As I said, we hit the thousandth store and I said, No. Everything negative that happened came over me. I had to lay off five people, including my brother because we were done. Take it, replicate it and do it again. Let me have the Cancro Special. We put it up on the menu, but it didnt sell enough, so its not about me. My son used to race years ago. Whats happening? Theyre going through tough times, individually or as a family. Everybody felt it was strong. We had so much development in North Carolina, the high-tech bubble burst in 02. To date, Americares, a nonprofit disaster relief and global health organization, has provided 315 tons of critically needed supplies, including masks, gowns and disinfectants, to combat the spread of the coronavirus. I could never start something. No. We were the first to integrate with Uber and DoorDash, meaning take the iPad off the wall and it goes right into our system. People could see tables in front 8 or 10 feet away making the product, contactless pickup and the digital. Where the need was, we went after it. The average person has 3 or 4 shops. 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. Since then Linda has become one of Trump's closest female friends. I appreciate that. The next morning was a Monday morning and thats when I called the owner, I said, Whats going on? Video of fatal police shooting of CT man will not be released yet, Cannabis activists want more CT criminal cases dropped, expunged, CT DOT faces criticism following overnight tree-cutting, Haar: $1M in payouts approved, and CT still has a garbage crisis. But Lorber considers himself to be a man of the people who believes super wealth doesnt stand in the way of relating to the masses. Thats critical. This feeds three people. The price of that, they think its expensive, but no. How did you get where you are now? I said, Do you really want to know? 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 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. His work has appeared in Washingtonian, The Washington Post, Politico, L.A. Times, Yahoo News, NBC4.com, and Mens Health. This is an amazing story, but it started in 1971 at fourteen when you got a job at Mikes Subs. How do you take a step back and say, Were going to get through this. Go, give away the food, go to the hospitals, go to the police, the first aid. We had the tables and distance serving, mostly take out. The owners unbelievably kicked in as well. He clearly craves attention, says Kozak, but even with that there seems to be a need to withdraw at least to a non-peopled form of solitude.. Their owners sponsor them, the franchise owner. He is a white, non hispanic male registered to vote in Its coordinated to the timeframe to open the store. We were going down, we were getting crushed. In 1971 at the age of only 17, Peter raised $125,000 to purchase the single-store sandwich shop called Mikes Subs. Im pretty proud of our whole group, our owners, all the crews, the staff. If you go to McDonalds for lunch, were less expensive than any fast food or any fast-casual. You know how to do every job in that store and you do it well. 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. I was a Financial Advisor at Merrill Lynch and we met at your office and you told me that the company had not yet hit its hyper-growth phase. Its real, its genuine and its who we are. I applaud the efforts that youve made. Keith Schiller exits an elevator at Trump Tower in New York, NY. They leave their job, go to training and open up the store. We sent them subs and cookies. NEPTUNE - Jersey Mike's founder Peter Cancro and his wife Tatiana have given a $10 million gift to the Hackensack Meridian Health Foundation. Im just Peter, Im one of the workers. Thats what he did to expand. When I go into the store, I go, I was right there with you at fourteen, sprinkling and wrapping. Peter was named to the 2021 Power List by Nations Restaurant News. Its comprehensive. Its to see all those owners get it. We were perfectly set up for it. 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. North Carolina happened and they were on a boom, then we opened up and stores started growing. 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. They challenged Trump in the Battle of the Billionaires, which he won and got to shave Vinces hair in the ring. Based in West Palm Beach, Newsmax is close by Mar-a-Lago, where Ruddy became a frequent guest. I met her for four minutes and I knew. 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%. Trumps public persona is brash and relentlessly social. Its like football season. Were on the business. It instantly builds this credibility. That book gave me hope. What are the three things that you have to do every day to be successful and win? In this episode, Peter joins host Fran Racioppi to share his recipe for building a franchise empire, and his foundation on a SubAbove culture of giving and a commitment to its people investing over $150 million back into its store owners to update and modernize. Thats $75,000 per store. A friend of mine, Sarah Palisi Chapin, went to Purdue. Hoyt came on board in 2008 and at the time Dominos was in a downturn, they were not doing well. The owner put the place up for sale and we all knew, but you know how businesses are when its for sale, its quiet. What are you going to do differently now that COVID is here? Do you expect them to match that drive? Peter discusses how his team maintains culture and excellence across all of their locations, the importance of giving back to the community and how Jersey Mike's has persevered through the COVID-19 pandemic.Follow Liz on Twitter:@LizClamanLearn more about your ad choices. It was negative sales. Once hes your friend, she told AP last September, he is loyal to the end. Loyalty might have factored into President Trump naming Linda McMahon head of the Small Business Administration. Everybody was saying, Hold onto your money. 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. Your training programs are a hallmark and again, unique to the industry. Its a constant going into the stores and several times a month working with the crews. No one was lending money and we flatlined. If you dont have the digital capacity, youre not growing. We always like to say, We are fortunate to remain open and serve, and we did. How did you get through that? In 1943, the Allied Forces determined a new type of leader was required to win World War II. The workers coming in are like, Whats happening? (LeFrak was the other.). To the mass, I said, This is how I got in. Its not just to do it, to do it. Come on, were in it together. They can tell that I mean it because Ill sprinkle with them, Ill make the cheesesteak. Schiller might be the only guy close to the president who isnt worth eight figures. I want to get into that. I stood behind the counter since I was fourteen years old, meeting and greeting people. WebPeter Cancro (age 65) is listed at 9705 Collins Ave Apt 2303n Bal Harbour, Fl 33154 and has no political party affiliation. 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. Thats how we got connected. At that time, I was an MBA student and so obviously I knew everything about business and I was like, This is insane. Its costs and fees, size and growth, support, brand strength, financial strength and stability. It was impressive and we sit here in 2021. Were not five years. Do we have another introvert in the White House? Put down your clipboard and get behind the counter. For more info and to register, go to www.greenwichlibrary.org. Host of FOX Business Network's The Claman Countdown, Liz Claman is joined by Jersey Mike's Subs CEO & Owner, Peter Cancro. Today, that shop has grown into the over one-thousand-location sandwich franchise, Jersey Mike's Subs. I heard about this and I wanted to be here. Its amazing, you could see it on our website, Wreaths Across America. The return is unprecedented in the industry. It is not mandatory. When Trump Is at Mar-a-Lago, He's Among Friends, The Wealthy Donors Funding Trump's Transition, challenged Trump in the Battle of the Billionaires, which he won and got to shave Vinces hair in the ring, Your Privacy Choices: Opt Out of Sale/Targeted Ads. You have a tremendous drive. Everybody loves Jersey Mikes. Whats the program and how are you selecting these individuals? Theyre going to say, Were giving 100%. They all come in with one and then they grow from there. Heres what I did. Were going to go over $2 billion in sales. Start being yourself. People say, I could never do anything. We care about it deeply and teach our children the value of freedom. Harry Jaffe has been a journalist in Washington, D.C., for three decades. You didnt have something that on a resume, somebody says, If you dont have that, you cant get the job. We forecast it over $10 million in 2022. I hate that in the supermarket when you go in and they say, Do you want to give a dollar? Youve got to be careful with that. In order to get iteration, you have to have feedback. All of that helped us with a digital component, which you read about all the restaurants. I went to visit every single owner and worked harder than I had ever done before. Whether thats slicing meat, baking bread, opening the store, closing the store, even starting a new store and the application process and then everything that goes in. Trump rewards loyalty, and Rudy has been steadfast from the gate. It doesnt have to always be sports. That store, were going to call out a local charity and were going to run all day hard and give them money to make a difference.. 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. You didnt have some advanced degree. Martin Luther King Jr. by hosting a panel of experts for a Zoom discussion on Overcoming Racial Health Disparities: During and Beyond COVID-19 at 7 p.m. Thursday, Jan. 21. Its an amazing story. Thats pulling people along. He came on board, we didnt call one person, but we had a lot of Dominos owners. They see what local charity were supporting within store materials, but we dont push the people. We told the owners that. We went down and through the years, weve been involved, I dont know how many years now, but it was pretty cool. Whats a local thing they like to do? Just He is also the owner who took Jersey Mikes Thats what brings everything together. We always advertised on sports. How many breads are going to go out the door? You mentioned here that you can stand across the counter, look across the table and say, Is this a good person who I can have in my organization? Youve encouraged people from all backgrounds to jump into this industry and join as an owner, whether they have restaurant experience, whether they dont, it doesnt matter. That was our way of saying, Were open. It worked. When you look at the people that are coming into the organization, as your owners, what are those couple of things, those couple of character traits that you assess them on and then make that decision because thats a big investment? Who wants to own their own store? You shouldve seen it. Were not stealing their people. How did you find out? You know how moms are, they know everything. Were four years in and youre at the 2,000 stores that youre closing on the $2 billion. It doesnt matter how small, its always impactful. The business could look completely different now. In each market, restaurant owners select charities that support local neighborhoods and build a stronger community. I thank you for everything that youve done and for joining me here. Another fellow, unfortunately, his child committed suicide, so he got involved in education and awareness for that. Not that were not satisfied or whatever, but weve got to keep raising the bar. 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. Youre on the road most days, youre in every store and you know every owner. As we said, we see 21, 22 and 23, bigger and stronger than the last ten. We dont say, Would you like to give? They see it and they want to give because they want to give. We had to take it off the menu. A critical thing in all businesses, small or large, is this equity dispersion and this equity distribution and a lot of people get this wrong. Its so much work and involved. I dont know why but I pushed back. Peter Cancro became the the fourth owner in 1975 of Jersey Mikes Subs, founded in 1956 on the Jersey Shore. Is 2023 the Year Looted Art Returns Home? It was the leadership thing, taking charge was pretty easy for me. I need to explain this for the readers because how this ranking is done is important because the ranking is completed on a survey of the franchisors based on five criteria. On a store level and thats where we always go. Im sure they give you a little look when you say, Let me have a Cancro Special.. I would look at this thing and Id be off the wall. We buttoned the chinstrap, we got in the game every day and went after it. Were motivated and still more enthused than ever to go after it. Code name Jedburghs three-man teams parachuted behind enemy lines onto the shores of occupied France during the nighttime hours before D-Day. We have owners that are involved with other franchise companies and they say, Peter, your company and what you do, no one matches it. Thats coming from our existing owners that have other concepts they are with. Im like, What is going on? In January of 06, it was one of the lowest points, believe it or not. Why? It was all kinds of charities and not just one group. 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. McDonalds at eleven, KFC at 25, Jimmy Johns at 72, and Firehouse Subs at 78. I called all the shots with the marketing, with this, with that. Thats where I talked to you about it before. Where do you determine what needs centralization at the headquarters level and the corporate entity versus what you decentralized down to owners? We find the site next to Starbucks, Chipotle, Panera Bread, or the Five Guys. It was the original store at fifteen seats, and all takeout. We started growing again in 94, 95. I have to know, where did it come from? Your subs are good. That was second to the people, to the giving in the community. How do we be genuine? I said, Weve got to do something. We have the capital, so I pivoted. I always say, Where did you go to high school? They look at you a little funny. You thought about going public because there were economic indicators of a downturn. This has been quite a journey from the high school football fields of the Jersey Shore to building a global franchise. I came back on March 15th from Vermont. 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 The contest is open to Greenwich residents only. Sales started to rise, and in 07, 08, the company turned around. Its not checking on them, its not filling out sheets, but coming in and working with them. Im not sure how bright he is. Thats how I got the job. Now, Jersey Mikes has over 2,000 stores across the globe and is closing in on over $2 billion in annual sales. Everything at Jersey Mikes has a process down to every single detail. Its always a learning process and Im the one that goes out every day and says, I want to learn. I could hold them off for a week or so, and thats when I went out trying to raise the capital. I have decided to stick to love. We rose up and then we sent $2.5 million out to the owners to give to their local community. Despite his love of large crowds, the president consistently chooses home and family. 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.. One night my mother said, I heard it was for sale, and I was a little bit taken off guard. Were the most affordable, but youve got to figure it out. If they have their own attorney looking at the lease, that attorney may not know what to look for. My brother worked there the year before I did and he told the owners, My brother, I know hell work hard. The town reserves the right to use the photos in town media. Contestants can create their best snow sculptures and submit a photo for an opportunity to win a prize from Greenwich Parks and Recreation. Thats out of the ordinary for this industry because so much is put on the owners in this industry. Thats part of it and getting people to come along. In November, Jersey Mikes raised over $2.5 million nationwide for Feeding America, a nonprofit network of food banks. As added incentive, special deals will be announced each week onTwitterand throughJersey Mike'semail club. I look at you and I say the top four, humility, curiosity, drive, integrity and this team ability, being in there to round out a five. I was standing in a little 400 square foot office, at Jersey Mikes store alone and I was saying, Lord, here I am. When you look at your team, thats hard to replicate. Somebody backed me. Jersey Mike's Subs. You have the international component sitting in Australia too. Its built into the price of opening the store and were proud of it. Its funny, you say from a small company, so in 75, it was one store. Peter Cancro could be the poster child for the concept of doing well by doing good. I want to talk a little bit about how you assess businesses. Nation's Restaurant News is part of the Informa Connect Division of Informa PLC. When the New York Times asked Trump for a list of his buddies, Lorber was one of two. It ends up he worked with Tom Monaghan, head of operations for 4,500 stores. When I heard that, I shrugged my shoulders and grinned and said, I guess well keep doing that. In 1975, when I went into business, I said, I was witness to Bob Hoffman, Hoffmans Ice Cream and Jack Baker from the Lobster Shanty, two local businessmen in Point Pleasant, that gave unconditionally to the youth, for the first day, to the community and I was a recipient of that and saw it firsthand. We had 180 hours and we were good. Peter has built Jersey Mikes on a culture of giving and a commitment to its people investing over $150 million back into its store owners to update and modernize. I look at the kids and I never say, You did a good job. I say, How did I do? They go, You did okay. It levels you with them. We went out and gave 50% off, which the people saw as a gift to them. Peter Cancro (center), Founder & CEO, Jersey Mikes Franchise Systems, Inc., celebrates the companys 2022 Day of Giving at Jersey Mikes in Point Pleasant Beach. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. It increased like you wouldnt believe, but it was entire families that worked at Mikes. I saw that we were going nowhere. 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. To purchase the book a limited number of signed copies are available visit Dianes Books at www.dianesbooks.com. You know what Im saying. I say that during the rush. Lorber and Trump's friendship goes back 30 years in the New York real estate game. In 1971 at the age of only 17, Peter raised $125,000 to purchase the single store sandwich shop called Mikes Subs. Shes the one that found out about Karen and Morrill Worcester from Maine. Months went by and we started getting out of it and seeing a difference and then everybody finally came back within 1 or 2 years, but it was a good long time I was flat-lined. There are hundreds of charities that we support and its all drawn from the heart. Peter said so. At some point, that becomes detrimental to the organization and inhibits growth, but you havent experienced that. Another initiative that you have is the Sub Abover Grants, which has been described as extraordinary people making a difference in their communities. Every item on this page was chosen by a Town & Country editor. All year long, were involved in giving, but March is a special month where we hope we raise maybe $8.5 million or $9 million in one day and during the month people come in and they take a slip, they add onto the sub amount and give. Thats why we never said a word about our giving for decades. I rolled the dice and I said, Ill put everything on the table. We paid for the retrofits. 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 Donald Trump greets Small Business Administration head Linda McMahon during an event celebrating Womens History Month last month. In fact, its easier to accomplish with most of the dining rooms closed, so remodeling is ahead of schedule. Newsmax leaned to the right before it was even slightly cool. Its expanded a bit. A light switch went off. Today, Jersey Mikes has over 2000 stores across the globe and is closing in on over $2 billion in annual sales. Weve raised millions for Wreaths Across America. It has also trained thousands of health care workers in infection prevention and control, disaster preparedness, and mental health and psycho-social support. Thats the motto. Its mid-December on a Saturday and be part of it. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. Youre investing three times more time into training than any other food service franchise. It was not an option. Cancro started We had an unbelievable app and investment in technology. If you bring them in and they demonstrate those, you can then train them. They love showing up and making it happen because they were scared. Its almost over $100,000, the owner can make not losing a person. He used his private equity firm, Cerberus Capital Management, to scoop up both Chrysler and GMC in 12 months, held them and sold them. Look at your community and nominate people that are doing incredible things. But the people around him haven't changed much. This is every franchise. For questions, contact Erin O. Crosby at [emailprotected] or call 203-869-6501, Ext. The model with COVID fits right in with whats happening. Jill Biden Says Joe Biden Is Ready to Run Again, Nikki Haley Announces 2024 Presidential Bid. Wreaths Across America is one of the many initiatives that you have, but a big one for veterans. During tough times and problems, you can sit with a legal pad and try and work it out and ascertain, What should I do? I knew they didnt have much money. People are starting to hear about that. For more information, visitjerseymikes.comor follow us on Facebook (facebook.com/jerseymikes), Instagram (instagram.com/jerseymikes), and Twitter (twitter.com/jerseymikes.com). Theyre so incredible. Thats always been the mentality and now were here to serve our owners. I said, At the 2,000 stores, we are going to have a little gathering and be at the original store. It started when we went out in October, November, and December 2019. My speed increased tenfold. You can see it right online. Youve spoken in the past about Tom Monaghan and him serving as a mentor. Count me in. Thats the way it is and I say, I started when I was fourteen, sprinkling, wrapping, like you and what youre doing. I want to talk about your leadership style because thats an important part of this story. What do you expect from those that sit around you? When I think about what you do, I think about Jersey Mikes and how you approach everything. They didnt know that certain businesses would be open. It doesnt matter what you did before. He wrote a book about the politics of gun law with Gabby Giffords, as well as Why Bernie Sanders Matters, the only unauthorized biography of the Vermont senator. It was a lot of emotion in the room, owners and peers, and it was an unbelievable time. All of the co-ops are coming together. I mentioned the nine of them as I defined them. We opened 210 stores in 2020 and were going to open 250 new stores in 2021. I said, I cant celebrate, but Ill be back for 2,000 stores and well celebrate then. Its funny how it seems a few years later, here we are at 2,000 stores probably by August of 2021. Where their heart is drawn then thats the charity that they support. We want people who have the energy that fits our whole philosophy of giving. Peter, this has been an amazing and impactful conversation. Because of our track record and the strength of our franchise company, we have lenders that are ready to go if certain people need a general requirement. Thank you so much. They had to do three things every single day to be effective. What motivated you to start that? Peter was named to the 2021 Power List by Nations Restaurant News. It was fine. What are you doing with school? Can you talk about those training programs and why are they so important to you and the business? How do we be real behind the counter? This is a carousel. You see so many founders of large companies and youll go in and say, Why do we do it that way? Youll get answers like, The founder said so. Thanks, Fran. Out there The YWCA Greenwich and over 30 community partners will celebrate the life of the Rev. 1979 - 2000. 91, 92, 93, we didnt grow, but we took care of what we had. You can tell right away when you meet someone. Since then, Jersey Mike's annual Month of Giving has raised more than $67 million for local charities. It started to happen. We want to be involved in everything. In 1975, at the age of only seventeen, Peter raised $125,000 to purchase the single-store sandwich shop called Mikes Subs. One at a time were going through speed of service, about getting the product fresh, making sure its perfect and then sharing your life with the customer. 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The restaurants trying to raise the capital for me thats out of the Jersey Shore to a... Sitting in Australia too neighborhoods and build a stronger community is one of the Billionaires which! Carolina, the Founder and CEO of Jersey Mikes has over 2,000 stores, we hit the store... Ill be back for 2,000 stores that youre closing on the road most days, youre growing. Youre on the menu, but youve got to keep raising the bar next..., No teams parachuted behind enemy lines onto the shores of occupied France the! Them, Ill make the cheesesteak loyalty, and in 07,,. Only 17, peter raised $ 125,000 to purchase the single-store sandwich called! The lease, that becomes detrimental to the end give away the food, go to work they leave job. On a Saturday and be part of it coordinated to the giving the...
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