A Taste For Business

From part-timer to sandwich king.
Magazine Contributor
2 min read

This story appears in the December 1998 issue of Entrepreneur. Subscribe »

In 1975, Peter Cancro was in , working part time at Mike's Subs in Point Pleasant, . As senior class president and a varsity player, he planned to study and political science at University the following autumn. But that all changed when his boss decided to sell the sandwich shop: With the encouragement of his mother, Cancro decided to buy it.

Cancro had just three days to raise $125,000 and beat out another buyer. A family friend offered the capital he needed in exchange for 50 percent . An independent at heart, Cancro turned down the offer. Then his Pop Warner football coach agreed to put up most of the , with Cancro's grandmother and another investor providing the rest.

Putting his college plans aside, Cancro managed the sub shop full-time around his high school schedule.

In 1986, Cancro began franchising his concept and changed the company name to Jersey Mike's in the process. Jersey Mike's Franchise Systems Inc., based in Manasquan, New Jersey, has sold 235 units and is in development in 12 states. Cancro, now 41, chalks his success up to and youthful optimism: "When you're young, you think you can conquer the world," he says, "so you do."

Contact Source

Jersey Mike's Franchise Systems Inc., (800) 321-7676, fax: (732) 528-7818


More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur