Meet the man behind the success of Jersey Mike’s Franchise Systems, Inc., Peter Cancro (b. May 1957). Hailing from Point Pleasant Beach, New Jersey, Cancro is an American businessman and entrepreneur who is best known as the founder and the CEO of Jersey Mike’s Subs, an American submarine sandwich chain headquartered in Manasquan, New Jersey.
From earning $1.75 an hour as a worker to making billions from the sandwich franchise, Cancro inspires everyone to work hard in order to get success. The Jersey Mike’s Franchise has 2,034 locations open and under development with three locations in Queensland, Australia, and two in Ontario, Canada.
How Peter Cancro Turned One Sandwich Shop into a Billion-Dollar Business
Peter Cancro started working in Mike’s Subs in Point Pleasant, N.J., just at the age of fourteen, the same place where his brother used to work. During his senior year, he eventually overheard the conversation of the owners, two brothers discussing selling the business.
Cancro stuck with what he had to get to where he is.
Photo Source: Jersey Mike’s Subs, Instagram
And when the shop went up for sale again in 1975, with the suggestion of his mother, Cancro who was originally planning on attending law school, decided to buy it. With the help of his football coach, Rod Smith, who was also a banker at that time, the then 17-year-old teen pulled together $125,000 in three days and eventually became the owner and proprietor of Mike’s Subs.
In 1987, Peter started franchising the business across the country and also changed the chain’s name from Mike’s Submarine to Jersey Mike’s. Fast forward to 2021, Jersey Mike’s generates around $2 billion in annual sales with 2,034 locations and has even won the award for the fastest growing franchise concept in America for the last four years in a row.
The Rise of ‘Jersey Mike’s Franchise’ and Peter Cancro’s Net Worth
Peter Cancro became the owner of then Mike’s Submarine, a sandwich place of the 1,000-square-foot store with 17 seats at the age of just 17. Over the next decade, he along with his former wife Linda Cancro, opened a few more local outlets of Mike’s Subs, slowly building a loyal customer base.
The entrepreneur spent the next few years building on the cult-like following that Mike’s Subs already enjoyed. He even personally taught the crew to interact and talk with the customer, to share a passion for getting to know the customer.
They’ve got some celebrity fans as well.
Photo Source: Jersey Mike’s Subs, Twitter
Eventually, in 1987, he began franchising the business due to the large demand of the customers. However, this decision nearly destroyed the company, taking him to the edge of bankruptcy as the recession hit the United States in the ’90s.
In order to survive this huge loss, Cancro had to lay off six people including his own brother, John Cancro, eventually having to work more than 100 hours every week himself. Luck seems to be on his side as within three years of the recession, he managed to rise again and hire back all the staff he had fired back then.
Today there are roughly over 2,000 locations through which the company generates over $2 billion per year in gross revenue as per estimating sources. Cancro who has been the CEO of Jersey Mike’s Franchise Systems Inc., aka Jersey Mike’s Subs, for over 47 consecutive years now, holds a net worth of around $400 million.
Philanthropy: Peter Cancro Hosts ‘Day of Giving’ Every March, Donating 100% of Jersey Mike’s Subs’ Revenue
Peter Cancro has always believed in the idea of giving back since the start of his business in the year 1974, the tradition which he learned from his mentor, Bob Hoffman of Hoffman’s Ice Cream. And in 2011, Jersey Mike’s Subs started the unique concept of donating 100% of its sales, not just the profits, to local charities every March as Day of Giving.
The perfect picture.
Photo Source: Jersey Mike’s Subs, Facebook
Till now, Cancro’s company has raised over $47 million for local charities including hospitals, youth organizations, food banks, and more through this campaign. In 2021 only, Jersey Mike’s annual Month of Giving campaign raised more than $15 million.
The businessman has made a profound contribution to countless communities and organizations over the years and especially during the COVID-19 pandemic. His charity has previously benefited Jersey Shore University Medical Center’s HOPE Tower Project, Trauma Center, Transforming Care Campaign, sponsorship support for the medical center’s Annual Golf Classics and Annual Foundation Gala events, and Hackensack Meridian Ocean Medical Center’s emergency department expansion.
Peter Cancro Is Now Married to Tatiana Cancro
It won’t be wrong to say Peter Cancro and his beloved wife, Tatiana Voevodina Cancro, are a match made in heaven considering their love to run business and their commitment to philanthropy. The love birds tied the knot in the year 2014 and celebrated their seventh year marriage anniversary in February 2021.
The anniversary celebrations are quite something with the two.
Photo Source: Tatiana Cancro, Instagram
Prior to Tatiana, Cancro was married to his former wife and business partner, Linda Cancro with whom he opened up a few outlets of Jersey Mike’s Sub. The former pair shared a daughter, Caroline Jones, who is now a senior vice president of Jersey Mike’s Franchise System in Manasquan, N.J. Besides, Peter is also a stepfather to Philip, who is Tatiana’s son from her previous marriage.
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