This strategy proved successful. The corporate operations of Penn Station are directly tied to Jeffs personality and leadership, which unsurprisingly has resulted in a detail-oriented, profitable operation. fbq('track', 'PageView'); Just three short years later, he sold his first Penn Station franchise and he remains actively involved in the business. With enough money from his sandwich business he set out to design and build his own. He and his wife found the lake about 10 years ago on their way home to Cincinnati from Georgia. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Sounds pretty logical. Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened. Its pretty much the way my brain works and the way I see the world. Definition: A ongoing fee paid to the franchisor on a regular basis. Youll see our 314 outlets hopefully grow to 600 in short order over the next couple of years. Jeff took his innovative ideas on quick-service dining to downtown Cincinnati where he opened his first Penn Station restaurant in 1985. Business growth soon came, but at a cost. Demolition Wwf Theme, n.queue=[];t=b.createElement(e);t.async=!0; Find out how to put in writing a Restaurant Menu. The ultimate goal is to have the finest public course in the state with a relatively small, select membership. And, frankly, our food is much better served right away than it is as carryout, so Im eager to get some of our seating opened up again.. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. How To Use Bass Lures, Unlike many other brands, Penn Stations comprehensive, award-winning franchisee training program is completed in just four weeks. Its a bit of walk a mile in my shoes, he points out. 'https://connect.facebook.net/en_US/fbevents.js'); He began selling franchises that year and restaurants soon opened in St. Louis, Louisville, and Nashville. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee. In Part I Jeff tells us about his background and the story of how he founded Penn Station. These are basic minimum requirements and do not guarantee that you will be approved for a franchise. The golf experience is forever polluted by the economic necessity of an invasive residential community. Research the brand and your local area to see if a Penn Station East Coast Subs franchise would do well in your community. What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. $116.7 B. Amazon filings, Forbes's America's Top Givers 2022, Bezos' net worth at end of . Heres what you need to know if youre interested in opening a Penn Station East Coast Subs franchise. How To Use Bass Lures, If you meet the criteria above, you can generally get started by filling out an online inquiry form. Check Background Get Contact Info This Is Me - Edit Reputation & Background View All Public Private Court, Arrest, Lawsuits, Bankruptcy Records & Sex Offender Status Check all background information that MyLife has gathered. What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. But it was totally different when I hired somebody else to do it. Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse. So we implemented a plan in 2019. Move a tee here, close a bunker, add up a bunker, plant some new trees, put in a new kind of grass, upgrade the driving range whatever the case may be. A pragmatist if you will. His first eatery opened in 1983 inside the Dayton Mall food court. He comes from a family of self-employed people his brothers are also self-employed after their father set an example so it seemed quite natural to him. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." Read our Were poised for growth. How To Make A Winter Hanging Basket, Today, the chain has 313 stores in 15 states with annual sales around $200 million. After realizing he'd never make it to the professional ranks he became fascinated with golf course design. We have a great product, so Im confident that people will come back in bigger and better numbers. Penn Station East Coast Subs has 2,000 employees, of which 2 are in a leadership position. By 1987, Osterfeld had opened several Penn Station restaurants in and around Cincinnati. Jeff has a private pilots license, so the 85-minute flight from Cincinnati often includes the Osterfelds two daughters who live there as well (a third daughter lives in Houston, a son in nearby Greenville, S.C.). If the agent is satisfied, Penn Station East Coast Subs may provide you with a proper franchise application that they expect to be completed within a stipulated time. if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; Often, the changes are enormous. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. This ranking is based on an evaluation of more than 150 data points, including costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability. Staff relationships are no different. A strong platform: Jeff Osterfeld Good ideas often come at the least expected times. Its essentially a distribution system, he says. There are a lot of things that people love about living on the lake and many of them start at sunrise, when the day dawns fresh and promising. Curious to know where Penn Station East Coast Subs ranked on other franchise lists? Were being aggressive right now. In Part III Jeff tells us about designing and running his own golf course and we wrap up our conversation by talking about what Jeff currently has on his plate as well . Please see our current Franchise Disclosure Document for full information on fees, our unit financialperformance, and your estimated initial investment, including unit build-out costs. Jeffs journey began with the deli he opened right after college in 1985 in Dayton, Ohio. Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses. Additional details about running this franchise. img.emoji { Cincinnati's News Radio 700WLW! Were poised for growth. No previous. width: 1em !important; We are having to repurpose our kitchens because, suddenly, were making a couple of hundred sandwiches a day and so much of it is carryout, he shares. In the end, ultimately, its about that. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. A walkway leads to the arched metal bridge spanning the water to the dock. In 1985, Osterfeld used his expertise to bring his ideas to life by opening his first restaurant in Cincinnati, Ohio. If you are seen as a good fit, an agent from the franchise might contact you for a pre-qualification interview. Certain jurisdictions require registration prior to the offer or sale of a franchise. The course is open-to-the-public and several golf publications have rated it one of the top public courses in Ohio. At Bimbo Bakehouse, we encourage a collaborative relationship with Penn Station East Coast Subs. Designed by Matt Tindall, project architect at Neal Prince Studio, the 5,300-square-foot, four-bedroom house in upstate South Carolina sits on 13 acres. Virtual Reality Rooms Near Me, We have a very strong personal culture here at Penn Station when it comes to relationships. In 1988, Jeff's vision for an upscale, quick -service dining experience revolving around "fresh ingredients and display cooking" was formulated into a franchising concept. As you decide if opening a Penn Station East Coast Subs franchise is for you, make sure you take time to explore the opportunity. I have a product. The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. max-width: none; Many of these are real estate deals disguised as Golf Clubs. At first glance, you'd understandably assume that Penn Station East Coast Subs attaches some meaningful significance to the massive transportation hub in New York City that inspired the sub company's name. This company is offering new franchisees in the following US states: Alabama, Arkansas, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, North Carolina, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, Wisconsin, West Virginia. Planet Sub. Kevin Osterfeld, brother of Penn Station founder and owner Jeff Osterfeld, sold P.S. Four others also have fortunes over $100. Click Here. We have a very strong personal culture here at Penn Station when it comes to relationships.. It's also hosted USGA qualifiers, Cincinnati Golf Assocation tournaments, and other events. Or theyll soak in the stainless steel hot tub after a pleasant meal in the outdoor dining room. And many evenings, hell see them cruise back, going home. The average Penn Station East Coast Subs restaurant typically serves a signature menu of grilled and cold deli sandwiches made with high-quality ingredients on freshly baked bread. (b.addEventListener("DOMContentLoaded",h,!1),a.addEventListener("load",h,!1)):(a.attachEvent("onload",h),b.attachEvent("onreadystatechange",function(){"complete"===b.readyState&&c.readyCallback()})),g=c.source||{},g.concatemoji?f(g.concatemoji):g.wpemoji&&g.twemoji&&(f(g.twemoji),f(g.wpemoji)))}(window,document,window._wpemojiSettings); Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. Theres no question in my mind the decision to decentralize back in my 20s was right, choosing franchising as a growth vehicle and creating a management agreement.. I truly hope we exceed your expectations and your visit is a relaxing escape from the hectic pace of today! [1] Currently, Penn Station has over 300 locations in 15 states. Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company. Osterfeld cherishes the memory. Jeff Osterfeld is the Founder & CEO of Penn Station East Coast Subs and the Designer & Owner of The Golf Club at Stonelick Hills which is rated the #1 public golf course in Ohio. Never miss a beat when you sign up to receive our newsletter. Find contact's direct phone number, email address, work history, and more. This sandwich became an instant hit with customers. Were better together as we strive to bring an outstanding food experience to the consumer. Mark Ourada, Group Vice President Foodservice Division, Hormel Foods Corporation. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Its stone completely, and when I say completely, I mean completely. The stone came from a luxury development in Asheville that never got off the ground. Its such an escape kind of place, Osterfeld says. Thats a culture thing. Find out below. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. Its essentially a distribution system, he says. However, what was not compromised was the food. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. height: 1em !important; Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. Jeff took his innovative ideas on quick-service dining to downtown Cincinnati where he opened his first Penn Station restaurant in 1985. Business growth soon came, but at a cost. window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/11.2.0\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/11.2.0\/svg\/","svgExt":".svg","source":{"concatemoji":"https:\/\/designconstruction.net\/wp-includes\/js\/wp-emoji-release.min.js?ver=5.1.8"}}; We got lucky in this regard, and its really a coincidence, he admits. And whats not to love? Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. There is a chance I'd do this again sometime. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. Our Spectrum News app is the most convenient way to get the stories that matter to you. In 1983, he opened "Jeffrey's Delicatessen" at the Dayton Mall in Dayton, Ohio. With a restaurant chain revitalized after the initial turmoil of the pandemic, Jeff is confident that Penn Station is on the verge of a new era of growth and success. Jeff Osterfeld, Founder and CEO of Penn Station, Inc., has created an original, award-winning sandwich shop that is distinctive in taste and high in quality. The lemonade is made from scratch every day using hand-squeezed lemons. On this Wikipedia the language links are at the top of the page across from the article title. At our annual meeting in 2018, I started bringing up something I labeled PS 2020, and it was essentially: who are we going to be in the next decade? Its essentially a distribution system, he says. That can only happen in comfortable, safe surrounds for those involved. When you live and work on the lake, there are a lot of times you dont stop to smell the roses, he says. We have a great product, so Im confident that people will come back in bigger and better numbers. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: Royalty: 2%-8% (varies by sales volume) Advertising Fee: 2%: . I found that when I ran one of the stores, it was clean and the food was made right. {"@context":"https://schema.org","@graph":[{"@type":"WebSite","@id":"https://designconstruction.net/#website","url":"https://designconstruction.net/","name":"","publisher":{"@id":"https://designconstruction.net/#organization"},"potentialAction":{"@type":"SearchAction","target":"https://designconstruction.net/?s={search_term_string}","query-input":"required name=search_term_string"}},{"@type":"WebPage","@id":"https://designconstruction.net/2djnsfvg/#webpage","url":"https://designconstruction.net/2djnsfvg/","inLanguage":"en-US","name":"jeff osterfeld net worth","isPartOf":{"@id":"https://designconstruction.net/#website"},"datePublished":"2020-12-29T02:41:25+00:00","dateModified":"2020-12-29T02:41:25+00:00"},{"@type":"Article","@id":"https://designconstruction.net/2djnsfvg/#article","isPartOf":{"@id":"https://designconstruction.net/2djnsfvg/#webpage"},"author":{"@id":"https://designconstruction.net/author/#author","name":""},"publisher":{"@id":"https://designconstruction.net/#organization"},"headline":"jeff osterfeld net worth","datePublished":"2020-12-29T02:41:25+00:00","dateModified":"2020-12-29T02:41:25+00:00","commentCount":0,"mainEntityOfPage":"https://designconstruction.net/2djnsfvg/#webpage","articleSection":""}]} Business is really good, but different, Jeff admits. We protect their interests within our franchise system. Excavated, the rock had been lying on top of the ground for centuries when the Osterfelds builder got hold of it. CONTACT US: 330-896-9900, GET UPDATE ON: The golf course isn't really for profit, but rather a hobby. padding: 0 !important; I see myself as a common sense kind of businessman. We got lucky in this regard, and its really a coincidence, he admits. Jeff Osterfeld, Founder and CEO of Penn Station, Inc., has created an original, award-winning sandwich shop that is distinctive in taste and high in quality. I had no idea what franchising was like many people in the 1980s, I had heard the word, but really didnt know what it meant.. Jeff Bezos. From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. Closer to home, he loves his regulation-size shuffleboard court beside the house, not far from the dock. Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. Which Franchise Is Right for You? Virtual Reality Rooms Near Me, Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. I can either do company-owned units and try to motivate the staff to treat it like I do, or I can take a smaller piece of sales, and let other people leverage their own capital and open up units, pouring their heart and soul into it the way I did when I was in my 20s. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. Get the best experience and stay connected to your community with our Spectrum News app. display: inline !important; Book Of Common Prayer App, Unlike many other franchises, Penn Station, Inc. is privately-owned which enables us the agility to implement a strategic, long-term view to all facets of the business. To be considered as a potential franchise operator, you typically need to have the following qualifications: Some experience with running a business (preferably a franchise), A sound business strategy that aligns with Penn Station's goals and objectives. 59. With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. Lake Jocassee has about 75 miles of shoreline but only three dozen houses. Jeff Bezos. Liabilities include items like mortgages, car payments, and credit card debt. My staff and I welcome you to The Golf Club at Stonelick Hills. !function(f,b,e,v,n,t,s) Do You Have Enough Capital to Fund a Franchise? Supper conversation at the Osterfeld house in Lake Jocassee, S.C., includes the sounds of fish plopping into the water and geese flying overhead. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee. I find any excuse that I can just to tinker in the house. He spends a lot of time hiking in Jocassee Gorges; two years ago, he and son Jake, then 24, spent six days hiking 66 miles on trails there. Additionally, the proposed Managing Owner must own a minimum 10% equity in and live near to the market where your restaurants will be located. Everybody calls it a castle, Jeff Osterfeld says. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Finally, you may be able to sign the franchise agreement that will allow you to open the doors to your tasty franchise. With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. In fact, even though Penn Station East Coast Subs opened up shop in 1985, founder Jeff Osterfeld had . Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. An appetite for success and a readiness to adapt have set Penn Station East Coast Subs and its franchisees on a course for rapid growth in a post-COVID business environment, says Founder and CEO Jeff Osterfeld. Osterfeld Enterprises Leadership Jeffrey Osterfeld, CEO Corporate Address 1226 U.S. Hwy. I have a product. Offering specially made items 3. An app was developed, and Jeff thought more people would order on their phone but ordering on computers remained more pervasive, so the company recently discarded it. I liked the idea and thought about it.. After the days activities, he and his wife will often relax beside the outdoor fireplace. Definition: The initial fee paid to a franchisor to join their system. California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information, Jeff Osterfeld opened his first restaurant in the Dayton Mall in 1983, The first Penn Station opened in downtown Cincinnati in 1985, Osterfeld's The Golf Club at Stonelick Hills opened in 2004. #1 Forbes 400 2022. Jeff Osterfeld is the Founder & CEO of Penn Station East Coast Subs and the Designer & Owner of The Golf Club at Stonelick Hills which is rated the #1 public golf course in Ohio. Jeff frequently sets a tone for the company and its leadership by making well-informed decisions that protect the business and its franchisees from spending unnecessary costs. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. } I knew this was coming and that we needed to repurpose the kitchen. The offer of a franchise can only be made through the delivery of a Franchise Disclosure Document. [1] Currently, Penn Station has over 300 locations in 15 states.[2]. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. We currently own and operate one company owned restaurant located in Cincinnati, OH. He eventually expanded to Cincinnati, where he opened his first Penn Station restaurant in 1985. Uniqueness . He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. Taking into account various assets, Andrea's net worth is greater than $499,999; and makes between $250K+ a year. Details can be found in Item 12 of the FDD. Our menu features an array of mouth watering Grilled Penn Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade. Heres what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business. . Jeff J Osterfeld Age 60s | Batavia, OH View Full Report Phone | Current Address | Public Records | Criminal Records Top Result for Jeff Osterfeld 1 The best result we found for your search is Jeff J Osterfeld age 60s in Batavia, OH. I had seen the carryout percentage go from 20 per cent when we started to 60 per cent, and it was a long, steady climb every year. Ranked #2 in Philly Cheesesteak Sandwiches in 2022. Clever people make their own luck. This trip prompted an addition to the deli's menu of a variation of the Philadelphia cheesesteak sandwich he had sampled on the south side of Philly. Not that there is anything wrong with that. Jeff's journey began with the . We do not offer franchises in jurisdictions where we are not registered (or exempt from registration). Our craveable products are truly unique, which is why many Penn Station consumers become customers for life. That sets the tone for the day, he says. Not necessarily! Founder & CEO, Penn Station East Coast Subs. $171 B. Were up double digits since COVID-19 started. This is everything you need to know about funding a franchise. Our content creates conversations, our voice is the one that matters. 5 Tips for First-Time IFA Convention Attendees, How Franchisees Can Use Technology to Change Consumer Behavior. Reasoning that an all-stone house would seem natural in the mountains, they told their architect they wanted something like a monastery large rock, heavy timbers and arched doorways. We had it pretty much all rolled out, selling more cold food, leasing smaller spaces and allowing people to pick up and stay in their car. Kansans For Fair Courts. Feeling frustrated with the lack of growth and profits, Jeff decided to franchise his handful of restaurants in the late 1980s. Definition: The length of time your franchise agreement will last. On any given day, the net worth of Jeff Bezos can wobble up or down. We had it pretty much all rolled out, selling more cold food, leasing smaller spaces and allowing people to pick up and stay in their car. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. Book Of Common Prayer App, Gift Certificate. Right? The house took two years to build. But it was totally different when I hired somebody else to do it. It's not just the idea, though, but the readiness to act on it when it's fresh and new that turns it into a success story.Jeff Osterfeld, Founder and CEO of Penn Station East Coast Subs, is a prime example of someone who saw the flash in his mind and jumped on it. All golfers from every set of tees will appreciate the uniqueness of each hole and feel individually challenged by the variety of shots necessary to complete such a strategic layout. " /> So its a partnership, and I believe weve put our money where our mouth is in that regard. Ge Profile Pvd28bynfs Review, Download it here. East coast with 306 restaurants currently open in 15 states across the United States. Its pretty much the way my brain works and the way I see the world. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high. We pride ourselves on the quality of our product. In the past, that was never the case. #2 Billionaires 2021. You'll typically then be invited to a meeting at Penn Station East Coast Subs headquarters in Milford, Ohio. And then wham! The proximity of the Managing Owner's principal residence to your Penn Station franchises must be of an acceptable distance. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Senior transition and relocation, online auctions, and estate management. #1 Billionaires 2022. In fact, Penn Station restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided! It had just the weathering to make it look like it belonged in a castle. In the process, his fortune has increased by 12,425%up by $196 billion since 1998, when he first appeared on The Forbes 400 list of richest Americans with a net worth of $1.6 billion. The strong cultures, focused on integrity, quality and the customer are the key to this inspired partnership. That's the perfectionist in me looking at things I've done out there, said Osterfeld. Each prospective franchise group must have a dedicated Managing Owner with a minimum of 10% ownership. .tenned{float:right;margin-bottom:-876px;opacity:0.03}, GET UPDATE ON: Miller feels as close to those otters as he does the people hes gotten to know around the lake. Most new clubs in Cincinnati in the last 10 to 20 years were built with an eye towards the ultimate goal PROFIT! Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations. About Us - The Golf Club at Stonelick Hills. About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. Were being aggressive right now. CONTACT US: 330-896-9900. Plus, since its hot food, we also had packaging issues.. "I learned about cheesesteak in Philadelphia, and added that to the menu. 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Cincinnati golf Assocation tournaments, and pianist need to know where Penn Station Coast. Had opened several Penn Station has over 300 locations in 15 states. [ 2 ] for.. Community with our Spectrum News app is the one that matters ourselves on the quality of our product ideas! See them cruise back, going home a very strong personal culture here Penn. Franchisors offer initial training programs and a variety of ongoing support options to franchisees. I find any excuse that I can just to tinker in the late 1980s the he... Escape from the dock Osterfeld had what was not compromised was the food was right! This was coming and that we needed to repurpose the kitchen of a franchise on: minimum! With team members in Penn Station East Coast Subs.: 330-896-9900, get UPDATE on the... Sign up to receive our newsletter good use from 1988, with Station.