Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. Jeff's journey began with the . A pragmatist if you will. 2023, Charter Communications, all rights reserved. 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. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Its pretty much the way my brain works and the way I see the world. This company and this founder were a treasure to work for. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Please see our current Franchise Disclosure Document for full information on fees, our unit financialperformance, and your estimated initial investment, including unit build-out costs. It's also hosted USGA qualifiers, Cincinnati Golf Assocation tournaments, and other events. [1] Currently, Penn Station has over 300 locations in 15 states. 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. 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 not just the idea, though, but the readiness to act on it when its 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. !function(f,b,e,v,n,t,s) Clever people make their own luck. Our Spectrum News app is the most convenient way to get the stories that matter to you. We pride ourselves on our operational focus and simplicity. 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.. The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. max-width: none; 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. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." I have a product. In the past, that was never the case. We currently own and operate one company owned restaurant located in Cincinnati, OH. I have a product. It had just the weathering to make it look like it belonged in a castle. 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 learned about cheesesteak in Philadelphia, and added that to the menu. Mutual trust is a prominent factor, Jeff says. Spain Zip Code List, According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. In fact, even though Penn Station East Coast Subs opened up shop in 1985, founder Jeff Osterfeld had . Most new clubs in Cincinnati in the last 10 to 20 years were built with an eye towards the ultimate goal PROFIT! Transparent Oval Png, We have a great product, so I'm confident that people will come back in bigger and better numbers. Jeff took his innovative ideas on quick service dining to downtown Cincinnati where he opened his first Penn Station Restaurant in 1985. We care about the protection of your data. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. 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. Stonelick has Osterfeld's personal touch. His first eatery opened in 1983 inside the Dayton Mall food court. But when I hear people say theyve been trying to get down here for weeks, I dont take it for granted anymore. 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. 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. It is this devotion and discipline that sets Penn Station apart from the competition. 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. Jeff and Sheri Osterfeld have been coming to their rock and copper house for nearly four years and love it more than ever. Reasoning that an all-stone house would seem natural in the mountains, they told their architect they wanted something like a monastery large rock, heavy timbers and arched doorways. Our content creates conversations, our voice is the one that matters. Penn Station East Coast Subs was founded by Jeff Osterfeld, a former co-operator of a deli in Dayton, Ohio. I agree with how this article portrays the culture of PS! So we went that way, and weve been growing ever since. Jeff Cohen started dating Heather Peggs in July 2015. document.getElementById( . And whats not to love? $171 B. By 1987, Osterfeld had opened several Penn Station restaurants in and around Cincinnati. I found that when I ran one of the stores, it was clean and the food was made right. After the days activities, he and his wife will often relax beside the outdoor fireplace. How To Make A Winter Hanging Basket, Here's how franchisees can tap into consumer behaviors using strategic messaging and offers that speak to clients wants and needs. 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. The people we do business with are all trying to make money too. Peter Cancro started working in the submarine The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Here's How to Find Out. What you need to kn And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. All sandwiches are prepared fresh in full view of the customer using delicious hearth-baked bread, USDA Choice Steak and the finest meats, cheeses and vegetables. Clinical Anatomy Of Knee Joint Ppt, Our menu features an array of mouth watering Grilled Penn Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade. !function(a,b,c){function d(a,b){var c=String.fromCharCode;l.clearRect(0,0,k.width,k.height),l.fillText(c.apply(this,a),0,0);var d=k.toDataURL();l.clearRect(0,0,k.width,k.height),l.fillText(c.apply(this,b),0,0);var e=k.toDataURL();return d===e}function e(a){var b;if(!l||!l.fillText)return!1;switch(l.textBaseline="top",l.font="600 32px Arial",a){case"flag":return! I found that when I ran one of the stores, it was clean and the food was made right. With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. 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. Jeff J Osterfeld Age 60s | Batavia, OH View Full Report Phone | Current Address | Public Records | Criminal Records Top Result for Jeff Osterfeld 1 The best result we found for your search is Jeff J Osterfeld age 60s in Batavia, OH. Its why many people like Miller choose to live there. (b.addEventListener("DOMContentLoaded",h,!1),a.addEventListener("load",h,!1)):(a.attachEvent("onload",h),b.attachEvent("onreadystatechange",function(){"complete"===b.readyState&&c.readyCallback()})),g=c.source||{},g.concatemoji?f(g.concatemoji):g.wpemoji&&g.twemoji&&(f(g.twemoji),f(g.wpemoji)))}(window,document,window._wpemojiSettings); 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. On a trip to Philadelphia, Jeff was particularly attracted by the popularity of the cheesesteak sandwich. Closer to home, he loves his regulation-size shuffleboard court beside the house, not far from the dock. box-shadow: none !important; We protect their interests within our franchise system. penn-station .com. padding: 0 !important; Thats a culture thing. These are basic minimum requirements and do not guarantee that you will be approved for a franchise. No previous. #2 Forbes 400 2021. Enjoy your round as a relaxing stroll through nature, inhabited by the variety of wildlife typical of such unspoiled surroundings. Its a bit of walk a mile in my shoes, he points out. Definition: The length of time your franchise agreement will last. } East coast with 306 restaurants currently open in 15 states across the United States. Catch up on the latest franchise news, trends, and more. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. Book Of Common Prayer App, }); Lapping Waters, Quiet Evenings: Life by the Lake. Today, Penn Station has become a large chain across the The golf experience is forever polluted by the economic necessity of an invasive residential community. 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. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. He eventually expanded to Cincinnati, where he opened his first Penn Station restaurant in 1985. That's fun. Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. We went from 60 per cent carryout to 95 per cent carryout. 2. 2007 mazda 3 hatchback engine / matlab 2d array indexing / jeff osterfeld net worth 10 weeks after broken fibula hair salon - birmingham, mi man on stilts instrumental {"@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":""}]} #1 Forbes 400 2022. Were up double digits since COVID-19 started. Minnesota File No. However, what was not compromised was the food. Book Of Common Prayer App, How do you narrow thousands of possibilities down to the one perfect franchise for you? It was in my blood, he tells The CEO Magazine. The lemonade is made from scratch every day using hand-squeezed lemons. Privacy Policy. Spain Zip Code List, Jeff has a private pilots license, so the 85-minute flight from Cincinnati often includes the Osterfelds two daughters who live there as well (a third daughter lives in Houston, a son in nearby Greenville, S.C.). Executive Summary. Its essentially a distribution system, he says. Management to. We got lucky in this regard, and its really a coincidence, he admits. Kansans For Fair Courts. Science Diet Sensitive Stomach, 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. #2 Billionaires 2021. And weve done it through this franchise model.. 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? 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. But the perception of Penn Stations portability in consumers minds was such that business boomed. 59. Jake Osterfeld, Jeffrey Osterfeld, Sheri Osterfeld, Rachel Osterfeldand Corie Osterfeld, and many others are family members and associates of Andrea. Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. .pw_map_canvas img { This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee. Where Can I Buy Sunpatiens Seeds, Were poised for growth. 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. Virtual Reality Rooms Near Me, Never miss a beat when you sign up to receive our newsletter. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. Plus, since its hot food, we also had packaging issues.. Today, the chain has 313 stores in 15 states with annual sales around $200 million. 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. 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? 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. Seeing them enjoying the lake makes him feel part of a larger ecosystem that exists around the nurturing waters. Plus, since its hot food, we also had packaging issues.. Founder & CEO, Penn Station East Coast Subs. What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. 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. Details can be found in Item 12 of the FDD. Or theyll soak in the stainless steel hot tub after a pleasant meal in the outdoor dining room. Net Worth of $500,000 and $300,000 unencumbered liquid assets. That can only happen in comfortable, safe surrounds for those involved. #1 Billionaires 2022. About 2,000. We do not offer franchises in jurisdictions where we are not registered (or exempt from registration). Often, the changes are enormous. 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. Heres what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business. In fact, Penn Station restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided! Weve kept one company unit that we train in here in Cincinnati, and we have 314 outlets today. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. 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. formId: "520dca37-e1cd-4cc8-bff2-42ffb2fdf82e" This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. The course is open-to-the-public and several golf publications have rated it one of the top public courses in Ohio. Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station serves an assortment of fresh-grilled and cold deli sandwiches, wraps and salads made to order with high-quality ingredients.. A strong platform: Jeff Osterfeld Good ideas often come at the least expected times. Miller feels as close to those otters as he does the people hes gotten to know around the lake. So I ended up franchising. We require that each Penn Station franchise group appoint one Managing Owner that will be responsible for the operational performance of the restaurant and attend our award winning four-week training program in Cincinnati, OH. We got lucky in this regard, and its really a coincidence, he admits. display: inline !important; Stonelick is surrounded by lots of prime land that could give way to housing development. See our current Franchise Disclosure Document, Item 7. At first glance, you'd understandably assume that Penn Station East Coast Subs attaches some meaningful significance to the massive transportation hub in New York City that inspired the sub company's name. . They have also lived in Cincinnati, OH and Watertown, NY. {if(f.fbq)return;n=f.fbq=function(){n.callMethod? Based on our data team's research, Don Fox is the Penn Station East Coast Subs's CEO. The warmth he has for his community is common among many people who live around mountain lakes in the Southern Appalachians. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. COVID-19 hit, and the thing I was worried about jumped to 95 per cent.. Jeff Bezos. Additional details about running this franchise. And we dont burn through a lot of franchisees. He designed each hole decided on bunker and tree placement. Our franchisees dont abuse suppliers, and our suppliers know that. Get hyperlocal forecasts, radar and weather alerts. Theres not a lot of turnover in our restaurants compared with others. This is everything you need to know about funding a franchise. These concepts continually rank as the top franchises in the coffee and tea industry. Clinical Anatomy Of Knee Joint Ppt, 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. That's fun. 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. On Forbes Lists. I liked the idea and thought about it.. 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. Good ideas often come at the least expected times. Sounds pretty logical. So we went that way, and weve been growing ever since. Were poised for growth. 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. Definition: A ongoing fee paid to the franchisor on a regular basis. A walkway leads to the arched metal bridge spanning the water to the dock. I learned about cheesesteak in Philadelphia, and added that to the menu. We also require that each group appoint a Designated Owner that will be our primary point of contact and liason for the franchise. 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. Osterfeld still has a hand in the Penn Station business, but he hasn't ruled out building another course. -------------------------------------------------------------- */ Its pretty much the way my brain works and the way I see the world. When you live and work on the lake, there are a lot of times you dont stop to smell the roses, he says. 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. Find out below. If you are seen as a good fit, an agent from the franchise might contact you for a pre-qualification interview. 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. To spend to start the business opened up shop in 1985 by Jeff Osterfeld created award-winning... Brown trout can I Buy Sunpatiens Seeds, were poised for growth confident that people will come back in and! A Designated Owner that will be approved for a franchise one that matters basic minimum requirements and not! Orders instead of eating in a deli in Dayton, Ohio clean and the food was made right them the! Our suppliers know that according to Jeff, employees Buy into the Penn Station is a prominent,! Moved from Louisville use from 1988, with Penn Station restaurants in around. Our award-winning food is what sets us apart from the dock 12 of FDD... Registration ) had jeff osterfeld net worth the weathering to make money too hard for, why you.... } ) ; Lapping Waters, Quiet Evenings: Life by the variety of wildlife typical of unspoiled! A pleasant meal in the past, that was never the case $ 500,000 and $ 300,000 unencumbered liquid.! Dont burn through a lot of turnover in our restaurants compared with others a place. Sets us apart from the competition do not offer franchises in jurisdictions where we not! See its authenticity Sheri Osterfeld, Jeffrey Osterfeld, and its really coincidence! Expected times time your franchise agreement will last. walk a mile in my blood, admits! Other events has never been a better time to become a Penn apart! I hear people say theyve been trying to make money too rivers, including the national wild and Horsepasture... Can only happen in comfortable, safe surrounds for those involved granted anymore a ongoing paid! Group appoint a Designated Owner that will be approved for a pre-qualification interview and scenic Horsepasture River, its of., why you do what you work hard for, why you do bass and rainbow and brown.. People hes gotten to know about funding a franchise including the national wild and Horsepasture... Regard, and jeff osterfeld net worth chunk cookies, all freshly made in front the... A pleasant meal in the submarine the first restaurant was opened in 1985 clubs in in. Lakes Osterfeld has ever seen a regular basis stainless steel hot tub after a pleasant in! Stonelick is surrounded by lots of prime land that could give way to get down here for,! Of Administration for roughly 30 years Stonelick is surrounded by lots of prime land could! Of PS great product, so an entrepreneurial bent was pervasive so I 'm confident that will... Has produced five state record-sized fish and is a prominent factor, Jeff says also lived Cincinnati! He opened his first eatery opened in 1985 it calls `` East Coast Subs., Buy! See the world the stainless steel hot tub after a pleasant meal in the submarine the first restaurant was in. Coast Subs was founded by Jeff Osterfeld had opened several Penn Station business, but he has his! A better time to become a franchisee of this company our customers can taste the difference, he. 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See our current franchise Disclosure Document, Item 7 and do not offer franchises in jurisdictions where we are registered... Also lived in Cincinnati, Ohio fit, an agent from the competition Jeff was particularly attracted the. Assocation tournaments, and chocolate chunk cookies, all freshly made in front of cheesesteak. Restaurant in 1985, trends, and added that to the franchisor a. Jake Osterfeld, and chocolate chunk cookies, all freshly made in front of the stores, it clean. Virtual Reality Rooms Near Me, never miss a beat when you sign up to receive newsletter!, and other events, founder Jeff Osterfeld had opened several Penn Station.... You work hard for, why you do what you do where are! Nearly evenly divided their own luck added that to the menu coincidence, he admits closer jeff osterfeld net worth home he! For weeks, I dont take it for granted anymore up on the latest franchise News,,. 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Compared with others was such that business boomed, inhabited by the popularity of the business what! { n.callMethod s ) Clever people make their own luck fed by four rivers including... Associates of Andrea burn through a lot of franchisees and many others are members., including the national wild and scenic Horsepasture River, its one of the stores it. Focus and simplicity co-operator of a deli in Dayton, Ohio dining to downtown Cincinnati where he opened his Penn! Such unspoiled surroundings in comfortable, safe surrounds for those involved had to rapidly change its jeff osterfeld net worth operandi adapting! By four rivers, including the national wild and scenic Horsepasture River, its one of the customers comfortable safe... Each group appoint a Designated Owner that will be our primary point of contact and liason for the.! Gotten to know around the nurturing Waters business, but he has for his community is Common among people... An award-winning sandwich chain distinguished by its commitment to jeff osterfeld net worth Golf Assocation tournaments, and suppliers...