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Peter Cancro Net Worth 2023: Everything you should know

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Peter Cancro net worth: Peter Cancro was known as the 4th owner of a submarine sandwich chain named Jersey Mike’s Subs and a US famous businessman and entrepreneur with a net worth ...

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Peter Cancro net worth: Peter Cancro was known as the 4th owner of a submarine sandwich chain named Jersey Mike’s Subs and a US famous businessman and entrepreneur with a net worth of $400 million.

His most famous achievements include co-founding Jersey Mike’s Subs with more than 1,500 locations throughout the United States.

From earning $1.75 an hour as a worker to making billions from the sandwich franchise, Cancro inspires everyone to work hard in order to achieve success.

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The Jersey Mike’s Franchise has 2,034 locations open and under development with three locations in Queensland, Australia, and two in Ontario, Canada.

In this article, we can find out Peter’s life struggle and how he earned his massive wealth (Peter Cancro Net Worth).

Date of Birth

Peter Cancro was born in May 1957 in New Jersey, United States of America.

John Cancro is the brother of Peter Cancro. Currently, John Cancro is 67 years old.

Peter Cancro got his first job due to his brother’s connection.

Cancro now lives in Point Pleasant Beach.

Education

Peter Cancro was a high school student growing up in Point Pleasant, New Jersey, in 1971. Peter Cancro graduated at the age of 17.

Cancro had to study law at the University of North Carolina on hold.

As we know, Peter Cancro net worth is $400 million but what about his working life and business life?

Peter’s work-life

Peter started his first job at Mike’s Submarines, a sandwich shop where he worked at 14 years old.

There Peter learned that his high school shop owners wanted to sell their shop during his senior year. They demanded One hundred twenty-five thousand dollars.

The mother suggested to Peter to buy it. Peter skipped school the following week in order to raise enough money to buy out the shop. So he knocked on his football coach’s door after trying for days without success.

A finance company where he worked as his day job, presented the shop’s finances, and Rod – who lent money with interest – offered to finance the purchase.

Peter Cancro net worth is huge and all thanks go to his hard work.

The career of Peter Cancro

Peter Cancro was growing up in Point Pleasant, New Jersey, in 1971. At the age of 14, he joined Mike Subs and started working there.

Peter’s favorite employer was Mike. AS Submarine sandwiches were his favorite, Peter loved working at the counter and interacting with customers.

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He became the fourth owner of Jersey Mike Subs, In 1975. He also founded Jersey Shore in 1956 and He took Jersey Mike National when he started his franchise in 1987.

Now there are 1,551 restaurants stretching from Connecticut to Utah, with an astounding 266 of those in California alone and 47 states, Mike Jersey closes 1600 stores.

There are 2000 restaurants in 2020 $1 billion total profit accrues with a target of more than $2 billion.

This is why we have already told you Peter Cancro net worth is massive.

Personal Life

After completing graduation Peter Cancro married his first wife Linda Cancro at just 17 years old, shortly after buying his first business. Linda Cancro was his high school sweetheart.

In this period, he and his wife, Linda Cancro, opened more locations, renaming the chain Jersey Mike’s Subs in reference to its New Jersey roots. The couple got divorced (Peter Cancro and Linda Cancro) after ten years of marriage

Peter Cancro family

In the year 1974, Peter Cancro’s relationship with his first wife Linda Cancro lasted for a couple of decades before they separated in 1992.

Peter Cancro and his first wife, Linda Cancro, had 2 children together. There is no specific reason and date for their separation but their divorce was turned into good terms.

Then Peter married Tatiana Cancro. Peter Cancro and his beloved wife, Tatiana Cancro, are a match made in heaven considering their love to run a business and their commitment to philanthropy.

They tied the knot in the year 2014 and celebrated their seventh year marriage anniversary in February 2021.

Prior to Tatiana Cancro, Peter Cancro was married to his former wife and business partner, Linda Cancro with whom he opened up a few outlets of Jersey Mike’s Sub.

The former pair shared a daughter, Caroline Jones, who is now a senior vice president of Jersey Mike’s Franchise System in Manasquan, N.J.

Besides, Peter is also a stepfather to Philip, who is Tatiana Cancro son from her previous marriage

Linda Cancro net worth has some sand part which she got from divorce. Linda Cancro net worth may be increased but there is no perfect example of Linda Cancro net worth.

Peter Cancro Net worth

Peter Cancro net worth is huge due to his entrepreneurial success.

Peter Cancro is a hardworking businessman and an entrepreneur. By opening thousands of stores all over the United States, he reduced the unemployment problem.

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The activities of Peter Cancro’s career as an Entrepreneur and Businessman, YouTube Personality.

Peter Cancro net worth started increasing after entering the entrepreneur cycle. Let’s see how much this was helpful for Peter Cancro net worth.

Earnings as an Entrepreneur

Peter Cancro worked as a part-timer at Mike’s Submarine. In 1975, the previous owner put up a sandwich shop, Mike’s Subs, near his part-time job.

With the help of the football coach, also a banker, Peter Cancro bought the shop for 125 thousand dollars. Now, he is the CEO and owner of the shop.

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Peter started franchising his shop in 1987. Until 2014, the shop had 750 locations, and an additional 650 shops were under development.

Jersey Mike’s Subs reached the milestone of a thousand shops all over the United States of America in 2015.

Now, the shop has up to 1900 locations where one can find a store. Jersey Mike’s Subs has crossed the International boundary with 3 shops in Queensland, Australia, and 2 shops in Ontario, Canada.

Making Money from Business

At the age of 14, Peter Cancro made up to 1.75 dollars a day.

When Peter Cancro was after starting the shop, Jersey Mike’s Subs, he could easily earn 40 thousand dollars a week as there was no market competitor.

In a short time, Peter Cancro was able to make 35 shops in 1991 and he faced bankruptcy. He did not want to lose his business.

Peter Cancro business
Peter Cancro net worth

So Peter Cancro asked for help from many people in the Northwest.

Though no one gave him money he had to work 24/7 to hold his business together.

After a year, Peter Cancro was able to overcome his bad situation. Thus all his hard work and struggle paid off.

Peter Concro net worth and his business are internally connected not externally.

Earnings from YouTube

Peter Cancro opened a YouTube channel named after his company, Jersey Mike’s in 2012. The account has not many subscriptions, but the videos have got a total of 56 million views and the channel has a total of 159 video content.

He earns from 12.1 thousand dollars to 194. 2 thousand dollars in YouTube ad revenue per year.

Some parts of Peter Cancro net worth come from this YouTube channel.

Peter Cancro Net Worth and massive wealth

Among Cancro’s expansion plans were a few new locations, but the company had a difficult time accelerating its growth and a franchise was the best option for him in 1987.

In addition to changing the name, he also renamed the chain Jersey Mike’s.

Now Peter Cancro is an American entrepreneur and businessman with a net worth of more than 400 million dollars, over 1500 locations in the United States.

He is most famous for his submarine sandwich chain. Cancro and his wife Tatiana Cancro own a four-bedroom apartment in SoHo for $15.68 million.

The Entrepreneur Borrowed $125,000 as a Teen, Then Used It to Build the $1 Billion Jersey Mike’s Brand.

Peter Cancro earned a maximum of his money from Jersey Mike’s Subs’ business. The company makes around 2 billion dollars in revenue every year. They donate up to 5 to 7 million dollars to charities.

Peter Cancro’s estimated Yearly Income: is $9 million, Monthly Income: is $750 thousand, Weekly Income: is $173.08 thousand, Daily Income: is $24.66 thousand, and Hourly Income: is $1.03 thousand.

Just take a rough idea and see how much Peter Cancro net worth is.

Struggle

Don’t be so excited about Peter Cancro net worth before reading about Peter’s struggle.

In March 1975 on a cold night, Peter Cancro knocked on his high school football coach’s front door in Point Pleasant Beach, It was just after 9 p.m. on a Sunday, but Cancro felt this couldn’t wait.

He had to see Rod Smith’s wife, Janet, open the door and ushered Cancro into the living room, where the coach was seated in his favorite armchair.

When Smith had heard his quarterback was coming over to talk on a Sunday, he thought Cancro must be in trouble. But Smith reserved judgment and simply listened.

Cancro explained he’d missed all his classes the past week because Mike’s Subs, a local sandwich shop where he’d worked for the past four years, was for sale for $125,000.

He wanted to be the one to buy it because another buyer was ready to sign for the sub shop, Cancro explained fervently, and there was no time to lose. After looking over the details, Smith, who was also a banker, Smith loaned Cancro $125,000 with a seven-year payback plan to win out over the other buyers’ offers. The deal closed on March 31, 1975.

Cancro was officially a business owner only and co-founder of 1,400 franchises nationwide with more than $1 billion in annual sales.

In January 1975, the owners of Mike’s Subs, brothers Victor and Frank Merlo, put the shop on the market.

Cancro’s mother told him to buy it then he skipped school to knock on doors and ask for loans.

He had one contender who wanted to shore up the deal in exchange for a partnership, but Cancro didn’t want a partner.

He wanted to do this on his own, and that’s why he sought out Rod Smith.

After he bought his beloved sub shop, Cancro opened up a few more local stores and paid off his loan to Smith.

He opened the company up to franchising in 1987 and changed the name to Jersey Mike’s.IN 1991, there were 30 stores spanning the Jersey Shore, East Tennessee, and Cincinnati.

Cancro, who had invested almost all of his earnings into growing the business, had to lay off his six employees.

He had no money in the bank to offset this kind of unforeseen event. Cancro was in shock. In 1987, he began franchising the business due to the large demand of the customers.

However, this decision nearly destroyed the company, taking him to the edge of bankruptcy as the recession hit the United States in the ’90s.

In order to survive this huge loss, Cancro had to lay off six people including his own brother, John Cancro, eventually having to work more than 100 hours every week himself.

Luck seems to be on his side as within three years of the recession, he managed to rise again and hire back all the staff he had fired back then.

Cancro had been near the brink of bankruptcy, but he skirted it and hired his first employee six months after the layoffs. Within a three-year period, Cancro was able to hire everyone back.

After 43 years of work, Jersey Mike plans to double its number of locations over the next five years.

The current initial investment for a store costs between about $193,000 and $660,000, and franchisees need to be able to prove a net worth of $300,000 and at least $100,000 in liquid cash.

Jersey Mike’s currently has locations in 45 states and territories, and growth has been relatively slow but steady.

In 2021, Jersey Mike’s generated around $2 billion in annual sales with 2,034 locations and has even won the award for the fastest-growing franchise concept in America for the last four years in a row.

Seems like you are convinced now, why Peter Cancro net worth is $400 million.

Good work

Cancro’s company has raised over $47 million for local charities including hospitals, youth organizations, food banks, and more through this campaign.

In 2021 only, Jersey Mike’s annual Month of Giving campaign raised more than $15 million.

The businessman has made a profound contribution to countless communities and organizations over the years especially during the COVID-19 pandemic.

His charity has previously benefited Jersey Shore University Medical Center’s HOPE Tower Project, Trauma Center, Transforming Care Campaign, sponsorship support for the medical center’s Annual Golf Classics and Annual Foundation Gala events, and Hackensack Meridian Ocean Medical Center’s emergency department expansion.

Awarded the 2013 Golden Chain Award winner by the Nation’s Restaurant News
Named “Entrepreneur of the Year” in 2013
The 2019 Silver Plate Award in the Chain Limited Service category

Peter Cancro net worth is $400 million which is massive. If you are willing to make a net worth like Peter Cancro net worth then you can follow Peter Cancro net worth principles.

Conclusion

Peter Cancro net worth is $400 million which we already have shared in this Peter Cancro net worth blog post.

To make Peter Cancro net worth, Peter has worked a lot with patience. If you are confused, about why we are telling like this, then you should recheck this Peter Cancro net worth blog post.

Have any queries related to Peter Cancro net worth, comment down your thoughts.

Trishna Roy is the CEO and Founder of NetincomeZ. She has 2 years of experience writing about making money, net worth, cards, loans, and small businesses. Leverages her finance degree to deliver insightful and humorous content that empowers readers to achieve their financial goals.