Milio's franchise
2025 filing · April 30, 2025Shares sales figures
Milio's at a glance
A sandwich shop serving subs, wraps and other sandwiches, in a convenience store or an in-line or freestanding restaurant. At the end of 2024 there were 18 Milio's locations in the US, 7 franchised and 11 company-owned, so most are run by the company itself.
The business
- Franchisor
- Regent Subs Franchise LLC
- The company that sells the franchises
- Current franchisor selling since
- 2023
- 2 years of selling franchises
- Franchisor based in
- Fitchburg, Wisconsin
- Typical size
- 600–2,000 sq ft
What you pay
- Cost to open
- $131K–$327K
- A Milio's in a convenience store
- Franchise fee
- $15,000
- Paid once, when you sign
- Royalty
- 6%
- 6% of gross sales, paid weekly
- Brand fund
- Yes
- 3.5% to 5% of gross sales, paid weekly
- Agreement length
- 10 years
- Territory
- Protected
- Protected territory
- Franchisor financing
- None offered
Where it is
- US locations, 2024
- 18
- Franchised and company-owned
- Franchised
- 7
- Company-owned
- 11
- Change in 3 years
- 0
- Franchised locations, 2022–2024
- States
- 3
- Most in Wisconsin, Minnesota and Iowa
Support and records
From Regent Subs Franchise LLC’s 2025 filing; revenue and net income from its audited financial statements, page 46; SBA status from the SBA Franchise Directory, October 28, 2026.
Franchisor revenue is the company that sells the franchises (royalties, fees and anything else it earns), not what a location makes.
Where it ranks
Milio's among all franchises with the same figure.
| Figure | Milio's | Among all franchises |
|---|---|---|
| Cost to open, midpointHalfway between the low and high estimate | $228,675 | Costs less than 65% of franchises |
| Franchise feePaid once, when you sign | $15,000 | Lower than 93% of franchises |
| RoyaltyShare of sales paid to the franchisor | 6% | Higher than 35% of brands with a set rate |
| US locationsFranchised and company-owned | 18 | Fewer than 52% of franchises |
| Sales per locationYearly, as the brand reports it | $593,126 | Lower than 63% of brands that share sales figures |
| Sales against cost to openYearly sales over the cost midpoint | 2.6× | Higher than 74% of brands that share sales figures |
How much a Milio's franchise costs
Opening a Milio's in a convenience store costs an estimated $130,850 to $326,500. That covers the franchise fee and everything else needed to open, through the first months of working capital.
The biggest costs are leasehold improvements ($30,000 to $135,000) and furniture, fixtures and equipment ($40,000 to $75,000). Here is every line of the estimate as filed:
| What it pays for | Range | Low | High |
|---|---|---|---|
| Initial Franchise Fee | $15,000 | $26,500 | |
| Leasehold Improvements | $30,000 | $135,000 | |
| Furniture, Fixtures and Equipment | $40,000 | $75,000 | |
| Signage | $5,000 | $7,500 | |
| Computer POS System (POS Register) | $3,500 | $6,000 | |
| Rent | $1,250 | $4,000 | |
| Lease & Utility Security Deposits | $0 | $3,600 | |
| Initial Inventory | $5,000 | $7,000 | |
| Insurance | $1,100 | $1,900 | |
| Training | $7,500 | $9,500 | |
| Grand Opening Advertising/Marketing | $2,500 | $5,000 | |
| Branding Package | $1,000 | $2,500 | |
| Office Equipment and Supplies | $1,000 | $3,000 | |
| Professional Fees and Business Licenses and Permits | $5,000 | $10,000 | |
| Additional Funds (3-month period) | $13,000 | $30,000 | |
| Total | $130,850 | $326,500 |
Source: Regent Subs Franchise LLC, 2025 filing, page 11
Milio's franchise fee
The franchise fee is $15,000. You pay it when you sign the franchise agreement.
Source: Regent Subs Franchise LLC, 2025 filing, page 8
Royalty and ongoing fees
| Royalty | 6% of gross sales, paid weekly. |
|---|---|
| Brand or marketing fund | 3.5% to 5% of gross sales, paid weekly. |
| Computer Maintenance and Updates | $800 to $1,500 |
The typical franchise royalty is 6% of sales, plus 2% for marketing. See franchise fees and royalties to compare.
Source: Regent Subs Franchise LLC, 2025 filing, page 9
Other fees as filed, from page 9. The filing lists every fee, including late fees and audit costs.
Sales and earnings
Shares figures Milio's publishes sales or earnings figures for its locations. The full tables, with notes on which locations are counted, are in its filing.
- Average sales
- $593,126
- Median sales
- $617,793
Yearly figures for 2024, covering franchised strip-mall restaurants open the full 2024 reporting period (6 locations). The average is about 2.6 times the midpoint of the cost to open.
Sales are what a location takes in before rent, payroll, royalties and other costs, not what its owner keeps.
Source: Regent Subs Franchise LLC, 2025 filing, pages 31–33
SBA loans to Milio's franchisees
Lenders approved 11 SBA 7(a) loans for Milio's franchisees from 2005 to 2012, $1.68M in all. All 11 have ended: 9 were paid in full and 2 were charged off.
A charged-off loan is one written off as uncollectible. See SBA franchise loans for how 7(a) and 504 loans work.
Source: SBA 7(a) and 504 loan data, as of September 30, 2026
Growth and closures
Share of franchised locations, 2024 / 2022–2024. Typical means the median: half of brands are above it, half below.
| Measure | Milio's | Typical sandwich brand | Typical franchise |
|---|---|---|---|
| GrowthNet change in franchised locations | +17% / 0% | 0% / 0% | +1.2% / +10% |
| ClosuresTerminated, not renewed or stopped operating | 0% / 0% | 2% / 13% | 3.9% / 16% |
| Bought backLocations the franchisor took back | 0% / 14% | 0% / 0% | 0% / 0% |
Typical sandwich brand is the median of the 35 brands in sandwich franchises with three years of counts.
How Milio's compares
Of the 80 sandwich franchises on this site, Milio's is the 4th cheapest to open and the 43rd largest by number of locations.
| Figure | Milio's | Typical sandwich brand | Typical franchise |
|---|---|---|---|
| Cost to open, low end | $131K | $321K | $222K |
| Cost to open, high end | $327K | $683K | $477K |
| Franchise fee | $15K | $32K | $40K |
| Royalty | 6% | 6% | 6% |
| Sales per location | $593K | $857K | $794K |
| US locations | 18 | 31 | 21 |
| Shares earnings figures | Yes | 50 of 80 | 2,147 of 3,352 |
Typical is the median across the 80 brands in sandwich franchises; typical franchise, across every brand here.
Locations opened and closed
| Year | Franchised | Company-owned | Opened | Closed |
|---|---|---|---|---|
| 2021 | 7 (0) | 12 | – | – |
| 2022 | 7 (0) | 12 | 0 | 0 |
| 2023 | 6 (−1) | 13 | 0 | −1 |
| 2024 | 7 (+1) | 11 | +1 | 0 |
Closed or left counts terminations, non-renewals, locations bought back by the franchisor and locations that stopped operating. Company-owned restaurants are run by an affiliate.
See which brands grew most in the fastest-growing franchises rankings.
More in the guides: sandwich and sub franchise costs and franchise failure rates.
Over 4 years, from the start of 2021 to the end of 2024, franchised locations went from 7 to 7, no change. The earlier years come from the brand's 2024 filing.
Source: Regent Subs Franchise LLC, 2025 filing, page 34
2021: Regent Subs Franchise LLC, 2024 filing, page 34
Where Milio's locations are
At the end of 2024, Milio's had locations in 3 states. The most are in Wisconsin, Minnesota and Iowa.
- Wisconsin15
- Minnesota2
- Iowa1
Source: Regent Subs Franchise LLC, 2025 filing, page 35
Who owns Milio's?
Milio's franchises are sold by Regent Subs Franchise LLC.
From Regent Subs Franchise LLC’s 2025 filing.
Lawsuits and bankruptcy
| Lawsuits and regulatory actions | None. The filing says no litigation has to be disclosed. |
|---|---|
| Bankruptcy | None. The filing says no bankruptcy has to be disclosed. |
Franchisors must disclose lawsuits and bankruptcies involving the company, its parents and affiliates, and its executives. Many cases are routine disputes with franchisees over fees or contracts; read the descriptions in the filing and ask current owners about anything that worries you.
Source: Regent Subs Franchise LLC, 2025 filing, litigation on page 8, bankruptcy on page 8
Milio's filings
A franchisor files a new disclosure each year it sells franchises. The figures on this page come from Regent Subs Franchise LLC’s 2025 filing, issued April 30, 2025; the earlier ones below are on record with the Minnesota Department of Commerce and fill in older location counts.
| Filing | Issued | Registry | On this page |
|---|---|---|---|
| 2025 filing | April 30, 2025 | Minnesota | Costs, fees and locations, 2022–2024 |
| 2024 filing | – | Minnesota | Locations, 2021 |
Each link opens the filing as a PDF. See the newest filings across all brands.
Other sandwich franchises
All sandwich franchises
Milio's is also on these lists: fast food franchises, restaurant franchises, food franchises.