Jersey Mike's CEO Peter Cancro Talks Best Buddies International
Dec 3, 2024
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Jersey Mike's CEO Peter Cancro discusses a remarkable partnership with Best Buddies International, focusing on job opportunities for individuals with intellectual disabilities. He reveals a fundraising success that generated $5.3 million and shares insights into the company’s recent $8 billion sale to Blackstone. The conversation highlights the importance of corporate culture and community engagement in driving inclusion while navigating growth. Plus, there's a lighthearted teaser about an upcoming series exploring the chicken industry's economic impact!
Jersey Mike's partnership with Best Buddies International aims to provide job opportunities for individuals with intellectual disabilities, addressing a staggering 85% unemployment rate.
The company demonstrates that corporate social responsibility and financial success can coexist, as seen in their fundraising efforts raising $5.3 million while boosting sales.
Deep dives
Empowering Employment for Individuals with Disabilities
A significant focus of the collaboration between Jersey Mike's and Best Buddies International is to provide job opportunities for individuals with intellectual and developmental disabilities. With an astonishing unemployment rate of 85% for this demographic, the initiative aims to employ at least one Best Buddy in each of Jersey Mike's nearly 3,000 stores. This effort goes beyond mere job placement; it fosters a sense of community and belonging, allowing employees to feel valued within the corporate culture. The feedback from those involved highlights the transformative impact of this initiative, illustrating how inclusive employment can empower individuals and change perceptions within corporate environments.
Combining Profitability with Purpose
The partnership has shown that businesses can be both profitable and socially responsible. During a special fundraising week, Jersey Mike's raised $5.3 million while also increasing sales, demonstrating how corporate social responsibility can drive financial success. This symbiotic relationship between doing good and making money challenges the notion that companies must choose between profit and purpose. With a strong community focus, Jersey Mike's is cultivating brand loyalty while making a positive impact, proving that socially conscious initiatives can be a sound business strategy.
As part of a Bloomberg TV discussion on the company's partnership with Best Buddies International, Jersey Mike's CEO Peter Cancro also discussed the company's recent sale to Blackstone for $8 billion. He spoke with Bloomberg's Scarlet Fu and Romaine Bostick.