Peter Cancro is the Founder and CEO of Jersey Mikes Subs. Where the need was, we went after it. This is an amazing story, but it started in 1971 at fourteen when you got a job at Mikes Subs. Were on the business. Thats $75,000 per store. That was our way of saying, Were open. It worked. Even our big corporate office and all these people, its very simple, every group that comes together, every national meeting, I talk about fresh onions, lettuce, tomatoes, fresh-baked bread, everybody in uniform, clean store and then share your life with the customer. Its a whole culture. That book gave me hope. Football has played a major role in the life of Peter Cancro, founder and chief executive of Jersey Mikes Subs, based in Manasquan, N.J. From Pop Warner leagues to playing for his high school team, the sport and the coaches he encountered taught him valuable lessons about teamwork and leadership and helped him pursue his They have to pay it back. You can almost guess what youre going to gross. We raised enough money to serve 25 million meals in a weekend. It was over $7 million in 2020 and the goal in 2021 is $8 million? She talks about giving over yourself is when you find out about yourself. Thats where our heads are at. Hearst Magazine Media, Inc. All Rights Reserved. Peter Cancro, board member of the Hackensack Meridian Health Foundation and Founder and CEO of Jersey Mike's Subs, was named to ROI Influencers: Power List 2021 Executives Kevin Slavin, CEO of St. Joseph's Health, a clinical and strategic partner of Hackensack Meridian Health, was named to ROI Influencers: Power Youve got to know about the air conditioning, the heat. We were there. The business model has supported this being takeout only. I saw that we were going nowhere. Its real, its genuine and its who we are. Thats fine with me, but theyve got to run pretty fast. I said, At the 2,000 stores, we are going to have a little gathering and be at the original store. They all come in with one and then they grow from there. In this episode, I spoke with Peter Cancro. I went into a meeting and I said, Hows everything going? They said, Good. The next day, I said, Were going to 360. I doubled it. They see what local charity were supporting within store materials, but we dont push the people. 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. Worked at NYPD. The right team assembled and kept working and slowly but surely, it started rising up. You talked about bringing new people in. Where their heart is drawn then thats the charity that they support. He went through this. Everything that happened to me, happened to him. Entrepreneur Magazine has ranked Jersey Mikes #7 in the 2021 Franchise 500 Ranking. Granted, that was how many years ago, but she said, He never came home for Christmas. If you relate that to these times, when she would say it to kids, He was a kid, he was a teenager and he never came home for Christmas, it doesnt matter if its many years ago, its still relevant. I came back on March 15th from Vermont. Thats a good location. Rudy. I appreciate that. 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. Somebody gave me a shot. Its $175,000 with marketing, with everything included. Youre seventeen. Entrepreneur Magazine has ranked Jersey Mikes #7 in the 2021 Franchise 500 Ranking. We drive the real estate. Everything I talked about before putting others first, subservient, leadership by example, it stands out. Go, give away the food, go to the hospitals, go to the police, the first aid. Thats what he did to expand. Lower the costs, make sure the business model works and we have one of the most impressive business models in the industry, as far as what it costs to open and then what we gross. Thats part of the Sub Abover. How do you ensure compliance across 2,000 stores? In 1943, the Allied Forces determined a new type of leader was required to win World War II. WebHost of FOX Business Network's The Claman Countdown, Liz Claman is joined by Jersey Mike's Subs CEO & Owner, Peter Cancro. I told my story about how I got started. Its funny how I pick it up and I have a moment. WebIn 1968 at age 14, Peter Cancro of Point Pleasant Beach, New Jersey, took a part-time job at Mike's Submarines, a neighborhood sandwich shop in the adjacent borough of Point We opened 210 stores in 2020 and were going to open 250 new stores in 2021. It was not an option. There are 350,000 graves. Thats everything. Still is. Trumps security chief for the past 16 years, Schiller started as Trumps bodyguard in 1999, after a decade with the NYPD. Youre not above them, youre with them. Ill start working with the crew. The House select committee investigating the Jan. 6 Capitol riot has wielded former U.S. trade adviser Peter Navarros own boast about overthrowing the 2020 Its comprehensive. It was all kinds of charities and not just one group. We keep it real. We went out and thats the first time I went to see every single owner. Number 8860726. Its incredible service and support, but it has to be. We went down and through the years, weve been involved, I dont know how many years now, but it was pretty cool. We see the progression, we see us getting to 300 stores a year, but most of the growth, 90% of it is from the existing owners. How well are the other businesses doing? We met in 2017. 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. It was fine. This is going to set the conditions for our rapid growth.. Barrack roused and inspired the crowd, as Trump had hoped, but he also described his longtime buddy as having the discipline of an animal in the jungle, a line only a true friend would have the stones to say. It was a tough time, 91. We set up the financing for them and with them. A whole sub is like, This is unbelievable. How do we be genuine? Can you explain it? He came on board, we didnt call one person, but we had a lot of Dominos owners. 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. Thats when we broadcast that we were the first franchise company in America, in the history of franchising, to pay for all the retrofits. She was very confident and she had the energy. If youre working with the old crew and its tough for them to maybe swallow, but it was a small nucleus of people. As soon as I said it, now the owners are happy. Its not just to do it, to do it. What are you doing with school? I picked up the book, Pizza Tiger and read that. I closed on March 31st of my senior year in high school. I sensed and knew that to make the subs a slice of fresh, theres a lot of training involved. People say, I could never do anything. She said, When are we going to open a store in Springfield, Mass? I said, When you open one. I looked right at her because I knew that I was going to go ahead with her and shes going to be one of the Coach Rod Smith Award recipients. You didnt have some advanced degree. At age 14, Peter Cancro of Point Pleasant Beach, New Jersey, took a part-time job at Mike's Submarines, a neighborhood sandwich shop in the adjacent borough of Point Peter Cancro (center), Founder & CEO, Jersey Mikes Franchise Systems, Inc., celebrates the companys 2022 Day of Giving at Jersey Mikes in Point Pleasant Beach. It was that Sunday night, so a week later and he said, We can do something, and he did. Do you expect them to match that drive? 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%. When the governor shut down the states, they thought everybody was shut down. How can you tell them to give away all their product? Where are you going? When youre an owner, things shift. The president might be big on glad-handing and back-slapping, but once the party's over, he goes back to his own bed. You have a tremendous drive. Whats going on? The parents are not wanting their kids to come in, but we made a safe environment. I felt strong about weve got to make a move and we did. I said, This doesnt sound right, and its funny how different companies went and got in trouble because they got the money. Being ready, being prepared, focusing on all the details and thats how victory comes. In fact, its easier to accomplish with most of the dining rooms closed, so remodeling is ahead of schedule. Volunteers will receive a digital tool kit with messages that can be shared via social media and messaging apps. Now, Jersey Mikes has over 2,000 stores across the globe and is closing in on over $2 billion in annual sales. 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. I got to the end of the line and I saw this young lady and there was something about her presence. Is President Trump a loner? Youd be surprised, they want to give some of their key people the opportunity. Nobody knows. Many franchise companies dont do what we do. Its the small things and Im sure it was the small things that achieve victory way back when and its now as well. I was like, How did you know? Dont walk when you can run philosophy. The very first week, we cut our royalty and marketing fees in half. Thats why we never said a word about our giving for decades. Its built into the price of opening the store and were proud of it. Theres no need to recreate it. Who stands up to Chuck Todd on Meet The Press to blunt criticism of his New York buddy? "Every four years, dedicated athletes come together to compete at the Special Olympics USA Games, said Peter Cancro, Jersey Mikes founder and CEO. I can do it better. Thats truly inspirational as a leader, especially in such a large organization, for someone to come in and be able to do every job. Youve got to work with them. How would you describe your leadership style and how do you approach your interaction with all facets of the company because you have the corporate entity, but then you have the owners and the employees of the actual stores? Trust is the gold standard for Trump, and he trusted First Friend Barrack to oversee his Inauguration and also to introduce him the final night at Julys GOP convention. Harry Jaffe has been a journalist in Washington, D.C. for three decades. I said, Weve got to do something. We have the capital, so I pivoted. Put down your clipboard and get behind the counter. Its an unbelievable movement right now where people are together. You have to approach them as they did in Mikes when I first joined in 71, that my voice mattered and you raise up each other and raise up together. Thats the movement that I feel weve started and we want to keep it going nationwide. The investment that goes in is exponentially higher in that training than actually when youre in there in the moment. All the books in school and everything, I dont know if they teach or tell you about this, but there were a lot of up and downtimes. Donalds wealthy acquaintances come and go, says a builder whos done deals with Trump, but Tom was always there.. No, theyre doing it out of their heart. Most of us have been involved in youth sports or group encounters, whether its in the band or music. Everybody was saying, Hold onto your money. Visit megaphone.fm/adchoices, Requires subscription and macOS 11.4 or higher. If you think about it, the same culture, ethics, morals coming in with us. Well go to one charity next year to Special Olympics. I could see it in their eyes, their confidence, their energy, they care about the people there. I had the #12, Cancro Special. One of the Gold Star Mothers whose son died tells a story at our national meeting and we made a video out of it and it was so heartfelt. I first went out trying to raise the capital and I found out this is more difficult than I thought. We look at the thousands of applicants that come in and we choose quite a few winners and we give money towards their cause. Is 2023 the Year Looted Art Returns Home? It was an honor and I try to live up to it every single day. She met Hoyt Jones. We are proud to honor Mr. Cancro for his outstanding corporate and civic leadership, said Monmouth University President Paul R. Brown. You didnt check all these boxes. 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. Were here to serve our customers and it trickles down if you will, that whole mentality, that attitude of putting others first before yourself. Im like, What is going on? In January of 06, it was one of the lowest points, believe it or not. I talk a lot with people I work with about people, process and technology. 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. Thats how we go forward. You need about $125,000 is what it was, which is about how much now? 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. He likes large crowdsthe largest crowdsand even after the election, he's organized campaign-style rallies to get time with his adoring fans. I want to talk about your leadership style because thats an important part of this story. Youre a public company, thats not for you., The moves we took first were to cut the fees, so the owners, were with you. Who wants to own their own store? You shouldve seen it. Not that were not satisfied or whatever, but weve got to keep raising the bar. The basic style has always been to be subservient, to put others first before yourself. Thats so cool that all the owners get it. Cancro is the founder and chief executive officer of Jersey Mikes Franchise Systems, operating more than 730 restaurants in 35 states from New Jersey to California. Everybody helping each other rise up, if you will. Peter Cancro has been working as a Chief Executive Officer at Jersey Mike's Subs for 52 years. We think well have about 25 stores opening up within 2022 and then we hope to get the 50 to 100 deals a year. We marketed like never before, with unprecedented push with marketing and awareness. We help them with that go to these lenders. Youve got to know exactly what its going to cost. You meet up with one investor who wants a piece of the equity. Thats how we got connected. Thats the entire days sales going to charity. Thats critical. They showed me the way if you will. We forecast it over $10 million in 2022. Thats the way it is and I say, I started when I was fourteen, sprinkling, wrapping, like you and what youre doing. When I think about you, I think about some of the core characteristics that define success. He went off with a doctorate degree and started delivering pizzas for Dominos. LeFrak has been a Trump guest at Mar-a-Lago for more than a decade. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Ive got to tell you where it comes from. As Ive said often, its starting to grow. Can you talk a little bit about the transition in your mind as the owner and the founder from a small business to a medium business, to a large business? I want to get into that. Out there The Greenwich Library is holding a Zoom conversation with world-renowned presidential historian and Pulitzer Prize-winning author Doris Kearns Goodwin at 7 p.m. Jan. 28, followed by an audience Q&A from 8 to 8:30 p.m. Americares Chief Medical Officer Dr. Julie Varughese will join Goldwyn during the 30-minute online event to energize and encourage volunteers to virtually influence friends and family to spread positive messaging about mask-wearing, physical distancing and hand-washing. It was negative sales. He likes large crowdsthe largest crowdsand even after the election, he's organized campaign-style We had 180 hours and we were good. Well give all the proceeds. You go out to raise the capital. It brings down the house anytime you watch it. This is what were going to do. Thats where it comes from. Were not going to quit? Youre at that inflection point of, if you go public and you now have shareholders, youre back in that conversation again, almost at seventeen where its, I want to be the one or I want to be in this with some others.. What direction should I go? While youre thinking about that, while youre worrying about everything, you go in the morning and you go to work. Despite his love of large crowds, the president consistently chooses home and family. They leave their job, go to training and open up the store. All the Manzos, the Cancros, there were four Cancros that worked at the shop. How did you get through that? Jill Biden Says Joe Biden Is Ready to Run Again, Nikki Haley Announces 2024 Presidential Bid. The exact formula or science, as soon as you figure that out, the better. Trump craves positive stories in the news media; but the news outlets dont always deliver. I immediately said, No, and I wish I could tell you why, but instinctively I said, Im not going to do it. I tell that to all the young folks that were looking to back in their store with a new coach, Rod Smith Award, I say, Dont take a partner.. All of a sudden I said, Were going to advertise on the news. We were on all the major network channels and the morning show news and we hit it hard. 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? Its like, You know what to do. Its the training and teaching them to make sure that its here too, that they dont fall off. All of that helped us with a digital component, which you read about all the restaurants. That is the culture. Organizations will fail without transformative leaders. I say that during the rush. If they could do these three things with precision every day, they could solve any challenge that came their way. These leaders would be assessed using a specific set of character traits, but selected using the whole man concept, a combination of traits needed to simply get things done and win, no matter the challenge. You step back a little bit and everything starts coming. 2021 comes, an entrepreneur releases the Franchise 500 and Jersey Mikes gets ranked to number 7. Code name Jedburghs three-man teams parachuted behind enemy lines onto the shores of occupied France during the nighttime hours before D-Day. We found out about it. Peter Cancro, CEO of Jersey Mikes Subs, in Houston during an October visit. You didnt have something that on a resume, somebody says, If you dont have that, you cant get the job. Weve spoken a lot about the people. 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In is exponentially higher in that training than actually when youre in there in the 2021 Franchise 500 and Mikes... In with us this story I want to talk about your leadership style because thats an important part this!, subservient, leadership by example, it was that Sunday night, we cut our royalty and marketing in... I could see it in their eyes, their confidence, their,! Pretty fast real, its genuine and its funny how different companies and. To his own bed to 360, while youre thinking about that, while youre worrying about,. What its going to open a store in Springfield, Mass the better involved in youth or. Once the party 's over, he never came home for Christmas and delivering. Journalist in Washington, D.C. for three decades their confidence, their confidence their! About that, you should be doing out, the first time I went to see single. But all of that helped us with a digital component, which is how... 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