Born on October 11, 1968, Peter Cancro is a well-known businessman who has made a substantial impact on the industry. Cancro, the creator and CEO of Jersey Mike’s Subs, a well-known American submarine sandwich business, has been essential to the expansion and success of the company.
The Jersey Under his direction, Mike’s Subs has grown and become a beloved franchise. Although approximations of net worth are subject to change, the most up-to-date information regarding Peter Cancro’s financial situation should be obtained from recent sources. His business adventure still serves as motivation for aspiring fast-food industry executives.
Peter Cancro Net Worth
American businessman and entrepreneur Peter Cancro is worth a whopping $600 million. As a co-founder of Jersey Mike’s Subs, an American submarine sandwich business with more than 1,500 outlets nationwide, Peter Cancro amassed a fortune.
Cancro hails from New Jersey’s Point Pleasant Beach. At the age of 14, he began working at Mike’s Submarines, a sandwich shop. Peter discovered in his final year of high school that the two brothers who owned the stores were trying to sell.
Their demand was $125,000. Peter should buy it, according to his mother. The story goes that Peter skipped school the next week in order to pound the pavement and earn enough cash to buy the brothers out.
He finally knocked on the door of his football coach, Rod Smith, after days of going nowhere. Rod, whose day job was finance, volunteered to finance the purchase with an interest-bearing loan when Peter presented the shop’s financial situation.
Who is Peter Cancro?
On May 15, 1957, Peter Cancro was born in New Jersey, USA. John is his younger brother. Apart from that, not much is known about his parents, early children, or other details.
He went to the New Jersey school Point Pleasure Hugh. He took the risky decision to purchase Jersey Mile’s Subs during his high school years after learning that the previous owners intended to sell, and he has since gone on to manage 1,500 stores across the country.
Peter began his entrepreneurial journey at the age of 14 after receiving support from his mother and football coach to acquire the shop, for which he raised the necessary funds.
He wed his fiancée Linda after high school, and the two of them have two kids. What transpired between the two is unknown because Peter is currently wed to Tatiana Cancro, another woman.
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Peter Cancro’s Early Life
On May 15, 1957, Peter Cancro was born in New Jersey. John is the name of his younger brother. Cancro attended Point Pleasant High School as a youth, where he received his diploma in 1975.
Founding Jersey Mike’s Subs
In 1968, Cancro worked part-time at Mike’s Submarines, a sandwich store in the Point Pleasant borough, when he was just 14 years old. Founded in 1956, the restaurant was under its third owner at the time.
1971 saw the shop put up for sale, and Cancro’s mother pushed him to buy it. Following her suggestion, he was able to raise $125,000 in a few days with the help of a banker and high school football coach called Rod Smith.
Smith gave Cancro a loan with a seven-year repayment schedule. Cancro eventually took ten years to repay the loan, but he did it with interest. In order to assist young people starting their careers, Jersey Mike’s currently runs a franchise-purchasing assistance program called the “Coach Rod Smith Ownership Program”.
At the age of seventeen, Cancro became a business owner when he utilized the money to purchase Mike’s. He then rose to the position of CEO of the business. The agreement came to an end on March 31, 1975.
Due to strong client demand, Cancro began franchising his business across the country in 1987. At this point, he changed the company’s name to Jersey Mike’s in honor of the state where the store was founded.
From then on, the company really took off; by 2014, it had 750 locations under its belt and another 650 in various states of construction. The next year, Jersey Mike’s had more than 1,000 outlets worldwide. By 2018, the firm had 1,400 shops and $1 billion in revenue.
Additionally, the franchise has a few outlets in Mexico and Canada. Submarine sandwiches are prepared to order at each Jersey Mike’s location, with cheeses and meats sliced as needed.
Consumers have the option to order their food “Mike’s Way,” which includes shredded lettuce, tomatoes, onions, salt, and juice made by mixing olive oil and red wine vinegar.