Milio's Sandwiches
Food & Beverage · Quick-Service Restaurants
- Active units
- 7
- Royalty
- 6.0%
Franchised, year-end 2025
of weekly Net Sales
About Milio's Sandwiches
Milio's Sandwiches, formerly known as Big Mike's Super Subs, is a beloved brand that has been crafting delicious sandwiches since 1989. Founded by Big Mike Liatuad in Madison, Wisconsin, Milio's is known for its commitment to quality and sustainability. Their signature menu features the freshest sandwiches in Madison, made with locally sourced vegetables, meats, and cheeses. But what sets Milio's apart is their secret sauce - their bread. Baked fresh every four hours in their ovens, using the same recipe since their inception, Milio's bread is the foundation of their delectable sandwiches. With over 30 years of experience, Milio's has expanded to 21 locations across Wisconsin, Minnesota, and Iowa. They take pride in their strong ties to the community and support local projects. Whether you're a long-time fan or new to Milio's, you'll be impressed by their dedication to serving exceptional sandwiches and giving back to their communities.
Key terms
- Franchise fee
$15k
- Multi-unit deferred payment program (up to 3 Restaurants)
Total Initial Franchise Fee 38000; 26500 due at signing; 6500 due at second site lease/signing; 5000 due at third site lease/signing; nonrefundable if using this program.
- Existing franchisee reduced fees
Initial Franchise Fee reduced to 13000 for second Restaurant and 10000 for third; payable in lump sum on execution of then-current Franchise Agreement.
- Brand fund
3.5% of Net Sales
- Local advertising
1.5% of Net Sales
- Footprint
600 – 2,000 sq ft
- Veteran discount
Not offered
Brand Percentile Rankings
Rankings compare brands in the same operating year. Fee and investment figures come from the FDD (2026 filing); filings on file: 2024, 2025, 2026.
Growth
- Total locations7
Franchised units open at year-end
- New openings2
Gross new units opened during the calendar year
- 1-year unit growth rate0.0%
Net unit growth versus prior year
- 3-year unit CAGR8.0%
Compound annual growth rate of unit count over the trailing 3 years
- Unit growth ratio1.0×
Cumulative opens / closures through year-end
Unit economics
- Annual unit volume (Median)—
Per FDD Item 19 disclosure
- Annual unit volume (25th percentile)—
Per FDD Item 19 disclosure
- Annual unit volume (75th percentile)—
Per FDD Item 19 disclosure
- 1-year Median AUV growth rate-5.7%
Year-over-year change in median AUV
- Store-level EBITDA Margin—
Median unit-level EBITDA / AUV
Investment profile
- Estimated initial investment$325k
Midpoint of estimated initial investment range
↓ Lower is better - Time to open180 months
Midpoint of average time from agreement to opening
↓ Lower is better - Royalty rate6.0%
Percent of net sales paid to the franchisor
↓ Lower is better - Sales-to-investment ratio—
Median AUV / estimated initial investment midpoint
- Cash-on-cash returns—
Median unit-level EBITDA / estimated initial investment midpoint. Steady-state estimate; year 1 returns will be lower as the unit ramps to median volumes.
Franchisee healthLocked
- Unit closure ratio
- Transfer vs. closure ratio
- Percent multi-unit franchisees
- Litigation rate
- EBITDA multiple on sales & transfers
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Location footprint
Showing 10 of 16 mapped locations
Sources
Financial and operating figures are sourced from the brand's Franchise Disclosure Documents. Brand percentile rankings are based on comparisons to other brands that include the same metrics in their Franchise Disclosure Documents.