COVER STORY
Peter Cancro Exports Jersey Passion Around the Country and the Globe
Jersey Mike ' s management philosophy of Giving to Give helps employees , franchisees and communities .
By Tom Worley Contributor
Many adults who worked at a restaurant in their youth count the experience among the most enjoyable jobs they ’ ve ever had . It was at the restaurant where they unwittingly learned skills they would use for the rest of their lives . Restaurateurs teach work ethic , customer service , problem solving , and teamwork to teenagers every day . Peter Cancro was one of those teenagers .
In 1971 Cancro , then 14 years old , was a student at Point Pleasant Beach high school when he started work at a local sandwich shop called Mike ’ s Subs . The culture at Mike ’ s was simple : focus on the customer and have passion for the product . Customers , many of whom were recognized by name and / or sandwich order , enjoyed the experience of coming to the shop that frequently had lines out the door during the busy summer months . Over the next few years , he acquired an invaluable skill set at Mike ’ s , but instead of taking these skills with him to college , Cancro decided to buy the shop and make a career in the restaurant business . Pretty impressive considering he was just 17 years old when he became an entrepreneur .
“ No one really knew it was for sale ,” Cancro recalls when he overheard that the owner was entertaining offers . When he mentioned what he ’ d heard to his mother that evening , she startled him by suggesting he buy it . Initially hesitant , he eventually decided that mom was right .
Mike ’ s proprietor set the price for the business at $ 125,000 , so Cancro began his fundraising efforts by going door-to-door looking for backers in town . There was already an interested party , so he had to lock in a commitment by the following Monday . On Friday , three days before his deadline , Cancro went to finalize a loan from a local businessperson only to realize they wanted to be a partner , not just a backer . The offer was declined , leaving two days to secure funding . At 9 p . m . on Sunday , he called his Pop Warner football coach Rod Smith , a banker in town . Cancro laughs , “ Coach assumed I was in some sort of trouble , so he invited me to his house to see how he could help .” After reviewing the plan that his former star player pulled together , Smith agreed to the loan . Cancro took over as owner at an age when he couldn ’ t legally run a slicer in most states .
Jersey Mike ' s Peter Cancro has hasn ' t forgotten his sandwich-making skills even while running one of the fastest growing franchise businesses in the country .
During the next decade , Cancro and the Mike ’ s team worked tirelessly expanding the company ’ s business by opening additional stores at or near the Jersey Shore . He noticed how many customers would place large orders so they could take some of the Jersey specialty back to their hometowns . By 1986 , he decided to start franchising .
Today , Peter Cancro is CEO of Jersey Mike ' s Franchise Systems Inc .; his New Jersey-based company oversees more than 2,000 locations open nationwide grossing more than $ 2 billion in annual sales . Peter sat with us at Jersey Mike ’ s impressive corporate headquarters in Manasquan to discuss what he accomplished , how he accomplished it , and where the largest franchising operation in New Jersey is headed . Interestingly , the word “ I ” was seldom uttered . Rather , Cancro credits his talented corporate team and dedicated franchise owners with this overnight success 50 years in the making .
“ Giving and making a difference in people ’ s lives ,” Mr . Cancro explains , “ is the core mission of this organization . I learned at an early age from local businesses about giving back to the community on a larger scale . Many of them , like Jack Baker ’ s Lobster Shanty and Hoffman ’ s Ice Cream , generously supported the local causes .” Cancro has taken giving to another level , pulling his organization with him . Every March since 2011 is designated as the “ Month of Giving .” This past March , Jersey Mike ’ s Subs and their customers across the country rallied to raise an incredible $ 16 million to help more than 2,000 charities nationwide . Charity recipients include hospitals , youth organizations , food banks and more . Jersey Mike ’ s locations accepted donations throughout the month , building to the final Wednesday , March 31 , the “ Day of Giving ” when 2,000 stores donated 100 percent of sales , not just profits , to local charities of their choosing .
This fundraising total more than doubled the amount raised in 2019 when the company donated $ 7.3 million to local charities . The results are even more meaningful this year as the Day of Giving celebrations were cancelled in 2020
Continued On Page 12
Photo : Clear Tunnels
10 COMMERCE www . commercemagnj . com