Peter Cancro’s journey from a teenager working at a local deli to the sole owner of a rapidly expanding franchise giant, Jersey Mike’s, is a classic example of the American dream. Cancro, who made the fateful decision to buy Mike’s Subs at the age of 17, went on to grow the business into a multi-billion dollar brand with thousands of stores across America. Despite facing challenges like bankruptcy and the pandemic, Cancro has learned valuable lessons along the way that he believes have contributed to his success.
One key takeaway from Cancro’s story is not to discount opportunities due to a lack of imagination or age. Jersey Mike’s wouldn’t exist if Cancro hadn’t listened to his mother’s suggestion to buy the deli. Another important lesson is to focus on what you can control and not worry about what others are doing. Cancro’s response when a rival sub shop opened nearby was to focus on providing the best service and quality at his own stores, ultimately leading to the competitor shutting down.
Cancro’s hands-on approach to running Jersey Mike’s is another factor in the brand’s success. He spends a significant amount of time visiting franchisees and personally making subs at their stores. By demonstrating a commitment to quality and showing employees how to make a great sandwich, Cancro ensures that his core product remains consistent across all locations. Prioritizing quality has set Jersey Mike’s apart from competitors and allowed the brand to command higher prices for its products.
Despite being a franchisor, Cancro is highly selective about who can own a Jersey Mike’s franchise. Only about 1% of applicants are approved, making it more competitive than getting into Harvard. This selectivity has resulted in dedicated franchise owners who are genuinely invested in the brand’s success. Average sales per franchise are significantly higher at Jersey Mike’s compared to competitors like Jimmy John’s and Subway, showcasing the benefits of this approach.
Cancro’s commitment to community engagement and charitable giving is another aspect of his business philosophy. He has made giving back a priority since his teenage years, sponsoring the Special Olympics and promoting charitable initiatives among franchisees. Cancro also rewards top-performing employees and managers with their own franchises, providing opportunities for young people to own businesses who may not have otherwise had the chance. By paying it forward and investing in others, Cancro has created a culture of generosity within Jersey Mike’s.
As Jersey Mike’s continues to grow and expand, Cancro’s lessons in perseverance, quality, and community engagement remain relevant to entrepreneurs across industries. His story serves as an inspiration for those looking to achieve success through hard work, dedication, and a commitment to making a positive impact on their communities.
