So its a partnership, and I believe weve put our money where our mouth is in that regard. 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. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. 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. Our franchisees dont abuse suppliers, and our suppliers know that. California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information, 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. 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. On this Wikipedia the language links are at the top of the page across from the article title. I find any excuse that I can just to tinker in the house. He spends a lot of time hiking in Jocassee Gorges; two years ago, he and son Jake, then 24, spent six days hiking 66 miles on trails there. {"@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":""}]} The Osterfelds started their castle by buying two lots on the point and then adding another 10 acres to protect their privacy. Our menu features an array of mouth watering Grilled Penn Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade. We came home and decided if we ever have a second home, we wanted it to be in the mountains, he says. Download it here. This sandwich became an instant hit with customers. Clinical Anatomy Of Knee Joint Ppt, 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. 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. Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. Plus, since its hot food, we also had packaging issues.. Curious to know where Penn Station East Coast Subs ranked on other franchise lists? Weve learned a lot from their team. 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. From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. That should include reviewing the companys legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers. Never miss a beat when you sign up to receive our newsletter. Our content creates conversations, our voice is the one that matters. Excavated, the rock had been lying on top of the ground for centuries when the Osterfelds builder got hold of it. It's also hosted USGA qualifiers, Cincinnati Golf Assocation tournaments, and other events. !function(f,b,e,v,n,t,s) #2 Forbes 400 2021. Spain Zip Code List, Penn Station East Coast Subs has been ranked in Entrepreneurs Franchise 500 many times in the past several decades. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. $0. The potatoes are hand selected, fresh-cut and flash-fried in cholesterol-free peanut oil. 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. 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. We have a very strong personal culture here at Penn Station when it comes to relationships. 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. /* =Responsive Map fix I have to figure out how I want to get it to the public. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. In fact, Penn Station restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided! 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. Strangely, that's not the case at all. Its why many people like Miller choose to live there. Jeff Bezos. Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. Based on our data team's research, Don Fox is the Penn Station East Coast Subs's CEO. 9976. 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. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. 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. 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. Its essentially a distribution system, he says. When you live and work on the lake, there are a lot of times you dont stop to smell the roses, he says. A pragmatist if you will. CONTACT US: 330-896-9900. If you are interested in owning one or more restaurants, we invite you to review our franchise information and contact us today. Weve kept one company unit that we train in here in Cincinnati, and we have 314 outlets today. So I ended up franchising. Definition: The total amount necessary to begin operation of the franchise. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus 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. And weve done it through this franchise model.. From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. "I learned about cheesesteak in Philadelphia, and added that to the menu. But it was totally different when I hired somebody else to do it. These brands have been the strongest for the longest. We have a very strong personal culture here at Penn Station when it comes to relationships. 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. Our listings and rankings are solely research tools you can use to compare opportunities. 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. 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. The unique food menu it provides may prove to be attractive for the franchisee with operational simplicity and unit-level economics. 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. 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. If you meet the criteria above, you can generally get started by filling out an online inquiry form. Its essentially a distribution system, he says. 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. Kevin Osterfeld, brother of Penn Station founder and owner Jeff Osterfeld, sold P.S. During his college days at Miami University of Ohio, he did a report on a local bagel . He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. We take a lot of our proceeds, any kind of positive cash flow we have, and pump it back into the course. Listen to this episode from From the Beginning on Spotify. 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. 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. Business is really good, but different, Jeff admits. The family loves getting away to the lake home. This is everything you need to know about funding a franchise. Its such an escape kind of place, Osterfeld says. 2023, Charter Communications, all rights reserved. Gift Certificate. Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations. 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. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. We got lucky in this regard, and its really a coincidence, he admits. Science Diet Sensitive Stomach, Net Worth of $500,000 and $300,000 unencumbered liquid assets. 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. 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. Feeling frustrated with the lack of growth and profits, Jeff decided to franchise his handful of restaurants in the late 1980s. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. That's fun. 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. penn-station .com. Here, days and nights are governed by the rise and temperature of the water, by mists that hide coves and piercing sun that dissipates fog. I have a product. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. CONTACT US: 330-896-9900, GET UPDATE ON: 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? Heres what you need to know if youre interested in opening a Penn Station East Coast Subs franchise. If the agent is satisfied, Penn Station East Coast Subs may provide you with a proper franchise application that they expect to be completed within a stipulated time. . But the perception of Penn Stations portability in consumers minds was such that business boomed. I found that when I ran one of the stores, it was clean and the food was made right. It was in my blood, he tells The CEO Magazine. I learned about cheesesteak in Philadelphia, and added that to the menu. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. Good ideas often come at the least expected times. In December 2012, National Geographic magazine named Jocassee Gorges one of the 50 last great places in the world, noting that the gorges have one of the highest concentrations of waterfalls in the eastern United States. 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. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. [1] Currently, Penn Station has over 300 locations in 15 states. Were poised for growth. He designed each hole decided on bunker and tree placement. Osterfeld still has a hand in the Penn Station business, but he hasn't ruled out building another course. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. Were up double digits since COVID-19 started. With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. Cincinnati's News Radio 700WLW! The dock, covered to keep the weather off the boat, gets plenty of use come swim time. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." And yet I look at some of the things I did out there, green if you will, having only got my knowledge from reading about a half-dozen books on golf course design.. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. His first eatery opened in 1983 inside the Dayton Mall food court. We protect their interests within our franchise system. We went from 60 per cent carryout to 95 per cent carryout. Amazon. Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. Stonelick Hills will always be different, you have my word. 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. A walkway leads to the arched metal bridge spanning the water to the dock. 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. Each prospective franchise group must have a dedicated Managing Owner with a minimum of 10% ownership. 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