Latest news with #PeterCancro
Forbes
4 days ago
- Business
- Forbes
Small Business Toolkit: Advice On Taxes, Business Structure, Funding And More
New and threatened tariffs. Expiring tax breaks. Tighter lending rules at the Small Business Administration (SBA). Small business owners face lots of challenges and uncertainty these days. But then, starting and running a small business has always been tough. And yet, small businesses remain the mainstay of the U.S. economy, creating jobs, millionaires, and in some cases, big companies and billionaires. Diane Hendricks, #1 on Forbes' new list of America's Richest Self-Made Women, with a net worth of $22.5 billion, started a roofing supply business with her late husband, Ken, in Wisconsin in 1982. Under her watch, ABC Supply, which she owns and has chaired since Ken's death in 2007, has grown to more than 900 branch locations and $20 billion in sales. Peter Cancro started making sandwiches at a Jersey Shore sandwich shop in 1971 at the age of 14, bought out the owner before his high school graduation, and built Jersey Mike's into a chain with more than 3,000 locations, before finally selling a majority stake this year to private equity firm Blackstone. He's now worth $4.9 billion. Today, the U.S. has more than 33 million small businesses, employing nearly 62 million Americans, some 46% of private sector employees. According to the SBA, from 1995 to 2021, small businesses created 17.3 million net new jobs, accounting for 63% of the net jobs created during this period. Underlying that impressive net job growth number, however, are millions of small business births and closures. About one in five of all small businesses fail in their first year and one in two succumb in the first five years. This new Forbes Small Business Toolkit aims to help you beat the odds, with information on choosing the right entity, assembling your professional team, filing and paying taxes on time, managing small business loans, and more. Despite the drama in Washington, some of these business basics won't change. But some will change–so we intend to keep the Toolkit updated, with developments business owners are likely too busy to track on their own. Small businesses have faced greater-than-normal challenges in recent months as they struggle to navigate President Trump's tariffs and tax proposals. The threat of tariffs (and tariffs already imposed) have already resulted in higher expenses and supply chain disruptions for some small businesses. And more are likely coming. Since tariffs are paid for by U.S. companies that import goods and materials, many small businesses will have to pay more for what they buy, yet may not be able to pass along the full cost increases to customers. The most recent National Federation of Independent Business Small Business Optimism Index shows retailers, in particular, have had their enthusiasm curbed by tariffs. The Republican tax bill, as passed last month by the House, included some wins for small businesses. It restored expensing and made the existing Section 199A deduction for small businesses that pass through their profits to the owner's tax return (S corps, partnerships and the self-employed) permanent and more generous. But those hoping that a business-friendly Senate might push even further by lowering corporate tax rates, too, likely won't get their wish. The cost of the bill (and how it increases the federal deficit and debt) may mean we'll see less, not more, tax relief for businesses, as it makes its way through the Senate and the reconciliation process. Adding to the uncertainty, interest rates and other costs remain high, making borrowing tricky at a time when assistance from federal agencies like the SBA has been reduced (the agency has announced plans to reduce its workforce by 43%) and loan guarantee rules tightened. Reduced staffing at the IRS (the agency expects to lose at least 20,000 employees) means there are fewer representatives available to answer the phones and help resolve tax disputes—some of those tax issues, like liens, can paralyze a small business if not resolved in a timely manner. There are some bright spots. Earlier this year, the Treasury Department walked back most of the Corporate Transparency Act (CTA), limiting its scope to foreign companies. Before the revision, an estimated 32.6 million companies were potentially subject to reporting requirements, with significant penalties for noncompliance. The administration has also signaled that more regulatory rollback is coming, though businesses aren't yet sure what that might look like. With so much uncertainty—and more changes on the way—we suggest bookmarking this Toolkit and checking back for our updates.
Yahoo
28-02-2025
- Business
- Yahoo
Celebrate Jersey Mike's 15th Annual Month of Giving in March
100 Percent of Sales Fund Local Charities on March 26 "Day of Giving" MANASQUAN, N.J., Feb. 28, 2025 /PRNewswire/ -- Hoping to raise a record-breaking amount for charity this March, Jersey Mike's Subs, known for its authentic fresh sliced/fresh grilled subs, asks customers to eat a sub and help a local cause. (View/download b-roll) To celebrate the company's 15th Annual Month of Giving, Jersey Mike's locations across the country are joining forces with more than 200 local charities. During the month of March, customers will have the option to round up their purchase to the nearest dollar or donate $1, $3, or $5 when placing their order. Charities include hospitals, youth organizations, food banks and more. The campaign culminates in the nationwide event, Day of Giving, on Wednesday, March 26, when local Jersey Mike's owners and operators will donate every single dollar that comes in to local charities. At the first nationwide fundraiser in 2011, all of Jersey Mike's 454 locations raised $600,000 for 66 charities. Since then, Jersey Mike's annual Month of Giving has raised more than $113 million for hundreds of local charities. This March, Jersey Mike's hopes to exceed last year's record-breaking national fundraising total of $25 million and help local charities striving to fulfill their missions and make a difference. "I would like to extend a personal invitation to you and your family to visit Jersey Mike's Subs throughout the month of March, and especially on Day of Giving when 100 percent of sales goes to help a great local cause," said Peter Cancro, Jersey Mike's founder and CEO, who this year celebrates 50 years since he bought his first sub shop at age 17. In each market, Jersey Mike's owners select charities that support local neighborhoods to build stronger communities. For more information, visit About Jersey Mike'sJersey Mike's Subs, with more than 4,000 locations open and in development, serves authentic fresh sliced/fresh grilled subs on in-store freshly baked bread — the same recipe it started with in 1956. Passion for giving in Jersey Mike's local communities is reflected in its mission statement "Giving…making a difference in someone's life." For more information, please visit our website or follow us on Facebook, Instagram, TikTok, and X. Join the conversation at #JerseyMikesGives. Contact: Kyle Potvin, kpotvin@ 917-838-4500 View original content to download multimedia: SOURCE Jersey Mike's Subs Sign in to access your portfolio
Yahoo
28-02-2025
- Business
- Yahoo
Jersey Mike's ‘Month of Giving' raising money for local organizations
BLOOMINGTON, Ill. (WMBD) — Jersey Mike's Subs 15th annual 'Month of Giving' campaign will benefit two local organizations. According to a Jersey Mike's news release, during the month of March, customers at their Peoria-Bloomington area locations can round up their purchase to the nearest dollar or donate $1, $3 or $5 when making their purchase. This will culminate in the Jersey Mike 'Day of Giving' on March 26, where they will be donating 100% of the day's sales. Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion All the money raised will be donated to The Boys & Girls Club of Bloomington-Normal and Easterseals Central Illinois. During this Campaign, Jersey Mike's hopes to surpass last year's total of $25 million. 'I would like to extend a personal invitation to you and your family to visit Jersey Mike's Subs throughout the month of March, and especially on Day of Giving when 100 percent of sales goes to help a great local cause,' said Peter Cancro, Jersey Mike's founder and CEO. The Month of Giving campaign has raised more than $113 million for charity since it began in 2011. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
27-02-2025
- Business
- Yahoo
Jersey Mike's Sub's ‘Month of Giving' for Night to Shine
SHREVEPORT, La. (KTAL/KMSS) — Two local Jersey Mike's Subs locations are joining their annual March 'Month of Giving' campaign. During March, the Shreveport and Bossier City customers can round up their purchase to the nearest dollar or donate $1, $3, or $5 when placing their order. The Month of Giving campaign will conclude with Jersey Mike's 'Day of Giving' on Wednesday, March 26. On this day, local Jersey Mike's restaurants will donate 100 percent of their sales—not just the profits—to the Night to Shine NWLA Chapter. Night to Shine is a global foundation that helps individuals living with disabilities (ages 14 and older) and their families. Bossier Parish students school the Cares Krewe The address for the Bossier City location is 2650 Beene Boulevard, and the Shreveport location is 7503 Youree Drive, Suite 300. According to the news release, the proceeds from their Month of Giving—whether in-store, online, or through the app—will go towards more than 200 different charities, including hospitals, youth organizations, food banks, and more. The Day of Giving is Jersey Mike's busiest day of the year, when some crews arrive as early as 4 a.m. 'I would like to extend a personal invitation to you and your family to visit Jersey Mike's Subs throughout the month of March, and especially on Day of Giving when 100 percent of sales goes to help a great local cause,' said Peter Cancro, Jersey Mike's founder and CEO, who started the company when he was only 17 years old. This March, Jersey Mike's hopes to exceed last year's record-breaking national fundraising total of $25 million to help local charities striving to fulfill their missions and make a difference. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
27-02-2025
- Business
- Yahoo
Jersey Mike's Subs Month of Giving returning this March
(WJET/WFXP)– Mark your calendars and bring your appetite, Jersey Mike's Subs is bringing back their Month of Giving benefiting families in need living in Erie and Crawford Counties for March. All three Jersey Mike's locations in Erie will be hosting their 15th annual Month of Giving supporting Shriners Children's Erie and the Center for Family Services in Meadville with customers able to donate $1, $3 or $5 with their order. University students react to Penn State's campus closure announcement The month of donations all caps off on Wednesday, March 26 with their Day of Giving where restaurants give all of their sales from the day to Shriners whether they're made online or in person. Jersey Mike's locations across the country will be participating and donating to charities of their choosing and are hoping to break their record $25 million in donations made last year. The participating locations in Erie are 1215 Pittsburgh Ave., 6825 Peach St. and 4005 Buffalo Rd. 'I would like to extend a personal invitation to you and your family to visit Jersey Mike's Subs throughout the month of March, and especially on Day of Giving when 100 percent of sales goes to help a great local cause,' said Peter Cancro, Jersey Mike's founder and CEO, who started the company when he was only 17 years old. NFLPA releases 2025 team report cards, how did the Steelers do? Since starting the program in 2011, Jersey Mike's has raised over $113 million for local charities. A full list of their donations by state can be found Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
