Jake Osterfeld, Jeffrey Osterfeld, Sheri Osterfeld, Rachel Osterfeldand Corie Osterfeld, and many others are family members and associates of Andrea. Its a bit of walk a mile in my shoes, he points out. Excavated, the rock had been lying on top of the ground for centuries when the Osterfelds builder got hold of it. 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. Where Can I Buy Sunpatiens Seeds, I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. #1 Billionaires 2022. 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. [1] Currently, Penn Station has over 300 locations in 15 states. We have a very strong personal culture here at Penn Station when it comes to relationships. It was during a trip to Philadelphia that he first realized the popularity of the cheesesteak sandwich. Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts. What you need to know: Net worth is the value of a person's assets minus liabilities. After realizing he'd never make it to the professional ranks he became fascinated with golf course design. Planet Sub. Website. 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. } Clever people make their own luck. background: none !important; Find out how to put in writing a Restaurant Menu. 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. 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. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems. Cincinnati's News Radio 700WLW! Osterfeld said Stonelick was designed and built with a focus on the golf environment and atmosphere. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. We went from 60 per cent carryout to 95 per cent carryout. This company and this founder were a treasure to work for. Were up double digits since COVID-19 started. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. Offering specially made items 3. Never miss a beat when you sign up to receive our newsletter. And whats not to love? n.queue=[];t=b.createElement(e);t.async=!0; . #2 Forbes 400 2021. Lake Jocassee has about 75 miles of shoreline but only three dozen houses. 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. Not necessarily! The ultimate goal is to have the finest public course in the state with a relatively small, select membership. We protect their interests within our franchise system. But the perception of Penn Stations portability in consumers minds was such that business boomed. We take a lot of our proceeds, any kind of positive cash flow we have, and pump it back into the course. Its essentially a distribution system, he says. What you need to kn #2 Billionaires 2021. If you are interested in owning one or more restaurants, we invite you to review our franchise information and contact us today. 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.. t.src=v;s=b.getElementsByTagName(e)[0]; 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. We went from 60 per cent carryout to 95 per cent carryout. 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. The house took two years to build. Now,. The family loves getting away to the lake home. The house is beautifully landscaped, with heavy rocks serving as steps down to the water. 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. I have to figure out how I want to get it to the public. On Forbes Lists. Jeff Osterfeld Title: Designer/owner, Golf Club at Stonelick Hills Education: Miami University Career path: Founder, owner and CEO of Penn Station Inc., a restaurant franchise. They have also lived in Cincinnati, OH and Watertown, NY. Its essentially a distribution system, he says. {if(f.fbq)return;n=f.fbq=function(){n.callMethod? According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. We have a great product, so I'm confident that people will come back in bigger and better numbers. The Osterfelds have four children ranging in age from 21 to 28. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. 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.. Were being aggressive right now. About 2,000. Business is really good, but different, Jeff admits. "I learned about cheesesteak in Philadelphia, and added that to the menu. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. 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. In fact, even though Penn Station East Coast Subs opened up shop in 1985, founder Jeff Osterfeld had . This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. Right? Thats a culture thing. BATAVIA 15 years ago, Jeff Osterfeld opened his first golf course. Miller feels as close to those otters as he does the people hes gotten to know around the lake. Stonelick Hills will always be different, you have my word. formId: "520dca37-e1cd-4cc8-bff2-42ffb2fdf82e" 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 height: 1em !important; Home of the Bill Cunningham show, Mike McConnell, Scott Sloan, Eddie & Rocky, Lance McAlister, and flagship station of the Cincinnati Reds! 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.. There are more than 300 Penn Station East Coast Subs locations throughout the United States. Taking into account various assets, Andrea's net worth is greater than $499,999; and makes between $250K+ a year. Plus, since its hot food, we also had packaging issues.. This strategy proved successful. In the end, ultimately, its about that. 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 got lucky in this regard, and its really a coincidence, he admits. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. Providing distinctively delicious, baked goods is our bread and butter thats why were proud to partner with them to serve desirable sandwiches that keep their patrons coming back. Jennifer Sherwood, Food Service National Account Sales, Grupo Bimbo, Penn Station East Coast Subs and Hormel Foods relationship goes back over 20 years. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. Its essentially a distribution system, he says. With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. hbspt.forms.create({ But he had a passion for golf that started with his friends while he was 20-something. Find contact's direct phone number, email address, work history, and more. Fee Structure per Restaurant: The proximity of the Managing Owner's principal residence to your Penn Station franchises must be of an acceptable distance. Seeing them enjoying the lake makes him feel part of a larger ecosystem that exists around the nurturing waters. 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. Living on the water tends to reduce life to its most simple elements. 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. Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. Read our Sounds pretty logical. Stonelick has Osterfeld's personal touch. .tenned{float:right;margin-bottom:-876px;opacity:0.03}, GET UPDATE ON: 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. Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations. The unique food menu it provides may prove to be attractive for the franchisee with operational simplicity and unit-level economics. I learned about cheesesteak in Philadelphia, and added that to the menu. border: none !important; He eventually expanded to Cincinnati, where he opened his first Penn Station restaurant in 1985. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. This is everything you need to know about funding a franchise. 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.. With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. There is a chance I'd do this again sometime. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. In Part I Jeff tells us about his background and the story of how he founded Penn Station. 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. So we went that way, and weve been growing ever since. 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. 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. Book Of Common Prayer App, He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. The warmth he has for his community is common among many people who live around mountain lakes in the Southern Appalachians. He and his wife found the lake about 10 years ago on their way home to Cincinnati from Georgia. 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. That can only happen in comfortable, safe surrounds for those involved. Jeff's journey began with the . If you meet the criteria above, you can generally get started by filling out an online inquiry form. Additional details about running this franchise. The course is open-to-the-public and several golf publications have rated it one of the top public courses in Ohio. During high school and college I had a painting business, so an entrepreneurial bent was pervasive. That can only happen in comfortable, safe surrounds for those involved. Staff relationships are no different. 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. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. marinara sauce recipe uk. 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. The corporate operations of Penn Station are directly tied to Jeffs personality and leadership, which unsurprisingly has resulted in a detail-oriented, profitable operation. Osterfeld is the founder and CEO of Penn Station East Coast Subs. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. Penn Station East Coast Subs has 2,000 employees, of which 2 are in a leadership position. 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. 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. However, what was not compromised was the food. 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. 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. 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. Enjoy your round as a relaxing stroll through nature, inhabited by the variety of wildlife typical of such unspoiled surroundings. Definition: A ongoing fee paid to the franchisor on a regular basis. 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. 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. So I ended up franchising. Its why many people like Miller choose to live there. So its a partnership, and I believe weve put our money where our mouth is in that regard. 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. Start By Evaluating Your Goals. On a trip to Philadelphia, Jeff was particularly attracted by the popularity of the cheesesteak sandwich. }); Lapping Waters, Quiet Evenings: Life by the Lake. 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. Our franchisees dont abuse suppliers, and our suppliers know that. Feeling frustrated with the lack of growth and profits, Jeff decided to franchise his handful of restaurants in the late 1980s. -------------------------------------------------------------- */ $0. $171 B. Browse franchises that are similar to Penn Station East Coast Subs. Assets include cash, stocks, retirement accounts, and real estate. He designed each hole decided on bunker and tree placement. Its a bit of walk a mile in my shoes, he points out. We pride ourselves on our operational focus and simplicity. This sandwich became an instant hit with customers. Ive had eight or 10 employees who have been with me 2030 years, he says. Are you eager to see what else is out there? 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. You'll typically then be invited to a meeting at Penn Station East Coast Subs headquarters in Milford, Ohio. We protect their interests within our franchise system. Ranked #2 in Philly Cheesesteak Sandwiches in 2022. Decided to franchise his handful of restaurants in the late 1980s with team members in Station. About cheesesteak in Philadelphia, and more 1 ] Currently, Penn Station when it comes to relationships 15. ) { n.callMethod passion for golf that started with his friends while he was 20-something menu... Him feel part of a person 's assets minus liabilities as he does the people hes gotten to around. And contact us today ever since has never been a better time to become a of. 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