From a teenage summer job at a local sub shop to the billionaire owner of one of America’s fastest-growing franchise giants, Peter Cancro’s success story is a testament to hard work, perseverance, and a few key lessons learned along the way. Cancro’s journey began in 1972 in Point Pleasant, New Jersey, where he made the fateful decision to work at Mike’s Subs over Hoffman’s. Three years later, the opportunity arose for him to purchase the store at just 17 years old, leading to the creation of Jersey Mike’s, now worth nearly $6 billion with 3,000 stores nationwide.
Despite facing various challenges throughout his career, including a near bankruptcy in 1991 and navigating the pandemic, Cancro has remained steadfast in his commitment to quality and community engagement. Cancro’s success can be attributed to six key takeaways that he believes are crucial for any entrepreneur. These lessons include not discounting opportunities due to lack of imagination or age, focusing on what you can control rather than worrying about competitors, and prioritizing hands-on involvement in the company’s core product.
One of Cancro’s most important lessons is the importance of quality, which sets Jersey Mike’s apart from its competitors. Utilizing a costly meat slicer that requires extensive training to operate, Jersey Mike’s has prioritized fresh sliced meats since its inception. This dedication to quality has allowed the brand to charge premium prices for their products and maintain customer loyalty despite facing competition from other sandwich chains.
Being selective in choosing franchisees has also been crucial to Jersey Mike’s success, with only about 1% of applicants being approved to own a franchise. This selectivity has resulted in franchisees who are genuinely invested in the brand’s future, leading to higher average sales per franchise compared to competitors. Cancro’s focus on community engagement and charitable giving has also played a significant role in the brand’s success, with every franchisee participating in an annual Day of Giving, among other initiatives.
Additionally, Cancro emphasizes the importance of paying it forward by rewarding top-performing employees with their own stores. By providing opportunities for young people to own a business, Cancro continues the cycle of generosity that he experienced from local entrepreneurs in his youth. Through these initiatives, Cancro is not only building a successful business but also creating opportunities for others to achieve their dreams and contribute to their communities.
Overall, Peter Cancro’s story serves as inspiration for aspiring entrepreneurs, highlighting the importance of seizing opportunities, prioritizing quality, and giving back to the community. Through hard work, dedication, and a commitment to excellence, Cancro has turned a local sub shop into a billion-dollar franchise empire, leaving a lasting impact on both the business world and the communities he serves.
