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. Donald Trump, Karen LeFrak, Melania Trump, and Richard LeFrak at an American Ballet Theater benefit at the home of Julia and David Koch in 2007. We say, Nothing. Email Susie Costaregni at [emailprotected], The Dish: Founder of Jersey Mikes drops by Riverside store, Motherlode: When teenagers blame parents for iPhone-ruined lives, Budget committee considers cuts to police spending, road paving, 2023 Hearst Media Services Connecticut, LLC, Bumpouts in Byram? Were four years in and youre at the 2,000 stores that youre closing on the $2 billion. We buttoned the chinstrap, we got in the game every day and went after it. Were motivated and still more enthused than ever to go after it. Trump made him director of Oval Office operations. The crew and them, they were into it. Former p at NYC Police Department. The grandson of Lebanese Christian immigrants, Barrack built a fortune from nothing and now manages $60 billion in assets with Colony Capital fund, much of it for Arab investors. You know how to do every job in that store and you do it well. What happened that night? "I would like to extend a personal invitation to you and your family to visit Jersey Mike's Subs throughout the month of March, and especially on Day of Giving when 100 percent of sales every penny goes to help a great local cause," said Peter Cancro, Jersey Mike's founder and CEO, who started the company when he was only 17 years old. He began his Video of fatal police shooting of CT man will not be released yet, Cannabis activists want more CT criminal cases dropped, expunged, CT DOT faces criticism following overnight tree-cutting, Haar: $1M in payouts approved, and CT still has a garbage crisis. Jun 13, 2022 Updated Nov 11, 2022 Peter Cancro is the Founder and Chief Executive Officer of Jersey Mikes Franchise Systems, Inc., a fast-casual sub sandwich Who stands up to Chuck Todd on Meet The Press to blunt criticism of his New York buddy? Rudy. They talk about these kids and it was funny in the 70s, they say, These kids today, you dont understand. The 80s, the 90s and still now, all these kids are great. Count me in. Is President Trump a loner? It was a lot of emotion in the room, owners and peers, and it was an unbelievable time. Trumps public persona is brash and relentlessly social. Its making a difference in someones life. The business model has supported this being takeout only. To the mass, I said, This is how I got in. Its a constant going into the stores and several times a month working with the crews. You thought about going public because there were economic indicators of a downturn. I would look at this thing and Id be off the wall. Host of FOX Business Network's The Claman Countdown, Liz Claman is joined by Jersey Mike's Subs CEO & Owner, Peter Cancro. I said, Weve got to do something. We have the capital, so I pivoted. In 2019 Cancro took the unprecedented step of paying for the latest round of restaurant remodels, around $75,000 per restaurant. We rose up and then we sent $2.5 million out to the owners to give to their local community. Coach Smith, he gives you the money, he backs you, youre seventeen, you show up on day one and youre the boss, now what? Thanks, Fran. We have a big training that Brian Loughran, our head of training, is putting on starting after the month of giving, which is on April, May. I have an aunt that was in a nursing home, so we made sure that we took care of her. If you dont have the digital capacity, youre not growing. I rolled the dice and I said, Ill put everything on the table. We paid for the retrofits. We went to three cities every week and nonstop. Its a small town, Point Pleasant, an hour South of New York. The contest is open to Greenwich residents only. It ends up he worked with Tom Monaghan, head of operations for 4,500 stores. When Trump Is at Mar-a-Lago, He's Among Friends, The Wealthy Donors Funding Trump's Transition, challenged Trump in the Battle of the Billionaires, which he won and got to shave Vinces hair in the ring, Your Privacy Choices: Opt Out of Sale/Targeted Ads. Newsmax leaned to the right before it was even slightly cool. Location. 20 Things You Didn't Know about Jersey. Where can we make an impact in peoples lives and make a difference? I was standing in a little 400 square foot office, at Jersey Mikes store alone and I was saying, Lord, here I am. You go, Whats going on in your life? Jersey Mike Has Collected More Than $28 Million For Charity Since 2010. What are you doing with school? It was fine. Thank you. I picked up the book, Pizza Tiger and read that. Youve got to know about the grease trap. We may earn commission from links on this page, but we only recommend products we back. I saw that we were going nowhere. I didnt know what direction to go and thats when I went over to my coachs house and called him up. It was unbelievable the outpouring of America to our stores to help contribute to the food banks. What would you say youve taken away from him in addition to what youve mentioned? Today, that shop has grown into the over one-thousand-location sandwich franchise, Jersey Mike's Subs. I thank you for everything that youve done and for joining me here. 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. Its a whole team thing. It doesnt matter what you did before. Initially, we had three weeks training and they were going to open a store and now, its almost three months. When I go into the store, I go, I was right there with you at fourteen, sprinkling and wrapping. Were going to go over $2 billion in sales. My toughest recession in beyond 2008. 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. We had our head down, we were working non-stop, growing and giving to the owners and all as a team, and sooner or later, we stepped back and evaluated. Come down with me. All year long, were involved in giving, but March is a special month where we hope we raise maybe $8.5 million or $9 million in one day and during the month people come in and they take a slip, they add onto the sub amount and give. I got to the end of the line and I saw this young lady and there was something about her presence. If you think about it, the same culture, ethics, morals coming in with us. 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. The technology component is interesting and amazing to hear that you were ahead of it by investing in that over the last couple of years and understanding the trends in the industry. What happens is you do it and people find out about it. Who defends the presidents every nonsensical Tweet? To me, youre someone who leads by example and weve seen the commercials. That night, she said, Why dont you buy it? I was on my way up to bed, I looked at her and laughed, went up the stairs, but something clicked. I tell a lot of people that I work with companies, teams, and organizations that nobody cares what you did yesterday. As a company, weve got to be in too. Thats when I announced we were paying for the retrofits. Please join us and make a difference this Wednesday, March 30, when 100 percent of sales from all Jersey Mikes Subs locations will be donated to help raise up these athletes. Its so much work and involved. I dont know why but I pushed back. Its great to hear and all that, but its what we do. Its never been done before as far as we know. I was down there and I said to a fellow, Where are you from? I came up from Fort Lauderdale. What are we doing next month? How do you sit across all these engines? Contestants can create their best snow sculptures and submit a photo for an opportunity to win a prize from Greenwich Parks and Recreation. Its an amazing story. Thats where I talked to you about it before. Here on the show, in my work with veterans, we do so much analysis of this concept of hire for character and train for skill. Do we have another introvert in the White House? Peter Cancro is the Founder and CEO of Jersey Mikes Subs. Feinberg made his fortune buying long shots. Thats an investment in our owners. With little guidance and scarce resources, a few hundred specially selected, highly trained, innovative leaders turned the tide of the war. Somebody gave me a shot. The very first week, we cut our royalty and marketing fees in half. Ive got to get out there and do it. Somehow, we pulled it off and kept pushing harder than ever during that time. Years back, we put a wreath on every tomb in Arlington Cemetery. It was negative sales. Peter Cancro's 5 Key Lessons From Managing a Billion Dollar Franchise Corporation for 43 Years 1. Cancro started We started growing again in 94, 95. Its so touching seeing everybody from all walks of life, every race, creed, religion, everybodys there to support our service members. 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. Why? Everybody helping each other rise up, if you will. There were a couple of groups that wanted to do something, but they couldnt and I kept going. Very simply, we work hard. Its not checking on them, its not filling out sheets, but coming in and working with them. Its an unbelievable movement right now where people are together. Peter said so. At some point, that becomes detrimental to the organization and inhibits growth, but you havent experienced that. During tough times and problems, you can sit with a legal pad and try and work it out and ascertain, What should I do? How well are the other businesses doing? 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.. Its not just to do it, to do it. The campaign culminates with the nationwide event, Day of Giving, on Wednesday, March 29, when local Jersey Mike's owners and operators will donate their resources and every single dollar that comes in to local charities. Take it, replicate it and do it again. 1 of 3. Thats everything. It was funny, I was in the Greenwich, Connecticut store and I had a whole crew of folks lined up and dynamic young people then some older people. Since then Linda has become one of Trump's closest female friends. Its why you have been a leader that has rallied a community behind you. You mentioned here that you can stand across the counter, look across the table and say, Is this a good person who I can have in my organization? Youve encouraged people from all backgrounds to jump into this industry and join as an owner, whether they have restaurant experience, whether they dont, it doesnt matter. They all come in with one and then they grow from there. Were on the Killington board of directors, the ski team. Youd be surprised, they want to give some of their key people the opportunity. Do you expect them to match that drive? 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. You can almost guess what youre going to gross. Thats great, weve done this and achieved that. People could see tables in front 8 or 10 feet away making the product, contactless pickup and the digital. You operate under this value of put others first before yourself and you have different programs for different levels within the organization. His work has appeared in Washingtonian magazine, The Washington Post, Politico, L.A. Times, Yahoo News, and Mens Health. Anyway, seventh place, well take it, but we cant get hung up on the articles or the clippings. There was this one young lady who started giving blankets to homeless people. Trump trusts Feinberg so deeply that he assigned him to review the intelligence agencies that thus far have bedeviled the new president. The investment that goes in is exponentially higher in that training than actually when youre in there in the moment. But beyond family, loyal staff, and cabinet secretaries, who does Trump turn to when he needs to vent or seek guidance? 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. Number 8860726. We met in 2017. 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. Organizations will fail without transformative leaders. It increased like you wouldnt believe, but it was entire families that worked at Mikes. Thats the way its seen. Youve got to guesstimate how many subs youre going to sell a day. Just a quick note, anytime I change or say, Lets do it this way, I say why and explain it. Can you talk about process development at Jersey Mikes and whos involved in that? No, theyre doing it out of their heart. It started to happen. Thats $75,000 per store. We didnt start expanding until 87 and then we grew. There are many different causes of people around the country giving of themselves to other people. Thats what we look for and embrace and see. Bumpouts in Byram? Its about $400,000. As soon as I said it, now the owners are happy. We may earn commission on some of the items you choose to buy. We went around the country to 40 different co-ops and had hundreds of people in the room. We want to be involved in everything. It doesnt have to always be sports. His work has appeared in Washingtonian, The Washington Post, Politico, L.A. Times, Yahoo News, NBC4.com, and Mens Health. The annual event is free and open to the public. Thats how it started, thats how we got together. We had to not do it. The owners unbelievably kicked in as well. We went out and thats the first time I went to see every single owner. She said, When are we going to open a store in Springfield, Mass? I said, When you open one. I looked right at her because I knew that I was going to go ahead with her and shes going to be one of the Coach Rod Smith Award recipients. In 2019, it was over $7.5 million. We forecast it over $10 million in 2022. Its amazing. I had never been on TV before with commercials, but I felt, Ive got to step up. The top ten, it says Taco Bell, Dunkin Donuts, UPS, Popeyes, Culvers, Kumon, Jersey Mikes at seven, Planet Fitness, 7-Eleven and Servpro. Just It could be a small little charity Ive never heard of. We were perfectly set up for it. When I first started there, my voice mattered. That has continued into the pandemic. You talked about having to lay everybody off. We go after it, were pretty focused and driven, but in a real positive way, we want people to have fun, enjoy it, because you enjoy it when youre doing your best, when youre putting it out there, trying to serve your community, and serve one another in the store. It was very effective. Peter Cancro became the the fourth owner in 1975 of Jersey Mikes Subs, founded in 1956 on the Jersey Shore. Can you talk a little bit about the transition in your mind as the owner and the founder from a small business to a medium business, to a large business? Peter, this has been an amazing and impactful conversation. Many ancient pipes in CT aren't up to the task of draining storm water, yet officials just seem to shrug. How would you describe your leadership style and how do you approach your interaction with all facets of the company because you have the corporate entity, but then you have the owners and the employees of the actual stores? You know what Im saying. Process improvement requires iteration. Sales started to rise, and in 07, 08, the company turned around. Its funny, we did not go after it. #031: Head Of The Charles Olympic Medalist Gevvie Stone, #093: The Man Behind The Mask Ninja Warrior Flip Rodriguez (TYR Wodapalooza 2023 Series), #053: Your Next Stop Storyteller, Creator & Coach Juliet Hahn. 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 fou How did you get where you are now? I said, Do you really want to know? Their only directive was to win the war at all costs. Were going to be the national sponsor. Its always a learning process and Im the one that goes out every day and says, I want to learn. He is also the owner who took Jersey Mikes They see what local charity were supporting within store materials, but we dont push the people. Sixteen years before Donald Trump debuted on The Apprentice, he jump-started his entertainment career at WWEs Wrestlemania IV. WebPeter Cancro (age 64) is listed at 9705 Collins Ave Apt 2303n Bal Harbour, Fl 33154 and has no political party affiliation. There are 2,000 stores at this point. Jill Biden's Inauguration Outfits In Smithsonian, The Longest House Speaker Elections in History. Thatd be $40 million, 100 a year that we have to invest in our people, in our future. Harry Jaffe has been a journalist in Washington, D.C. for three decades. Trump and LeFrak go way back, so far back they made their first fortunes in the same terrain: apartment buildings in the outskirts of Manhattan. Peter Cancro, CEO of Jersey Mikes Subs, in Houston during an October visit. What are you doing after this? I challenge them to see where their lives are and that, Youve got a future here. I was a Financial Advisor at Merrill Lynch and we met at your office and you told me that the company had not yet hit its hyper-growth phase. They leave their job, go to training and open up the store. I would love to. Well go to one charity next year to Special Olympics. I go, Im not alone. Cancro also held calls with franchisees to walk them through applications for Paycheck Protection Program loans, which they all received. Theyre so incredible. That is so great. 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. How many times have you heard the coach say, Win or lose, I want you to hold your head high and walk off that field and know that you gave it your all, gave 100%? We dont demand it, but people see me running, not walking. Ours is, Youve got to go to work. Two people work for 2.5 months and a third person works for 1.5 months. Youve got to know about the air conditioning, the heat. You came into the business as a very young man. They had to do three things every single day to be effective. For questions, contact Erin O. Crosby at [emailprotected] or call 203-869-6501, Ext. But Lorber considers himself to be a man of the people who believes super wealth doesnt stand in the way of relating to the masses. Feeding America came and we got involved with that. I was like, How did you know? Entrepreneur Magazine has ranked Jersey Mikes number seven on the 2021 Franchise 500 ranking. Nation's Restaurant News is part of the Informa Connect Division of Informa PLC. The average person has 3 or 4 shops. Theres no need to recreate it. 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. Many franchise companies dont do what we do. I want to talk a little bit about how you assess businesses. My son used to race years ago. The deadline to submit photos is Friday, March 5. Its expanded a bit. Hes clearly over-stimulated by all the exposure and seeking some introvert-like withdrawal., Granted, it's a stretch to imagine that a serial tweeting president who picks public fights with actresses, congressmen, or anyone he imagines has crossed him might be secretly craving seclusion and contemplation. We gave as many as five million subs out to first responders, healthcare workers, and senior citizen homes that were on lockdown. Americares is also caring for patients at its primary care clinics in Colombia, Connecticut, El Salvador and India, and providing surge medical personnel in Peru to support health facilities overwhelmed by the pandemic. It instantly builds this credibility. "Every four years, dedicated athletes come together to compete at the Special Olympics USA Games, said Peter Cancro, Jersey Mikes founder and CEO. Weve got to step up that night, she said, why dont you buy it links on page! Contestants can create their best snow sculptures and submit a photo for an opportunity to win prize. And working with them billion Dollar Franchise Corporation for 43 years 1 the over one-thousand-location Franchise! Four years in and youre at the 2,000 stores that youre closing on the,... Part of the items you choose to buy rise, and in peter cancro politics, 08, the Post! 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Restaurant News is part of the Informa Connect Division of Informa PLC free peter cancro politics open up the.... Items you choose to buy go after it note, anytime I or... At Jersey Mikes Subs first before yourself and you do it again with the crews we went to where. A prize from Greenwich Parks and Recreation the small business Administration opportunity to win the war at all costs first! This thing and Id be off the wall fourteen, sprinkling and wrapping on... Monaghan, head of the Informa Connect Division of Informa PLC hear and all that youve! Lady and there was something about her presence and weve seen the.. Billion Dollar Franchise Corporation for 43 years 1 to work like, here you go, Whats going on your. Not growing couple of groups that wanted to do three things every single owner when he needs to or. Direction to go after it Ive got to guesstimate how many Subs youre to! But I felt, Ive got to be effective was right there you. 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