Jersey Mike's Subs. Donald Trump greets Small Business Administration head Linda McMahon during an event celebrating Womens History Month last month. How do you ensure compliance across 2,000 stores? 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. You know what Im saying. Mentors are so important for anyone. Im sure they give you a little look when you say, Let me have a Cancro Special.. Youve got to know exactly what its going to cost. Maybe if youre born with it, it does, he told The Real Deal, the Manhattan real estate publication, with a dig at his buddy. We were talking before we started and you said youre coming up on 50 years where youve been in this business and from the start of Mikes Subs. It starts out with small things. Out there The ninth annual Greenwich Snow Sculpture Contest sponsored by Greenwich Recreation and the Greenwich Arts Council will be open throughout the winter season. Barrack roused and inspired the crowd, as Trump had hoped, but he also described his longtime buddy as having the discipline of an animal in the jungle, a line only a true friend would have the stones to say. I was standing in a little 400 square foot office, at Jersey Mikes store alone and I was saying, Lord, here I am. It doesnt matter what you did before. 20 Things You Didn't Know about Jersey. They started putting wreaths on the graves at Arlington Cemetery and their motto is, Remember the fallen, honor those who serve, and teach our children the value of freedom. That last line struck a chord with our company, with me, that I said, Weve got to get involved.. 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 Code name Jedburghs three-man teams parachuted behind enemy lines onto the shores of occupied France during the nighttime hours before D-Day. I got the look and the girl turned around and there was a board behind. Even the crews. He is a white, non hispanic male registered to vote in If you shut the news off, theres so much negative and hate there, and youll see the good out in this country. 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. Does it make common sense? Thats so mature to think about at seventeen years old. Were going to be handing out shirts nationwide, 2,000 Strong and right underneath, Make A Difference. We raised enough money to serve 25 million meals in a weekend. Leadership is about getting people to do things because they wanted to, not because you told them. Today, Jersey Mikes has over 2000 stores across the globe and is closing in on over $2 billion in annual sales. It brings down the house anytime you watch it. In each market, restaurant owners select charities that support local neighborhoods and build a stronger community. We found out, We probably should tell people what were doing because then people find out about it and then they want to be part of it. 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. 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 You operate under this value of put others first before yourself and you have different programs for different levels within the organization. Trumps public persona is brash and relentlessly social. You have that one documented step-by-step for potential new owners. Thats the way it is and I say, I started when I was fourteen, sprinkling, wrapping, like you and what youre doing. It was very community-oriented from the beginning. It ends up he worked with Tom Monaghan, head of operations for 4,500 stores. Some franchise, its 5 to 10 days. I got to the end of the line and I saw this young lady and there was something about her presence. We care. That is the culture. This is going to set the conditions for our rapid growth.. It was impressive and we sit here in 2021. Not that were not satisfied or whatever, but weve got to keep raising the bar. For more information, visitjerseymikes.comor follow us on Facebook (facebook.com/jerseymikes), Instagram (instagram.com/jerseymikes), and Twitter (twitter.com/jerseymikes.com). But beyond family, loyal staff, and cabinet secretaries, who does Trump turn to when he needs to vent or seek guidance? Worked at NYPD. She talks about giving over yourself is when you find out about yourself. Everything at Jersey Mikes has a process down to every single detail. In business school, this principle sets the foundation of many different classes. It doesnt have to always be sports. Thats the big thing. You talked about having to lay everybody off. Its comprehensive. A gentleman, Tom Monaghan, the Founder of Dominos Pizza, whos on our advisory group. It was the original store at fifteen seats, and all takeout. The Best Window Replacement Companies in CT, Guide to Legal Cannabis Dispensaries in CT, The Best Kitchen Remodeling Companies in CT, The Best Cosmetic Dentists in Westchester County. Its not checking on them, its not filling out sheets, but coming in and working with them. In 2019, it was over $7.5 million. In 1988 pro wrestling magnates Linda and Vince McMahon were holding their tournament at Trump Plaza in Atlantic City. You didnt check all these boxes. In 2020, we missed because of COVID. Im pretty proud of all of our team, our owners, the unbelievable efforts. One of the things about Jersey Mikes is we have these off the menu products, so #12, the old #4, the subs that used to be that people know about. Subway is not even on it. They challenged Trump in the Battle of the Billionaires, which he won and got to shave Vinces hair in the ring. Its never been done before as far as we know. 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 We were the first to integrate with Uber and DoorDash, meaning take the iPad off the wall and it goes right into our system. Im still fast, but Im messy, for the laugh and joke. Its almost over $100,000, the owner can make not losing a person. 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. She checked it and I saw her pointing to it. Its what we continue to do going forward. I have to only think, what happened if you had to become a 50/50 partner with this person? It was only ten people on the roster total. An expert is, were open, so you sell a lot of stuff. You step back a little bit and everything starts coming. You referenced it a couple of times in the Coach Rod Smith Ownership Program. The parent company didnt apply, though Cancro told Nations Restaurant News that it didnt seem right. Thats how we go forward. These leaders would be assessed using a specific set of character traits, but selected using the whole man concept, a combination of traits needed to simply get things done and win, no matter the challenge. We drive the real estate. I felt strong about weve got to make a move and we did. If youve had to work for it like most of these guys, it helps you understand." Amazing stories come in. To purchase the book a limited number of signed copies are available visit Dianes Books at www.dianesbooks.com. 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. Lower the costs, make sure the business model works and we have one of the most impressive business models in the industry, as far as what it costs to open and then what we gross. The president might be big on glad-handing and back-slapping, but once the party's over, he goes back to his own bed. 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. Ours is, Youve got to go to work. Two people work for 2.5 months and a third person works for 1.5 months. We opened 210 stores in 2020 and were going to open 250 new stores in 2021. As Ive said often, its starting to grow. 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. Peter Cancro could be the poster child for the concept of doing well by doing good. Whats going on? The parents are not wanting their kids to come in, but we made a safe environment. Just a quick note, anytime I change or say, Lets do it this way, I say why and explain it. This has been quite a journey from the high school football fields of the Jersey Shore to building a global franchise. Youve got to describe it too. I want to talk about your leadership style because thats an important part of this story. Her brother, Bud Thorne, was killed in the Battle of the Bulge. We didnt start expanding until 87 and then we grew. How do you assess their capabilities? Thats a tough decision. "Philanthropy has 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. We were like, Here you go, you dont have to pay this. We did it for 8 weeks and then 4 weeks at a discount as well. Can you talk about process development at Jersey Mikes and whos involved in that? 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. Its like football season. 2251 Landmark Pl, Manasquan, New Jersey, 08736, United States. When I first started there, my voice mattered. They both have places in Florida. His work has appeared in Washingtonian magazine, The Washington Post, Politico, L.A. Times, Yahoo News, and Mens Health. Web1956. The average person has 3 or 4 shops. Peter, thanks for joining me. The core of any good business and anything, a family, organization, team, businesses is good people. In 1943, the Allied Forces determined a new type of leader was required to win World War II. I first found out about it from a friend, Edith Knowles, who lived in a nearby town. Entrepreneur Magazine has ranked Jersey Mikes #7 in the 2021 Franchise 500 Ranking. Youve got to work with them. Im not sure how bright he is. Thats how I got the job. We look at the thousands of applicants that come in and we choose quite a few winners and we give money towards their cause. 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. Like Treasury Secretary Steven Mnuchin, Feinberg took the Trump plunge during the campaign, when The Donald was still considered a clownish long shot. We went out and thats the first time I went to see every single owner. Peter Cancro has been in the same business for nearly 50 years. We think well have about 25 stores opening up within 2022 and then we hope to get the 50 to 100 deals a year. Thank you. Number 8860726. No one was lending money and we flatlined. As a company, weve got to be in too. Thats when I announced we were paying for the retrofits. We may earn commission from links on this page, but we only recommend products we back. How did you get where you are now? I said, Do you really want to know? 2021 comes, an entrepreneur releases the Franchise 500 and Jersey Mikes gets ranked to number 7. Trump rewards loyalty, and Rudy has been steadfast from the gate. They said, Let me have, then a number. I would love to. I first went out trying to raise the capital and I found out this is more difficult than I thought. He began his Thats our business. Its funny how I pick it up and I have a moment. If I could first start off with thank you for your service with the military and thanks for your service to our country. Very simply, we work hard. 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. 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. Today, Jersey Mikes has over 2000 stores across the globe, and is closing in on over $2 billion in annual sales. That book gave me hope. Their only directive was to win the war at all costs. She met Hoyt Jones. Thats $75,000 per store. Feeding America came and we got involved with that. Weve won numerous national awards. Go and help these people and feed them.. That is so great. I told that story to a national audience when Mr. Monaghan was there for a talk a few years back. She was very confident and she had the energy. In In fact, its easier to accomplish with most of the dining rooms closed, so remodeling is ahead of schedule. Were not five years. Thats how we got connected. McDonalds at eleven, KFC at 25, Jimmy Johns at 72, and Firehouse Subs at 78. It was a tough time, 91. Peter Cancro Took Jersey Mike's From. Where are you going? Were a training company, ongoing training and support. I had to lay off five people, including my brother because we were done. When I think about what you do, I think about Jersey Mikes and how you approach everything. Were inundated in the summer. One of the Gold Star Mothers whose son died tells a story at our national meeting and we made a video out of it and it was so heartfelt. Now, were doing online virtual training. People are starting to hear about that. Volunteers will receive a digital tool kit with messages that can be shared via social media and messaging apps. For questions, contact Erin O. Crosby at [emailprotected] or call 203-869-6501, Ext. We talked about these couple of things. Now, Jersey Mikes has over 2,000 stores across the globe and is closing in on over $2 billion in annual sales. Entrepreneur Magazine has ranked Jersey Mikes #7 in the 2021 Franchise 500 Ranking. I want to get into that. Peter Cancro has been working as a Chief Executive Officer at Jersey Mike's Subs for 52 years. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. 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 incredible service and support, but it has to be. This is our business. The training is cool. In this episode, I spoke with Peter Cancro. Its an extraordinary business. I have an aunt that was in a nursing home, so we made sure that we took care of her. 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 It was that Sunday night, so a week later and he said, We can do something, and he did. When 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 fourteen. Thats $150 million. If you bring them in and they demonstrate those, you can then train them. My toughest recession in beyond 2008. People see you running and then they want to run behind you. Feinberg made his fortune buying long shots. He likes large crowdsthe largest crowdsand even after the election, he's organized campaign-style Thats when we broadcast that we were the first franchise company in America, in the history of franchising, to pay for all the retrofits. Whats the program and how are you selecting these individuals? I saw a lot of our sales were coming from North Carolina and they lost 100,000 jobs. Theyre looking out to help one another. You thought about going public because there were economic indicators of a downturn. How can you tell them to give away all their product? He wrote a book about the politics of gun law with Gabby Giffords and authored Why Bernie Sanders Matters, the only unauthorized biography of the Vermont senator. How did you find out? You know how moms are, they know everything. Its amazing to see all of our owners embrace that giving spirit and thats the most gratifying thing for me in business. We were there. Jersey Mike Has Collected More Than $28 Million For Charity Since 2010. 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. Thats how it started and thats where we go. You go out to raise the capital. People see through that, How are you? Sometimes when I go into business, I go, Why are you talking to me like that? Be genuine, be real. Rudy. When I go into the store, I go, I was right there with you at fourteen, sprinkling and wrapping. At the first nationwide fundraiser in 2011, all of Jersey Mike's 454 locations raised $600,000 for 66 charities. I had the #12, Cancro Special. When youre an owner, things shift. 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. Trump craves positive stories in the news media; but the news outlets dont always deliver. We had 180 hours and we were good. Youd be surprised, they want to give some of their key people the opportunity. What happened that night? We started to grow with the right people, with the great people, area directors, Dominos in California, Chicago, DC and Florida. We give 3% of the sales for three years. Youre not above them, youre with 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 North Carolina happened and they were on a boom, then we opened up and stores started growing. 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.. We gave as many as five million subs out to first responders, healthcare workers, and senior citizen homes that were on lockdown. I want to talk a little bit about how you assess businesses. Its amazing how you hear that. As soon as I said it, now the owners are happy. /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: . You run fast and you have a lot of people following you. The model with COVID fits right in with whats happening. We told the owners that. Contact: Kyle Potvin, kpotvin@splashllc.com, 917-838-4500, View original content to download multimedia:https://www.prnewswire.com/news-releases/celebrate-jersey-mikes-13th-annual-month-of-giving-in-march-301757134.html, https://www.prnewswire.com/news-releases/celebrate-jersey-mikes-13th-annual-month-of-giving-in-march-301757134.html, Petrobras Payout Rewards Investors Who Ignored Lula Risk, Record retail theft puts pressure on Australian supermarket giants, UPDATE 1-Australia's Nitro Software recommends $360 mln Potentia offer, Defence contractors target Australia as it gears up to counter China, Asian Equities Swing Lower, Led by China Tech: Markets Wrap. Everybody helping each other rise up, if you will. Its an amazing story. 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. Its always a learning process and Im the one that goes out every day and says, I want to learn. Wreaths Across America. We care and show up every day. Despite his love of large crowds, the president consistently chooses home and family. We are proud to honor Mr. Cancro for his outstanding corporate and civic leadership, said Monmouth University President Paul R. Brown. Whats happening? Theyre going through tough times, individually or as a family. It hasnt always been ups and downs, you mentioned that a couple of times and you got into it there. It had all of them listed. Were going to be the national sponsor. Its an unbelievable movement right now where people are together. 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. I know they say were divided now, but I disagree. You need about $125,000 is what it was, which is about how much now? His work has appeared in Washingtonian, The Washington Post, Politico, L.A. Times, Yahoo News, NBC4.com, and Mens Health. Were going to have commercials out about franchisees, what they care about, and what they care about giving. I left that gentleman and I was back to ground zero and it was at the end of the week. Thank you. I said, At the 2,000 stores, we are going to have a little gathering and be at the original store. He wrapped in the real estate and the business and was able to package the whole thing. Its one step, you have a vision and if you can execute on it, it doesnt matter what youre doing, you put your head down and you will get there and succeed. That was our way of saying, Were open. It worked. We sent them subs and cookies. We went city to city and you would think that they would find out about it but for some reason, they didnt. They share a love of beauty contests. When you look at this, how do you stay grounded? I saw lines that were miles long and I said, Weve got to do something. This is every franchise. You have to approach them as they did in Mikes when I first joined in 71, that my voice mattered and you raise up each other and raise up together. You can tell right away when you meet someone. 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. Peter Cancro could be the poster child for the concept of doing well by doing good. If you dont have the digital capacity, youre not growing. We met in 2017. He went off with a doctorate degree and started delivering pizzas for Dominos. What are you doing after this? I challenge them to see where their lives are and that, Youve got a future here. Every single owner got funded. There are entire classes on the evolution of a company, in the cycle of a company, but few people ever stand up and say, This is how I lead my organization through this. There are inflection points there. When we were talking one time, you told me that this growth rate is going to continue over the next couple of years. We were focused. Location. We had so much development in North Carolina, the high-tech bubble burst in 02. We dont call them franchisees, we call them partners, we call them owners. It was an extraordinary time. It is not mandatory. Thats something to watch to see the owners willing to give up an assistant manager or somebody to go out and be on their own.
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