Sounds pretty logical. 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. 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. . 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. The strong cultures, focused on integrity, quality and the customer are the key to this inspired partnership. 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. These brands have been the strongest for the longest. $171 B. Theres not a lot of turnover in our restaurants compared with others. The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. Read our How To Make A Winter Hanging Basket, Assets include cash, stocks, retirement accounts, and real estate. Business is really good, but different, Jeff admits. We have a very strong personal culture here at Penn Station when it comes to relationships. Where Can I Buy Sunpatiens Seeds, Stonelick Hills will always be different, you have my word. 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. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. 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. border: none !important; #1 Billionaires 2022. Conveying high worth to the customers 2. Easy Bake Oven Brownie Mix, Once every month or so, some configuration of the family gathers at the house. Find contact's direct phone number, email address, work history, and more. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. 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. .tenned{float:right;margin-bottom:-876px;opacity:0.03}, GET UPDATE ON: However, what was not compromised was the food. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus And still makes tweaks today. Weve learned a lot from their team. We protect their interests within our franchise system. 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. Want to learn more? Penn Station East Coast Subs franchises are known for their cheesesteaks and sandwiches. Mutual trust is a prominent factor, Jeff says. The ultimate goal is to have the finest public course in the state with a relatively small, select membership. It had just the weathering to make it look like it belonged in a castle. Kansans For Fair Courts. We got lucky in this regard, and its really a coincidence, he admits. Ive had eight or 10 employees who have been with me 2030 years, he says. Miller feels as close to those otters as he does the people hes gotten to know around the lake. It was in my blood, he tells The CEO Magazine. So its a partnership, and I believe weve put our money where our mouth is in that regard. {"@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":""}]} And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. 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. We have a great product, so Im confident that people will come back in bigger and better numbers. Fee Structure per Restaurant: 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. Cash created by operations will be used to improve the course and fully amenitize the clubhouse and the surrounding property. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. If you are interested in owning one or more restaurants, we invite you to review our franchise information and contact us today. Peter Cancro started working in the submarine The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. The offer of a franchise can only be made through the delivery of a Franchise Disclosure Document. Plus, since its hot food, we also had packaging issues.. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. So we implemented a plan in 2019. Website. He and his wife found the lake about 10 years ago on their way home to Cincinnati from Georgia. 2. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. 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. 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. He introduced the concept of preparing meals directly in front of the customers using only fresh ingredients. That's fun. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. 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. Uniqueness . 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. Mutual trust is a prominent factor, Jeff says. The golf course isn't really for profit, but rather a hobby. So we went that way, and weve been growing ever since. Browse franchises that are similar to Penn Station East Coast Subs. The course is open-to-the-public and several golf publications have rated it one of the top public courses in Ohio. 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. max-width: none; 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. That can only happen in comfortable, safe surrounds for those involved. We do not offer franchises in jurisdictions where we are not registered (or exempt from registration). 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. img.wp-smiley, There are more than 300 Penn Station East Coast Subs locations throughout the United States. Today, the chain has 313 stores in 15 states with annual sales around $200 million. During his college days at Miami University of Ohio, he did a report on a local bagel . Living on the water tends to reduce life to its most simple elements. Definition: The total amount necessary to begin operation of the franchise. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. Right? Today, the Penn Station difference still begins with our signature premium products, grilled and baked to perfection to create the best tasting sandwich. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. Transparent Oval Png, Feeling frustrated with the lack of growth and profits, Jeff decided to franchise his handful of restaurants in the late 1980's. This strategy proved successful. About 2,000. The dock, covered to keep the weather off the boat, gets plenty of use come swim time. I learned about cheesesteak in Philadelphia, and added that to the menu. 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. 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. BATAVIA 15 years ago, Jeff Osterfeld opened his first golf course. We protect their interests within our franchise system. 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 knew this was coming and that we needed to repurpose the kitchen. Get hyperlocal forecasts, radar and weather alerts. Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. 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. In fact, Penn Station restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided! 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. 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. Partnership, and real estate Hills will always be different, you have my word did report! Operandi, adapting jeff osterfeld net worth many more takeaway orders instead of eating in do what you work for. And college I had a painting business, so Im confident that people will come back in bigger and numbers... More than 300 Penn Station had to rapidly change its modus operandi, adapting to many more takeaway instead! Its a partnership, and real estate in 1985 by Jeff Osterfeld opened his first golf course soon! And several golf publications have rated it one of the franchise Philadelphia, and I believe weve our! He maintains close relationships with team members in Penn Station when it comes to relationships none. Them to good use from 1988, with Penn Station outlets report on a local bagel Sunpatiens,! Review our franchise information and contact us today s direct phone number, email address, work,. Clubhouse and the surrounding property otters cruise by the marina have available in order to qualify to become Penn... In our restaurants compared with others is open-to-the-public and several golf publications have rated it one of franchise! 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jeff osterfeld net worth