Peter Cancro Net Worth: Peter Cancro is a well-known American entrepreneur and businessman. He co-founded Jersey Mike’s Subs, a chain of submarine sandwich eateries that today operates in over 1,500 locations across the country.
For those wondering, Cancro was born and raised in Point Pleasant Beach, New Jersey. He got his first job at Mike’s Submarines, a sandwich store when he was just a teenager.
Peter Cancro Net Worth
Peter Cancro is a successful American businessman and entrepreneur who has amassed a net worth of $600 million. Peter Cancro became wealthy as a result of his role in establishing Jersey Mike’s Subs, a chain of more than 1,500 submarine sandwich restaurants across the United States.
Cancro is a New Jersey native, hailing from Point Pleasant Beach. At the age of 14, he got his first job at Mike’s Submarines, a sandwich shop. Peter learned that the two brothers who owned the stores were planning to sell during his final year of high school. They posed a price of $125,000.
Peter’s mom urged him to make the purchase. The next week, the rumor goes, Peter skipped class to go door-to-door and earn enough money to buy the brothers out. After several fruitless days, he decided to approach his football coach, Rod Smith.
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Peter Cancro Took Jersey Mike’s From One Store To Nearly 1,600, And He’s Not Done Yet
Jersey Mike’s Subs was established in 1956 along the Jersey Shore; Peter Cancro became the fourth owner in 1975. The owner also began franchising Jersey Mike’s in 1987, which led to the company’s expansion to a national level. Now, there are 1,551 eateries across the country, from Connecticut to Utah, with an incredible 266 of them located in the Golden State of California.
In 1971, when Cancro was just 14 years old, he joined his brother at the first Jersey Mike’s location in Point Pleasant, New Jersey. Cancro received the type of glowing endorsement that can only come from an older sibling.
In a recent interview, Cancro recalled that her brother had informed their manager at the time, “Lookit, I know my brother would work hard, even if I’m not sure how clever he is.” When Cancro was just 17 years old in 1975, the first Jersey Mike’s restaurant was on the market. The idea to purchase it came from Cancro’s mom.
Peter Cancro, Founder/CEO, Jersey Mike’s Subs
Jersey Mike’s Business Systems, Inc. is a fast-casual sub-sandwich franchise with over 2,300 sites around the country, and Peter Cancro is its founder and chief executive officer. After graduating from Point Pleasant Beach High School in 1975, where he served as football captain and class president, Peter entered the corporate world by working as a dishwasher at Mike’s Subs.
At the age of 17, in the middle of his senior year of high school in 1975, he decided to forego a possible collegiate football career in favor of buying that sub-restaurant. Peter says he owes it all to Rod Smith, his football coach, and a local banker.
After rebranding the original Mike’s as Jersey Mike’s in 1987, he began opening franchises around the country. This is Jersey Mike’s fourth year in a row in the top 10 list of Entrepreneur’s Franchise 500, and the company now sits at position #4.
Peter attributes much of his success to his “give” mentality. More people, organizations, and institutions than will ever know have benefitted from his generosity. He has drilled this mentality into the heads of all Jersey Mike’s franchisees: give back to the people that keep you afloat.
For Peter Cancro, Doing Good Is The Secret To Fueling Jersey Mikes Growth
The sandwich shop’s CEO has been in charge since he was 17 years old, and he has led the business to record sales growth by prioritising the well-being of franchisees, employees, and communities. Peter Cancro, who at age 17 acquired the idea that would become the successful Jersey Mike’s Subs chain, is in a bit of a bind these days as a result of the chain’s meteoric rise.
— Restaurant Development Experts, LLC. (@RDE_Restaurants) January 27, 2022
Even though he has 550 franchisees, some of them would like to expand their businesses by opening additional Jersey Mike’s restaurants. However, they have reached a geographical limit in some locations.
Cancro, who has been nominated for Restaurant Leader of the Year for his steady leadership of Jersey Mike’s during the pandemic’s ups and downs, has a plan: He claims he will locate additional outlets for those franchisees to manage, but they won’t be Jersey Mike’s.
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