Were better together as we strive to bring an outstanding food experience to the consumer. Mark Ourada, Group Vice President Foodservice Division, Hormel Foods Corporation. /* =Responsive Map fix Find out how to put in writing a Restaurant Menu. Kevin Osterfeld, brother of Penn Station founder and owner Jeff Osterfeld, sold P.S. 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. " /> This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Taking into account various assets, Andrea's net worth is greater than $499,999; and makes between $250K+ a year. Browse franchises that are similar to Penn Station East Coast Subs. Get free regional quick guides and travel brochures; info on retail, dining and attractions; moving information; details on upcoming events and festivals and more! 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.. Its such an escape kind of place, Osterfeld says. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. Plus, since its hot food, we also had packaging issues.. } Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. The dock, covered to keep the weather off the boat, gets plenty of use come swim time. 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. 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. Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations. About 2,000. Founder & CEO, Penn Station East Coast Subs. However, what was not compromised was the food. That's the perfectionist in me looking at things I've done out there, said Osterfeld. Where Can I Buy Sunpatiens Seeds, Net Worth of $500,000 and $300,000 unencumbered liquid assets. Mutual trust is a prominent factor, Jeff says. We went from 60 per cent carryout to 95 per cent carryout. I have a product. I have to figure out how I want to get it to the public. vertical-align: -0.1em !important; We got lucky in this regard, and its really a coincidence, he admits. In the past, that was never the case. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Senior transition and relocation, online auctions, and estate management. Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. As a franchisee, you're part of a network covering locations including Ohio, Illinois, Indiana, Georgia, Kansas, 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. window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/11.2.0\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/11.2.0\/svg\/","svgExt":".svg","source":{"concatemoji":"https:\/\/designconstruction.net\/wp-includes\/js\/wp-emoji-release.min.js?ver=5.1.8"}}; We have a very strong personal culture here at Penn Station when it comes to relationships. 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. Demolition Wwf Theme, n.callMethod.apply(n,arguments):n.queue.push(arguments)}; CONTACT US: 330-896-9900, GET UPDATE ON: [1] Currently, Penn Station has over 300 locations in 15 states. It was in my blood, he tells The CEO Magazine. We are well on our way! 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. Penn Station East Coast Subs seeks to expand to new locations with experienced multi-unit franchisees. That sets the tone for the day, he says. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high. Number of employees. 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. 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. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. Easy Bake Oven Brownie Mix, But the perception of Penn Stations portability in consumers minds was such that business boomed. .pw_map_canvas img { Get ready for the franchising industry's biggest trade show event of the year. Curious to know where Penn Station East Coast Subs ranked on other franchise lists? About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. 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. Good ideas often come at the least expected times. Often, the changes are enormous. Learn More. If you meet the criteria above, you can generally get started by filling out an online inquiry form. Transparent Oval Png, 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. COVID-19 hit, and the thing I was worried about jumped to 95 per cent.. 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. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. He and his wife found the lake about 10 years ago on their way home to Cincinnati from Georgia. } 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. Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station . {"@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":""}]} Today, the chain has 313 stores in 15 states with annual sales around $200 million. And weve done it through this franchise model.. Supper conversation at the Osterfeld house in Lake Jocassee, S.C., includes the sounds of fish plopping into the water and geese flying overhead. #1 Forbes 400 2022. About Us - The Golf Club at Stonelick Hills. 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. We take a lot of our proceeds, any kind of positive cash flow we have, and pump it back into the course. Liabilities include items like mortgages, car payments, and credit card debt. 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. We came home and decided if we ever have a second home, we wanted it to be in the mountains, he says. We have a great product, so Im confident that people will come back in bigger and better numbers. 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. Assets include cash, stocks, retirement accounts, and real estate. The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. On Forbes Lists. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. 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 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. 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. What you need to know: Net worth is the value of a person's assets minus liabilities. Catch up on the latest franchise news, trends, and more. No previous. They must have restaurant management experience comparable to the number of restaurants you will develop. 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. Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses. I see myself as a common sense kind of businessman. Definition: A ongoing fee paid to the franchisor on a regular basis. 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 . And we dont burn through a lot of franchisees. 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. I agree with how this article portrays the culture of PS! Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. The golf course isn't really for profit, but rather a hobby. That can only happen in comfortable, safe surrounds for those involved. Find contact's direct phone number, email address, work history, and more. Its pretty much the way my brain works and the way I see the world. Additionally, the proposed Managing Owner must own a minimum 10% equity in and live near to the market where your restaurants will be located. Today, the Penn Station difference still begins with our signature premium products, grilled and baked to perfection to create the best tasting sandwich. 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