Easy Bake Oven Brownie Mix, Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. The concept for an East Coast sub restaurant came to Jeff Osterfeld soon after he graduated from Miami University in Oxford, Ohio. And we dont burn through a lot of franchisees. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; 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 award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. Originally, only four sandwiches were available, including the cheese steak. This means that we are not perceived as just a delicious lunch option, customers also consider Penn Station as a dinner experience as well. About Us - The Golf Club at Stonelick Hills. 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. 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. Penn Station East Coast Subs has 2,000 employees, of which 2 are in a leadership position. 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. Stonelick has Osterfeld's personal touch. Sounds pretty logical. n.queue=[];t=b.createElement(e);t.async=!0; Assets include cash, stocks, retirement accounts, and real estate. Subsidiaries. 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. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Catch up on the latest franchise news, trends, and more. Certain jurisdictions require registration prior to the offer or sale of a franchise. In Part I Jeff tells us about his background and the story of how he founded Penn Station. Our franchisees dont abuse suppliers, and our suppliers know that. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Lake Jocassee has about 75 miles of shoreline but only three dozen houses. 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. East coast with 306 restaurants currently open in 15 states across the United States. 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. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems. 513-735-4653. img.emoji { This strategy proved successful. His first eatery opened in 1983 inside the Dayton Mall food court. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. Jeffs journey began with the deli he opened right after college in 1985 in Dayton, Ohio. Jeff took his innovative ideas on quick service dining to downtown Cincinnati where he opened his first Penn Station Restaurant in 1985. 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. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. Transparent Oval Png, Its essentially a distribution system, he says. 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. Four others also have fortunes over $100. 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. Definition: The total amount necessary to begin operation of the franchise. 2. 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. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Good ideas often come at the least expected times. 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. Details can be found in Item 12 of the FDD. 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. Many of these are real estate deals disguised as Golf Clubs. }); Lapping Waters, Quiet Evenings: Life by the Lake. That's fun. The potatoes are hand selected, fresh-cut and flash-fried in cholesterol-free peanut oil. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. 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. display: inline !important; 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. Net Worth of $500,000 and $300,000 unencumbered liquid assets. 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. But it was totally different when I hired somebody else to do it. We simply opened the door. This sandwich became an instant hit with customers. You'll typically then be invited to a meeting at Penn Station East Coast Subs headquarters in Milford, Ohio. It was in my blood, he tells The CEO Magazine. Research the brand and your local area to see if a Penn Station East Coast Subs franchise would do well in your community. Executive Summary. The Osterfelds have four children ranging in age from 21 to 28. Ge Profile Pvd28bynfs Review, Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. I have to figure out how I want to get it to the public. The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. Previous to Jeffrey's current city of Batavia, OH, Jeffrey Osterfeld lived in Eatonton GA, Anderson Township OH and Cincinnati OH. 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.. I learned about cheesesteak in Philadelphia, and added that to the menu. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. 2023, Charter Communications, all rights reserved. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. At Bimbo Bakehouse, we encourage a collaborative relationship with Penn Station East Coast Subs. 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? Osterfeld still has a hand in the Penn Station business, but he hasn't ruled out building another course. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee. Its essentially a distribution system, he says. 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 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. I found that when I ran one of the stores, it was clean and the food was made right. 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. That should include reviewing the companys legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers. Want to learn more? $0. 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. Definition: The initial fee paid to a franchisor to join their system. That's the perfectionist in me looking at things I've done out there, said Osterfeld. 59. 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? Today, the Penn Station difference still begins with our signature premium products, grilled and baked to perfection to create the best tasting sandwich. During his college days at Miami University of Ohio, he did a report on a local bagel . We protect their interests within our franchise system. Find out how to put in writing a Restaurant Menu. And whats not to love? Were up double digits since COVID-19 started. 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