Peter Cancro net worth and salary: Peter Cancro is an American entrepreneur and businessman who has a net worth of $400 million. Peter Cancro is best known for being a co-founder of Jersey Mike’s Subs, an American submarine sandwich chain with more than 1,500 locations in the United States.
Cancro is from Point Pleasant Beach, New Jersey. He started working at a sandwich place called Mike’s Submarines when he was 14 years old. During his senior year of high school Peter found out that the shops owners, two brothers, were looking to sell. They wanted $125,000. Peter’s mother suggested that he buy it.
According to legend, Peter skipped school the next week to pound the pavement and raise enough money to buy the brothers out. After days getting nowhere he eventually knocked on the door of his football coach Rod Smith. 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.
Over the next decade Cancro opened a few new locations, but expansion was slow and challenging. In 1987 he decided that franchising was the way to go. At this point he also changed the chain’s name from Mike’s Submarine to Jersey Mike’s.
By 1991 there were 30 locations.
By 2014 there were 750 locations.
By 2015 there were over 1,000
Today there are roughly 1,600 locations and the company generates around $2 billion per year in gross revenue.
Peter Cancro still serves as the CEO of the company. He prides himself on giving back and each March Jersey Mike’s hosts their “Day of Giving” and donates 100% of sales to local charities with about $5 to $7 million being donated each year.
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