Billionaire Jersey Mike's CEO still slices deli meat daily
- Peter Cancro started working at Mike's Subs at the age of 14 and became the owner at 17.
- His leadership approach includes working directly with employees and fostering a culture of respect.
- This hands-on approach has contributed to the company's substantial growth and valuation, reaching approximately $8 billion.
Decades ago in the United States, a young Peter Cancro started working at Mike's Subs, where he wrapped sandwiches after school. At 17, he learned that the owner wanted to sell the establishment and took a significant step by securing a $125,000 loan from his football coach to purchase the shop before graduating high school. Over the years, Cancro grew Mike's Subs into the successful Jersey Mike's Subs, which recently entered an agreement to sell a majority stake to Blackstone, with the company valued at approximately $8 billion. Even at 67, Cancro is hands-on, working behind the counter at various locations and helping with tasks like slicing deli meats, emphasizing a culture of care and respect for employees. This approachable style has been linked to good leadership, allowing him to connect with staff and create a family-like culture, which he believes is vital for retention and growth of the business.