00:00Jersey Mike's founder bought the sandwich shop at just 17 years old and often skipped class to keep
00:05it running. Peter Cancro started working at the shop as a 14-year-old in 1971 making $1.75 an
00:12hour. When the owner put the business up for sale, Cancro's mom suggested he buy it. And with help
00:17from his former football coach, Cancro secured the six-figure loan and officially bought the place,
00:22all while he was still in high school. For the next five decades, Cancro transformed the small
00:27mom-and-pop shop into a national brand, rebranding Mike's subs to Jersey Mike's and growing the
00:32company to more than 4,000 locations. But the journey wasn't always smooth. At one point,
00:38Cancro even cashed out his 401k to keep the business alive. Fast forward to today, the sandwich chain is
00:44now preparing for a blockbuster IPO led by Blackstone that could value the company at around $8 billion.
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