Jemima McEvoy is a staff writer who covers billionaires, and works on Forbes’ flagship Forbes 400 and World Billionaires lists. She joined Forbes in May 2020 and works in New York.
Jersey Mike’s has become one of America’s fastest growing franchises by positioning its stores as mom-and-pop delis. Now with investors gobbling up rival chains, its multibillionaire founder must decide whether to stay hungry or cash out.of his blue Brooks Brothers oxford and steps into the first position on the sandwich assembly line. With a practiced flick of the wrist, the 67-year-old owner and CEO of Jersey Mike’s zips a knife clean through a freshly baked 15-inch loaf.
There were rumors earlier this year that Blackstone was offering Cancro $8 billion to sell. Cancro denies that he came close to a deal but admits he’s talked to lots of people over the years. Despite its size, the company remains in many ways a family affair. Tatiana, his wife of 11 years, works there, as do three of his four children and his 70-year-old brother, John. Also on the payroll: a number of friends and neighbors .
Point Pleasant High School and defensive back on its football team, he was popular, athletic and smart. Heading into his senior year in 1975, football coaches, Rod Smith, a VP at the local Ocean County National Bank, to lend him $125,000 at 10%. Most major fast-food chains operate on a franchise model, which allows them to expand quickly and cheaply. Local operators pay an initial fee and a fat royalty to license .
“We put people through a rigorous screening process,” explains Hughes, Jersey Mike’s head of training. Cancro looks for “owner-operators” who are willing to get their hands dirty and buy wholeheartedly into the company’s culture, which includes a focus on community engagement and charitable giving .
New Jersey Jersey Shore Jersey Mike's Subway Roark Jimmy John's Danny Devito Franchise
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