(FORTUNE Small Business) – Holes in Krispy Kreme's growth story—who would have imagined it? Readers of FSB could have, and long before the doughnut giant's recent woes, which have included restating last year's earnings and being targeted for an SEC probe. In May 2002, FSB writer Carlye Adler posed the key question in a story titled "Would You Pay $2 Million for This Franchise?" As it turned out, many franchisees could not afford the high fees of what Adler termed "the costliest food franchise available." As for the Atkins effect, she also warned of "a decent chance the country could go on another health kick." — JOSHUA HYATT