Ivanka trusted him to ensure Jared would return safely from his brazen trip to Iraq. Host of FOX Business Network's The Claman Countdown, Liz Claman is joined by Jersey Mike's Subs CEO & Owner, Peter Cancro. Youre a public company, thats not for you., The moves we took first were to cut the fees, so the owners, were with you. Code name Jedburghs three-man teams parachuted behind enemy lines onto the shores of occupied France during the nighttime hours before D-Day. 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. We care and show up every day. 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. Why? Peter Cancro, founder and CEO of Jersey Mikes Subs, pays a visit to the Jersey Mikes in Riverside on Sunday, Jan 10. She was very confident and she had the energy. Its a small town, Point Pleasant, an hour South of New York. In 1991, we were on a rise. There are many different causes of people around the country giving of themselves to other people. Thats the way its seen. Who defends the presidents every nonsensical Tweet? We went down and through the years, weve been involved, I dont know how many years now, but it was pretty cool. It was negative sales. In Every item on this page was chosen by a Town & Country editor. We were going down, we were getting crushed. Noted New York Times journalist and author Sarah Lyall will join Goodwin in a conversation about the themes in Goodwins book, Leadership in Turbulent Times, including the 2020 presidential election, inauguration and the impact of the U.S. on world affairs. It was that Sunday night, so a week later and he said, We can do something, and he did. WebWhen 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 The McMahons together donated $5 million to the Trump Foundation between 2007 and 2009; the Center for Responsive Politics reported that Linda herself contributed $6 million to Trumps presidential campaign. You win a game, whats the next game? What are you going to do differently now that COVID is here? I would look at this thing and Id be off the wall. I remember years ago, people would always come in the store and theyre like, Peter, where do you get your people? Nation's Restaurant News is part of the Informa Connect Division of Informa PLC. Hes the founder of Jersey Mikes Subs, which now has over 1,000 franchises. As you said, we got to 1,000 stores and I didnt want to celebrate. We were focused. His work has appeared in Washingtonian, The Washington Post, Politico, L.A. Times, Yahoo News, NBC4.com, and Mens Health. I got the look and the girl turned around and there was a board behind. Since then Linda has become one of Trump's closest female friends. If you shut the news off, theres so much negative and hate there, and youll see the good out in this country. Youve got to keep coming. Retracing the path of controversial Project Veritas founder James O'Keefe includes many stops in Connecticut. How did you get where you are now? I said, Do you really want to know? Everything at Jersey Mikes has a process down to every single detail. Subway is not even on it. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Peter Cancro became the the fourth owner in 1975 of Jersey Mikes Subs, founded in 1956 on the Jersey Shore. Who Is Nikki Haley's Husband Michael Haley? 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. Peter Cancro is the Founder and CEO of Jersey Mikes Subs. It doesnt matter how experienced you are in business, whether youre a young leader or a senior executive, you have to have a mentor. We were opening stores and we were investing everything we had back into growth. It was owners, assistant managers and managers. Out there The YWCA Greenwich and over 30 community partners will celebrate the life of the Rev. Go and help these people and feed them.. Thats $75,000 per store. I welcome them to run ahead of me. They share a love of beauty contests. 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Trust is the gold standard for Trump, and he trusted First Friend Barrack to oversee his Inauguration and also to introduce him the final night at Julys GOP convention. But beyond family, loyal staff, and cabinet secretaries, who does Trump turn to when he needs to vent or seek guidance? You go, Whats going on in your life? Theyre embracing their community from senior citizen homes to kids leagues, to first days at childrens hospital. The next morning was a Monday morning and thats when I called the owner, I said, Whats going on? The very first week, we cut our royalty and marketing fees in half. How well are the other businesses doing? My son used to race years ago. 100 Percent of Sales Fund Local Charities on March 29 "Day of Giving", MANASQUAN, N.J., Feb. 28, 2023 /PRNewswire/ --Hoping to raise a record-breaking amount for charity this March, Jersey Mike's Subs, known for its authentic fresh sliced/fresh grilled subs, asks customers to eat a sub and help a local cause. Out there The ninth annual Greenwich Snow Sculpture Contest sponsored by Greenwich Recreation and the Greenwich Arts Council will be open throughout the winter season. Passion for giving in Jersey Mike's local communities is reflected in its mission statement "Givingmaking a difference in someone's life." Thats how we got connected. And more importantly, should tuition go toward supporting bars around the XL Center? Everybody felt it was strong. Peter, thanks for joining me. They both like burgersLorber told an industry group last year his first stop after buying a Rolls-Royce was McDonalds drive-thru. It had all of them listed. No one was lending money and we flatlined. 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. This is our business. The training is cool. Mr. Cancro, the founder and chief executive officer of Jersey Mikes Franchise Systems, is a graduate of Point Pleasant Beach High School. How have you thought through that evolution of the company? Its amazing the momentum that weve got. Whether thats slicing meat, baking bread, opening the store, closing the store, even starting a new store and the application process and then everything that goes in. Volunteers will receive a digital tool kit with messages that can be shared via social media and messaging apps. To celebrate the company's 13th Annual Month of Giving fundraising campaign, Jersey Mike's locations across the country are joining forces with more than 200 local charities. Copyright 2023 Apple Inc. All rights reserved. How do we be genuine? I can do it better. Thats truly inspirational as a leader, especially in such a large organization, for someone to come in and be able to do every job. Our growth for the next three years is going to be bigger and stronger than the last ten. Anyway, seventh place, well take it, but we cant get hung up on the articles or the clippings. My toughest recession in beyond 2008. We went around the country to 40 different co-ops and had hundreds of people in the room. Another fellow, unfortunately, his child committed suicide, so he got involved in education and awareness for that. /sites/all/themes/penton_subtheme_nrn/images/logos/footer.png, Meet the innovative, inclusive and industry changing leaders of the 2021 NRN Power List, 2023 Informa USA, Inc., All rights reserved, Q&A with Angel Velazquez, area director, Jersey Mike's, Read about Scott and Ally Svenson, founders, MOD Pizza, Allowed HTML tags: . This feeds three people. The price of that, they think its expensive, but no. As a company, weve got to be in too. Thats when I announced we were paying for the retrofits. Newsmax leaned to the right before it was even slightly cool. Its having a culture that people can win together. I want to give you a shot. You run fast and you have a lot of people following you. Entrepreneur Magazine has ranked Jersey Mikes #7 in the 2021 Franchise 500 Ranking. Your subs are good. That was second to the people, to the giving in the community. It was an extraordinary time. The Best Window Replacement Companies in CT, Guide to Legal Cannabis Dispensaries in CT, The Best Kitchen Remodeling Companies in CT, The Best Cosmetic Dentists in Westchester County. Everybody said we should have a big celebration, but everything that happened negative in my whole career, building up to 1,000 stores, flashed in front of me. 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? Peter Cancro's 5 Key Lessons From Managing a Billion Dollar Franchise Corporation for 43 Years 1. You dont have a certification. You didnt have 30 years in the industry. Its so much work and involved. I dont know why but I pushed back. Just You have to approach them as they did in Mikes when I first joined in 71, that my voice mattered and you raise up each other and raise up together. I saw that we were going nowhere. Where the need was, we went after it. It is not mandatory. There are 2,000 stores at this point. All of the co-ops are coming together. Thats what he did to expand. Thats pulling people along. We got along fine and worked together okay. I want to get into that. I sensed and knew that to make the subs a slice of fresh, theres a lot of training involved. Its incredible service and support, but it has to be. It was unbelievable the outpouring of America to our stores to help contribute to the food banks. Still is. Its funny, we did not go after it. I look at you and I say the top four, humility, curiosity, drive, integrity and this team ability, being in there to round out a five. He obviously relies on his children for advice and affection. How do you take a step back and say, Were going to get through this. 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. What would you say youve taken away from him in addition to what youve mentioned? I always had different choices of subs and provolone, roast beef, which is USDA choice top rounds, its the best, and then a little pepperoni. We told the owners that. One night my mother said, I heard it was for sale, and I was a little bit taken off guard. His work has appeared in Washingtonian magazine, The Washington Post, Politico, L.A. Times, Yahoo News, and Mens Health. Its a constant going into the stores and several times a month working with the crews. It was fine. They want to be part of it, they know making a difference in peoples lives. You operate under this value of put others first before yourself and you have different programs for different levels within the organization. Its so touching seeing everybody from all walks of life, every race, creed, religion, everybodys there to support our service members. Another initiative that you have is the Sub Abover Grants, which has been described as extraordinary people making a difference in their communities. We found out, We probably should tell people what were doing because then people find out about it and then they want to be part of it. Weve won numerous national awards. I know it was very prevalent after 9/11. 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. I get right behind the counter, talk to the kids and say, How is it going? I start cleaning the grill, Ill go in and clean the bathroom. Thats $150 million. That has continued into the pandemic. Where are you going? We started growing again in 94, 95. We have owners that are involved with other franchise companies and they say, Peter, your company and what you do, no one matches it. Thats coming from our existing owners that have other concepts they are with. I applaud the efforts that youve made. Based in West Palm Beach, Newsmax is close by Mar-a-Lago, where Ruddy became a frequent guest. The restaurant joins Taco Bell and other big brands offering help Fox Business Whenever I go, I look up at the menu because I dont know what it is, some of the numbers and when I left, there was 1 through 9. Thats the motto. Its why you have been a leader that has rallied a community behind you. All the Manzos, the Cancros, there were four Cancros that worked at the shop. Well give all the proceeds. Lorber and Trump's friendship goes back 30 years in the New York real estate game. WebPeter Cancro, Jersey Mike's Franchise Systems Inc: Profile and Biography - Bloomberg Markets Connecting decision makers to a dynamic network of information, people and How did you find out? You know how moms are, they know everything. It increased like you wouldnt believe, but it was entire families that worked at Mikes. They all come in with one and then they grow from there. All of a sudden I said, Were going to advertise on the news. We were on all the major network channels and the morning show news and we hit it hard. During tough times and problems, you can sit with a legal pad and try and work it out and ascertain, What should I do? You might be on to something, says Arnie Kozak, a psychologist and the author of .css-gegin5{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#9a0500;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-gegin5:hover{color:#595959;text-decoration-color:border-link-body-hover;}The Awakened Introvert. He used his private equity firm, Cerberus Capital Management, to scoop up both Chrysler and GMC in 12 months, held them and sold them. For me, its integrity. Take it, replicate it and do it again. Were not five years. Everybody loves Jersey Mikes. It hasnt always been ups and downs, you mentioned that a couple of times and you got into it there. He wrapped in the real estate and the business and was able to package the whole thing. It was a tough time, 91. Jersey Mike Has Collected More Than $28 Million For Charity Since 2010. We started to grow with the right people, with the great people, area directors, Dominos in California, Chicago, DC and Florida. What are you doing after this? I challenge them to see where their lives are and that, Youve got a future here. Donald Trump greets Small Business Administration head Linda McMahon during an event celebrating Womens History Month last month. The contest is open to Greenwich residents only. What are you doing getting the money? Youve got to know about the air conditioning, the heat. Thats what you tell the kids. Start being yourself. That is so great. "Philanthropy has It ends up he worked with Tom Monaghan, head of operations for 4,500 stores. Its a whole team thing. Greenwich DPW looks to fix 'dangerous' intersection on Delavan Ave. Im pretty proud of our whole group, our owners, all the crews, the staff. It is impactful and it is certainly noticed by everybody. 91, 92, 93, we didnt grow, but we took care of what we had. Its $175,000 with marketing, with everything included. All of that helped us with a digital component, which you read about all the restaurants. You talked about bringing new people in. As soon as I said it, now the owners are happy. What motivated you to start that? You didnt have something that on a resume, somebody says, If you dont have that, you cant get the job. Its funny how I pick it up and I have a moment. Cancro is the founder and chief executive officer of Jersey Mikes Franchise Systems, operating more than 730 restaurants in 35 states from New Jersey to California. Sales started to rise, and in 07, 08, the company turned around. How do you assess their capabilities? They see that leadership and they say, Ive got to get on this train.. 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. Are they looking for something in return? Thatd be $40 million, 100 a year that we have to invest in our people, in our future. The House select committee investigating the Jan. 6 Capitol riot has wielded former U.S. trade adviser Peter Navarros own boast about overthrowing the 2020
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