Peter Cancro Net Worth 2024

What is Peter Cancro’s Net Worth and Salary?

Peter Cancro is an American entrepreneur and businessman who has a net worth of $600 million. Peter Cancro earned his fortune because the co-founder of Jersey Mike’s Subs, an American submarine sandwich chain with greater than 1,500 places within the United States. Cancro is from Point Pleasant Beach, New Jersey. He began working at a sandwich place referred to as Mike’s Submarines when he was 14 years previous. During his senior yr of highschool Peter discovered that the retailers’ homeowners, two brothers, had been seeking to promote. They wished $125,000. Peter’s mom steered that he purchase it. According to legend, Peter skipped college the subsequent week to pound the pavement and lift sufficient cash to purchase the brothers out. After days getting nowhere he ultimately knocked on the door of his soccer coach Rod Smith. Peter laid out the store’s funds and Rod – who labored in finance as his day job – provided to fund the acquisition with an interest-bearing mortgage.

Over the subsequent decade Cancro opened a number of new places, however enlargement was sluggish and difficult. In 1987 he determined that franchising was the best way to go. At this level he additionally modified the chain’s title from Mike’s Submarine to Jersey Mike’s.

Peter Cancro nonetheless serves because the CEO of the corporate. He prides himself on giving again and every March Jersey Mike’s hosts their “Day of Giving” and donates 100% of gross sales to native charities with about $5 to $7 million being donated annually.

Early Life and Education

Peter Cancro was born on May 15, 1957 in New Jersey. He has a youthful brother named John. As a young person, Cancro went to Point Pleasant High School, graduating in 1975.

Founding Jersey Mike’s Subs

When he was solely 14 years previous in 1968, Cancro had a part-time job at an area sandwich store referred to as Mike’s Submarines within the borough of Point Pleasant. The eatery had been based in 1956, and was on the time on its third proprietor. When the store went up on the market in 1971, Cancro’s mom inspired him to buy it. He heeded her recommendation, and with assistance from a highschool soccer coach named Rod Smith who was additionally a banker, managed to drag collectively $125,000 in a matter of days. Smith loaned Cancro the cash with a 7-year payback plan. It ended up taking Cancro a decade to pay again the mortgage, however he did so with curiosity.

Today Jersey Mike’s operates a franchise-purchasing help program referred to as the “Coach Rod Smith Ownership Program” to assist younger entrepreneurs begin their careers.

Cancro used the cash to purchase Mike’s, making him a enterprise proprietor on the age of 17. He went on to turn out to be the corporate CEO, as effectively. The deal formally closed on March 31, 1975.

In 1987, excessive buyer demand led Cancro to start out franchising his restaurant throughout the United States. It was presently that he renamed the enterprise Jersey Mike’s, referencing the store’s state of origin. The enterprise took off in a serious means from there; by 2014, it had amassed 750 places with 650 extra ones in various levels of growth. The following yr, the full variety of Jersey Mike’s places surpassed 1,000, and by 2018 the corporate was doing $1 billion in gross sales throughout 1,400 places. The franchise additionally has some places in Canada and Mexico. Each Jersey Mike’s store serves submarine sandwiches made to order, with meats and cheeses sliced as wanted. Customers might order their meal “Mike’s Way,” which includes such condiments as sliced onions, tomatoes, salt, shredded lettuce, and a juice combining crimson wine vinegar and olive oil.

Charity

Through Jersey Mike’s, Cancro is concerned in charitable endeavors. Each yr on the ultimate Wednesday of March, the restaurant hosts a “Day of Giving” during which it donates all the cash from its gross sales to varied charities. In 2022, Jersey Mike’s raised over $6 million on the day for greater than 170 charities nationwide.

Personal Life

Not lengthy after graduating from highschool, Cancro wed his first spouse, Linda. The couple have two kids, a son named Robert and a daughter named Caroline. Peter and Linda ultimately divorced. In early 2014, Cancro married his present spouse Tatiana Cancro.

Real Estate

In August 2014 Peter paid $15.681 million for a 3,838 square-foot, four-bedroom condominium on East 68^th Street in New York City. Their condo, which is in a constructing referred to as the “Marquand,” is on the nook of 68th and Madison avenue. The month-to-month HOA payment for the unit exceeds $14,000.