It came after two decades of operating a successful restaurant franchise. Compare where Penn Station East Coast Subs landed on this years Franchise 500 Ranking versus previous years. 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. t.src=v;s=b.getElementsByTagName(e)[0]; Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Learn how and when to remove this template message, "Penn Station East Coast Subs in Loveland celebrates 16 years", https://en.wikipedia.org/w/index.php?title=Penn_Station_(restaurant)&oldid=1138040587, Economy of the Southeastern United States, Regional restaurant chains in the United States, Short description is different from Wikidata, Articles needing additional references from August 2008, All articles needing additional references, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 7 February 2023, at 18:31. !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! 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. 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. img.emoji { Weve learned a lot from their team. Its pretty much the way my brain works and the way I see the world. Were being aggressive right now. 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. A strong platform: Jeff Osterfeld Good ideas often come at the least expected times. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. 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. fbq('init', '515347278668671'); Browse franchises that are similar to Penn Station East Coast Subs. I have a product. His first eatery opened in 1983 inside the Dayton Mall food court. But the perception of Penn Stations portability in consumers minds was such that business boomed. The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. I liked the idea and thought about it.. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. But the perception of Penn Stations portability in consumers minds was such that business boomed. . 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. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. Find Out Which Brands Have Ranked on the Franchise 500 for Longest, Earning a Spot In our New 'Hall of Fame'. 'https://connect.facebook.net/en_US/fbevents.js'); We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. 50 Milford, OH 45150 Social Facebook, Twitter, LinkedIn Business Overview Franchising Since 1987 (36. This sandwich became an instant hit with customers. We have a very strong personal culture here at Penn Station when it comes to relationships. Finally, you may be able to sign the franchise agreement that will allow you to open the doors to your tasty franchise. I found that when I ran one of the stores, it was clean and the food was made right. Good ideas often come at the least expected times. A pragmatist if you will. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. His first eatery opened in 1983 inside the Dayton Mall food court. So we implemented a plan in 2019. In the end, ultimately, its about that. In Part I Jeff tells us about his background and the story of how he founded Penn Station. 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. . And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. That's fun. So its a partnership, and I believe weve put our money where our mouth is in that regard. border: none !important; Amazon founder Jeff Bezos is the world's wealthiest person, according to the latest Bloomberg Billionaires Index, with a net worth of $182 billion. Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. Weve kept one company unit that we train in here in Cincinnati, and we have 314 outlets today. Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. In fact, Penn Station restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided! This company and this founder were a treasure to work for. Jeff Bezos. We simply opened the door. We have a very strong personal culture here at Penn Station when it comes to relationships.. .tenned{float:right;margin-bottom:-876px;opacity:0.03}, GET UPDATE ON: Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. That can only happen in comfortable, safe surrounds for those involved. The lemonade is made from scratch every day using hand-squeezed lemons. So its a partnership, and I believe weve put our money where our mouth is in that regard. Book Of Common Prayer App, Previous to Jeffrey's current city of Batavia, OH, Jeffrey Osterfeld lived in Eatonton GA, Anderson Township OH and Cincinnati OH. Assets include cash, stocks, retirement accounts, and real estate. Decentralization got that ownership mentality behind the counter what I needed was people behind the counter who loved it, loved the food and treated it like I did. 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. Thats a culture thing. Miller feels as close to those otters as he does the people hes gotten to know around the lake. I have to figure out how I want to get it to the public. 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.. 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. We have a great product, so Im confident that people will come back in bigger and better numbers. How do you narrow thousands of possibilities down to the one perfect franchise for you? I have to figure out how I want to get it to the public. The concept for an East Coast sub restaurant came to Jeff Osterfeld soon after he graduated from Miami University in Oxford, Ohio. 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. Start By Evaluating Your Goals. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. When you live and work on the lake, there are a lot of times you dont stop to smell the roses, he says. Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses. 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. Unlike many other brands, Penn Stations comprehensive, award-winning franchisee training program is completed in just four weeks. At Bimbo Bakehouse, we encourage a collaborative relationship with Penn Station East Coast Subs. Check BackgroundGet Contact InfoThis Is Me - Edit Reputation & Background View All Although there are a few home sites, they will be adjacent to just two wooded holes and will be out of play, not in plain view of the golfer. Home of the Bill Cunningham show, Mike McConnell, Scott Sloan, Eddie & Rocky, Lance McAlister, and flagship station of the Cincinnati Reds! On a trip to Philadelphia, Jeff was particularly attracted by the popularity of the cheesesteak sandwich. Its why many people like Miller choose to live there. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. So we went that way, and weve been growing ever since. Cincinnati's News Radio 700WLW! Where Can I Buy Sunpatiens Seeds, What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. The potatoes are hand selected, fresh-cut and flash-fried in cholesterol-free peanut oil. . Its pretty much the way my brain works and the way I see the world. 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. #7 Forbes 400 2020. We got lucky in this regard, and its really a coincidence, he admits. He and his wife found the lake about 10 years ago on their way home to Cincinnati from Georgia. We have a great product, so I'm confident that people will come back in bigger and better numbers. 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. 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. 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. And we dont burn through a lot of franchisees. [1] Currently, Penn Station has over 300 locations in 15 states.[2]. 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. Supper conversation at the Osterfeld house in Lake Jocassee, S.C., includes the sounds of fish plopping into the water and geese flying overhead. 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. Net Worth of $500,000 and $300,000 unencumbered liquid assets. 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. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: Royalty: 2%-8% (varies by sales volume) Advertising Fee: 2%: . That should include reviewing the companys legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers. Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. 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. In fact, even though Penn Station East Coast Subs opened up shop in 1985, founder Jeff Osterfeld had . Osterfeld's concept of combining up-scale, quick-service dining experience with fresh ingredients and signature display cooking was converted into a franchise concept in 1987. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. 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. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. max-width: none; Stonelick has Osterfeld's personal touch. Listen to this episode from From the Beginning on Spotify. Theres not a lot of turnover in our restaurants compared with others. But when I hear people say theyve been trying to get down here for weeks, I dont take it for granted anymore. Get ready for the franchising industry's biggest trade show event of the year. Osterfeld said Stonelick was designed and built with a focus on the golf environment and atmosphere. margin: 0 .07em !important; The offer of a franchise can only be made through the delivery of a Franchise Disclosure Document. 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. 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. After the days activities, he and his wife will often relax beside the outdoor fireplace. What you need to know: Net worth is the value of a person's assets minus liabilities. Were up double digits since COVID-19 started. Its essentially a distribution system, he says. $116.7 B. I learned about cheesesteak in Philadelphia, and added that to the menu. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. 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. 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. Strangely, that's not the case at all. Ge Profile Pvd28bynfs Review, Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. Jeffs journey began with the deli he opened right after college in 1985 in Dayton, Ohio. All sandwiches are prepared fresh in full view of the customer using delicious hearth-baked bread, USDA Choice Steak and the finest meats, cheeses and vegetables. We came home and decided if we ever have a second home, we wanted it to be in the mountains, he says. 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. From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. The original menu had four sandwiches and featured the grilled cheesesteak, fresh-cut french fries and hand-squeezed lemonade, with the order prepared directly in front of the customers using the freshest ingredients available. Transparent Oval Png, 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. 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. In the past, that was never the case. I learned about cheesesteak in Philadelphia, and added that to the menu. How To Use Bass Lures, During high school and college I had a painting business, so an entrepreneurial bent was pervasive. 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