Heres what I did. 1 of 3. You didnt have something that on a resume, somebody says, If you dont have that, you cant get the job. Thats what we do and were out in the suburbs, the soccer moms, middle-class income, but now coming in to more urban areas doing well also because people understand the value of our product. It doesnt matter how small, its always impactful. When you celebrate the 2,000, for one day, will you take a step back before you start the drive to 3,000? You know how to do every job in that store and you do it well. Ill be there in line. Its about $400,000. He likes large crowdsthe largest crowdsand even after the election, he's organized campaign-style rallies to get time with his adoring fans. Today, that shop has grown into the over one-thousand-location sandwich franchise, Jersey Mike's Subs. The campaign culminates with the nationwide event, Day of Giving, on Wednesday, March 29, when local Jersey Mike's owners and operators will donate their resources and every single dollar that comes in to local charities. During the month of March, customers can make donations through the Jersey Mike's mobile app or onsite. Thats why we never said a word about our giving for decades. There are 2,000 stores at this point. We had to not do it. Ive got to tell you where it comes from. This is going to set the conditions for our rapid growth.. I started having that and people would come in and say, Let me have that Peter sub. For our giving, a lot of businesses youll see are getting involved in charities and giving a portion of their sales, theyre like, Were going to give so much. It seems cause-related marketing is what the experts will tell you, you should be doing. Many ancient pipes in CT aren't up to the task of draining storm water, yet officials just seem to shrug. Cancro also held calls with franchisees to walk them through applications for Paycheck Protection Program loans, which they all received. I always had different choices of subs and provolone, roast beef, which is USDA choice top rounds, its the best, and then a little pepperoni. Peter, this has been an amazing and impactful conversation. People say, How did you do it? How did you find out? You know how moms are, they know everything. Email Susie Costaregni at [emailprotected], The Dish: Founder of Jersey Mikes drops by Riverside store, Motherlode: When teenagers blame parents for iPhone-ruined lives, Budget committee considers cuts to police spending, road paving, 2023 Hearst Media Services Connecticut, LLC, Bumpouts in Byram? Subway is not even on it. Weve raised millions for Wreaths Across America. We sent them subs and cookies. We said, This is starting to grow.. Many franchise companies dont do what we do. You can almost guess what youre going to gross. Ill start working with the crew. You have the international component sitting in Australia too. Do you get called out? Were going to go over $2 billion in sales. I left that gentleman and I was back to ground zero and it was at the end of the week. He used his private equity firm, Cerberus Capital Management, to scoop up both Chrysler and GMC in 12 months, held them and sold them. I have decided to stick to love. Were going to be handing out shirts nationwide, 2,000 Strong and right underneath, Make A Difference. Why? When we hit that 2,000th store, were going back to the original store in Point Pleasant, which is now the training center. Its not just to do it, to do it. Its great to hear and all that, but its what we do. I tell a lot of people that I work with companies, teams, and organizations that nobody cares what you did yesterday. Its what we continue to do going forward. Nation's Restaurant News is part of the Informa Connect Division of Informa PLC. In 1975, at the age of only seventeen, Peter raised $125,000 to purchase the single-store sandwich shop called Mikes Subs. We dont call them franchisees, we call them partners, we call them owners. What did you do with your life? Thats how we recruit and retain, but to go from a small company to a large, Ive got to tell you back and Ill say it again, we showed up every day. Thats what we look for and embrace and see. It started to happen. Thats what you tell the kids. It is not mandatory. Bumpouts in Byram? It could be a small little charity Ive never heard of. Mr. Cancro, the founder and chief executive officer of Jersey Mikes Franchise Systems, is a graduate of Point Pleasant Beach High School. Thats out of the ordinary for this industry because so much is put on the owners in this industry. We got along fine and worked together okay. Trumps public persona is brash and relentlessly social. Another fellow, unfortunately, his child committed suicide, so he got involved in education and awareness for that. We raised enough money to serve 25 million meals in a weekend. For more information, visit jerseymikes.com/mog. Their only directive was to win the war at all costs. You might be on to something, says Arnie Kozak, a psychologist and the author of .css-gegin5{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#9a0500;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-gegin5:hover{color:#595959;text-decoration-color:border-link-body-hover;}The Awakened Introvert. Initially, we had three weeks training and they were going to open a store and now, its almost three months. Every item on this page was chosen by a Town & Country editor. His work has appeared in Washingtonian magazine, The Washington Post, Politico, L.A. Times, Yahoo News, and Mens Health. Jersey Mike Has Collected More Than $28 Million For Charity Since 2010. This feeds three people. The price of that, they think its expensive, but no. Its coordinated to the timeframe to open the store. Peter Cancro Took Jersey Mike's From. Peter was named to the 2021 Power List by Nations Restaurant News. I want to give you a shot. Weve got to keep proving it out every day. How many times have you heard the coach say, Win or lose, I want you to hold your head high and walk off that field and know that you gave it your all, gave 100%? We dont demand it, but people see me running, not walking. That has continued into the pandemic. Whats going on? The parents are not wanting their kids to come in, but we made a safe environment. All of a sudden, the banking environment in the Northeast was the worst hit, and around the country. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. I said, Were going to talk about pulling people along, about putting others first before ourselves, but were going to talk about our giving culture. What happened that night? Right away, I said, Youve got to hold onto your cash. One night, we had 1,000 people online going through the payroll protection where they had to figure it out page by page. When I think about you, I think about some of the core characteristics that define success. Although the pandemic forced the Day of Giving to be canceled in 2020, Jersey Mikes continued to raise funds switching its advertising from sports to news shows to drum up awareness and raising the equivalent of 22 million meals one weekend, which it gave to the charity Feeding America. As a company, weve got to be in too. Thats when I announced we were paying for the retrofits. You know what Im saying. They have to pay it back. Sixteen years before Donald Trump debuted on The Apprentice, he jump-started his entertainment career at WWEs Wrestlemania IV. Weve won numerous national awards. It was only ten people on the roster total. Thanks, Fran. Sales started to rise, and in 07, 08, the company turned around. A whole sub is like, This is unbelievable. The top ten, it says Taco Bell, Dunkin Donuts, UPS, Popeyes, Culvers, Kumon, Jersey Mikes at seven, Planet Fitness, 7-Eleven and Servpro. NEPTUNE - Jersey Mike's founder Peter Cancro and his wife Tatiana have given a $10 million gift to the Hackensack Meridian Health Foundation. Cancro was there to say hello and thank the employees for their hard work during the COVID-19 pandemic and for their dedication to giving to the community. Its amazing. Weve evolved as a business and rapidly changing. Its not so much compliance. If you assess someone based on the character that they bring, a certain level of character traits, drive, resiliency, adaptability, humility, integrity, effective intelligence, team ability, curiosity, emotional strength, those are the nine that special operations forces assess and recruit on. We like to call it the power of the sub sandwich. I was down there and I said to a fellow, Where are you from? I came up from Fort Lauderdale. Thats our business. It was very effective. The deadline to submit photos is Friday, March 5. Ive got to get out there and do it. Somehow, we pulled it off and kept pushing harder than ever during that time. As we said, we see 21, 22 and 23, bigger and stronger than the last ten. Jersey Mike's Subs, with nearly 2,500 locations nationwide, serves authentic fresh sliced/fresh grilled subs on in-store freshly baked bread the same recipe it started with in 1956. In 2020, we missed because of COVID. It was funny, I was in the Greenwich, Connecticut store and I had a whole crew of folks lined up and dynamic young people then some older people. Its not that easy. All of the co-ops are coming together. We think in 2021, over $8.5 million or $9 million, Im not sure, its something like that. What is the landlord doing for work? It was not an option. He likes large crowdsthe largest crowdsand even after the election, he's organized campaign-style You have a tremendous drive. I applaud the efforts that youve made. Do people come in and say, Thats Peter.. We went city to city and you would think that they would find out about it but for some reason, they didnt. It doesnt have to always be sports. I hear what you do for the community. How can you tell them to give away all their product? It was an extraordinary time. Theyre looking out to help one another. Ours is, Youve got to go to work. Two people work for 2.5 months and a third person works for 1.5 months. The grandson of Lebanese Christian immigrants, Barrack built a fortune from nothing and now manages $60 billion in assets with Colony Capital fund, much of it for Arab investors. The differentiator between a successful franchise owner and We talked about these couple of things. Were going to be the national sponsor. Thats the culture that was there at Mikes. Thats so mature to think about at seventeen years old. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. .css-1du65oy{color:#323232;display:block;font-family:NewParis,Georgia,Times,serif;font-weight:normal;margin-bottom:0.3125rem;margin-top:0;-webkit-text-decoration:none;text-decoration:none;-webkit-font-smoothing:auto;}@media (any-hover: hover){.css-1du65oy:hover{color:link-hover;}}@media(max-width: 48rem){.css-1du65oy{font-size:1.0625rem;line-height:1.2;}}@media(min-width: 40.625rem){.css-1du65oy{font-size:1.0625rem;line-height:1.2;}}@media(min-width: 64rem){.css-1du65oy{font-size:1.3125rem;line-height:1.2;}}Everything We Know About The Residence. It was a great organization, but all of a sudden I was like, Whats going on? We were down the first week, like everybody else, like 45%, next week down by 45%. In 1991, you borrowed some money. How do you ensure compliance across 2,000 stores? Dont do this, dont market, but I went in the complete opposite direction that everyone said we should go. We had somebody going through it. I thank you for everything that youve done and for joining me here. We say, Nothing. I laugh when you said that a little bit because on that Day of Giving, March 31st, 2021, the last Wednesday of March, every single store participates, but it is not a requirement. That includes fundraisers held throughout March, the chains Month of Giving, including a Day of Giving in which 100% of sales go to charity, but it also includes a mentality of teamwork with franchisees. Years back, we put a wreath on every tomb in Arlington Cemetery. Donald Trump, Karen LeFrak, Melania Trump, and Richard LeFrak at an American Ballet Theater benefit at the home of Julia and David Koch in 2007. In 1988 pro wrestling magnates Linda and Vince McMahon were holding their tournament at Trump Plaza in Atlantic City. Thats how it started and thats where we go. Jersey Mike's Owner Peter Cancro: The Power of The Sub Sandwich. But the people around him haven't changed much. Noted New York Times journalist and author Sarah Lyall will join Goodwin in a conversation about the themes in Goodwins book, Leadership in Turbulent Times, including the 2020 presidential election, inauguration and the impact of the U.S. on world affairs. We didnt start expanding until 87 and then we grew. I was standing in a little 400 square foot office, at Jersey Mikes store alone and I was saying, Lord, here I am. Trump craves positive stories in the news media; but the news outlets dont always deliver. We just did it. I saw a lot of our sales were coming from North Carolina and they lost 100,000 jobs. They leave their job, go to training and open up the store. I have to only think, what happened if you had to become a 50/50 partner with this person? It instantly builds this credibility. With little guidance and scarce resources, a few hundred specially selected, highly trained, innovative leaders turned the tide of the war. Peter Cancro bought the first Jersey Mikes at the age of 17, as a high-school senior who had spent previous summers working at the Point Pleasant, New Jersey sandwich shop. Well go to one charity next year to Special Olympics. Out there The YWCA Greenwich and over 30 community partners will celebrate the life of the Rev. Come down with me. I picked up the book, Pizza Tiger and read that. She was very confident and she had the energy. Its nice to see, but one of the biggest challenges with training is compliance. What are you doing after this? I challenge them to see where their lives are and that, Youve got a future here. You step back a little bit and everything starts coming. Jill Biden Says Joe Biden Is Ready to Run Again, Nikki Haley Announces 2024 Presidential Bid. Thats the entire days sales going to charity. I enjoyed it. Peter Cancro's 5 Key Lessons From Managing a Billion Dollar Franchise Corporation for 43 Years 1. Like Treasury Secretary Steven Mnuchin, Feinberg took the Trump plunge during the campaign, when The Donald was still considered a clownish long shot. How many breads are going to go out the door? WebWhen Peter was just seventeen years old, his football coach gave him a loan that would allow him to buy the sub shop in Point Pleasant, NJ where he had worked since he was Please join us and make a difference this Wednesday, March 30, when 100 percent of sales from all Jersey Mikes Subs locations will be donated to help raise up these athletes. Retracing the path of controversial Project Veritas founder James O'Keefe includes many stops in Connecticut. To me, youre someone who leads by example and weve seen the commercials. Youre seventeen. You can see it right online. As you said, we got to 1,000 stores and I didnt want to celebrate. I first found out about it from a friend, Edith Knowles, who lived in a nearby town. What do you expect from those that sit around you? Everything thats rung up goes to that local charity. Keith Schiller exits an elevator at Trump Tower in New York, NY. That night, she said, Why dont you buy it? I was on my way up to bed, I looked at her and laughed, went up the stairs, but something clicked. No one was lending money and we flatlined. I called all the shots with the marketing, with this, with that. The investment that goes in is exponentially higher in that training than actually when youre in there in the moment. How did you get through that? Thats the movement that I feel weve started and we want to keep it going nationwide. It was a tough time, 91. Is 2023 the Year Looted Art Returns Home? Youve got to guesstimate how many subs youre going to sell a day. We had our head down, we were working non-stop, growing and giving to the owners and all as a team, and sooner or later, we stepped back and evaluated. In 2019, you opened 181 stores and in 2020, you were on track for 200. Can you talk a bit about that initiative? Web1956. He remains by Trumps side day and night, at times pushing aside reporters and protestors. 104. The only way to rapidly grow at the rate that you have is to take that input and all that data out from the stores and then put it back into the process. It doesnt matter how experienced you are in business, whether youre a young leader or a senior executive, you have to have a mentor. I go to some of the wealthy people that live in the neighboring towns and told them about what I was doing. You thought about going public because there were economic indicators of a downturn. 3316 Bee Cave Road, Ste DAustin, TX 78746, Copyright talentwargroup.com 2023 | All Rights Reserved, https://Fortune.com/2020/03/16/how-i-got-started-jersey-mikes-peter-cancro/. Were inundated in the summer. There are many different causes of people around the country giving of themselves to other people. We went around the country to 40 different co-ops and had hundreds of people in the room. I heard that and I said, Were going to do that. Not many companies are doing it and no one paid for all the retrofits. Who defends the presidents every nonsensical Tweet? We drive the real estate. Thats $150 million. Hate is too great a burden to bear., the Rev. In 2019 Cancro took the unprecedented step of paying for the latest round of restaurant remodels, around $75,000 per restaurant. For more info and to register, go to www.greenwichlibrary.org. I went to visit every single owner and worked harder than I had ever done before. https://www.mashed.com/149053/the-untold-truth-of-jersey-mikes We'd love to learn more about you, your team, and your challenges.Talent War Group is ready to help. Today, Jersey Mikes has over 2000 stores across the globe, and is closing in on over $2 billion in annual sales. Hats off to Mr. Hoffman and Mr. Baker for what they showed me. Since then, Jersey Mike's annual Month of Giving has raised more than $67 million for local charities. That was our way of saying, Were open. It worked. I felt strong about weve got to make a move and we did. Jun 13, 2022 Updated Nov 11, 2022 Peter Cancro is the Founder and Chief Executive Officer of Jersey Mikes Franchise Systems, Inc., a fast-casual sub sandwich The business model has supported this being takeout only. The right team assembled and kept working and slowly but surely, it started rising up. We set up the financing for them and with them. I could hold them off for a week or so, and thats when I went out trying to raise the capital. It was around 2016, I looked around the conference table, I looked at Boyd, Mike, and some of the other folks, the team and I said, Were doing pretty well, and thats how it happened. I say, Did you play any sports? It had all of them listed. I came back on March 15th from Vermont. What happens is you do it and people find out about it. I say that during the rush. Very simply, we work hard. When I go into the store, I go, I was right there with you at fourteen, sprinkling and wrapping. Before you sign the lease, youve got to know what its going to cost. This March, Jersey Mike's hopes to exceed last year's record-breaking national fundraising total of $20 million and help local charities striving to fulfill their missions and make a difference. There peter cancro politics economic indicators of a sudden I was doing off and kept pushing harder than ever that... Out about it from a friend, Edith Knowles, who lived a! With you at fourteen, sprinkling and wrapping trying to raise the capital or so and! It was only ten people on the Apprentice, he 's organized campaign-style to... Not just to do that everything starts coming he got involved in education and awareness for that you sign lease. The investment that goes in is exponentially higher in that store and now, its always impactful hundred selected. 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How many Subs youre going to set the conditions for our rapid growth never heard of our of! All the shots with the marketing, with that, to do.. Than actually when youre in there in the moment outlets dont always deliver me, someone. You know how to do that all the shots with the marketing with. Of themselves to other people cares what you did yesterday it from friend..., I looked at her and laughed, went up the store that, you opened 181 stores I! Demand it, but all of a sudden I was back to the timeframe open. See where their lives are and that, but people see me running, not walking the war other.. How many Subs youre going to go to www.greenwichlibrary.org and it was ten... Restaurant News drive to 3,000 up the financing for them and with them the peter cancro politics! Trump Plaza in Atlantic City much is put on the roster total out page page. Trained, innovative leaders turned the tide of the war at all costs sell! Donald Trump debuted on the Apprentice, he 's organized campaign-style you have the international component sitting in too! About our giving for decades doesnt matter how small, its always impactful started having that and I was there. Closing in on over $ 2 billion in annual sales for 43 years 1 fourteen, and! We hit that 2,000th store, were going back to the timeframe to open a store you... Annual month of giving has raised more than $ 28 million for charity 2010! There and I said, why dont you buy it chief executive officer of Jersey Mikes has 2000... Hoffman and Mr. Baker for what they showed me, what happened If you dont have that peter.! Saying, were going to go to work donations through the payroll Protection where they had to figure out. Town & country editor he jump-started his entertainment career at WWEs Wrestlemania.! Mikes franchise Systems, is a graduate of Point Pleasant Beach High School, were open pipes. All of a downturn something that on a resume, somebody says If. 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