We went from 60 per cent carryout to 95 per cent carryout. The offer of a franchise can only be made through the delivery of a Franchise Disclosure Document. Many of these are real estate deals disguised as Golf Clubs. 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. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. 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. 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. During his college days at Miami University of Ohio, he did a report on a local bagel . Today, Penn Station has become a large chain across the 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. Stonelick has Osterfeld's personal touch. I have a product. That's fun. We have a very strong personal culture here at Penn Station when it comes to relationships. It was in my blood, he tells The CEO Magazine. Browse franchises that are similar to Penn Station East Coast Subs. His first eatery opened in 1983 inside the Dayton Mall food court. Our content creates conversations, our voice is the one that matters. Finally, you may be able to sign the franchise agreement that will allow you to open the doors to your tasty franchise. Number of employees. 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. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee. display: inline !important; 513-735-4653. Click Here. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Were being aggressive right now. Four others also have fortunes over $100. Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. See our current Franchise Disclosure Document, Item 7. Definition: A ongoing fee paid to the franchisor on a regular basis. In fact, Penn Station restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided! 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. A pragmatist if you will. Offering specially made items 3. If you meet the criteria above, you can generally get started by filling out an online inquiry form. This strategy proved successful. Gift Certificate. Penn Station East Coast Subs franchises are known for their cheesesteaks and sandwiches. The dock, covered to keep the weather off the boat, gets plenty of use come swim time. 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. fbq('track', 'PageView'); About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. Spain Zip Code List, 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. Previous to Jeffrey's current city of Batavia, OH, Jeffrey Osterfeld lived in Eatonton GA, Anderson Township OH and Cincinnati OH. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. Want to learn more? The Success of the $20 Billion Sandwich Industry. Our Spectrum News app is the most convenient way to get the stories that matter to you. Find Out Which Brands Have Ranked on the Franchise 500 for Longest, Earning a Spot In our New 'Hall of Fame'. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. So its a partnership, and I believe weve put our money where our mouth is in that regard. Kansans For Fair Courts. Are you eager to see what else is out there? The golf course isn't really for profit, but rather a hobby. Privacy Policy. Ge Profile Pvd28bynfs Review, Transparent Oval Png, 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. The proximity of the Managing Owner's principal residence to your Penn Station franchises must be of an acceptable distance. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations. The house is beautifully landscaped, with heavy rocks serving as steps down to the water. Ive had eight or 10 employees who have been with me 2030 years, he says. The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. Now,. Today, the Penn Station difference still begins with our signature premium products, grilled and baked to perfection to create the best tasting sandwich. Jeffs journey began with the deli he opened right after college in 1985 in Dayton, Ohio. I see myself as a common sense kind of businessman. 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: 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. Osterfeld still has a hand in the Penn Station business, but he hasn't ruled out building another course. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. $171 B. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. Our franchisees dont abuse suppliers, and our suppliers know that. We pride ourselves on the quality of our product. Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. Get ready for the franchising industry's biggest trade show event of the year. #2 Forbes 400 2021. Closer to home, he loves his regulation-size shuffleboard court beside the house, not far from the dock. Ive had eight or 10 employees who have been with me 2030 years, he says. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. What you need to know: Net worth is the value of a person's assets minus liabilities. formId: "520dca37-e1cd-4cc8-bff2-42ffb2fdf82e" 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. We care about the protection of your data. 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. 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. And we dont burn through a lot of franchisees. #1 Billionaires 2022. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. $116.7 B. Additionally, the proposed Managing Owner must own a minimum 10% equity in and live near to the market where your restaurants will be located. Good ideas often come at the least expected times. The Osterfelds have four children ranging in age from 21 to 28. 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. Often, the changes are enormous. I found that when I ran one of the stores, it was clean and the food was made right. A walkway leads to the arched metal bridge spanning the water to the dock. 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. View FREE Public Profile & Reputation for Sheri Osterfeld in Batavia, OH - See Court Records | Photos | Address, Emails & Phone Numbers | Personal Review | $250K+ Income & Net Worth hbspt.forms.create({ We have a very strong personal culture here at Penn Station when it comes to relationships. The strong cultures, focused on integrity, quality and the customer are the key to this inspired partnership. I truly hope we exceed your expectations and your visit is a relaxing escape from the hectic pace of today! 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. Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. 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. 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. Providing distinctively delicious, baked goods is our bread and butter thats why were proud to partner with them to serve desirable sandwiches that keep their patrons coming back. Jennifer Sherwood, Food Service National Account Sales, Grupo Bimbo, Penn Station East Coast Subs and Hormel Foods relationship goes back over 20 years. Sounds pretty logical. After realizing he'd never make it to the professional ranks he became fascinated with golf course design. Your Penn Station business, but he has n't ruled out building another course have available in order to to... Sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided able to the. 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