Peter Cancro, who wanted to study law in political science, took a loan of Fs $1,25,000 in 1975 that made him a billionaire today. Private equity giant also invested eight billion in his business.
Cancro was 17-year-old when his mother gave him an idea to buy the shop where he was working. Initially he laughed but later he took his mother’s advice seriously and found an investor.
Cancro is in Sandwich shop business and currently his shop which is named as Jersey Mike’s Subs has nearly 3000 outlets.
Executed his mother’s advice
According to reports, Cancro wanted to study political science at the University of North Carolina, when his mother suggested that he be involved in the business where he was working since he was 14.
He took a week of time from the restaurant owner to buy that place and took a loan of $1,25,000 from his football coach who was a banker also and impressed by his business plan.
“It was something I really wanted to do. At that age, you don’t think you can fail,” he told Forbes. According to Bloomberg, a private giant equity also bought a majority stake in Cancro’s business which is valued around $8 billion
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No business without challenge
In 1991, he struggled to run the business and was forced to fire all of his employees including his brother. “It was a tough time: 1991 was my toughest recession, even beyond 2008,” Cancro said.
After the deal with private equity giant, Cancro will retain a significant equity stake in Jersey Mike’s and continue to lead the company as CEO following the completion of the acquisition next year.
