Peter Cancro's journey from high school to becoming a billionaire began when he purchased Mike's Subs, a sandwich shop in New Jersey, at the age of 17.

The Birth of a Global Franchise

This small venture eventually grew into Jersey Mike's Subs, a global franchise valued at $8 billion after a majority acquisition by Blackstone.

Cancro's success showcases the potential of entrepreneurship in the fast-casual dining sector.

Overcoming Challenges and Ensuring Growth

Despite facing challenges, such as financial difficulties in the early 1990s and the aftermath of the dot-com bubble burst in 2006, Cancro persevered and made strategic decisions to ensure the brand's growth.

Today, Jersey Mike's Subs has nearly 3,000 locations worldwide and reported sales of $3.3 billion in 2023.

A Selective Franchise Model with Promising Returns

The franchise model is highly selective, with only 1% of applicants approved, but offers substantial returns.

Cancro will retain a minority equity stake and continue as CEO after the acquisition by Blackstone.

Future Expansion and Innovation

The future looks promising for Jersey Mike's Subs, with opportunities for further expansion and innovation in the fast-casual dining industry.