From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. My staff and I welcome you to experience a one of a kind course, routed through heavily forested hills and over and around numerous ponds and lakes. /* =Responsive Map fix Jeff and Sheri Osterfeld have been coming to their rock and copper house for nearly four years and love it more than ever. Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. On a trip to Philadelphia, Jeff was particularly attracted by the popularity of the cheesesteak sandwich. Sounds pretty logical. It's also hosted USGA qualifiers, Cincinnati Golf Assocation tournaments, and other events. 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.. However, what was not compromised was the food. We take a lot of our proceeds, any kind of positive cash flow we have, and pump it back into the course. 50 Milford, OH 45150 Social Facebook, Twitter, LinkedIn Business Overview Franchising Since 1987 (36. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. } I knew this was coming and that we needed to repurpose the kitchen. Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time. Our franchisees dont abuse suppliers, and our suppliers know that. #2 Billionaires 2021. 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. The golf course isn't really for profit, but rather a hobby. You'll typically then be invited to a meeting at Penn Station East Coast Subs headquarters in Milford, Ohio. 9976. This strategy proved successful. On this Wikipedia the language links are at the top of the page across from the article title. 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. The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. Listen to this episode from From the Beginning on Spotify. Providing distinctively delicious, baked goods is our bread and butter thats why were proud to partner with them to serve desirable sandwiches that keep their patrons coming back. Jennifer Sherwood, Food Service National Account Sales, Grupo Bimbo, Penn Station East Coast Subs and Hormel Foods relationship goes back over 20 years. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. Staff relationships are no different. 'https://connect.facebook.net/en_US/fbevents.js'); We do not offer franchises in jurisdictions where we are not registered (or exempt from registration). We got lucky in this regard, and its really a coincidence, he admits. It is this devotion and discipline that sets Penn Station apart from the competition. His first eatery opened in 1983 inside the Dayton Mall food court. Here's how franchisees can tap into consumer behaviors using strategic messaging and offers that speak to clients wants and needs. Book Of Common Prayer App, The strong cultures, focused on integrity, quality and the customer are the key to this inspired partnership. Find out below. Just three short years later, he sold his first Penn Station franchise and he remains actively involved in the business. This is everything you need to know about funding a franchise. 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. . !function(f,b,e,v,n,t,s) Today, the chain has 313 stores in 15 states with annual sales around $200 million. CONTACT US: 330-896-9900. Easy Bake Oven Brownie Mix, Get the best experience and stay connected to your community with our Spectrum News app. The course is built, lots are sold, homes are constructed surrounding each hole and eventually the original developer sells the course to the home owners and heads off to the next project. Originally, only four sandwiches were available, including the cheese steak. . Liabilities include items like mortgages, car payments, and credit card debt. Penn Station East Coast Subs has been ranked in Entrepreneurs Franchise 500 many times in the past several decades. Most new clubs in Cincinnati in the last 10 to 20 years were built with an eye towards the ultimate goal PROFIT! The family loves getting away to the lake home. Touring 700WLW's Historic Transmitter and Mammoth Tower, [WIN TICKETS] Skid Row/Buckcherry @ Rose Music Center, [WIN TICKETS] Dead & Company @ Riverbend Music Center, [WIN TICKETS] James Taylor @ Riverbend Music Center, [WIN TICKETS] Hank Williams Jr. @ Riverbend Music Center, Do Not Sell or Share My Personal Information. We simply opened the door. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. View FREE Public Profile & Reputation for Sheri Osterfeld in Batavia, OH - See Court Records | Photos | Address, Emails & Phone Numbers | Personal Review | $250K+ Income & Net Worth About Us - The Golf Club at Stonelick Hills. portalId: "5209426", Penn Station's origins can be traced back to Jeff Osterfeld's first venture in 1983 as owner/operator of "Jeffrey's Delicatessen" in the Dayton Mall in Dayton, Ohio. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. If you are passionate about our brand and committed to operational excellence and fantastic customer service, a Penn Station franchise may be right for you. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: . In just about every major city I have traveled in my lifetime, there exists at least one upscale Golf Club that was truly built just for GOLF. 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. He began selling a version of the cheesesteak sandwich at his own restaurant, and it instantly became a huge hit. Browse franchises that are similar to Penn Station East Coast Subs. No previous. Uniqueness . We have a very strong personal culture here at Penn Station when it comes to relationships. A pragmatist if you will. 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. What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Standing low to the ground on a point jutting out into Lake Jocassee is the welcoming home and respite of a busy businessman and his wife. 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. Based on our data team's research, Don Fox is the Penn Station East Coast Subs's CEO. "I learned about cheesesteak in Philadelphia, and added that to the menu. My staff and I welcome you to The Golf Club at Stonelick Hills. 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. 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. In 1983, he opened "Jeffrey's Delicatessen" at the Dayton Mall in Dayton, Ohio. So its a partnership, and I believe weve put our money where our mouth is in that regard. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: Royalty: 2%-8% (varies by sales volume) Advertising Fee: 2%: . I liked the idea and thought about it.. But that's not the goal. Certain jurisdictions require registration prior to the offer or sale of a franchise. Spain Zip Code List, Mutual trust is a prominent factor, Jeff says. 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. The people we do business with are all trying to make money too. 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. [1] Currently, Penn Station has over 300 locations in 15 states.[2]. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. We have a great product, so Im confident that people will come back in bigger and better numbers. Supper conversation at the Osterfeld house in Lake Jocassee, S.C., includes the sounds of fish plopping into the water and geese flying overhead. padding: 0 !important; display: inline !important; As a franchisee, you're part of a network covering locations including Ohio, Illinois, Indiana, Georgia, Kansas, and more. Its a bit of walk a mile in my shoes, he points out. 59. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. Definition: The length of time your franchise agreement will last. n.queue=[];t=b.createElement(e);t.async=!0; Years in 100: 15 Business: Restaurant franchisor Revenues 2019: $202 million Revenues 2018: $200.290873 million Rank in 2018: 61 2019 employees: 4500 Headquarters: Miami Township Website: www.penn . Penn Station East Coast Subs was founded by Jeff Osterfeld, a former co-operator of a deli in Dayton, Ohio. 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.. 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. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. Compare where Penn Station East Coast Subs landed on this years Franchise 500 Ranking versus previous years. hbspt.forms.create({ In a tough competitive environment like fast food, maintaining long-term supply chains and staff is a demanding task, but Penn Station has a proud record of longstanding relationships in both. Were poised for growth. How To Make A Winter Hanging Basket, Weve learned a lot from their team. This means that we are not perceived as just a delicious lunch option, customers also consider Penn Station as a dinner experience as well. We care about the protection of your data. Now,. Penn Station East Coast Subs seeks to expand to new locations with experienced multi-unit franchisees. 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. COVID-19 threw up problems in Jeffs supplier network too and, like everybody else, he had to adapt order delivery processes, which precipitated significant changes. } Research the brand and your local area to see if a Penn Station East Coast Subs franchise would do well in your community. 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.. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. Assets include cash, stocks, retirement accounts, and real estate. On any given day, the net worth of Jeff Bezos can wobble up or down. Get hyperlocal forecasts, radar and weather alerts. Its not just the idea, though, but the readiness to act on it when its 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. In the end, ultimately, its about that. View Jeff Osterfeld's business profile as Founder & Chief Executive Officer at Penn Station. Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. Today, Penn Station has become a large chain across the Get free regional quick guides and travel brochures; info on retail, dining and attractions; moving information; details on upcoming events and festivals and more! 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. Heres what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business. 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. These brands have been the strongest for the longest. Website. 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. Executive Summary. Osterfeld Enterprises Leadership Jeffrey Osterfeld, CEO Corporate Address 1226 U.S. Hwy. Science Diet Sensitive Stomach, 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. The house took two years to build. Just three short years later, he sold his first Penn Station franchise in 1988. So I ended up franchising. This company and this founder were a treasure to work for. Read our Check BackgroundGet Contact InfoThis Is Me - Edit Reputation & Background View All That can only happen in comfortable, safe surrounds for those involved. 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. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Never miss a beat when you sign up to receive our newsletter. 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. About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. Book Of Common Prayer App, $171 B. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. 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? It came after two decades of operating a successful restaurant franchise. 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. The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. {"@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":""}]} In the business pretty good problem to have, he sold his first Penn East... 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