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In 1975, Peter Cancro was in high school, working part time atMike's Subs in Point Pleasant, New Jersey. As senior classpresident and a varsity football player, he planned to study lawand political science at North Carolina University the followingautumn. But that all changed when his boss decided to sell thesandwich shop: With the encouragement of his mother, Cancro decidedto buy it.
Cancro had just three days to raise $125,000 and beat outanother buyer. A family friend offered the capital he needed inexchange for 50 percent ownership. An independent at heart, Cancroturned down the offer. Then his Pop Warner football coach agreed toput up most of the money, with Cancro's grandmother and anotherinvestor providing the rest.
Putting his college plans aside, Cancro managed the sub shopfull-time around his high school schedule.
In 1986, Cancro began franchising his concept and changed thecompany name to Jersey Mike's in the process. Jersey Mike'sFranchise Systems Inc., based in Manasquan, New Jersey, has sold235 units and is in development in 12 states. Cancro, now 41,chalks his success up to hard work and youthful optimism:"When you're young, you think you can conquer theworld," he says, "so you do."
Contact Source
Jersey Mike's Franchise Systems Inc., (800) 321-7676,fax: (732) 528-7818
