Today, the Penn Station difference still begins with our signature premium products, grilled and baked to perfection to create the best tasting sandwich. Jeff Osterfeld Title: Designer/owner, Golf Club at Stonelick Hills Education: Miami University Career path: Founder, owner and CEO of Penn Station Inc., a restaurant franchise. vertical-align: -0.1em !important; Clever people make their own luck. The strong cultures, focused on integrity, quality and the customer are the key to this inspired partnership. 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.. 2023, Charter Communications, all rights reserved. Good ideas often come at the least expected times. Two years later, hed open what would become Penn Station in downtown Cincinnati. To the layman that probably doesnt seem like a big deal, but internally what we had to do in the store in staffing and repurposing kitchens and so on was a big deal. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. BATAVIA 15 years ago, Jeff Osterfeld opened his first golf course. Transparent Oval Png, Which Franchise Is Right for You? But when I hear people say theyve been trying to get down here for weeks, I dont take it for granted anymore. Its essentially a distribution system, he says. If you are seen as a good fit, an agent from the franchise might contact you for a pre-qualification interview. I found that when I ran one of the stores, it was clean and the food was made right. The family loves getting away to the lake home. We also had to adopt some of the technologies that allow us to deal with the carryout world electronically, and otherwise experiment with kiosks and the like that would allow us to serve so much carryout. Were being aggressive right now. We have a great product, so Im confident that people will come back in bigger and better numbers. /* =Responsive Map fix img.wp-smiley, You'll typically then be invited to a meeting at Penn Station East Coast Subs headquarters in Milford, Ohio. 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. I liked the idea and thought about it.. Supper conversation at the Osterfeld house in Lake Jocassee, S.C., includes the sounds of fish plopping into the water and geese flying overhead. 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. Its such an escape kind of place, Osterfeld says. The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. Youll see our 314 outlets hopefully grow to 600 in short order over the next couple of years. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. Based on our data team's research, Don Fox is the Penn Station East Coast Subs's CEO. Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station serves an assortment of fresh-grilled and cold deli sandwiches, wraps and salads made to order with high-quality ingredients.. We are well on our way! Unlike many other brands, Penn Stations comprehensive, award-winning franchisee training program is completed in just four weeks. Our content creates conversations, our voice is the one that matters. 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. After the days activities, he and his wife will often relax beside the outdoor fireplace. It is this devotion and discipline that sets Penn Station apart from the competition. What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. Liabilities include items like mortgages, car payments, and credit card debt. 'https://connect.facebook.net/en_US/fbevents.js'); But the perception of Penn Stations portability in consumers minds was such that business boomed. Mutual trust is a prominent factor, Jeff says. Jeff and Sheri Osterfeld have been coming to their rock and copper house for nearly four years and love it more than ever. 9976. #7 Forbes 400 2020. And we dont burn through a lot of franchisees. 5 Tips for First-Time IFA Convention Attendees, How Franchisees Can Use Technology to Change Consumer Behavior. border: none !important; Often, the changes are enormous. 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. Not that there is anything wrong with that. Amazon. max-width: none; The Osterfelds started their castle by buying two lots on the point and then adding another 10 acres to protect their privacy. Net Worth of $500,000 and $300,000 unencumbered liquid assets. He began selling a version of the cheesesteak sandwich at his own restaurant, and it instantly became a huge hit. Business is really good, but different, Jeff admits. 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. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. Jeff Bezos. 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. I learned about cheesesteak in Philadelphia, and added that to the menu. Weve kept one company unit that we train in here in Cincinnati, and we have 314 outlets today. 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.. Just three short years later, he sold his first Penn Station franchise in 1988. Fee Structure per Restaurant: He began selling franchises that year and restaurants soon opened in St. Louis, Louisville, and Nashville. 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. I have a product. We care about the protection of your data. Were up double digits since COVID-19 started. Most new clubs in Cincinnati in the last 10 to 20 years were built with an eye towards the ultimate goal PROFIT! This is everything you need to know about funding a franchise. Looking to buy an A-list franchise? fbq('init', '515347278668671'); Research the brand and your local area to see if a Penn Station East Coast Subs franchise would do well in your community. I learned about cheesesteak in Philadelphia, and added that to the menu. We also had to adopt some of the technologies that allow us to deal with the carryout world electronically, and otherwise experiment with kiosks and the like that would allow us to serve so much carryout. . 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. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. Get hyperlocal forecasts, radar and weather alerts. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." Click Here. Plus, since its hot food, we also had packaging issues.. Definition: A ongoing fee paid to the franchisor on a regular basis. Good ideas often come at the least expected times. There are more than 300 Penn Station East Coast Subs locations throughout the United States. The first thing we do is go outside and have our cup of coffee, says David Miller, who runs Lakeside Marina and Dock Builders on Cherokee Lake in Tennessee. The Success of the $20 Billion Sandwich Industry. Excavated, the rock had been lying on top of the ground for centuries when the Osterfelds builder got hold of it. Dont let the climax created by the beauty and drama so evident in the finishing holes impede your ability to fully appreciate the genuine balance in the design and the conditioning of the entire golf course. Jeffs journey began with the deli he opened right after college in 1985 in Dayton, Ohio. 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. Finally, you may be able to sign the franchise agreement that will allow you to open the doors to your tasty franchise. Enjoy your round as a relaxing stroll through nature, inhabited by the variety of wildlife typical of such unspoiled surroundings. Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company. That can only happen in comfortable, safe surrounds for those involved. The potatoes are hand selected, fresh-cut and flash-fried in cholesterol-free peanut oil. 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. Website. We require that each Penn Station franchise group appoint one Managing Owner that will be responsible for the operational performance of the restaurant and attend our award winning four-week training program in Cincinnati, OH. $116.7 B. A walkway leads to the arched metal bridge spanning the water to the dock. Top executive Jeffrey L. Wyler 7 ProAmpac 2016 rank: 7 Years in 100: 17 Packaging for retail, food, pet food, security and medical sectors www.proampac.com Revenues 2016 $1.1 billion 2015 $929. Certain jurisdictions require registration prior to the offer or sale of a franchise. Home. At Bimbo Bakehouse, we encourage a collaborative relationship with Penn Station East Coast Subs. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. However, what was not compromised was the food. Home of the Bill Cunningham show, Mike McConnell, Scott Sloan, Eddie & Rocky, Lance McAlister, and flagship station of the Cincinnati Reds! The CEO Magazine is more than a business title; its a source of information, inspiration and motivation for the worlds most successful leaders, executives, investors and entrepreneurs. 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. We have a great product, so I'm confident that people will come back in bigger and better numbers. 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. t.src=v;s=b.getElementsByTagName(e)[0]; These are basic minimum requirements and do not guarantee that you will be approved for a franchise. We currently own and operate one company owned restaurant located in Cincinnati, OH. 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. Privacy Policy. The driving force behind Stonelick Hills was to design and build a pure, golf only environment and spend my remaining years improving all aspects of the golf experience, a lifetime labor of love. Start By Evaluating Your Goals. This company and this founder were a treasure to work for. Additional details about running this franchise. And weve done it through this franchise model.. Specifically, Jeff has a macro-vision for the future and success of the company, not only for the upcoming year but also 5-10 plus years down the road. 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. Browse franchises that are similar to Penn Station East Coast Subs. The lemonade is made from scratch every day using hand-squeezed lemons. Business is really good, but different, Jeff admits. We have a very strong personal culture here at Penn Station when it comes to relationships.. And whats not to love? His first eatery opened in 1983 inside the Dayton Mall food court. What you need to kn Cash created by operations will be used to improve the course and fully amenitize the clubhouse and the surrounding property. Gift Certificate. Each prospective franchise group must have a dedicated Managing Owner with a minimum of 10% ownership. Penn Station is a chain of restaurants specializing in what it calls " East Coast subs ." The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. So I ended up franchising. 59. 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. About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. So its a partnership, and I believe weve put our money where our mouth is in that regard. 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. And still makes tweaks today. The Osterfelds have four children ranging in age from 21 to 28. 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. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Not necessarily! The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. It had just the weathering to make it look like it belonged in a castle. .pw_map_canvas img { Today, the chain has 313 stores in 15 states with annual sales around $200 million. !function(a,b,c){function d(a,b){var c=String.fromCharCode;l.clearRect(0,0,k.width,k.height),l.fillText(c.apply(this,a),0,0);var d=k.toDataURL();l.clearRect(0,0,k.width,k.height),l.fillText(c.apply(this,b),0,0);var e=k.toDataURL();return d===e}function e(a){var b;if(!l||!l.fillText)return!1;switch(l.textBaseline="top",l.font="600 32px Arial",a){case"flag":return! So we implemented a plan in 2019. . Our menu features an array of mouth watering Grilled Penn Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Senior transition and relocation, online auctions, and estate management. Ranked #2 in Philly Cheesesteak Sandwiches in 2022. Where Can I Buy Sunpatiens Seeds, View Jeff Osterfeld's business profile as Founder & Chief Executive Officer at Penn Station. In addition to that, we came from display cooking, where you watch your food being made and feel good about the quality of the products, to then, all of a sudden, having almost every sandwich wrapped up, stuffed in a bag and sent out the door. Thats a culture thing. We protect their interests within our franchise system. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. Book Of Common Prayer App, Plus, since its hot food, we also had packaging issues.. By 1987, Osterfeld had opened several Penn Station restaurants in and around Cincinnati. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Our Spectrum News app is the most convenient way to get the stories that matter to you. We protect their interests within our franchise system. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high. 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. Find contact's direct phone number, email address, work history, and more. With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. 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.. These brands have been the strongest for the longest. [1] Currently, Penn Station has over 300 locations in 15 states. Jeff had already cottoned on to the boom in takeaway orders, questioned his businesss growth strategy, and set about redefining the company before COVID-19 hit. Transparent Oval Png, Where Can I Buy Sunpatiens Seeds, Our listings and rankings are solely research tools you can use to compare opportunities. Compare where Penn Station East Coast Subs landed on this years Franchise 500 Ranking versus previous years. That's the perfectionist in me looking at things I've done out there, said Osterfeld. 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? 1. Its pretty much the way my brain works and the way I see the world. -------------------------------------------------------------- */ Just three short years later, he sold his first Penn Station franchise and he remains actively involved in the business. The people we do business with are all trying to make money too. Many of these are real estate deals disguised as Golf Clubs. height: 1em !important; We do not offer franchises in jurisdictions where we are not registered (or exempt from registration). It was in my blood, he tells The CEO Magazine. Number of employees. 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. marinara sauce recipe uk. if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; More so than in the cities and towns from which many of us hail, we go to the lakes to be reminded that life happens slowly, one sunrise at a time. 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Collaborative relationship with Penn Station East Coast Subs. and hand-squeezed lemonade about ; court.