"It levels the playing field," said Cancro. Peter Cancro Net Worth - Jersey Mike's CEO Salary As of 2022, Peter Cancro's net worth can be between 300-600 million USD. "I knew Peter could get the ball across the goal line," said Smith. Jersey Mike Has Been The Nations Fastest-rowing Restaurant Chain For Three Years In A Row, 2. "No one could borrow money. How does a company rebound from the brink of bankruptcy and grow to a billion in sales? Cancro used the funds to pay the $125,000 purchase price for the ownership. Now, the shop has up to 1900 locations where one can find a store. Peter Cancro earned his fortune as the co-founder of Jersey Mike's Subs, an American submarine sandwich chain with more than 1,500 locations in the United States. Peter Cancro was born in Not Known. But if Subway is bigger, Cancro believes hes better. Buying it was the mothers suggestion to Peter. After purchasing the original Jersey Mikes Subs in 1975, he ran the single location until he decided that he was ready to switch his business model to franchising in 1987. Smith loaned Cancro the money with a 7-year payback plan. Cancro spent his childhood in the same neighborhood and attended the local grade school, middle school, and high school in Point Pleasant, New Jersey. In this time, he and his wife, Linda, opened more locations, renaming the chain Jersey Mikes Subs in reference to its New Jersey roots. Jersey Mike's founder Peter Cancro. Peter's mother suggested that he buy it. In January 1975, the owners of Mikes Subs, brothers Victor and Frank Merlo, put the shop on the market. Eventually, Peter remarried following the divorce. [2022], Blippi Net Worth: Early life, Career, Personal life and earning source [2022]. Cancros brother gave him the kind of recommendation only an older brother could. He is best known as the 4th owner of a submarine sandwich chain named Jersey Mike's Subs. Today Jersey Mike's operates a franchise-purchasing assistance program called the "Coach Rod Smith Ownership Program" to help young entrepreneurs start their careers. He had to see Rod Smiths wife, Janet, opened the door and ushered Cancro into the living room, where the coach was seated in his favorite armchair. We fresh grill cheese steaks. Cancro who has been the CEO of Jersey Mike's Franchise Systems Inc., aka Jersey Mike's Subs, for over 47 consecutive years now, holds a net worth of around $400 million. Vince Wilfork Net Worth: How Rich Is The Player Actually? With the help of his football coach, Rod Smith, who was also a banker at that time, the then 17-year-old teen pulled together $125,000 in three days and eventually became the owner and proprietor of Mike's Subs. Carl Nassib Net Worth, Biography, Personal Life & Career. There is not much to be found regarding any houses or real estate holdings to speak of from Peters original marriage to Linda. AS Submarine sandwiches were his favorite ,Peter loved working at the counter, interacting with customers. Lets take a look at Peter Cancro net worth, bio, age, height, weight, wife, kids, marital status, career, earnings, and more. Originally from New Jersey, Cancro now lives in Point Pleasant Beach. Additionally, employees, managers, and owners of adjacent businesses cooked hundreds of sub sandwiches to be given to emergency personnel, the EMS, firefighters, and anybody else in need. Cancro was officially a business owner only and co founder of 1,400 franchises nation wide with more than $1 billion in annual sales. That year, California had 200 outlets, demonstrating how successfully the distinctive East Coast flavor profile was communicated and spread. He is a member of the team. After graduating from Point Pleasant High School in 1975, he purchased Mikes Sandwich Shop and worked there for four years. He recognized the growth potential of the jersey. How Jersey Mike's CEO Turned $125,000 Into $1 Billion Peter Cancro's 5 Key Lessons as CEO of a Billion Dollar Franchise Corporation for 43 Years By Dave Schools, Founder, Entrepreneur's. . He became the fourth owner of Jersey Mike Subs, In 1975. Peter Cancro was known as the 4th owner of a submarine sandwich chain named Jersey Mike's Subs and US famous businessman and entrepreneur with a net worth of $400 million. When Peter Wisemans net worth is assessed again in a few years, $400 Million might just be a milestone. Producer Michael Net Worth: How Rich is The Film Producer Actually? When he was very young, he worked as a cashier at a local sandwich shop named Mikes. John Cancro is his younger brother. Manasquan, NJ 08736 Social Facebook, . "We don't say giving back. Required fields are marked *. His childhood was spent in New Jersey, United States, where he was born on May 15, 1957. When provided, we also incorporate private tips and feedback received from the celebrities or their representatives. The companys size has more than doubled, with 197 new locations inaugurated in 2015 and 500 more stores now under construction. Net worth He is one of the famous American entrepreneur and businessperson who has a net worth of around $2.8 billion dollar. Total Peter Cancro Net Worth in 2021 - $1 Million - $5 Million (Approx.) Peter Cancros son, Robert, oversees the Corporate Store Division for the company. Co-founder of Jersey Mike Subs, which has over 1500 locations in the United States, he is most famous for his submarine sandwich chain. Cancro explained hed missed all his classes the past week because Mikes Subs, a local sandwich shop where hed worked for the past four years, was for sale for $125,000. Peter Cancro and his first wife, Linda Cancro, had 2 children together.There is no specific reason and date of their separetion but their divorced was tun into good term. When we spoke, Cancro was in the middle of a country tour, traveling from places like Portland to Phoenix to San Diego, visiting local Jersey Mike's stores. Cancro makes a hamburger analogy to summarize his point. In 2022, Jersey Mike's raised over $6 million on the day for more than 170 charities nationwide. Peter and Linda eventually divorced. Richard Saghian Net Worth: How Rich Is The Businessman Actually? Peter Cancro was born in Not Known. He joins Mike Subs and starts working there. How Simu Liu Achieved a Net Worth of $4 Million; The 20 Best Chevy Muscle Cars of All-Time; How Lizzo Achieved a Net Worth of $40 Million; The 10 Most Dangerous Cities in Mexico; So, he quickly pivoted, and instead of becoming a lawyer, you chose to become a businessman instead. Peter laid out the shop's finances and Rod who worked in finance as his day job offered to fund the purchase with an interest-bearing loan. Anjali Sud Net Worth: How Rich Is The Businesswomen Actually? Cancro and his wife Tatiana own a four-bedroom apartment in SoHo for $15.68 million. That first job was at the tender age of 14, and he continued to work there all through high school. Opinions expressed by Forbes Contributors are their own. Nailea Devora Net Worth: How Rich Is The Actor Actually? Below, the 61-year-old founder, who's celebrating his 43rd consecutive year as CEO of Jersey Mike's Franchise Systems, Inc., reflects on the four decades at the helm of Jersey Mike's and shares what he's learned as an entrepreneur and CEO. An American businessman named Peter Cancro currently has a net worth of more than $400 million USD. All Rights Reserved, https://socialblade.com/youtube/user/jerseymikestv, https://www.forbes.com/search/?q=Peter%20Cancro&sh=1e4dc5bf279f, Married (married twice and once divorced). The tradition comes from the time one of his mentors, Bob Hoffman, an 85-year-old ice cream store owner, walked into Cancro's shop and put an ice cream cake on the counter that said, "Congrats Peter." Although the precise date is uncertain, Peter Cancro and his fiance Tatiana exchanged vows in February 2014. We say giving. After a while I thought, We really need to grow this thing and franchise it, Cancro said. Zack Lugo Net Worth :How Rich Is The Actor Actually? Jersey Mikes provides $5 to $7 million to a local charity every March. He and his new wife to be Tatiana, exchanged wedding vows sometime in February 2014. Tristan Tate Net Worth: How Rich Is The Entrepreneur Actually? He earns from 12.1 thousand dollars to 194. New Yorkers and North Shore people would come down, Cancro said. Linda Cancro was his first wife. Hailing from Point Pleasant Beach, New Jersey, Cancro is an American businessman and entrepreneur who is best known as the founder and the CEO of Jersey Mike's Subs, an American submarine sandwich chain headquartered in Manasquan, New Jersey. Fast forward to 2021, Jersey Mike's generates around $2 billion in annual sales with 2,034 locations and has even won the award for the fastest growing franchise concept in America for the last four years in a row. Because we are giving to give--to make a difference in someone's life." Submarine sandwiches are his favorite food. Peter Cancro is an American entrepreneur and businessman who has a net worth of $600 million. Prior to Tatiana, Cancro was married to his former wife and business partner, Linda Cancro with whom he opened up a few outlets of Jersey Mike's Sub. Through his career, he was able to expand his sandwich business and accumulate this fortune. Cody Rigsby Net Worth: How Rich Is The Entrepreneur Actually? Over two years and 2000 restaurants in 2020. He got his early education from the Point Pleasant high school. He married his first wife, Linda, just after high school. Fast forward to 2018 and Jersey Mike's does a billion dollars in annual sales with 1400 locations in 45 states. He was proud to know that his customers usually order an authentic sandwich at the store. There are more than 1500 locations in 47 states, and the number of locations is constantly growing. Cancro wasn't wealthy a student. Peter Cancro bought the original Jersey Mike's Subs on the Jersey Shore in 1975 and grew the business to nearly 1,600 stores across the country. In 2021 only, Jersey Mikes annual Month of Giving campaign raised more than $15 million. It won't be wrong to say Peter Cancro and his beloved wife, Tatiana Voevodina Cancro, are a match made in heaven considering their love to run business and their commitment to philanthropy. Robert Cancro and Caroline Cancro are the names of their sons. Meet the man behind the success of Jersey Mike's Franchise Systems, Inc., Peter Cancro (b. Peter Cancro earned his fortune as the co-founder of Jersey Mike's Subs, an American. Today there are roughly over 2,000 locations through which the company generates over $2 billion per year in gross revenue as per estimating sources. In this period, he and his wife, Linda, opened more locations, renaming the chain Jersey Mikes Subs in reference to its New Jersey roots.The couple got divorced after ten years of marriage. Net Worth: $300 Million. Dana Perino Net Worth: How Rich is The Former White House Press Secretary Actually? "My mother suggested that I buy it, so the next day I skipped school and knocked on doors trying to raise money," he told The New York Times in 2010. He should buy it, according to Peters mother. ", The Daily Digest for Entrepreneurs and Business Leaders, Peter Cancro's 5 Key Lessons as CEO of a Billion Dollar Franchise Corporation for 43 Years, How Jersey Mike's CEOTurned $125,000 Into $1 Billion. Tatiana and he exchanged vows in February 2014. "I say nothing," he said. Following a successful career as the owner of a sandwich shop, Peter attempted to start making content on YouTube in 2012. He heeded her advice, and with the aid of a high school football coach named Rod Smith who was also a banker, managed to pull together $125,000 in a matter of days. Your email address will not be published. Peter Cancro is an entrepreneur that has built one of the most successful submarine sandwich businesses in the United States. As a 14-year-old, he began working at a sandwich shop named Mikes Submarines. All Rights Reserved | View Non-AMP Version, Lyor Cohen Biography, Net Worth, Age, Height, Weight, Girlfriend, Family, Fact, and More , Christopher Ilitch Biography, Net Worth, Age, Height, Weight, Girlfriend, Family, Fact, and More, Jeff Bezos Biography, Net Worth, Age, Height, Weight, Girlfriend, Family, Fact, and More, Joseph DePinto Biography, Net Worth, Age, Height, Weight, Girlfriend, Family, Fact, and More, In 2013, he got the award of Entrepreneur of the year, In 2019, he got the award of silver plate in the Chain limited Category. Peter did end up remarrying sometime after the divorce. During his senior year, he eventually overheard the conversation of the owners, two brothers discussing selling the business. Submarine sandwiches were his favorite. Peter Cancro net worth and salary: Peter Cancro is an American entrepreneur and businessman who has a net worth of $300 million. The purchase price was $125,000, the equivalent of $700,000 to $800,000 today, according to Cancro. He said, I think we can do something, and he did, Cancro said. As of 2018, Jersey Mikes operates 1400 locations across 45 states and generates $1 billion in revenue annually. Andy Hildebrand Net Worth: How Rich is Andy Hildebrand Actually? Not long after graduating from high school, Cancro wed his first wife, Linda. ", It was one of the scariest moments of his career. Every year in March, he celebrates the giving day and donate the 100% of sales to different charity groups. Peter Cancro Theo Paphitis Net Worth Theo Paphitis. It wasnt easy for him at first, but he worked his way up from sandwich shop employee to sales manager. Lloyd Austin Net Worth: How Rich is The Secretary of Defense Actually? The Jersey Mikes Franchise has 2,034 locations open and under development with three locations in Queensland, Australia, and two in Ontario, Canada. As a businessman, Cancro has been recognized numerous times for his success in growing his business, Jersey Mikes Subs. Customers would gets their subs wrapped to travel, taking them out West, to South America and London, according to Cancro. The business took off in a major way from there; by 2014, it had amassed 750 locations with 650 additional ones in varying stages of development. Peter Cancro net worth is $400 million and it's growing. That's what I want for our store teams today. Peter Cancro Net Worth: The American entrepreneur and businessman Peter Cancro is known for having co-founded Jersey Mikes Subs, a chain of submarine sandwich shops with over 1,500 stores across the country. Cancro is from Point Pleasant Beach, New Jersey. Shane Wiskus Net Worth: How Rich Is The Golfer Actually? In any case, John Cancro is the brother of Peter Cancro. We probably sold more subs than anyone in the world.. In 47 states, Mike Jersey closes 1600 stores. In order to highlight the chains New Jersey seaside roots, he and his wife Linda expanded their business and changed its name to Jersey Mikes Subs. Rob got married to Ashley in June 2015 after he graduated from Colorado State University. His most famous achievements include co-founding Jersey Mike's Subs with more than 1,500 locations throughout the United States. It got really busy, crazy in the summer. He managed to buy his first store for 125,000 dollars. History. The couple have two children, a son named Robert and a daughter named Caroline. After almost 20 years of marriage, they had two children, Robert and Caroline. $400 million might just be a passing trend in a few years. The Jersey Mike's Franchise has 2,034 locations open and under development with three locations in Queensland, Australia, and two in Ontario, Canada. John McAfee Net Worth: How Rich Is The Business Man Actually? There is 2000 restaurants in 2020 $1 billion total profit accrues with a target of more than $2 billion. After completing graduation Peter Cancro married his first wife Linda at just 17 years old, shortly after buying his first business.She was his high school sweetheart. He also founded Jersey Shore in 1956 and He took Jersey Mike national when he started his franchise in 1987. ", 5. Jersey Mikes currently has locations in 45 states and territories, and growth has been relatively slow but steady. Jersey There are roughly 1500 Mike's Subs locations in the US. Peter Cancro, Founder/CEO Corporate Address 2251 Landmark Pl. After days getting nowhere he eventually knocked on the door of his football coach Rod Smith. The Jersey Mikes restaurant supports local charities with 100% of its sales on the Day of Giving each March, giving away an estimated $5 to $7 million annually. We did tremendous volume. Shilese Jones Net Worth: How Rich Is The Gymnast Actually? Mary Cosby net worth: How Rich is Actor Actually? The primary source of Peter Cancros money comes from the business that he started. 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