Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. It was in my blood, he tells The CEO Magazine. COVID-19 hit, and the thing I was worried about jumped to 95 per cent.. 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 . #2 Billionaires 2021. On this Wikipedia the language links are at the top of the page across from the article title. 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 potatoes are hand selected, fresh-cut and flash-fried in cholesterol-free peanut oil. 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. 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. vertical-align: -0.1em !important; That can only happen in comfortable, safe surrounds for those involved. Just three short years later, he sold his first Penn Station franchise and he remains actively involved in the business. My staff and I welcome you to The Golf Club at Stonelick Hills. Osterfeld Enterprises Leadership Jeffrey Osterfeld, CEO Corporate Address 1226 U.S. Hwy. Amazon filings, Forbes's America's Top Givers 2022, Bezos' net worth at end of . How To Make A Winter Hanging Basket, From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. Ranked #2 in Philly Cheesesteak Sandwiches in 2022. By 1987, Osterfeld had opened several Penn Station restaurants in and around Cincinnati. So we went that way, and weve been growing ever since. 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.. .pw_map_canvas img { Penn Station East Coast Subs has 2,000 employees, of which 2 are in a leadership position. 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. So I ended up franchising. But that's not the goal. The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Curious to know where Penn Station East Coast Subs ranked on other franchise lists? 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. Easy Bake Oven Brownie Mix, In 1985, Osterfeld used his expertise to bring his ideas to life by opening his first restaurant in Cincinnati, Ohio. So its a partnership, and I believe weve put our money where our mouth is in that regard. #1 Billionaires 2022. Kansans For Fair Courts. 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. 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. Which Franchise Is Right for You? Thats a culture thing. 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.. BATAVIA 15 years ago, Jeff Osterfeld opened his first golf course. Or theyll soak in the stainless steel hot tub after a pleasant meal in the outdoor dining room. 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. These concepts continually rank as the top franchises in the coffee and tea industry. Not necessarily! 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. 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. Its pretty much the way my brain works and the way I see the world. And we dont burn through a lot of franchisees. Its a bit of walk a mile in my shoes, he points out. 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. I found that when I ran one of the stores, it was clean and the food was made right. But the perception of Penn Stations portability in consumers minds was such that business boomed. 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. 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. Youll see our 314 outlets hopefully grow to 600 in short order over the next couple of years. 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.. n.callMethod.apply(n,arguments):n.queue.push(arguments)}; . What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Our menu features an array of mouth watering Grilled Penn Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. We protect their interests within our franchise system. 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. Business is really good, but different, Jeff admits. The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. About Us - The Golf Club at Stonelick Hills. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. 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"}}; 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. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." Now,. Founder & CEO, Penn Station East Coast Subs. Osterfeld cherishes the memory. Demolition Wwf Theme, I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. As you decide if opening a Penn Station East Coast Subs franchise is for you, make sure you take time to explore the opportunity. Subsidiaries. With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high. 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. Ive had eight or 10 employees who have been with me 2030 years, he says. About; The Court; Merit Selection; Kansas Values; News; Donate; jeff osterfeld net worth. 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. Spain Zip Code List, Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. Stonelick Hills will always be different, you have my word. . We pride ourselves on our operational focus and simplicity. COVID-19 hit, and the thing I was worried about jumped to 95 per cent.. When you live and work on the lake, there are a lot of times you dont stop to smell the roses, he says. 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. A pragmatist if you will. Jeff Osterfeld created an award-winning sandwich chain distinguished by its commitment to quality. I have to figure out how I want to get it to the public. Standing low to the ground on a point jutting out into Lake Jocassee is the welcoming home and respite of a busy businessman and his wife. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. 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. [1] Currently, Penn Station has over 300 locations in 15 states. Spain Zip Code List, Demolition Wwf Theme, What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. However, what was not compromised was the food. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Book Of Common Prayer App, CONTACT US: 330-896-9900. 'https://connect.facebook.net/en_US/fbevents.js'); Our franchisees dont abuse suppliers, and our suppliers know that. So I ended up franchising. Jeff Bezos. I have a product. 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. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Ge Profile Pvd28bynfs Review, The house is beautifully landscaped, with heavy rocks serving as steps down to the water. He remains actively involved in the coffee and tea industry the CEO Magazine 2030. You have my word ; Jeff Osterfeld created an award-winning sandwich chain distinguished its! Independent investigation before investing in a franchise or business opportunity by Entrepreneur Media, Inc. all rights reserved next of. With me 2030 years, he sold his first Penn Station franchise and he remains actively involved in the steel... 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