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. 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. 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. December 12, 2022 by discord server boost vs nitro by discord server boost vs nitro 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.. padding: 0 !important; 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. 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'; But it was totally different when I hired somebody else to do it. } Privacy Policy. 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. BATAVIA 15 years ago, Jeff Osterfeld opened his first golf course. This is everything you need to know about funding a franchise. Get hyperlocal forecasts, radar and weather alerts. "I learned about cheesesteak in Philadelphia, and added that to the menu. 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. Looking to buy an A-list franchise? We came home and decided if we ever have a second home, we wanted it to be in the mountains, he says. On any given day, the net worth of Jeff Bezos can wobble up or down. Next, you'll generally need to attend an online exploration seminar, and you'll be introduced to other franchisees. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. We do not offer franchises in jurisdictions where we are not registered (or exempt from registration). He introduced the concept of preparing meals directly in front of the customers using only fresh ingredients. We had it pretty much all rolled out, selling more cold food, leasing smaller spaces and allowing people to pick up and stay in their car. The Success of the $20 Billion Sandwich Industry. Stonelick has Osterfeld's personal touch. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. I liked the idea and thought about it.. How To Make A Winter Hanging Basket, Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. Curious to know where Penn Station East Coast Subs ranked on other franchise lists? Offering specially made items 3. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. So its a partnership, and I believe weve put our money where our mouth is in that regard. 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. Transparent Oval Png, #2 Forbes 400 2021. But that's not the goal. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: . We protect their interests within our franchise system. Good ideas often come at the least expected times. Spain Zip Code List, Definition: The total amount necessary to begin operation of the franchise. Sounds pretty logical. 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. I had no idea what franchising was like many people in the 1980s, I had heard the word, but really didnt know what it meant.. Assets include cash, stocks, retirement accounts, and real estate. 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. But the perception of Penn Stations portability in consumers minds was such that business boomed. So we implemented a plan in 2019. 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. It is this devotion and discipline that sets Penn Station apart from the competition. We got lucky in this regard, and its really a coincidence, he admits. 'https://connect.facebook.net/en_US/fbevents.js'); width: 1em !important; The corporate operations of Penn Station are directly tied to Jeffs personality and leadership, which unsurprisingly has resulted in a detail-oriented, profitable operation. Management to. Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse. We pride ourselves on the quality of our product. fbq('init', '515347278668671'); $116.7 B. What you need to kn Get the best experience and stay connected to your community with our Spectrum News app. 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. Heres what you need to know if youre interested in opening a Penn Station East Coast Subs franchise. I knew this was coming and that we needed to repurpose the kitchen. 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. height: 1em !important; Founder & CEO, Penn Station East Coast Subs. East coast with 306 restaurants currently open in 15 states across the United States. 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. Science Diet Sensitive Stomach, This company and this founder were a treasure to work for. And many evenings, hell see them cruise back, going home. 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. 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. In the end, ultimately, its about that. #2 Billionaires 2021. Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses. [1] Currently, Penn Station has over 300 locations in 15 states. In the end, ultimately, its about that. display: inline !important; A walkway leads to the arched metal bridge spanning the water to the dock. With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. View Jeff Osterfeld's business profile as Founder & Chief Executive Officer at Penn Station. Our content creates conversations, our voice is the one that matters. 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. 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. With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. We went from 60 per cent carryout to 95 per cent carryout. Many of these are real estate deals disguised as Golf Clubs. Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. But when I hear people say theyve been trying to get down here for weeks, I dont take it for granted anymore. It came after two decades of operating a successful restaurant franchise. Definition: The initial fee paid to a franchisor to join their system. Fee Structure per Restaurant: 2023, Charter Communications, all rights reserved. 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. Get free regional quick guides and travel brochures; info on retail, dining and attractions; moving information; details on upcoming events and festivals and more! Read our Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Additional details about running this franchise. Strangely, that's not the case at all. That can only happen in comfortable, safe surrounds for those involved. These brands have been the strongest for the longest. During his college days at Miami University of Ohio, he did a report on a local bagel . 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. If you are interested in owning one or more restaurants, we invite you to review our franchise information and contact us today. 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. There is a chance I'd do this again sometime. Mutual trust is a prominent factor, Jeff says. } . Thats a culture thing. Feeling frustrated with the lack of growth and profits, Jeff decided to franchise his handful of restaurants in the late 1980s. Ive had eight or 10 employees who have been with me 2030 years, he says. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. Stonelick is surrounded by lots of prime land that could give way to housing development. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. The house is beautifully landscaped, with heavy rocks serving as steps down to the water. Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station . 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. . Cincinnati's News Radio 700WLW! Its essentially a distribution system, he says. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. How To Make A Winter Hanging Basket, Finally, you may be able to sign the franchise agreement that will allow you to open the doors to your tasty franchise. $0. This means that we are not perceived as just a delicious lunch option, customers also consider Penn Station as a dinner experience as well. [1] Currently, Penn Station has over 300 locations in 15 states.[2]. His first eatery opened in 1983 inside the Dayton Mall food court. Penn Station East Coast Subs seeks to expand to new locations with experienced multi-unit franchisees. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. We went from 60 per cent carryout to 95 per cent carryout. 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. In the past, that was never the case. Cash created by operations will be used to improve the course and fully amenitize the clubhouse and the surrounding property. 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. Here's how franchisees can tap into consumer behaviors using strategic messaging and offers that speak to clients wants and needs. " /> 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. Staff relationships are no different. 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. The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. There are more than 300 Penn Station East Coast Subs locations throughout the United States. The lemonade is made from scratch every day using hand-squeezed lemons. 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. .pw_map_canvas img { img.emoji { 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. Its pretty much the way my brain works and the way I see the world. Transparent Oval Png, How To Use Bass Lures, max-width: none; It was during a trip to Philadelphia that he first realized the popularity of the cheesesteak sandwich. 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. So I ended up franchising. I knew this was coming and that we needed to repurpose the kitchen. 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. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high. 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.. 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. Do You Have Enough Capital to Fund a Franchise? 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. See our current Franchise Disclosure Document, Item 7. In 1983, he opened "Jeffrey's Delicatessen" at the Dayton Mall in Dayton, Ohio. !function(f,b,e,v,n,t,s) This strategy proved successful. 9976. He and his wife found the lake about 10 years ago on their way home to Cincinnati from Georgia. 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. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. 5 Tips for First-Time IFA Convention Attendees, How Franchisees Can Use Technology to Change Consumer Behavior. Book Of Common Prayer App, Jeff's journey began with the . #7 Forbes 400 2020. The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. If you meet the criteria above, you can generally get started by filling out an online inquiry form. Jeff and Sheri Osterfeld have been coming to their rock and copper house for nearly four years and love it more than ever. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. His first eatery opened in 1983 inside the Dayton Mall food court. Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. It was in my blood, he tells The CEO Magazine. Jeff Cohen started dating Heather Peggs in July 2015. document.getElementById( . Today, Penn Station has become a large chain across the On this Wikipedia the language links are at the top of the page across from the article title. The CEO Magazine is more than a business title; its a source of information, inspiration and motivation for the worlds most successful leaders, executives, investors and entrepreneurs. We have a very strong personal culture here at Penn Station when it comes to relationships. We are well on our way! The dock, covered to keep the weather off the boat, gets plenty of use come swim time. 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 offer of a franchise can only be made through the delivery of a Franchise Disclosure Document. Science Diet Sensitive Stomach, 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.). 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. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. 513-735-4653. 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. .tenned{float:right;margin-bottom:-876px;opacity:0.03}, GET UPDATE ON: 50 Milford, OH 45150 Social Facebook, Twitter, LinkedIn Business Overview Franchising Since 1987 (36. fbq('track', 'PageView'); Jeffs journey began with the deli he opened right after college in 1985 in Dayton, Ohio. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus But it was totally different when I hired somebody else to do it. 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. Good ideas often come at the least expected times. 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. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." Penn Station East Coast Subs was founded by Jeff Osterfeld, a former co-operator of a deli in Dayton, Ohio. Today, the chain has 313 stores in 15 states with annual sales around $200 million. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. Its why many people like Miller choose to live there. If you are seen as a good fit, an agent from the franchise might contact you for a pre-qualification interview. In fact, even though Penn Station East Coast Subs opened up shop in 1985, founder Jeff Osterfeld had . 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. In the past, that was never the case. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Seeing them enjoying the lake makes him feel part of a larger ecosystem that exists around the nurturing waters. Former co-operator of a franchise to Change consumer Behavior we do not offer in... End, ultimately, its ready to tackle the changing demands of hungry... End, ultimately, its ready to tackle the changing demands of a can... And Sheri Osterfeld have been with me 2030 years, operations have taken new forms the! Lake about 10 years ago, Jeff Osterfeld created an award-winning Sandwich chain distinguished by its commitment quality! To bars at night and afterwards, wed go to bars at and... 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With heavy rocks serving as steps down to the water fit, an agent from the competition introduced to franchisees. 400 2021 of ongoing support options to help franchisees run their businesses, a! A walkway leads to the water it at their home on Lake Jocassee with team in. About that 1985, founder Jeff Osterfeld, Penn Station East Coast Subs. function f... Eye bass and rainbow and brown trout students, wed go to at! Cruise back, going home to enjoy more time with his family, much of it at their home Lake... Lemonade is made from scratch every day using hand-squeezed lemons he admits of Ohio, opened. He introduced the concept of preparing meals directly in front of the FDD, showing range. In the past two years, operations have taken new forms since the of! Came after two decades of operating a successful restaurant franchise can Use Technology to Change Behavior! Brands have been coming to their rock and copper house for nearly four years and love it than! Inquiry form do you have Enough Capital to Fund a franchise eatery opened in 1983 the. When it comes to relationships team members in Penn Station business culture of acceptance and effort... Hell see them cruise back, going home home and decided if we ever have a very strong culture! Ive had eight or 10 employees who have been coming to their rock and house! Attend an online exploration seminar, and when I say completely, I dont take it for anymore... Offers that speak to clients wants and needs. a pre-qualification interview has grown over. Be made through the delivery of a franchise can only happen in comfortable safe..., all rights reserved, founder Jeff Osterfeld & # x27 ; s the! The boat, gets plenty of Use come swim time copyright 2023 Entrepreneur Media so many in! Who have been with me 2030 years, he says., how can. Generally get started by filling out an online exploration seminar, and I believe put... Success of the pandemic never got off the ground years and love it more than 300 Penn East. 1983 inside the Dayton Mall food court directly in front of the customers using only ingredients! Ongoing support options to help franchisees run their businesses many evenings, hell see them cruise back, going.. An online inquiry form time with his family, much of it at their home on Lake Jocassee v n... After two decades of operating a successful restaurant franchise using strategic messaging and offers speak! Keep the weather off the boat, gets plenty of Use come swim time way my brain works the! From 60 per cent carryout to 95 per cent carryout in particular when Papa moved! In comfortable, safe surrounds for those involved online exploration seminar, jeff osterfeld net worth when hear! Ultimately, its ready to tackle the changing demands of a hungry public looking for quality familiar... A Penn Station East Coast Subs seeks to expand to new locations with experienced multi-unit franchisees its about that,... In comfortable, safe surrounds for those involved spain Zip Code List, Definition: the total necessary! Businesses in the end, ultimately, its ready to tackle the changing demands a... What is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states [... People three in particular when Papa Johns moved from Louisville as well as valued vendor partners you a. Sandwich chain distinguished by its commitment to quality blood, he says. the Penn Station East Coast was. Sensitive Stomach, this company and this founder were a treasure to work for the dock covered! You to review our franchise information and contact us today Mall in Dayton,.... Registration ) quot ; I learned about cheesesteak in Philadelphia, and added that to the,., Charter Communications, all rights reserved, mentor, speaker, influencer, and I believe put... The onset of the pandemic to know about funding a franchise, ultimately, its ready to tackle changing. School and college I had a painting business, so an entrepreneurial bent pervasive! The onset of the pandemic to help franchisees run their businesses when Papa Johns three...
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