1851

<p><span style="background-color:transparent;color:#000000;">Peter Cancro was a 14-year-old high school student in Point Pleasant, New Jersey, when he began working at Mike's Subs. He enjoyed every aspect of his job at the sandwich shop, but he found that his strongest attribute was his charismatic personality, which allowed him to engage with customers and act as the face of the restaurant. While employed at Mike’s Subs, Cancro became enamored with his work and the sandwiches he produced.</span></p><p><span style="background-color:transparent;color:#000000;">After a few years, the restaurant’s owners decided to sell the business.&nbsp;</span></p><p><span style="background-color:transparent;color:#000000;">“My mother suggested that I buy it, so the next day, I skipped school and knocked on doors trying to raise money,” Cancro&nbsp;</span><a href="http://www.nytimes.com/2010/06/06/jobs/06boss.html?utm_source=1851franchise.com&utm_medium=article&utm_campaign=top-franchise-leaders-peter-cancro-ceo-of-jersey-mikes-subs-2720574" target="_blank" rel="nofollow"><span style="background-color:transparent;color:#1155cc;"><u>told The New York Times</u></span></a><span style="background-color:transparent;color:#000000;">. After securing a loan from his football coach, the ambitious 17-year-old purchased Mike’s Subs — before he could legally operate a meat slicer.</span></p><figure class="media"><div data-oembed-url="https://www.instagram.com/p/B1eQPPThojo/?hl=en"><div class="iframely-embed"><div class="iframely-responsive"><iframe src="//cdn.iframe.ly/api/iframe?app=1&amp;api_key=fd3b6b3731f34f55ba1fe3&amp;url=https%3A%2F%2Fwww.instagram.com%2Fp%2FB1eQPPThojo%2F%3Fhl%3Den" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen=""></iframe></div></div></div></figure><p><span style="background-color:transparent;color:#000000;">In 1987, Cancro changed the name of Mike’s Subs to </span><a href="https://1851franchise.com/how-jersey-mikes-was-built-to-grow-2713738#stories"><span style="background-color:transparent;color:#000000;">Jersey Mike’s Subs</span></a><span style="background-color:transparent;color:#000000;"> and began expanding the business through franchising. Sub-lovers embraced the concept, and the Jersey Mike’s brand proliferated nationwide. But, as is typical when a company grows too fast, the expenses caught up with Jersey Mike’s. In 1991, a </span><a href="https://1851franchise.com/franx-buying-a-franchise-during-a-recession-2719919"><span style="background-color:transparent;color:#000000;">recession</span></a><span style="background-color:transparent;color:#000000;"> hit, and Cancro struggled to keep the business afloat.&nbsp;</span></p><p><span style="background-color:transparent;color:#000000;">“The banking environment went south. It was the worst recession of my life,” said Cancro. “No one could borrow money.”</span></p><p><span style="background-color:transparent;color:#000000;">After being forced to lay off several employees, Cancro feared his business would fail. Fortunately, Jersey Mike’s rebounded, and its expansion kicked back into gear. Through this trial, Cancro learned about calculated franchise development and perseverance in the face of adversity.&nbsp;</span></p><p><span style="background-color:transparent;color:#000000;">These lessons would continue to serve him and the brand.</span></p><p><span style="background-color:transparent;color:#000000;">Again, in March 2020, with economic turbulence threatening the company’s future, Cancro faced a difficult decision. When others put their heads down, Cancro did the opposite. Even as some on his own management team urged caution in the face of a global crisis, he pushed forward with a top-to-bottom brand update.</span></p><p><span style="background-color:transparent;color:#000000;">“Everyone said, ‘Pull back. Don’t do anything.’ I said, ‘Absolutely not,’” explained Cancro. His previous struggles taught him not to surrender in times of economic strife, and again, Jersey Mike’s prevailed.</span></p><figure class="media"><div data-oembed-url="https://www.youtube.com/watch?v=4qffR62kB1g&amp;feature=emb_logo"><div class="iframely-embed"><div class="iframely-responsive"><iframe src="//cdn.iframe.ly/api/iframe?app=1&amp;api_key=fd3b6b3731f34f55ba1fe3&amp;url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3D4qffR62kB1g%26feature%3Demb_logo" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen=""></iframe></div></div></div></figure><p><span style="background-color:transparent;color:#000000;">Today, Jersey Mike’s has 2,362 thriving restaurants nationwide, growing at roughly 220 units per year. Its current systemwide revenue is $2.3 billion, and the brand ranks No. 4 on&nbsp;</span><a href="https://www.entrepreneur.com/franchise500?utm_source=1851franchise.com&utm_medium=article&utm_campaign=top-franchise-leaders-peter-cancro-ceo-of-jersey-mikes-subs-2720574" target="_blank" rel="nofollow"><span style="background-color:transparent;color:#1155cc;"><u>Entrepreneur’s 2022 Franchise 500</u></span></a><span style="background-color:transparent;color:#000000;">, marking the company’s fourth year on the Franchise 500 top 10 lists.&nbsp;</span></p><p><span style="background-color:transparent;color:#000000;">Moving forward, Jersey Mike’s is supporting its franchisees by providing old shops with a $75,000 makeover that includes new seating, updated wall art and customer-facing terminals. Further, Cancro has personally launched the Rod Smith Ownership Program, named after his football coach and first investor, which will provide select entrepreneurs with $400,000 to begin operating a Jersey Mike’s franchise.</span></p><p><span style="background-color:transparent;color:#000000;">"Somebody gave me an opportunity. Someone gave me a shot — Coach Rod," said Cancro. “This is me saying, ‘I want to give you a shot.’”</span></p>

Top Franchise Leaders: Peter Cancro, CEO of Jersey Mike’s Subs

1851 Franchise

After acquiring a sandwich shop at only 17 years old, Peter Cancro developed his business into the massive franchise brand it is today. 

top-franchise-leaders-peter-cancro-ceo-of-jersey-mikes-subs

Home Halo

Home Halo’s 160-Step Launch Process: Setting Franchisees Up for Success

home-halo-franchise-launch-process

VA Reimbursement: A Unique Opportunity for Home Halo Franchisees

va-reimbursement-a-unique-opportunity-for-home-halo-franchisees

Home Halo’s "Frank" Method: Coaching Franchisees to Greatness

home-halos-frank-method-coaching-franchisees-to-greatness

home-halo-dan-deak-personal-journey-headshot

Dan Deak's Personal Journey: From Caring Son to Home Halo CEO

dan-deaks-personal-journey-from-caring-son-to-home-halo-ceo

10 Reasons Why You Should Invest in a Home Halo Franchise

10-reasons-why-you-should-invest-in-a-home-halo-franchise

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Dave’s Hot Chicken Sold to Roark Capital in $1 Billion Deal to Fuel Global Expansion

daves-hot-chicken-sold-to-roark-capital-in-1-billion-deal-to-fuel-global-expansion

Homebuyers Keep Buying — And That’s Good News for Home Service Franchises - 1851 Franchise

Homebuyers Keep Buying — And That’s Good News for Home Service Franchises

homebuyers-keep-buying-and-thats-good-news-for-home-service-franchises

AI Could Push Unemployment to 20% — Fueling a Surge in First-Time Franchise Buyers - 1851 Franchise

AI Could Push Unemployment to 20% — Fueling a Surge in First-Time Franchise Buyers

ai-unemployment-impact-white-collar-job-loss

How To Sell Just One Franchise: What You’ll Learn at FranCamp NJ 2025

how-to-sell-just-one-franchise-what-youll-learn-at-francamp-nj-2025

House Passes Tax Relief Package With Key Benefits for Small Businesses and Franchises

house-passes-small-business-tax-relief-bill-2025

The Ultimate Guide to Selling Franchises: How To Create a Strong Incentive

how-to-build-strong-incentives-to-attract-prospective-franchisees

The Ultimate Guide to Selling Franchises: How to Position Your Value Proposition

The Ultimate Guide to Selling Franchises: How to Position Your Value Proposition — Point of Differentiation

how-to-position-your-value-proposition-with-a-point-of-differentiation

How Franchise Brands Can Prepare for the Rise of AI-Driven Advertising

how-franchise-brands-can-prepare-for-the-rise-of-ai-driven-advertising

Cadence Franchising - Meet the Supplier - 1851 Franchise

Cadence Franchising: Modern Lead Nurturing and Recruitment Solutions

cadence-franchising-meet-the-supplier

How Car Sales Taught Buddy's Home Furnishings’ Mitchell Lee the Secrets of Franchise Development

how-car-sales-taught-buddys-home-furnishings-mitchell-lee-the-secrets-of-franchise-development

What You Need To Know About Low-Cost Franchise Opportunities

what-you-need-to-know-about-low-cost-franchise-opportunities

Sola Salons Franchisee Grows Salon Freedom Into a Multi-State Powerhouse 

sola-salons-franchisee-grows-salon-freedom-into-a-multi-state-powerhouse

Dan Yangas Brings Family Flooring Legacy Full Circle With Footprints Floors Franchise in Naperville 

Dan Yangas Brings Family Flooring Legacy Full Circle With Footprints Floors Franchise in Naperville, Illinois

dan-yangas-brings-family-flooring-legacy-full-circle-with-footprints-floors-franchise-in-naperville-illinois

Franchisee spotlight graphic with photo of Sean Phelan & Caring Transitions logo

From Tech to Transitions: Why This Caring Transitions Franchisee Left the Corporate World To Help Families Navigate Life’s Hardest Moves

sean-phelan-caring-transitions-franchise-austin

Top Franchise Leaders: Peter Cancro, CEO of Jersey Mike’s Subs

MORE STORIES LIKE THIS