Top 250 Franchise by Entrepreneur – Rank no.68 – Jersey Mike’s Subs – US
Products & Services: Submarine sandwiches
Number of Locations: 639
Total Investment: $243.33K – 492.73K
Began Franchising: 1987
About Jersey Mike’s Subs
The first Jersey Mike’s Super Sub was created in Point Pleasant, New Jersey, on the Jersey Shore in 1956.
Peter Cancro started working in the submarine sandwich business when he was 14 years old. At the age of 17, before state law allowed him to operate a slicing machine, Cancro bought the original Jersey Mike’s location.
Startup Costs, Ongoing Fees and Financing
Franchise Fee: $18,500
Ongoing Royalty Fee: 6.5%
Term of Franchise Agreement: 10 years, renewable
Net Worth: $300,000
Liquid Cash Available: $100,000
35% of all franchisees own more than one unit. Number of employees needed to run franchised unit: 10 – 15. Absentee ownership of franchise is allowed. (85% of current franchisees are owner/operators).
|FINANCING TYPE||IN-HOUSE||THIRD PARTY|
How This Franchise Supports Franchisees
Franchise Ranking History
|Founded||Point Pleasant, New Jersey(1956)|
|Headquarters||Manasquan, New Jersey, U.S.|
|Key people||Peter Cancro, Founder|
other food products
Jersey Mike’s Subs is a submarine sandwich, or “sub”, chain headquartered in Manasquan, New Jersey. The Jersey Mike’sfranchise has more than 750 locations open and in development across the United States.
At age 14, Peter Cancro of Point Pleasant, New Jersey took a job at Mike’s, a neighborhood sandwich shop founded in 1956 and then on its third owner. When the shop went up for sale once again in 1975, Cancro’s mother suggested he buy it. With help from a high school football coach who was also a banker, Cancro, then 17 and a high school senior, managed to pull together $125,000 in three days. Today, Cancro is the owner and CEO of the company.
Like the original Mike’s store in 1956, each Jersey Mike’s Subs serves submarine sandwiches made to order, slicing the meats and cheeses as needed.
Prospective store managers are sent to the location of the original store in Point Pleasant for part of a six- to eight-week training course.