The Jedburgh Podcast #002: Jersey Mike’s Founder & CEO – Peter Cancro
Peter Cancro is the Founder and CEO of Jersey Mike's Subs. In 1971 at the age of only 17, Peter raised $125,000 to purchase the single store sandwich shop called Mike's Subs. Today, Jersey Mike's has over 2000 stores across the globe, and is closing in on over $2 billion in annual sales. Entrepreneur Magazine has ranked Jersey Mike's #7 in the 2021 Franchise 500 Ranking.
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. Peter was named to the 2021 Power List by Nation's Restaurant News.
Read the full episode transcription here and learn more on The Jedburgh Podcast Website.
Highlights:
-Peter explains the importance of equity in a business and a founder’s role in identifying funding sources, partners and those able to provide capital while allowing the founders to pursue their vision.
-Growing a business from a single store to multiple stores, then a franchise requires founders to understand how their people, process and technology must operate at different points in the business cycle.
-The normal franchise model puts the responsibility for adherence to standards on the franchisee; Peter speaks about his selection criteria for successful franchisees, his dedication to their training, and how the reinvestment by Jersey Mike’s corporate office in the modernization of the individual stores has empowered owners to work harder.
-Peter places focus on location when selecting markets and individual stores for inclusion into the growth phase of Jersey Mikes. He explains that simple and replicable designs reduce the time and cost barriers to entry for new franchisees.
-Fran & Peter provide the keys to overcoming business shock as Peter discusses how he pulled Jersey Mike’s out of near bankruptcy twice and how he has responded to COVID-19.
-The development of a strong team culture is the most important aspect of leadership to Peter. He provides his thoughts on leading by example and from the front, pulling others along towards your goals.
-Community is built through engagement like the Annual Day Giving and the Month of Giving during March.
Quotes:
-”Show up every day. Go to work and go after it aggressively. Make great products and great service. Get involved in the community and care. That’s the motto.”
-”Does it make common sense? This is how we go forward.”
-”Don’t walk when you can run.”
-”You enjoy it when you are doing your best. Putting it out there. Trying to serve your community. Trying to serve others in the store.”
-”It was a good long time I was flatlined. ‘91, ‘92, ‘93. We just didn’t grow.”
-“That’s what people love. When they can just be real and genuine. Not some script by the company.”
-”We go after it very aggressively. Get the right people...we work hard. Try and get involved in the community. Make great products and great service.”
-”Cause-related marketing is what the experts will tell you you should be doing.”
Peter’s Three Daily Foundations of Success:
-Be ready
-Be prepared
-Focus on the small details