It was 1975, and Peter Cancro was 17 and in love. The object of his affection was a small mom-and-pop deli in the beach town of Point Pleasant, New Jersey, called Mike's Subs.
Peter had worked there since he was 14-at first wrapping subs, then waiting for the day he'd earn the right to slice meats. "Only certain people would slice," he recalls, "because that was, like, where you had to really nail it." Alongside his colleague buddies, he was always talking to the tourists who flocked to the ocean.
There's no way to know for sure, but Cancro thinks the deli had to be the highest-volume sub shop in the country, even back then.
On an average summer day it went through "850 giant loaves a day," Cancro says, "or $130,000 in sales a week, in today's dollars." He was always serving people, always memorizing their orders. Always tracking the details.
Then one night, Cancro heard from his mother that the shop's owners were planning to sell. What happened next is a story Cancro has long relished telling. His mother asked him, "Why don't you buy it?" With that question in his head, he started heading upstairs to bed. By the time he got to the top of the stairs, he thought, Why not me? Cancro was still in high school (and planning to attend The University of North Carolina at Chapel Hill, with notions of becoming a lawyer), but he skipped classes to research the financials and look for backers. Desperate, one Sunday after 9 p.m., he knocked on the door of his former football coach-who was, helpfully, also a banker-and asked for a loan to meet the brothers' $125,000 asking price. The coach said yes. The deal went through. Peter Cancro became the owner of a mom-and-pop deli, while still living with his mom.
Esta historia es de la edición July - August 2023 de Entrepreneur US.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July - August 2023 de Entrepreneur US.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Charities Are Getting Down to Business
Nonprofits are struggling. That's why more charitable leaders are taking a page from their for-profit peers-and learning how to make money.
HOW TO ASK SOMEONE FOR A MILLION DOLLARS
Philanthropic fundraisers often get donors to give $1 million-and their tactics are useful for anyone trying to win over someone else's dollars.
MAKE YOUR FIRST TAX-FREE MILLION
It's legal, smart, and great for your long-term savings.
MAKE A MILLION DOLLARS IN A WEEKEND?
OK, you won’t earn it ina weekend. But serial entrepreneur NOAH KAGAN says you can start a thriving business quickly—if you’re willing to move fast and be uncomfortable.
THE MILLION-DOLLAR MEETING
Once your company hits a million dollars in revenue, many more investors (and private equity buyers) will start taking your calls. Here's why.
MILLION-DOLLAR UNLOCKS
New companies rarely get off the ground without some roadblocks, setbacks, and unforeseen decisions. Here, 10 founders describe the pivots that unlocked their growth and catapulted their profitability.
THE PATH TO MILLIONS STARTS HERE
A million dollars sounds sexy. But what is it, really? For some, a dream.
What SEO Insiders Know
Looking to boost your SEO? We asked a bunch of insiders: What do you know about your industry that most outsiders don't?
Pack These for Your Next Trip
Want to make your next business trip a pleasure? Gear expert and two-time Emmy Award winner Mario Armstrong has five items you'll want to make room for.
Finding Your Dimension X
Why do some people thrive, while others fall behind? As Google's first chief innovation evangelist, I believe I found the answer: Successful people harness what I call their \"Dimension X.\" Here's what it is.