend annual franchise conventions and meetings related to new products, operational procedures, or training.
Franchise Requirements
Ideal Candidate Profile
Milio's looks for franchisees who are committed to operating a restaurant and may be willing to open multiple locations. For day-to-day operations, Milio's requires a General Manager who devotes full time and best efforts to the restaurant's management, provides direct on-premises supervision, and meets the franchisor's prior restaurant or retail management experience requirements. Milio's also conducts a 3-day training/observation program for prospective franchisees to assess characteristics important for operating a restaurant.
Industry Experience Required
Yes
Management Experience Required
Yes
Sales Experience Required
No
Technical Skills Required
No
Operational Details
Location Type
retail
Owner Participation
hands-on
Territory Type
exclusive
Territory Size Requirements
Milio's defines its Designated Area using criteria such as population base, population density, proximity to college campuses, total student population, growth trends, apparent affluence, density of residential and business entities, and major topographical features like rivers or major freeways. Typically, a Designated Area will have a population base of approximately 12,000 to 25,000 people, though population is less critical in high business density areas.
Staffing Notes
Milio's requires that the franchisee (if an individual) or their designated General Manager devote full time and best efforts to the restaurant's management and provide direct on-premises supervision. Each Milio's Restaurant must have a General Manager and at least two assistant managers at all times, all of whom must complete the required training. Franchisees must employ a sufficient number of competent and trained employees in approved, clean uniforms. Milio's emphasizes that franchisees are solely responsible for all employment decisions and actions related to their staff, including hiring, firing, training, wages, and benefits.