The family loves getting away to the lake home. We went from 60 per cent carryout to 95 per cent carryout. 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. Do You Have Enough Capital to Fund a Franchise? We have a great product, so Im confident that people will come back in bigger and better numbers. 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. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. . " /> Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. That can only happen in comfortable, safe surrounds for those involved. 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.). 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. !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! Kevin Osterfeld, brother of Penn Station founder and owner Jeff Osterfeld, sold P.S. 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. Were up double digits since COVID-19 started. Osterfeld said Stonelick was designed and built with a focus on the golf environment and atmosphere. The golf course isn't really for profit, but rather a hobby. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. View Jeff Osterfeld's business profile as Founder & Chief Executive Officer at Penn Station. We have a very strong personal culture here at Penn Station when it comes to relationships.. display: inline !important; 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. Science Diet Sensitive Stomach, 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. Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. However, what was not compromised was the food. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. 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. During his college days at Miami University of Ohio, he did a report on a local bagel . Weve kept one company unit that we train in here in Cincinnati, and we have 314 outlets today. In Part I Jeff tells us about his background and the story of how he founded Penn Station. We protect their interests within our franchise system. 50 Milford, OH 45150 Social Facebook, Twitter, LinkedIn Business Overview Franchising Since 1987 (36. Weve learned a lot from their team. Are you eager to see what else is out there? 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. $116.7 B. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. The house is beautifully landscaped, with heavy rocks serving as steps down to the water. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Fee Structure per Restaurant: 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. } In 1985, Osterfeld used his expertise to bring his ideas to life by opening his first restaurant in Cincinnati, Ohio. About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. Business is really good, but different, Jeff admits. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Jeff Bezos. 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. Good ideas often come at the least expected times. What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. 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. Today, Penn Station has become a large chain across the And weve done it through this franchise model.. On Forbes Lists. About Us - The Golf Club at Stonelick Hills. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: Royalty: 2%-8% (varies by sales volume) Advertising Fee: 2%: . Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. 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. Next, you'll generally need to attend an online exploration seminar, and you'll be introduced to other franchisees. 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. 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. Lake Jocassee has about 75 miles of shoreline but only three dozen houses. 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. 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. Privacy Policy. 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. Clever people make their own luck. Want to learn more? s.parentNode.insertBefore(t,s)}(window, document,'script', .pw_map_canvas img { And we dont burn through a lot of franchisees. Science Diet Sensitive Stomach, From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. 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. Read our 59. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. We are well on our way! Catch up on the latest franchise news, trends, and more. Years in 100: 15 Business: Restaurant franchisor Revenues 2019: $202 million Revenues 2018: $200.290873 million Rank in 2018: 61 2019 employees: 4500 Headquarters: Miami Township Website: www.penn . Home. #2 Forbes 400 2021. So we implemented a plan in 2019. Gift Certificate. penn-station .com. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Ive had eight or 10 employees who have been with me 2030 years, he says. Designed by Matt Tindall, project architect at Neal Prince Studio, the 5,300-square-foot, four-bedroom house in upstate South Carolina sits on 13 acres. 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. Additionally, the proposed Managing Owner must own a minimum 10% equity in and live near to the market where your restaurants will be located. In Part III Jeff tells us about designing and running his own golf course and we wrap up our conversation by talking about what Jeff currently has on his plate as well . Our franchisees dont abuse suppliers, and our suppliers know that. max-width: none; 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. Finally, you may be able to sign the franchise agreement that will allow you to open the doors to your tasty franchise. $0. Number of employees. Get the best experience and stay connected to your community with our Spectrum News app. 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. Never miss a beat when you sign up to receive our newsletter. 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. 9976. 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. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Just three short years later, he sold his first Penn Station franchise and he remains actively involved in the business. Stonelick has Osterfeld's personal touch. However, this first restaurant also offered fresh-cut french fries and freshly squeezed lemonade, two items that would become trademarks for Penn Station in the future. Its essentially a distribution system, he says. On this Wikipedia the language links are at the top of the page across from the article title. So I ended up franchising. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. And weve done it through this franchise model.. Stonelick Hills will always be different, you have my word. If you meet the criteria above, you can generally get started by filling out an online inquiry form. Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses. It was here that the roots of the "ownership mentality" began to form for the founder and Chief Executive Officer of Penn Station, Inc. Jeff saw first-hand the impact his presence in the store had on product quality, customer service and sales. 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.. More so than in the cities and towns from which many of us hail, we go to the lakes to be reminded that life happens slowly, one sunrise at a time. Clinical Anatomy Of Knee Joint Ppt, Definition: The initial fee paid to a franchisor to join their system. With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. This company and this founder were a treasure to work for. img.emoji { {"@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":""}]} A strong platform: Jeff Osterfeld Good ideas often come at the least expected times. COVID-19 hit, and the thing I was worried about jumped to 95 per cent.. {if(f.fbq)return;n=f.fbq=function(){n.callMethod? Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station . 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. Thats a culture thing. (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); Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. In the end, ultimately, its about that. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. 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. A pragmatist if you will. Management to. There is a chance I'd do this again sometime. 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. 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. 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. Youll see our 314 outlets hopefully grow to 600 in short order over the next couple of years. I found that when I ran one of the stores, it was clean and the food was made right. There are a lot of things that people love about living on the lake and many of them start at sunrise, when the day dawns fresh and promising. 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. background: none !important; This strategy proved successful. Osterfeld cherishes the memory. The house took two years to build. Its pretty much the way my brain works and the way I see the world. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. Just three short years later, he sold his first Penn Station franchise in 1988. On any given day, the net worth of Jeff Bezos can wobble up or down. }); Lapping Waters, Quiet Evenings: Life by the Lake. Looking to buy an A-list franchise? So I ended up franchising. Seeing them enjoying the lake makes him feel part of a larger ecosystem that exists around the nurturing waters. Strangely, that's not the case at all. His first eatery opened in 1983 inside the Dayton Mall food court. What you need to know: Net worth is the value of a person's assets minus liabilities. The golf experience is forever polluted by the economic necessity of an invasive residential community. 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. 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. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: . Cash created by operations will be used to improve the course and fully amenitize the clubhouse and the surrounding property. 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? The unique food menu it provides may prove to be attractive for the franchisee with operational simplicity and unit-level economics. The Osterfelds have four children ranging in age from 21 to 28. But it was totally different when I hired somebody else to do it. Get ready for the franchising industry's biggest trade show event of the year. Feeling frustrated with the lack of growth and profits, Jeff decided to franchise his handful of restaurants in the late 1980s. I have a product. 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. Kansans For Fair Courts. That's fun. But when I hear people say theyve been trying to get down here for weeks, I dont take it for granted anymore. } width: 1em !important; Demolition Wwf Theme, 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. Were being aggressive right now. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. Book Of Common Prayer App, So we implemented a plan in 2019. Clinical Anatomy Of Knee Joint Ppt, In 1983, he opened "Jeffrey's Delicatessen" at the Dayton Mall in Dayton, Ohio. And then wham! We simply opened the door. 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. Jeff's journey began with the . About 2,000. 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. It was in my blood, he tells The CEO Magazine. Virtual Reality Rooms Near Me, . 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.. 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? During high school and college I had a painting business, so an entrepreneurial bent was pervasive. Here's How to Find Out. 513-735-4653. How To Make A Winter Hanging Basket, Our franchisees dont abuse suppliers, and our suppliers know that. Transparent Oval Png, Often, the changes are enormous. Easy Bake Oven Brownie Mix, Additional details about running this franchise. Uniqueness . Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; That's the perfectionist in me looking at things I've done out there, said Osterfeld. 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. $171 B. In the end, ultimately, its about that. #1 Billionaires 2022. If you are passionate about our brand and committed to operational excellence and fantastic customer service, a Penn Station franchise may be right for you. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. And then wham! #2 Billionaires 2021. Ranked #2 in Philly Cheesesteak Sandwiches in 2022. The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. We have a very strong personal culture here at Penn Station when it comes to relationships.. 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. 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. Virtual Reality Rooms Near Me, 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. 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. 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. It is this devotion and discipline that sets Penn Station apart from the competition. I truly hope we exceed your expectations and your visit is a relaxing escape from the hectic pace of today! The lemonade is made from scratch every day using hand-squeezed lemons. I have to figure out how I want to get it to the public. 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. I liked the idea and thought about it.. The warmth he has for his community is common among many people who live around mountain lakes in the Southern Appalachians. Theres not a lot of turnover in our restaurants compared with others. 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. It was during a trip to Philadelphia that he first realized the popularity of the cheesesteak sandwich. What you need to kn These concepts continually rank as the top franchises in the coffee and tea industry. Penn Station East Coast Subs franchises are known for their cheesesteaks and sandwiches. In the past, that was never the case. That can only happen in comfortable, safe surrounds for those involved. We got lucky in this regard, and its really a coincidence, he admits. 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. (b=d([55356,56826,55356,56819],[55356,56826,8203,55356,56819]))&&(b=d([55356,57332,56128,56423,56128,56418,56128,56421,56128,56430,56128,56423,56128,56447],[55356,57332,8203,56128,56423,8203,56128,56418,8203,56128,56421,8203,56128,56430,8203,56128,56423,8203,56128,56447]),!b);case"emoji":return b=d([55358,56760,9792,65039],[55358,56760,8203,9792,65039]),!b}return!1}function f(a){var c=b.createElement("script");c.src=a,c.defer=c.type="text/javascript",b.getElementsByTagName("head")[0].appendChild(c)}var g,h,i,j,k=b.createElement("canvas"),l=k.getContext&&k.getContext("2d");for(j=Array("flag","emoji"),c.supports={everything:!0,everythingExceptFlag:!0},i=0;i

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