In 1971 at the age of only 17, Peter raised $125,000 to purchase the single store sandwich shop called Mikes Subs. 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. We forecast it over $10 million in 2022. Its mid-December on a Saturday and be part of it. 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. Its a whole culture. The business could look completely different now. Along the way he bailed out Michael Jacksons Neverland Ranch and bought Miramax studios with Rob Lowe. We want to be involved in everything. In 1991, we were on a rise. Do you expect them to match that drive? We got along fine and worked together okay. There are 2,000 stores at this point. I rolled the dice and I said, Ill put everything on the table. We paid for the retrofits. New people came in onboard and it wasnt a problem with me. Web page addresses and e-mail addresses turn into links automatically. But beyond family, loyal staff, and cabinet secretaries, who does Trump turn to when he needs to vent or seek guidance? You go out every day and you make a difference. Its why youve had success. The owners unbelievably kicked in as well. The McMahons together donated $5 million to the Trump Foundation between 2007 and 2009; the Center for Responsive Politics reported that Linda herself contributed $6 million to Trumps presidential campaign. Its funny, you say from a small company, so in 75, it was one store. Out there The YWCA Greenwich and over 30 community partners will celebrate the life of the Rev. Its about $400,000. We were opening stores and we were investing everything we had back into growth. I want to talk a little bit about how you assess businesses. Everything thats rung up goes to that local charity. No one is allowed to introduce me to the customers as the owner. It had all of them listed. 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. Take it, replicate it and do it again. The crew and them, they were into it. 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. Peter Cancro bought the first Jersey Mikes at the age of 17, as a high-school senior who had spent previous summers working at the Point Pleasant, New Jersey sandwich shop. Thats an investment in our owners. You had about 1,000 stores, you were doing about $1 billion in revenue and you told me, In the next five years, were going to double. Were not five years. Jersey Mikes has raised more than $28 million for charities since 2010. We said, This is starting to grow.. We didnt start expanding until 87 and then we grew. A light switch went off. Peter Cancro, founder and CEO of Jersey Mikes Subs, pays a visit to the Jersey Mikes in Riverside on Sunday, Jan 10. Everybodys affected by COVID, but your location, your geography affect you in many different ways, whether it be local regulations or state regulations. I would say that I see the same drive in you that you were probably when you walked in that door at fourteen years old. Thats what we look for and embrace and see. When we were talking one time, you told me that this growth rate is going to continue over the next couple of years. I came back on March 15th from Vermont. 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. In each market, restaurant owners select charities that support local neighborhoods and build a stronger community. /sites/all/themes/penton_subtheme_nrn/images/logos/footer.png, Meet the innovative, inclusive and industry changing leaders of the 2021 NRN Power List, 2023 Informa USA, Inc., All rights reserved, Q&A with Angel Velazquez, area director, Jersey Mike's, Read about Scott and Ally Svenson, founders, MOD Pizza, Allowed HTML tags: . 1 of 3. We say, Nothing. Were going to be the national sponsor. I sensed and knew that to make the subs a slice of fresh, theres a lot of training involved. As added incentive, special deals will be announced each week onTwitterand throughJersey Mike'semail club. We were there. Theres no need to recreate it. I saw a lot of our sales were coming from North Carolina and they lost 100,000 jobs. Thats the way it is and I say, I started when I was fourteen, sprinkling, wrapping, like you and what youre doing. Everybody felt it was strong. Thank you so much. Help me through this. Its amazing day by day how when you start pushing and pushing and nothing happens. They had to do three things every single day to be effective. When you look at this, how do you stay grounded? Number 8860726. The right team assembled and kept working and slowly but surely, it started rising up. Web1956. I woke up in the middle of the night and wrote the commercial. We care and show up every day. Organizations will fail without transformative leaders. You didnt have something that on a resume, somebody says, If you dont have that, you cant get the job. Its never been done before as far as we know. It was not an option. Youre a public company, thats not for you., The moves we took first were to cut the fees, so the owners, were with you. The contest is open to Greenwich residents only. To be ranked seventh, I joke sometimes, I think were doing a few things right. Its that humble approach that we show up every day, we go to work and go after it aggressively. You have a championship season, what about next season? Its funny how I pick it up and I have a moment. They said, Let me have, then a number. We may earn commission from links on this page, but we only recommend products we back. You didnt check all these boxes. In this episode, I spoke with Peter Cancro. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. Hes clearly over-stimulated by all the exposure and seeking some introvert-like withdrawal., Granted, it's a stretch to imagine that a serial tweeting president who picks public fights with actresses, congressmen, or anyone he imagines has crossed him might be secretly craving seclusion and contemplation. The average person has 3 or 4 shops. Youre there for four years and in 1975, you find out the store is going for sale. That means were giving it our all. Its neat commercials coming out for it. Whats a local thing they like to do? Its the small things and Im sure it was the small things that achieve victory way back when and its now as well. What happens is you do it and people find out about it. Its to see all those owners get it. I welcome them to run ahead of me. Trump and LeFrak go way back, so far back they made their first fortunes in the same terrain: apartment buildings in the outskirts of Manhattan. She checked it and I saw her pointing to it. Its not so much compliance. 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. We had to not do it. Maybe if youre born with it, it does, he told The Real Deal, the Manhattan real estate publication, with a dig at his buddy. Their owners sponsor them, the franchise owner. Whats empowering that people love is when they can be real and genuine, and not some script by the company. We were ahead and ready for this because of our investment two years prior. But a closer look at Trump's patterns and relationships reveal a man who seeks privacy. Nation's Restaurant News is part of the Informa Connect Division of Informa PLC. We got all the stores looking good and sharp. 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 People from within bought and grew, and got into their own store. They see that leadership and they say, Ive got to get on this train.. We may earn commission on some of the items you choose to buy. You see it affected us and then our stores were old and tired. Since buying the original location of what became Jersey Mikes in Point Pleasant, N.J. in 1975, at the age of 17 thanks to a loan from his football coach Cancro has expanded the restaurant to more than 2,000 units open or in development. Its costs and fees, size and growth, support, brand strength, financial strength and stability. Thats great, weve done this and achieved that. Its part of my life. When the New York Times asked Trump for a list of his buddies, Lorber was one of two. All of that helped us with a digital component, which you read about all the restaurants. They had to be able to shoot, move and communicate. In fact, its easier to accomplish with most of the dining rooms closed, so remodeling is ahead of schedule. Entrepreneur Magazine has ranked Jersey Mikes #7 in the 2021 Franchise 500 Ranking. In 1991, you borrowed some money. 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. You know how to do every job in that store and you do it well. Im just Peter, Im one of the workers. How do you motivate the owners? But the people around him haven't changed much. He has always done it with the approach of giving back to the communities where the chain operates, as well as looking after franchisees and corporate employees. If you have that mindset as a company that, Were here to serve and were here to learn, and you go through these different openings and the new people coming in, they want to come in and have a proven system. Im always about on the company, what are we doing this week? Were going to have commercials out about franchisees, what they care about, and what they care about giving. Its like when I was fourteen when I showed up at Mikes, my voice mattered. Peter Cancro, CEO of Jersey Mikes Subs, in Houston during an October visit. I called all the shots with the marketing, with this, with that. Were on the business. DPW looks to fix 'dangerous' intersection, Greenwich residents on SoundWaters board, and other news, Greenwich prepares for snow storm, expecting 3-7 inches, In photos: Dragon Dance celebrates restaurant grand opening, Greenwich commission OKs historic ID of Samuel Ferris house, See inside Mikes Organic market after makeover in Cos Cob, In Photos: Greenwich Hospital teaches hands-only CPR, Poll workers honored at Central Middle and other local news, Greenwich budget committee considers cuts to public works, police spending, painting town hall, Here are 8 new Connecticut restaurants to try in March, Stamford's Alive At Five summer concert series announces 2023 dates, Two Greenwich residents among new SoundWaters board members, and other celebrations, Greenwich police: Man charged in Milford stalking also suspected of trying to kiss teen walking dog. In 1988 pro wrestling magnates Linda and Vince McMahon were holding their tournament at Trump Plaza in Atlantic City. I saw that we were again flat-lined and lost a lot of sales every year. They say Dominos and Starbucks is a technology company, so are we. Weve raised millions for Wreaths Across America. We try and get involved in the community, make great products and great service. "Every four years, dedicated athletes come together to compete at the Special Olympics USA Games, said Peter Cancro, Jersey Mikes founder and CEO. Its built into the price of opening the store and were proud of it. You hear about millions and millions served. Thatd be $40 million, 100 a year that we have to invest in our people, in our future. Were going to go over $2 billion in sales. I heard that and I said, Were going to do that. Not many companies are doing it and no one paid for all the retrofits. WebFormer Union representative at NYPD Retired. When I go into the store, I go, I was right there with you at fourteen, sprinkling and wrapping. Do people come in and say, Thats Peter.. 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. We dont call them franchisees, we call them partners, we call them owners. He likes large crowdsthe largest crowdsand even after the election, he's organized campaign-style rallies to get time with his adoring fans. Everybody said we should have a big celebration, but everything that happened negative in my whole career, building up to 1,000 stores, flashed in front of me. The technology component is interesting and amazing to hear that you were ahead of it by investing in that over the last couple of years and understanding the trends in the industry. There were a couple of groups that wanted to do something, but they couldnt and I kept going. Harry Jaffe has been a journalist in Washington, D.C. for three decades. Come on, were in it together. They can tell that I mean it because Ill sprinkle with them, Ill make the cheesesteak. Its expanded a bit. I want to talk about your leadership style because thats an important part of this story. Youve got to keep coming. The differentiator between a successful franchise owner and "Philanthropy has Another initiative that you have is the Sub Abover Grants, which has been described as extraordinary people making a difference in their communities. (LeFrak was the other.). We raised enough money and we do it every year. This has been quite a journey from the high school football fields of the Jersey Shore to building a global franchise. We touched the core. Thats critical. Your subs are good. That was second to the people, to the giving in the community. They all come in with one and then they grow from there. That is the culture. 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. Named after the coach who gave Cancro his start, the Coach Rod Smith Ownership Program will provide around $375,000 to employees who want to be entrepreneurs. Everybody helping each other rise up, if you will. In order to get iteration, you have to have feedback. In 1975, at the age of only seventeen, Peter raised $125,000 to purchase the single-store sandwich shop called Mikes Subs. We think well have about 25 stores opening up within 2022 and then we hope to get the 50 to 100 deals a year. Since then Linda has become one of Trump's closest female friends. He befriended Trump while negotiating the Plaza Hotel deal in the 1980s and cemented their friendship though the decades, so much so that Trump asked Barrack to run his inauguration. Leadership is about getting people to do things because they wanted to, not because you told them. Were four years in and youre at the 2,000 stores that youre closing on the $2 billion. Very simply, we work hard. Thats what you tell the kids. Where the need was, we went after it. During tough times and problems, you can sit with a legal pad and try and work it out and ascertain, What should I do? Well give all the proceeds. They both like burgersLorber told an industry group last year his first stop after buying a Rolls-Royce was McDonalds drive-thru. Everybodys got the money, but who understands? This is a carousel. Harry Jaffe has been a journalist in Washington, D.C., for three decades. His work has appeared in Washingtonian, The Washington Post, Politico, L.A. Times, Yahoo News, NBC4.com, and Mens Health. Banks went out of business. That is so great. Jersey Mikes mission statement is giving making a difference in someones life, and its motto is raising up together.. I closed on March 31st of my senior year in high school. What motivated you to start that? Peter Cancro's 5 Key Lessons From Managing a Billion Dollar Franchise Corporation for 43 Years 1. Im pretty proud of our whole group, our owners, all the crews, the staff. We guide through the process of reviewing a lease, signing a lease, construction training. It was the leadership thing, taking charge was pretty easy for me. The quality of being honest, having strong moral principles and to do whats right when no one is looking, is I believe how youve built yourself, how youve built this organization. Based in West Palm Beach, Newsmax is close by Mar-a-Lago, where Ruddy became a frequent guest. Please join us and make a difference this Wednesday, March 30, when 100 percent of sales from all Jersey Mikes Subs locations will be donated to help raise up these athletes. Process improvement requires iteration. 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. Were here to serve our customers and it trickles down if you will, that whole mentality, that attitude of putting others first before yourself. 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.. Amazing stories come in. Were on the Killington board of directors, the ski team. Now, theres this process. Out there Actor, director, producer and Americares board member Tony Goldwyn, a New Canaan resident, will host an Americares virtual volunteer event to commemorate the Martin Luther King Jr. National Day of Service. It started when we went out in October, November, and December 2019. We give 3% of the sales for three years. He came on board, we didnt call one person, but we had a lot of Dominos owners. Its an extraordinary business. Always pull people along, never push them. WebPeter Cancro, Jersey Mike's Franchise Systems Inc: Profile and Biography - Bloomberg Markets Connecting decision makers to a dynamic network of information, people and 91, 92, 93, we didnt grow, but we took care of what we had. Peter Cancro became the the fourth owner in 1975 of Jersey Mikes Subs, founded in 1956 on the Jersey Shore. If you think about the mission of Jersey Mikes, its right there on your homepage, Giving, making a difference in someones life. You talk about the culture of giving is as much a part of our heritage as oil and vinegar. We raised enough money to serve 25 million meals in a weekend. I got the look and the girl turned around and there was a board behind. The president might be big on glad-handing and back-slapping, but once the party's over, he goes back to his own bed. When I first started there, my voice mattered. 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? We gave as many as five million subs out to first responders, healthcare workers, and senior citizen homes that were on lockdown. Go, give away the food, go to the hospitals, go to the police, the first aid. Im not sure how bright he is. Thats how I got the job. We had our head down, we were working non-stop, growing and giving to the owners and all as a team, and sooner or later, we stepped back and evaluated. The discussion will be moderated by Tiffany Donelson, president and CEO of Connecticut Health Foundation, with panelists Dr. Irene Blanco, associate dean in the Office of Diversity Enhancement at Albert Einstein College of Medicine; Dr. Juliet Mushi, OB/GYN and expert in maternal/fetal health at Yale School of Medicine; and Dr. Sten Vermund, dean and professor of public health and professor of pediatrics at Yale School of Medicine. The only way to rapidly grow at the rate that you have is to take that input and all that data out from the stores and then put it back into the process. The basic style has always been to be subservient, to put others first before yourself. At the first nationwide fundraiser in 2011, all of Jersey Mike's 454 locations raised $600,000 for 66 charities. Thats always been the mentality and now were here to serve our owners. For me, its integrity. Its what we continue to do going forward. Its so touching seeing everybody from all walks of life, every race, creed, religion, everybodys there to support our service members. This feeds three people. The price of that, they think its expensive, but no. I talk a lot with people I work with about people, process and technology. It instantly builds this credibility. Its funny, we did not go after it. We were willing to help people that were out of jobs and work, and then we kept pushing. .css-1du65oy{color:#323232;display:block;font-family:NewParis,Georgia,Times,serif;font-weight:normal;margin-bottom:0.3125rem;margin-top:0;-webkit-text-decoration:none;text-decoration:none;-webkit-font-smoothing:auto;}@media (any-hover: hover){.css-1du65oy:hover{color:link-hover;}}@media(max-width: 48rem){.css-1du65oy{font-size:1.0625rem;line-height:1.2;}}@media(min-width: 40.625rem){.css-1du65oy{font-size:1.0625rem;line-height:1.2;}}@media(min-width: 64rem){.css-1du65oy{font-size:1.3125rem;line-height:1.2;}}Everything We Know About The Residence. We had an unbelievable app and investment in technology. Were not stealing their people. We talked about bringing in top-quality people, but you have made some very deliberate and conscious decisions to invest in the best people in the organization and the up-and-coming leaders of the next generation of owners. Thats everything. Jersey Mike Has Collected More Than $28 Million For Charity Since 2010. You referenced it a couple of times in the Coach Rod Smith Ownership Program. As I said, we hit the thousandth store and I said, No. Everything negative that happened came over me. When I think about you, I think about some of the core characteristics that define success. Thats $150 million. They both have places in Florida. They share a love of beauty contests. What do you expect from those that sit around you? We went out and gave 50% off, which the people saw as a gift to them. We set up the financing for them and with them. They showed me the way if you will. Worked at NYPD. When you celebrate the 2,000, for one day, will you take a step back before you start the drive to 3,000? What are you doing after this? I challenge them to see where their lives are and that, Youve got a future here. 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. Trump has repaid the loyalty by giving Giuliani purview over everything cyber, which brings him into the White House or Trump Tower whenever he wishes. You dont have a certification. You didnt have 30 years in the industry. Where can we make an impact in peoples lives and make a difference? 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. With little guidance and scarce resources, a few hundred specially selected, highly trained, innovative leaders turned the tide of the war. We went down and through the years, weve been involved, I dont know how many years now, but it was pretty cool. When youre getting involved, do you have financing? I was like, How did you know? If people want to give, they see it, theyll give, but then of course, Wednesday, March 31st, we throw that out and were full-court pressing, the giving. We had 180 hours and we were good. This is our business. The training is cool. We care. Where do you determine what needs centralization at the headquarters level and the corporate entity versus what you decentralized down to owners? 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. 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. The parent company didnt apply, though Cancro told Nations Restaurant News that it didnt seem right. It starts with a single sub shop on the Jersey Shore. Cancro started Its funny, were filming some commercials for it and the owners are going to be in it. How did you find out? You know how moms are, they know everything. Despite his love of large crowds, the president consistently chooses home and family. Thats when we broadcast that we were the first franchise company in America, in the history of franchising, to pay for all the retrofits. Greenwich DPW looks to fix 'dangerous' intersection on Delavan Ave. 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. Why? 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. July 1980 - April 2000. The annual event is free and open to the public. Theyre embracing their community from senior citizen homes to kids leagues, to first days at childrens hospital. Since then, Jersey Mike's annual Month of Giving has raised more than $67 million for local charities. Just If I could first start off with thank you for your service with the military and thanks for your service to our country. Somebody gave me a shot. We went around the country to 40 different co-ops and had hundreds of people in the room. Its part of what I saw and received as an athlete. On a store level and thats where we always go. I told my story about how I got started. If you bring them in and they demonstrate those, you can then train them. The model with COVID fits right in with whats happening. Newsmax leaned to the right before it was even slightly cool. Youve got to guesstimate how many subs youre going to sell a day. The top ten, it says Taco Bell, Dunkin Donuts, UPS, Popeyes, Culvers, Kumon, Jersey Mikes at seven, Planet Fitness, 7-Eleven and Servpro. Thanks, Fran. I knew they didnt have much money. I want to give you a shot. I heard about this and I wanted to be here. Its amazing, you could see it on our website, Wreaths Across America. To celebrate the company's 13th Annual Month of Giving fundraising campaign, Jersey Mike's locations across the country are joining forces with more than 200 local charities. Ruddy's Newsmax Media always gave Trump a favorable forum. They want to come in and know you know what youre doing with municipality inspectors, with all these issues on the lease, the business terms. Youre investing three times more time into training than any other food service franchise. Feinberg made his fortune buying long shots. If youre working with the old crew and its tough for them to maybe swallow, but it was a small nucleus of people. Thats where I talked to you about it before. I have decided to stick to love. Do we have another introvert in the White House? A whole sub is like, This is unbelievable. We talked about these couple of things. How do you train those around you and what do you expect from those around you? I had the #12, Cancro Special. Youve got to know about the air conditioning, the heat. I hear what you do for the community. (View/download b-roll). I remember years ago, people would always come in the store and theyre like, Peter, where do you get your people? 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. Were the most affordable, but youve got to figure it out. Thats our business. I know it was very prevalent after 9/11. Youre not above them, youre with them. In 1971 at the age of only 17, Peter raised $125,000 to purchase the single-store sandwich shop called Mikes Subs. Theyre so incredible. Heres what I did. 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. It was funny, I was in the Greenwich, Connecticut store and I had a whole crew of folks lined up and dynamic young people then some older people. Peter Cancro has been working as a Chief Executive Officer at Jersey Mike's Subs for 52 years. 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. , if you will 50 % peter cancro politics, which you read about all the stores looking good sharp... Mikes # 7 in the room starting to grow.. we didnt call one person, but see... Thats rung up goes to that local charity, founded in 1956 on the company, are. 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