Peter Cancro Net Worth: Pete Cancro Peter Cancro, born on May 15, 1957, is the chief executive officer of Jersey Mike’s Subs, also known as Jersey Mike Franchise System Inc. The company’s network now includes over 2000 locations throughout the United States, but expansion hasn’t always been easy. He’s in his 60s now and still considered one of America’s most successful businesspeople.
Some challenges confronted him, but he overcame them and emerged from them a stronger, more accomplished man. His fans are still wondering who he is, despite the fact that his biography can’t be found on Wikipedia.
Peter Cancro Net Worth
Peter Cancro is an American businessman and entrepreneur who is worth $600 million. Peter Cancro became wealthy as a co-founder of Jersey Mike’s Subs, an American chain with over 1,500 locations. Cancro is a local of Point Pleasant Beach, New Jersey.
He got his first job at Mike’s Submarines, a sandwich store, when he was only 14 years old. In his senior year of high school, Peter found out that the store’s current owners, two brothers, were looking to sell. They put up a request for $125,000. Peter’s mom urged him to make the purchase.
Peter allegedly missed the next week of school to go door-to-door in an attempt to raise enough money to pay off the brothers. After many fruitless days, he eventually managed to get access to his football coach Rod Smith’s office by knocking on his door. After Peter detailed the shop’s financial predicament, Rod, who worked in finance by day, offered to make the acquisition possible by making an interest-bearing loan.
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Peter Cancro Early Life
Peter Cancro entered this world on May 15, 1957, in New Jersey. Their younger sibling goes by the name of John. Cancro obtained his high school certificate from Point Pleasant High School in 1975.
Peter Cancro Jersey Mike Subs
Cancro began working at Mike’s Submarines in Point Pleasant as a part-timer in 1968, when he was only 14 years old. It was the third owner of the restaurant since it opened in 1956. Cancro’s mom strongly encouraged him to purchase the business in 1971 when it went on the market. He listened to her suggestion, and with the aid of high school football coach and financier Rod Smith, he quickly raised $125,000.
Smith extended a loan to Cancro with a payback period of seven years. Cancro paid back the amount with interest after 10 years. Jersey Mike’s offers a programme called the “Coach Rod Smith Ownership Program” to help aspiring company owners afford a franchise.
Cancro, then just 17, used the funds to buy Mike’s and become the company’s sole owner. Following his success, the company promoted him to CEO. On March 31, 1975, the deal was signed and sealed.
Peter Cancro Charity Works
Cancro hopes to do good via Jersey Mike’s. On the final Wednesday of every March, the restaurant hosts a “Day of Giving,” during which 100% of the day’s revenues are donated to various charities. On this day in 2022, Jersey Mike’s donated over $6 million to over 170 causes around the nation.
Peter Cancro Personal Life
Soon after he graduated from high school, Cancro wed his first wife, Linda. They have two children, a boy named Robert and a daughter named Caroline. In the end, Linda and Peter split up. At the start of 2014, Cancro married his current wife, Tatiana Cancro.
Peter Cancro Professional Life
In August of 2014, Peter spent $15.681 million for a 3,838 square foot, four-bedroom apartment on New York’s East 68th Street. Their apartment building, the “Marquand,” is located at 68th Street and Madison Avenue. Monthly maintenance fees for the condo are almost $14,000.
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