Subsidiaries. Jeff and Sheri Osterfeld have been coming to their rock and copper house for nearly four years and love it more than ever. We have a very strong personal culture here at Penn Station when it comes to relationships. East coast with 306 restaurants currently open in 15 states across the United States. $171 B. 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. Our Spectrum News app is the most convenient way to get the stories that matter to you. This company and this founder were a treasure to work for. 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. Learn More. 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. 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. View Jeff Osterfeld's business profile as Founder & Chief Executive Officer at Penn Station. Sounds pretty logical. That should include reviewing the companys legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers. In the end, ultimately, its about that. width: 1em !important; Science Diet Sensitive Stomach, He eventually expanded to Cincinnati, where he opened his first Penn Station restaurant in 1985. 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. Finally, you may be able to sign the franchise agreement that will allow you to open the doors to your tasty franchise. Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. We strive to offer our franchisees a best-in-class support system, including: Site Selection, Restaurant Design & Construction support, IT & Online Ordering, Operations & Training, Marketing, and Financial Reporting. This is everything you need to know about funding a franchise. The golf experience is forever polluted by the economic necessity of an invasive residential community. That can only happen in comfortable, safe surrounds for those involved. margin: 0 .07em !important; Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. 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. 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 Osterfeld is the founder and CEO of Penn Station East Coast Subs. Find Out Which Brands Have Ranked on the Franchise 500 for Longest, Earning a Spot In our New 'Hall of Fame'. Get ready for the franchising industry's biggest trade show event of the year. 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. The Osterfelds have four children ranging in age from 21 to 28. I see myself as a common sense kind of businessman. These concepts continually rank as the top franchises in the coffee and tea industry. 1. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. But he had a passion for golf that started with his friends while he was 20-something. Number of employees. n.queue=[];t=b.createElement(e);t.async=!0; 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. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. I found that when I ran one of the stores, it was clean and the food was made right. 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. 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.. 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. Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station . 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. 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"}}; So its a partnership, and I believe weve put our money where our mouth is in that regard. 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. 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. img.emoji { Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. Our content creates conversations, our voice is the one that matters. Osterfeld cherishes the memory. BATAVIA 15 years ago, Jeff Osterfeld opened his first golf course. It came after two decades of operating a successful restaurant franchise. Additional details about running this franchise. The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. We came home and decided if we ever have a second home, we wanted it to be in the mountains, he says. Good ideas often come at the least expected times. At Bimbo Bakehouse, we encourage a collaborative relationship with Penn Station East Coast Subs. Lake Jocassee has about 75 miles of shoreline but only three dozen houses. They must have restaurant management experience comparable to the number of restaurants you will develop. if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; Plus, since its hot food, we also had packaging issues.. 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. 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. Jeff Cohen started dating Heather Peggs in July 2015. document.getElementById( . 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. Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. Weve learned a lot from their team. 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. fbq('track', 'PageView'); We are well on our way! " /> The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. The dock, covered to keep the weather off the boat, gets plenty of use come swim time. We have a very strong personal culture here at Penn Station when it comes to relationships. We have a great product, so Im confident that people will come back in bigger and better numbers. Listen to this episode from From the Beginning on Spotify. That's the perfectionist in me looking at things I've done out there, said Osterfeld. Executive Summary. If you are seen as a good fit, an agent from the franchise might contact you for a pre-qualification interview. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: Royalty: 2%-8% (varies by sales volume) Advertising Fee: 2%: . With determination, a business degree from the Miami University Farmer School of Business, and a dedicated vision, Jeff began his journey by opening a deli shop straight out of college, and then parlaying this initial success with the initial Penn Station opening in 1985. Definition: The total amount necessary to begin operation of the franchise. Jeff Bezos. We have a very strong personal culture here at Penn Station when it comes to relationships.. Compare where Penn Station East Coast Subs landed on this years Franchise 500 Ranking versus previous years. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. Where Can I Buy Sunpatiens Seeds, Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: . Penn Station East Coast Subs has 2,000 employees, of which 2 are in a leadership position. 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 have a product. 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. Assets include cash, stocks, retirement accounts, and real estate. On Forbes Lists. I found that when I ran one of the stores, it was clean and the food was made right. Each prospective franchise group must have a dedicated Managing Owner with a minimum of 10% ownership. 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. Its essentially a distribution system, he says. 9976. These brands have been the strongest for the longest. Were poised for growth. Our franchisees dont abuse suppliers, and our suppliers know that. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. Get hyperlocal forecasts, radar and weather alerts. The original inception, the reason that I wanted to do this, had more to do with build my own, and the creativity, and this cool place I thought I could make, than it ever did the money, Osterfeld told Spectrum News 1 during an interview at the clubhouse at the Golf Club at Stonelick Hills. 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. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. The corporate operations of Penn Station are directly tied to Jeffs personality and leadership, which unsurprisingly has resulted in a detail-oriented, profitable operation. 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.. It makes me glad to be right where Im at.. 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. 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. Jake Osterfeld, Jeffrey Osterfeld, Sheri Osterfeld, Rachel Osterfeldand Corie Osterfeld, and many others are family members and associates of Andrea. In 1985, Osterfeld used his expertise to bring his ideas to life by opening his first restaurant in Cincinnati, Ohio. There are more than 300 Penn Station East Coast Subs locations throughout the United States. What you need to know: Net worth is the value of a person's assets minus liabilities. Jeff took his innovative ideas on quick service dining to downtown Cincinnati where he opened his first Penn Station Restaurant in 1985. 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. The people we do business with are all trying to make money too. On a trip to Philadelphia, Jeff was particularly attracted by the popularity of the cheesesteak sandwich. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. Find out how to put in writing a Restaurant Menu. The proximity of the Managing Owner's principal residence to your Penn Station franchises must be of an acceptable distance. In Part I Jeff tells us about his background and the story of how he founded Penn Station. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. 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. 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. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. Management to. Clinical Anatomy Of Knee Joint Ppt, 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. 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. box-shadow: none !important; "I learned about cheesesteak in Philadelphia, and added that to the menu. So its a partnership, and I believe weve put our money where our mouth is in that regard. Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. Catch up on the latest franchise news, trends, and more. 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