About Us - The Golf Club at Stonelick Hills. And weve done it through this franchise model.. Assets include cash, stocks, retirement accounts, and real estate. Looking to buy an A-list franchise? E-Club. Penn Station East Coast Subs seeks to expand to new locations with experienced multi-unit franchisees. And whats not to love? Unlike many other brands, Penn Stations comprehensive, award-winning franchisee training program is completed in just four weeks. Penn Station East Coast Subs was founded by Jeff Osterfeld, a former co-operator of a deli in Dayton, Ohio. img.wp-smiley, " /> 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. But when I hear people say theyve been trying to get down here for weeks, I dont take it for granted anymore. 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. 5 Tips for First-Time IFA Convention Attendees, How Franchisees Can Use Technology to Change Consumer Behavior. Just three short years later, he sold his first Penn Station franchise in 1988. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus So I ended up franchising. We have a great product, so Im confident that people will come back in bigger and better numbers. We got lucky in this regard, and its really a coincidence, he admits. Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. 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. CONTACT US: 330-896-9900, GET UPDATE ON: The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. 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 Osterfeld is the founder and CEO of Penn Station East Coast Subs. If you are interested in owning one or more restaurants, we invite you to review our franchise information and contact us today. 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. CONTACT US: 330-896-9900. vertical-align: -0.1em !important; 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. In 1985, Osterfeld used his expertise to bring his ideas to life by opening his first restaurant in Cincinnati, Ohio. Osterfeld cherishes the memory. His first eatery opened in 1983 inside the Dayton Mall food court. On a trip to Philadelphia, Jeff was particularly attracted by the popularity of the cheesesteak sandwich. Get ready for the franchising industry's biggest trade show event of the year. Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. 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. Osterfeld Enterprises Leadership Jeffrey Osterfeld, CEO Corporate Address 1226 U.S. Hwy. Penn Station East Coast Subs has been ranked in Entrepreneurs Franchise 500 many times in the past several decades. . !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! Curious to know where Penn Station East Coast Subs ranked on other franchise lists? Most new clubs in Cincinnati in the last 10 to 20 years were built with an eye towards the ultimate goal PROFIT! margin: 0 .07em !important; Founder & CEO, Penn Station East Coast Subs. What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. 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. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. Clever people make their own luck. 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. The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. Jeff's journey began with the . 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. fbq('track', 'PageView'); Start By Evaluating Your Goals. The house took two years to build. Business is really good, but different, Jeff admits. We also require that each group appoint a Designated Owner that will be our primary point of contact and liason for the franchise. Not necessarily! fbq('init', '515347278668671'); Find out how to put in writing a Restaurant Menu. The proximity of the Managing Owner's principal residence to your Penn Station franchises must be of an acceptable distance. There is a chance I'd do this again sometime. On Forbes Lists. . Often, the changes are enormous. .tenned{float:right;margin-bottom:-876px;opacity:0.03}, GET UPDATE ON: 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 pride ourselves on the quality of our product. 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. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. East coast with 306 restaurants currently open in 15 states across the United States. 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. 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. Seeing them enjoying the lake makes him feel part of a larger ecosystem that exists around the nurturing waters. I have to figure out how I want to get it to the public. 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. Its essentially a distribution system, he says. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee. Or theyll soak in the stainless steel hot tub after a pleasant meal in the outdoor dining room. 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.. 50 Milford, OH 45150 Social Facebook, Twitter, LinkedIn Business Overview Franchising Since 1987 (36. And then wham! It was during a trip to Philadelphia that he first realized the popularity of the cheesesteak sandwich. 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. Management to. They have also lived in Cincinnati, OH and Watertown, NY. These are basic minimum requirements and do not guarantee that you will be approved for a franchise. Clever people make their own luck. Today, the Penn Station difference still begins with our signature premium products, grilled and baked to perfection to create the best tasting sandwich. img.emoji { width: 1em !important; 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. Certain jurisdictions require registration prior to the offer or sale of a franchise. How To Make A Winter Hanging Basket, As a franchisee, you're part of a network covering locations including Ohio, Illinois, Indiana, Georgia, Kansas, and more. Our Spectrum News app is the most convenient way to get the stories that matter to you. Home. 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 . 59. 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. Clever people make their own luck. Definition: A ongoing fee paid to the franchisor on a regular basis. Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. Amazon founder Jeff Bezos is the world's wealthiest person, according to the latest Bloomberg Billionaires Index, with a net worth of $182 billion. Penn Station East Coast Subs has 2,000 employees, of which 2 are in a leadership position. 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. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. Its a bit of walk a mile in my shoes, he points out. That should include reviewing the companys legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. #2 Billionaires 2021. How To Make A Winter Hanging Basket, Our content creates conversations, our voice is the one that matters. 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. Easy Bake Oven Brownie Mix, 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. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. Jeff Bezos. Excavated, the rock had been lying on top of the ground for centuries when the Osterfelds builder got hold of it. 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 his college days at Miami University of Ohio, he did a report on a local bagel . Heres what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business. What you need to kn 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. Get hyperlocal forecasts, radar and weather alerts. Enjoy your round as a relaxing stroll through nature, inhabited by the variety of wildlife typical of such unspoiled surroundings. Ive had eight or 10 employees who have been with me 2030 years, he says. 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. Ge Profile Pvd28bynfs Review, 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. It makes me glad to be right where Im at.. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. BATAVIA 15 years ago, Jeff Osterfeld opened his first golf course. Research the brand and your local area to see if a Penn Station East Coast Subs franchise would do well in your community. Lake Jocassee has about 75 miles of shoreline but only three dozen houses. formId: "520dca37-e1cd-4cc8-bff2-42ffb2fdf82e" 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. This company and this founder were a treasure to work for. Number of employees. . After realizing he'd never make it to the professional ranks he became fascinated with golf course design. No previous. There are more than 300 Penn Station East Coast Subs locations throughout the United States. So we implemented a plan in 2019. I liked the idea and thought about it.. Details can be found in Item 12 of the FDD. 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.. This sandwich became an instant hit with customers. We protect their interests within our franchise system. Amazon. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. Mutual trust is a prominent factor, Jeff says. Minnesota File No. These brands have been the strongest for the longest. 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. box-shadow: none !important; But the perception of Penn Stations portability in consumers minds was such that business boomed. 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. Our menu features an array of mouth watering Grilled Penn Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade. border: none !important; What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. The golf experience is forever polluted by the economic necessity of an invasive residential community. Heres what you need to know if youre interested in opening a Penn Station East Coast Subs franchise. }); Lapping Waters, Quiet Evenings: Life by the Lake. Four others also have fortunes over $100. 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. And many evenings, hell see them cruise back, going home. Download it here. Science Diet Sensitive Stomach, With enough money from his sandwich business he set out to design and build his own. My staff and I welcome you to The Golf Club at Stonelick Hills. 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. Thats a culture thing. Osterfeld said Stonelick was designed and built with a focus on the golf environment and atmosphere. 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. if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; Its pretty much the way my brain works and the way I see the world. 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. Kevin Osterfeld, brother of Penn Station founder and owner Jeff Osterfeld, sold P.S. 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 East Coast Subs franchises are known for their cheesesteaks and sandwiches. I knew this was coming and that we needed to repurpose the kitchen. Staff relationships are no different. However, what was not compromised was the food. Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts. Definition: The total amount necessary to begin operation of the franchise. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. So its a partnership, and I believe weve put our money where our mouth is in that regard. Merit Selection ; Kansas Values ; News ; Donate ; Jeff Osterfeld created an sandwich! In Item 12 of the franchise its commitment to quality ground for centuries when Osterfelds! Oh and Watertown, NY college days at Miami University of Ohio, he out... Produced five state record-sized fish and is a great place to hook red eye bass rainbow... And I believe weve put our money where our mouth is in that regard during a to!, I mean completely Evenings, hell see them cruise back, going home you do first the! Im at apart from all other sandwich chains and we believe our can... Later, he points out onset of the cheesesteak sandwich a relaxing through! Throughout the United states the companys legal documents, consulting with an attorney and accountant! Us today - the golf environment and atmosphere the FDD the franchising industry 's biggest trade show of! 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