How do we be genuine? Its mid-December on a Saturday and be part of it. Youd be surprised, they want to give some of their key people the opportunity. You run fast and you have a lot of people following you. They leave their job, go to training and open up the store. I dont assume that I know everything. I joke and I say, Most everything, but I do not know everything. It starts out with small things. I know they say were divided now, but I disagree. 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. 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. It doesnt matter how experienced you are in business, whether youre a young leader or a senior executive, you have to have a mentor. They all come in with one and then they grow from there. In fact, its easier to accomplish with most of the dining rooms closed, so remodeling is ahead of schedule. You hear about millions and millions served. She checked it and I saw her pointing to it. Its funny, we did not go after it. Theyre going to say, Were giving 100%. This March, Jersey Mike's hopes to exceed last year's record-breaking national fundraising total of $20 million and help local charities striving to fulfill their missions and make a difference. Its an amazing story. 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. If youre working with the old crew and its tough for them to maybe swallow, but it was a small nucleus of people. Im still fast, but Im messy, for the laugh and joke. Sixteen years before Donald Trump debuted on The Apprentice, he jump-started his entertainment career at WWEs Wrestlemania IV. What would you say youve taken away from him in addition to what youve mentioned? It started to happen. Its almost over $100,000, the owner can make not losing a person. But the people around him haven't changed much. Just a quick note, anytime I change or say, Lets do it this way, I say why and explain it. Were not five years. 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. Its amazing to see all of our owners embrace that giving spirit and thats the most gratifying thing for me in business. 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 a good location. In A whole sub is like, This is unbelievable. You had about 1,000 stores, you were doing about $1 billion in revenue and you told me, In the next five years, were going to double. We like to call it the power of the sub sandwich. People from within bought and grew, and got into their own store. You see so many founders of large companies and youll go in and say, Why do we do it that way? Youll get answers like, The founder said so. I know it was very prevalent after 9/11. Come down with me. This is an amazing story, but it started in 1971 at fourteen when you got a job at Mikes Subs. Nobody knows. Lines and paragraphs break automatically. You can use it as a benchmark, but its about what you do today to get to tomorrow that matters. You cannot double 1,000 stores in five years and get there and then go from $1 billion to $2 billion in five years. I thought about it and I was looking at you through the course of this meeting and there was no hesitation in your voice, but sheer confidence in your eyes. You saw 2021 to 2023 being a period of time where you saw more growth in the last ten years combined. Host of FOX Business Network's The Claman Countdown, Liz Claman is joined by Jersey Mike's Subs CEO & Owner, Peter Cancro. WebPeter Cancro, Jersey Mike's Franchise Systems Inc: Profile and Biography - Bloomberg Markets Connecting decision makers to a dynamic network of information, people and The town reserves the right to use the photos in town media. Heres what I did. He came on board, we didnt call one person, but we had a lot of Dominos owners. The deadline to submit photos is Friday, March 5. Peter Cancro could be the poster child for the concept of doing well by doing good. Were here to serve our customers and it trickles down if you will, that whole mentality, that attitude of putting others first before yourself. We were ahead and ready for this because of our investment two years prior. We started growing again in 94, 95. They had to do three things every single day to be effective. Its comprehensive. No one is allowed to introduce me to the customers as the owner. Its like, You know what to do. Its the training and teaching them to make sure that its here too, that they dont fall off. The owner put the place up for sale and we all knew, but you know how businesses are when its for sale, its quiet. Lorber and Trump's friendship goes back 30 years in the New York real estate game. Weve spoken a lot about the people. We didnt start expanding until 87 and then we grew. Thats $75,000 per store. The differentiator between a successful franchise owner and We always like to say, We are fortunate to remain open and serve, and we did. 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. Thats what we saw. I tell a lot of people that I work with companies, teams, and organizations that nobody cares what you did yesterday. Thats what brings everything together. Retracing the path of controversial Project Veritas founder James O'Keefe includes many stops in Connecticut. Come on, were in it together. They can tell that I mean it because Ill sprinkle with them, Ill make the cheesesteak. A gentleman, Tom Monaghan, the Founder of Dominos Pizza, whos on our advisory group. Its not that easy. 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. Were a training company, ongoing training and support. Somebody gave me a shot. WebHost of FOX Business Network's The Claman Countdown, Liz Claman is joined by Jersey Mike's Subs CEO & Owner, Peter Cancro. I want to talk about your leadership style because thats an important part of this story. Youre a public company, thats not for you., The moves we took first were to cut the fees, so the owners, were with you. We talked about that in two episodes ago when I had on the authors of The Talent War, Mike Sarraille and George Randle and we said the best advice they ever got was, plagiarize what works. For me, its integrity. Youve got to know exactly what its going to cost. Its like when I was fourteen when I showed up at Mikes, my voice mattered. We say, Nothing. Worked at NYPD. Seen a celebrity? That is what I do when I go into a store. In 2019, it was over $7.5 million. Ive got to tell you where it comes from. Help me through this. Its amazing day by day how when you start pushing and pushing and nothing happens. Number 8860726. The next morning was a Monday morning and thats when I called the owner, I said, Whats going on? Its $175,000 with marketing, with everything included. Feinberg made his fortune buying long shots. Cancro also held calls with franchisees to walk them through applications for Paycheck Protection Program loans, which they all received. I had to lay off five people, including my brother because we were done. When you look at this, how do you stay grounded? Youre not above them, youre with them. I rolled the dice and I said, Ill put everything on the table. We paid for the retrofits. Trumps security chief for the past 16 years, Schiller started as Trumps bodyguard in 1999, after a decade with the NYPD. Theyre embracing their community from senior citizen homes to kids leagues, to first days at childrens hospital. Its great to hear and all that, but its what we do. I would look at this thing and Id be off the wall. He wrapped in the real estate and the business and was able to package the whole thing. LeFrak has been a Trump guest at Mar-a-Lago for more than a decade. We see the progression, we see us getting to 300 stores a year, but most of the growth, 90% of it is from the existing owners. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. We keep it real. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. No, theyre doing it out of their heart. It was all kinds of charities and not just one group. Peter Cancro, CEO of Jersey Mikes Subs, in Houston during an October visit. Everybody was saying, Hold onto your money. When you look at the people that are coming into the organization, as your owners, what are those couple of things, those couple of character traits that you assess them on and then make that decision because thats a big investment? You can tell right away when you meet someone. Its having a culture that people can win together. Can you explain it? He began his We said, This is starting to grow.. Rudy. And more importantly, should tuition go toward supporting bars around the XL Center? Its not just to do it, to do it. When I meet somebody, I know if we want to go forward with them or not. Location. In order to get iteration, you have to have feedback. The business could look completely different now. We give 3% of the sales for three years. I said, I cant celebrate, but Ill be back for 2,000 stores and well celebrate then. Its funny how it seems a few years later, here we are at 2,000 stores probably by August of 2021. We were going down, we were getting crushed. When I heard that, I shrugged my shoulders and grinned and said, I guess well keep doing that. In 1975, when I went into business, I said, I was witness to Bob Hoffman, Hoffmans Ice Cream and Jack Baker from the Lobster Shanty, two local businessmen in Point Pleasant, that gave unconditionally to the youth, for the first day, to the community and I was a recipient of that and saw it firsthand. Youve got to know about the air conditioning, the heat. The president might be big on glad-handing and back-slapping, but once the party's over, he goes back to his own bed. There are stories from employees of where youve come in and you got behind the counter and shown them, I can do it faster. Web page addresses and e-mail addresses turn into links automatically. We found out about it. I could see it in their eyes, their confidence, their energy, they care about the people there. Peter said so. At some point, that becomes detrimental to the organization and inhibits growth, but you havent experienced that. I say community because thats what it is from owners to your corporate staff, to the employees. 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. No wonder the president asked his longtime buddy to chair his infrastructure operation, along with Steve Roth. Its about $400,000. We forecast it over $10 million in 2022. We put up all the money, we signed the lease. Peter Cancro's 5 Key Lessons From Managing a Billion Dollar Franchise Corporation for 43 Years 1. Where their heart is drawn then thats the charity that they support. Maybe if youre born with it, it does, he told The Real Deal, the Manhattan real estate publication, with a dig at his buddy. Thats what you tell the kids. No one was lending money and we flatlined. They have to pay it back. Thats part of the Sub Abover. We had somebody going through it. 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. A light switch went off. Youve got to put enough meat on, youve got to have a speed of service, youve got to be ready for the people coming in and now those tickets with the bags to go. Former p at NYC Police Department. I want to give you a shot. I talk a lot with people I work with about people, process and technology. Registered in England and Wales. 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. We had the tables and distance serving, mostly take out. All of that helped us with a digital component, which you read about all the restaurants. Thats so mature to think about at seventeen years old. Start being yourself. I think about my time in the military and we trained for years, for minutes to hours of execution. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. In 1971 at the age of only 17, Peter raised $125,000 to purchase the single store sandwich shop called Mikes Subs. That is so great. Peter, thanks for joining me. Investment in people. 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. Thank you. I heard about this and I wanted to be here. Its amazing, you could see it on our website, Wreaths Across America. Im like, What is going on? In January of 06, it was one of the lowest points, believe it or not. We were the first to integrate with Uber and DoorDash, meaning take the iPad off the wall and it goes right into our system. Harry Jaffe has been a journalist in Washington, D.C. for three decades. It was that Sunday night, so a week later and he said, We can do something, and he did. Everything I talked about before putting others first, subservient, leadership by example, it stands out. I say, Did you play any sports? The owners unbelievably kicked in as well. Can you talk about process development at Jersey Mikes and whos involved in that? The business model has supported this being takeout only. If you think about the mission of Jersey Mikes, its right there on your homepage, Giving, making a difference in someones life. You talk about the culture of giving is as much a part of our heritage as oil and vinegar. There are hundreds of charities that we support and its all drawn from the heart. The annual event is free and open to the public. Today, that shop has grown into the over one-thousand-location sandwich franchise, Jersey Mike's Subs. Even our big corporate office and all these people, its very simple, every group that comes together, every national meeting, I talk about fresh onions, lettuce, tomatoes, fresh-baked bread, everybody in uniform, clean store and then share your life with the customer. You have the international component sitting in Australia too. 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. (View/download b-roll). Use Next and Previous buttons to navigate. I paid for everything. I look at the kids and I never say, You did a good job. I say, How did I do? They go, You did okay. It levels you with them. You operate under this value of put others first before yourself and you have different programs for different levels within the organization. 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. This has been quite a journey from the high school football fields of the Jersey Shore to building a global franchise. Ive got to get out there and do it. Somehow, we pulled it off and kept pushing harder than ever during that time. Jersey Mike's Subs Careers \u0026 Jobs - Zippia. I went to visit every single owner and worked harder than I had ever done before. 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. 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. We showed up every day. Thats the entire days sales going to charity. Sales started to rise, and in 07, 08, the company turned around. Contestants can create their best snow sculptures and submit a photo for an opportunity to win a prize from Greenwich Parks and Recreation. I say that during the rush. Does it make common sense? It hasnt always been ups and downs, you mentioned that a couple of times and you got into it there. How do you motivate the owners? Jersey Mike's Subs is part of the Hospitality industry, and located in New Jersey, United States. Trump made him director of Oval Office operations. She talks about giving over yourself is when you find out about yourself. Its the small things and Im sure it was the small things that achieve victory way back when and its now as well. Thats all I ever say and thats how we win by serving our public. Named after the coach who gave Cancro his start, the Coach Rod Smith Ownership Program will provide around $375,000 to employees who want to be entrepreneurs. 20 Things You Didn't Know about Jersey. Thats why we never said a word about our giving for decades. What are the three things that you have to do every day to be successful and win? 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. Before you sign the lease, youve got to know what its going to cost. When we were talking one time, you told me that this growth rate is going to continue over the next couple of years. They challenged Trump in the Battle of the Billionaires, which he won and got to shave Vinces hair in the ring. 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. DPW looks to fix 'dangerous' intersection, Greenwich residents on SoundWaters board, and other news, Greenwich prepares for snow storm, expecting 3-7 inches, In photos: Dragon Dance celebrates restaurant grand opening, Greenwich commission OKs historic ID of Samuel Ferris house, See inside Mikes Organic market after makeover in Cos Cob, In Photos: Greenwich Hospital teaches hands-only CPR, Poll workers honored at Central Middle and other local news, Greenwich budget committee considers cuts to public works, police spending, painting town hall, Here are 8 new Connecticut restaurants to try in March, Stamford's Alive At Five summer concert series announces 2023 dates, Two Greenwich residents among new SoundWaters board members, and other celebrations, Greenwich police: Man charged in Milford stalking also suspected of trying to kiss teen walking dog. 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 Cancro is the Founder and CEO of Jersey Mikes Subs. Were going to be the national sponsor. He wrote a book about the politics of gun law with Gabby Giffords, as well as Why Bernie Sanders Matters, the only unauthorized biography of the Vermont senator. In 1975, at the age of only seventeen, Peter raised $125,000 to purchase the single-store sandwich shop called Mikes Subs. Mentors are so important for anyone. I didnt know what direction to go and thats when I went over to my coachs house and called him up. Thats the culture that was there at Mikes. There are 350,000 graves. His work has appeared in Washingtonian, The Washington Post, Politico, L.A. Times, Yahoo News, NBC4.com, and Mens Health. 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