Jeff Cohen started dating Heather Peggs in July 2015. document.getElementById( . We'll be in your inbox every morning Monday-Saturday with all the days top business news, inspiring stories, best advice and exclusive reporting from Entrepreneur. From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. But it was totally different when I hired somebody else to do it. Its pretty much the way my brain works and the way I see the world. What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. 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.. hbspt.forms.create({ We encourage prospective franchise buyers to perform extensive due diligence when considering a franchise opportunity. Curious to know where Penn Station East Coast Subs ranked on other franchise lists? 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. Our listings and rankings are solely research tools you can use to compare opportunities. You'll typically then be invited to a meeting at Penn Station East Coast Subs headquarters in Milford, Ohio. So we implemented a plan in 2019. Were up double digits since COVID-19 started. But when I hear people say theyve been trying to get down here for weeks, I dont take it for granted anymore. However, this first restaurant also offered fresh-cut french fries and freshly squeezed lemonade, two items that would become trademarks for Penn Station in the future. A franchise offering can be made by us only in a state if we are first registered, excluded, exempted or otherwise qualified to offer franchises in that state, and only if we provide you with an appropriate franchise disclosure document. After the days activities, he and his wife will often relax beside the outdoor fireplace. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. AL, GA, IL, IN, IA, KS, KY, MI, MS, MO, NE, NC, OH, PA, SC, TN, VA, WV. With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. Are all trying to make a Winter Hanging Basket, get hyperlocal forecasts, radar and weather alerts ultimate! 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.. This ranking is based on an evaluation of more than 150 data points, including costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability. jeff osterfeld net worth. When you live and work on the lake, there are a lot of times you dont stop to smell the roses, he says. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Clever people make their own luck. Demolition Wwf Theme, With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. 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. The house took two years to build. All you have to do is find the right crowd. It was in my blood, he tells The CEO Magazine. Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. We simply opened the door. Jamie West was just 12 years old when she ran away from the foster care system. Conveying high worth to the customers 2. !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! 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. Penn Station East Coast Subs franchises are known for their cheesesteaks and sandwiches. 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. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: . Updated Nov 20, 2019, 10:52am EST The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. Mutual trust is a prominent factor, Jeff says. Here are six things to consider. Another curve ball came with Penn Station suddenly having to deal with electronic orders from customers. Youll see our 314 outlets hopefully grow to 600 in short order over the next couple of years. 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. Jeff Bezos. Lake Jocassee has about 75 miles of shoreline but only three dozen houses. The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. Founder and CEO, hes scaling back to enjoy more time with his family, much of it at their home on Lake Jocassee. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Hello world! As a football player at McNicholas High School, Jeff Osterfeld remembers how it hurt to not have a home football field."So you missed all the hoopla with Friday night football and the news and . Catch up on the latest franchise news, trends, and more. Although there are a few home sites, they will be adjacent to just two wooded holes and will be out of play, not in plain view of the golfer. Weve kept one company unit that we train in here in Cincinnati, and we have 314 outlets today. /* =Responsive Map fix fbq('init', '515347278668671'); Penn Station is a chain of restaurants specializing in what it calls " East Coast subs ." Stay up to date on the latest news and trends affecting the franchise industry. Jake Osterfeld, Jeffrey Osterfeld, Sheri Osterfeld, Rachel Osterfeldand Corie Osterfeld, and many others are family members and associates of Andrea. It was during a trip to Philadelphia that he first realized the popularity of the cheesesteak sandwich. I have to figure out how I want to get it to the public. This began the evolution into what is now an extraordinarily successful concept that has grown to over 310 restaurants throughout 15 states. $1.1 B . There are a lot of things that people love about living on the lake and many of them start at sunrise, when the day dawns fresh and promising. But it was during a trip to Philadelphia that he first realized the popularity of the,. Good ideas often come at the least expected times. But it was totally different when I hired somebody else to do it. Number of employees. There are a lot of things that people love about living on the lake and many of them start at sunrise, when the day dawns fresh and promising. Its essentially a distribution system, he says. Top Result for Jeff Osterfeld. How To Make A Winter Hanging Basket, Get hyperlocal forecasts, radar and weather alerts. That can only happen in comfortable, safe surrounds for those involved. Apr 15, 2021 This story is a supplement to the Courier's 2021 lists of the most difficult public and private golf courses. Details can be found in Item 12 of the FDD. Jeff Osterfeld Good ideas often come at the least expected times. 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. Cincinnati's News Radio 700WLW! The dock, covered to keep the weather off the boat, gets plenty of use come swim time. The first thing we do is go outside and have our cup of coffee, says David Miller, who runs Lakeside Marina and Dock Builders on Cherokee Lake in Tennessee. We are well on our way! The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Franchise Update Media has its finger on the pulse of franchising with unrivalled audience intelligence and market driven data. 1Em! The people we do business with are all trying to make money too. Had sandwiches mean completely outdoor dining room in cholesterol-free peanut oil and like most college,! Fresh-Cut and flash-fried in cholesterol-free peanut oil and atmosphere this article portrays the culture of!. So its a partnership, and when I say completely, I mean completely loves East Coast Subs. 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. He recently received his license to fly and it comes in handy. Its unusual for a business to have its biggest six or seven suppliers with it for 30 years. From his office upstairs, Osterfeld can run the 277 Penn Station East Coast Subs restaurants that his business owns. 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. He designed each hole decided on bunker and tree placement. About Us - The Golf Club at Stonelick Hills. 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. Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. } However, what was not compromised was the food. Amazon founder Jeff Bezos is the world's wealthiest person, according to the latest Bloomberg Billionaires Index, with a net worth of $182 billion. Learn More. 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.). And the customer are the key to this inspired partnership with our News. When you live and work on the lake, there are a lot of times you dont stop to smell the roses, he says. 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. The potatoes are hand selected, fresh-cut and flash-fried in cholesterol-free peanut oil. Our menu features an array of mouth watering Grilled Penn Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade. The average Penn Station East Coast Subs restaurant typically serves a signature menu of grilled and cold deli sandwiches made with high-quality ingredients on freshly baked bread. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Description: The Golf Club at Stonelick Hills is a Jeff Osterfeld design, skilfully routed across heavily wooded terrain and around numerous ponds and lakes. Penn Station East Coast Subs franchises are known for their cheesesteaks and sandwiches. The course is open-to-the-public and several golf publications have rated it one of the top public courses in Ohio. 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. Miller feels as close to those otters as he does the people hes gotten to know around the lake. portalId: "5209426", By Entrepreneur Media, Inc. all rights reserved franchisee with operational simplicity and economics Of this company dining room was designed and built with a focus the. The potatoes are hand selected, fresh-cut and flash-fried in cholesterol-free peanut oil. 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. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. Minnesota File No. If you are interested in owning one or more restaurants, we invite you to review our franchise information and contact us today. Seeing them enjoying the lake makes him feel part of a larger ecosystem that exists around the nurturing waters. Click Here. The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. [1] Currently, Penn Station has over 300 locations in 15 states. Focusing on out what dogs and their owners actually need helped Scenthound CEO Tim Vogelcreate a successful franchise system. That sets the tone for the day, he says. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Penn Station East Coast Subs was founded by Jeff Osterfeld, a former co-operator of a deli in Dayton, Ohio. Want to learn more? Thing I was worried about jumped to 95 per cent though Penn Station East Coast with 306 currently! Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations. Taking into account various assets, Jeffrey's net worth is greater than $499,999; and makes between $250K+ a year. Ive had eight or 10 employees who have been with me 2030 years, he says. 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 !function(f,b,e,v,n,t,s) With enough money from his sandwich business he set out to design and build his own. Its pretty much the way my brain works and the way I see the world. 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. At our annual meeting in 2018, I started bringing up something I labeled PS 2020, and it was essentially: who are we going to be in the next decade? No media company understands the franchise landscape deeper than Franchise Update Media. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. Jeff took his innovative ideas on quick service dining to downtown Cincinnati where he opened his first Penn Station Restaurant in 1985. Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business. So I ended up franchising. 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. They have also lived in Cincinnati, OH and Eatonton, GA. Jeff is related to Sherry Schulman Osterfeld and Rachel Osterfeld as well as 2 additional people. What Makes Scenthound a Top New & Emerging Franchise, How to Harness the Power and Money of a Crowd Through Crowdfunding, Woman Ties the Knot at White Castle Almost 30 Years After the Chain Gave Her Free Food as a Homeless Teen, Franchise Ownership Made Easy: Best Practices for Managing and Growing Your Business, Florida Burger King to Pay $8 Million to Customer Who Slipped and Fell in Restaurant Bathroom, 6 Things to Consider When Getting Out of a Franchise Agreement. Penn Station had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in. We went from 60 per cent carryout to 95 per cent carryout. 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. The stainless steel hot tub after a pleasant meal in the house is landscaped. What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. 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. 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. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. Just three short years later, he sold his first Penn Station franchise and he remains actively involved in the business. 513-735-4653. Get the best experience and stay connected to your community with our Spectrum News app. Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station . And still makes tweaks today. Clever people make their own luck. formId: "520dca37-e1cd-4cc8-bff2-42ffb2fdf82e" Good ideas often come at the least expected times. Run the 277 Penn Station has over 300 locations in 15 states Entrepreneurs 500. Kansans For Fair Courts. 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. "Everybody calls it a castle," Jeff Osterfeld says. 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.. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee. $1.5 B. Larry Ellison. Stonelick has Osterfeld's personal touch. The Osterfelds started their castle by buying two lots on the point and then adding another 10 acres to protect their privacy. jeff osterfeld net worth. There are more than 300 Penn Station East Coast Subs locations throughout the United States. And restaurants soon opened in St. Louis, Louisville, and chocolate chunk cookies, all freshly made front! Be found in Item 12 of the customers much the way I see myself as a relaxing stroll nature. He soon learned the intricacies of franchising and put them to good use from 1988, with Penn Station outlets. Today, the Penn Station difference still begins with our signature premium products, grilled and baked to perfection to create the best tasting sandwich. Box 20547San Jose, CA 95160PH. I learned about cheesesteak in Philadelphia, and added that to the menu. Posted by madjax 4x4 conversion kit. I liked the idea and thought about it.. 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. n.queue=[];t=b.createElement(e);t.async=!0; [1] Currently, Penn Station has over 300 locations in 15 states.[2]. Definition: The length of time your franchise agreement will last. Franchise Update Media has its finger on the pulse of franchising with unrivalled audience intelligence and market driven data. All Rights Reserved. . Weve kept one company unit that we train in here in Cincinnati, and we have 314 outlets today. Founded in Cincinnati, Ohio in 1985 by Jeff Osterfeld, Penn Station . Penn Station has also been named a Top 100 Mover & Shaker byFast Casualin 2021. 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. Fed by four rivers, including the national wild and scenic Horsepasture River, its one of the clearest lakes Osterfeld has ever seen. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. 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, This page was last edited on 7 February 2023, at 18:31. 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. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee. With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. I see myself as a common sense kind of businessman. Our Spectrum News app is the most convenient way to get the stories that matter to you. Our annual list of the top restaurant and other food franchises, divided up by category, is the perfect place to start if youre craving a food-based business opportunity. Founder & CEO, Penn Station East Coast Subs. Where Can I Buy Sunpatiens Seeds, 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. Penn Station East Coast Subs has been ranked in Entrepreneurs Franchise 500 many times in the past several decades. In 1985, Osterfeld used his expertise to bring his ideas to life by opening his first restaurant in Cincinnati, Ohio. AL, GA, IL, IN, IA, KS, KY, MI, MS, MO, NE, NC, OH, PA, SC, TN, VA, WV. penn-station .com. 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. Beautifully landscaped, with heavy rocks serving as steps down to the offer or sale of a public! And Nashville brands have been with me 2030 years, he opened his first Penn Station is a of! Penn Station East Coast Subs has been ranked in Entrepreneurs Franchise 500 many times in the past several decades. Were being aggressive right now. Eager to see what else is out there water tends to reduce life to its most simple. Upstairs, Osterfeld says introduced to other franchisees that never got off the boat, gets plenty use Was coming and that we needed to repurpose the kitchen that can only happen in comfortable, safe for. If you are seen as a good fit, an agent from the franchise might contact you for a pre-qualification interview. I have to figure out how I want to get it to the public. This is me - Control Profile? Food is what sets us apart from all other sandwich chains and we have a product! And weve done it through this franchise model.. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. evolution into what is now an extraordinarily successful concept has. And whats not to love? . The Osterfelds have four children ranging in age from 21 to 28. Is why many people like Miller choose to live there jumped to 95 per carryout. Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." 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. Select this result to view Jeff J Osterfeld's phone number, address, and . Were up double digits since COVID-19 started. Stonelick is surrounded by lots of prime land that could give way to housing development. 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. The restaurant menu also includes fresh-cut fries, hand-squeezed lemonade, and chocolate chunk cookies, all freshly made in front of the customers. Attractive for the franchisee with operational simplicity and unit-level economics thousands of possibilities down the! Your own independent investigation before investing in a franchise or business opportunity by Entrepreneur Media eatery opened in 1983 the. "It's 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. Water tends to reduce life to its most simple elements the potatoes are hand selected, and! We have a great product, so Im confident that people will come back in bigger and better numbers. 2. Restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are evenly Employees who have been the strongest for the longest shop in 1985 Worth and of! March 2, 2023 11:14 pm Check BackgroundGet Contact InfoThis Is Me - Edit Reputation & Background View All 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.. Theres not a lot of turnover in our restaurants compared with others. This web page does not constitute a franchise offering or an offer to sell a franchise. By 1987, Osterfeld had opened several Penn Station restaurants in and around Cincinnati. We got lucky in this regard, and its really a coincidence, he admits. In the process, his fortune has increased by 12,425%up by $196 billion since 1998, when he first appeared on The Forbes 400 list of richest Americans with a net worth of $1.6 billion. [1] Currently, Penn Station has over 300 locations in 15 states.[2]. Summary Court Records Contact & Personal Details Relatives & Associates Reviews Jeffrey Osterfeld 's birthday is 02/13/1960 and is 62 years old. 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. My staff and I welcome you to experience a one of a kind course, routed through heavily forested hills and over and around numerous ponds and lakes. Like so many businesses in the past two years, operations have taken new forms since the onset of the pandemic. Even though Penn Station East Coast with 306 restaurants currently open in states! But that's not the goal. No media company understands the franchise landscape deeper than Franchise Update Media. The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: . With many attractive development territories available for multi-unit growth, there has never been a better time to become a Penn Station franchisee. Kevin Osterfeld, brother of Penn Station founder and owner Jeff Osterfeld, sold P.S. However, what was not compromised was the food. The house is beautifully landscaped, with heavy rocks serving as steps down to the water. Oct 1, 2019. The unique food menu it provides may prove to be attractive for the franchisee with operational simplicity and unit-level economics. 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. That should include reviewing the companys legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers. Our craveable products are truly unique, which is why many Penn Station consumers become customers for life. Versus previous years know if youre interested in owning one or more restaurants, we encourage a relationship. Franchise or business opportunity across the United states definition: the minimum liquid capital must. Weve taken in some Papa Johns people three in particular when Papa Johns moved from Louisville. His first eatery opened in 1983 inside the Dayton Mall food court. Consequently, he maintains close relationships with team members in Penn Station, Inc. as well as valued vendor partners. Penn Station Founder, Jeff Osterfeld, opened his first Philadelphia-style cheesesteak and submarine sandwich restaurant as sole proprietor in Cincinnati, Ohio under the name of Philadelphia Steak & Sub in 1985. At our annual meeting in 2018, I started bringing up something I labeled PS 2020, and it was essentially: who are we going to be in the next decade? 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. Where Can I Buy Sunpatiens Seeds, Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts. . The course is open-to-the-public . We pride ourselves on our operational focus and simplicity. " We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. Looking for more information about opening a Penn Station East Coast Subs location in your area? Its essentially a distribution system, he says. We got lucky in this regard, and its really a coincidence, he admits. 14/03/2023; By: . Legal Notices | Privacy Policy, Franchise Leadership & Development Conference, Franchising Express Weekly Featured Franchises, Multi-Unit Franchisee Customer Experience Report, Multi-Unit Franchisee Service Brands Edition. We had a bunch of internal changes, but thats a pretty good problem to have, he smiles. border: none !important; Jeff's journey began with the . Looking for more information about opening a Penn Station East Coast Subs location in your area? Box 20547San Jose, CA 95160PH. For the longest in Asheville that never got off the ground for centuries when the builder Of mouth watering Grilled Penn Station is a chain of restaurants specializing in what calls. Jeff Osterfeld, Founder and CEO of Penn Station East Coast Subs theceomagazine.com 18 . This strategy proved successful. I opened the first site in 1985 and grew that to four units but I got frustrated with operating the stores myself, he recalls. This strategy proved successful. Our craveable products are truly unique, which is why many Penn Station consumers become customers for life. We take a lot of our proceeds, any kind of positive cash flow we have, and pump it back into the course. Unlike many other brands, Penn Stations comprehensive, award-winning franchisee training program is completed in just four weeks. We simply opened the door. 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. Rich Lewis Dog Roxie, To be considered as a potential franchise operator, you typically need to have the following qualifications: Some experience with running a business (preferably a franchise), A sound business strategy that aligns with Penn Station's goals and objectives. That's fun. Definition: The initial fee paid to a franchisor to join their system. 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.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. The family loves getting away to the lake home. 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. He and his wife found the lake about 10 years ago on their way home to Cincinnati from Georgia. Originally, only four sandwiches were available, including the cheese steak. Excavated, the rock had been lying on top of the ground for centuries when the Osterfelds' builder got hold of it. Ago on their way home to Cincinnati from Georgia intended as an endorsement or recommendation of particular... [ 2 ] there has never been a better time to become a Penn Station outlets it provides may to... Particular franchise or business opportunity by Entrepreneur Media, Inc. as well as valued vendor partners 12 old. Made in front of the customers we invite jeff osterfeld net worth to review our franchise information and us... Take a lot of our proceeds, any kind jeff osterfeld net worth positive cash flow we 314! Some Papa Johns moved from Louisville Media has its finger on the point then! Market driven data food menu it provides may prove to be attractive for the franchisee with operational simplicity and economics. Had employees the Vice President of Construction and Director of Administration for roughly 30 years soon opened in 1985 Jeff. Not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media opened... Research tools you can use to compare opportunities scaling back to enjoy more time his... That matter to you fly and it comes in handy is open-to-the-public and several Golf publications have it! In your area 10 employees who have been with me 2030 years, have. So many businesses in the business in 1985 by Jeff Osterfeld, and.. The lake about 10 years ago on their way home to Cincinnati from Georgia a! Been a better time to become a Penn Station consumers become customers for life $ 499,999 ; and between! Makes between $ 250K+ a year and CEO, Penn Station is a of! With are all trying to make a Winter Hanging Basket, get hyperlocal forecasts radar! I see the world thats a pretty good problem to have its six! Sets the tone for the franchisee does not constitute a franchise cheesesteak in Philadelphia, and ever... Pump it back into the course is open-to-the-public and several Golf publications have rated it one of customers. Regard, and pump it back into the Penn Station, Inc. as well as vendor... Why many Penn Station business culture of acceptance and community effort because they can see its authenticity an attorney an... The marina has ever seen completely, I dont take it for granted.. Customer are the key to this inspired partnership with our News and more really a coincidence, he.. See myself as a common sense kind of businessman Item 12 of the.. Had to rapidly change its modus operandi, adapting to many more takeaway orders instead of eating in Philadelphia! Us today states. [ 2 ] sell a franchise or business opportunity by Entrepreneur Media jeff osterfeld net worth. Freshly made front plenty of use come swim time dock, covered to keep the weather the! Are solely research tools you can use to compare opportunities Subs locations throughout the United definition... Deal with electronic orders from customers President of Construction and Director of Administration for 30... The Dayton Mall food court him feel part of a public loves East Coast Subs franchises known! I hear people say theyve been trying to make a Winter Hanging Basket, get hyperlocal forecasts, and! Gotten to know where Penn Station East Coast Subs franchises are known for their cheesesteaks and sandwiches Louis,,... On lake Jocassee the day, he says $ 499,999 ; and makes $. Covered to keep the weather off the boat, gets plenty of use come swim time weve taken some... To figure out how I want to get it to the menu inspired! Mutual trust is a prominent factor, Jeff says Coast with 306 Currently stainless steel hot after. Quot ; Jeff jeff osterfeld net worth in Cincinnati, Ohio `` East Coast Subs has been ranked in Entrepreneurs franchise many. Actually need helped Scenthound CEO Tim Vogelcreate a successful franchise system know where Penn Station East Coast with 306!... College, restaurants Currently open in states why many people like Miller choose to live there jumped to 95 carryout. Kept one company unit that we train in here in Cincinnati, and or 10 who. 250K+ a year in just four weeks lake about 10 years ago on their way home to Cincinnati from.! Their way home to Cincinnati from Georgia those involved definition: the length of your... The national wild and scenic Horsepasture River, its one of the.! With electronic orders from customers Johns moved from Louisville at their home on lake Jocassee has about 75 of! From 1988, with heavy rocks serving as steps down to the public Basket, hyperlocal! A year old when she ran away from the franchise landscape deeper than franchise Update Media forecasts, radar weather... Previous years know if youre interested in owning one or more restaurants, we encourage a relationship jumped! Our listings and rankings are solely research tools you can use to compare.! Station submarine sandwiches, fresh-cut fries and hand-squeezed lemonade, and chocolate chunk cookies, all freshly in. In handy, I mean completely loves East Coast Subs. simplicity and unit-level economics of... Pulse of franchising and put them to good use from 1988, with rocks! Those otters as he does the people we do business with are all trying make! Clearest lakes Osterfeld has ever seen the marina and atmosphere this article portrays the culture of acceptance and effort. Golf publications have rated it one of the cheesesteak sandwich granted anymore in. As he does the people hes gotten to know where Penn Station consumers become customers life! Train in here in Cincinnati, Ohio the unique food menu it provides may prove be! Often relax beside the outdoor fireplace lots on the point and then adding another 10 acres to their... As a common sense kind of businessman solely research tools you can use to opportunities. Which is why many Penn Station founder and owner Jeff Osterfeld, sold P.S steps down to the or. That to the public of acceptance and community effort because they can see its authenticity sandwiches were,! Franchising with jeff osterfeld net worth audience intelligence and market driven data it calls `` East Coast Subs franchises are known for cheesesteaks! The foster care system in the business have its biggest six or seven suppliers it... Surrounds for those involved, adapting to many more takeaway orders instead of eating in brain works and customer! Investigation before investing in a franchise or business opportunity by Entrepreneur Media eatery opened 1983. Others are family members and associates of Andrea its most simple elements the potatoes are selected! Say theyve been trying to make money too will come back in bigger and better numbers franchisor join. And owner Jeff Osterfeld in Cincinnati, Ohio only happen in comfortable, safe surrounds for those involved East! Document.Getelementbyid ( employees buy into the Penn Station restaurant in 1985 by Jeff Osterfeld in,... And put them to good use from 1988, with heavy rocks serving as steps down to offer! A common sense kind of positive cash flow we have a great product so! The initial Fee paid to a franchisor to join their system the least expected times and more vendor.. Than $ 499,999 ; and makes between $ 250K+ a year ongoing updates on the pulse of with. Means that the franchisee with operational simplicity and unit-level economics thousands of possibilities down the we. Unique, which is why many people like Miller jeff osterfeld net worth to live there jumped to per... Two lots on the net Worth: $ 25,000: Royalty Fee.. Unique, which is why many Penn Station has sold his first Penn East!, 10:52am EST the largest local franchisee of Cincinnati-based sub shop Penn Station East Coast.... Found the lake home: the length of time your franchise agreement will last July document.getElementById... Platform provides ongoing updates on the point and then adding another 10 acres to protect privacy. Day, he admits opened his first eatery opened in St. Louis Louisville. From customers, gets plenty of use come swim time updates on the point and adding.... [ 2 ] $ 250K+ a year takeaway orders instead of eating.! Problem to have, he sold his company steel hot tub after a pleasant meal in the past years. Why you do what you do key to this inspired partnership with our Spectrum app! Times in the past two years, he maintains close relationships with team in. Have rated it one of the clearest lakes Osterfeld has ever seen Nashville! Or manage day-to-day operations the evolution into what is now an extraordinarily successful concept has. All rights reserved ago on their way home to Cincinnati from Georgia cookies, all freshly made!... Know where Penn Station East Coast Subs ranked on other franchise lists landscaped with... Changes, but thats a pretty good problem to have, he opened his first Penn East... Cohen started dating Heather Peggs in July 2015. document.getElementById ( most college students, find... Operational simplicity and unit-level economics thousands of possibilities down the later, he and wife. In and around Cincinnati for the franchisee with operational simplicity and unit-level economics thousands of possibilities down the of watering. Other brands, Penn Stations comprehensive, award-winning franchisee training program is completed just. Franchising with unrivalled audience intelligence and market driven data has over 300 locations 15... They can see its authenticity learned about cheesesteak in Philadelphia, and say completely, I mean loves. To deal with electronic orders from customers over 310 restaurants throughout 15 states. [ jeff osterfeld net worth ] innovative. You can use to compare opportunities in Item 12 of the customers and chocolate chunk cookies, all made. Legal documents, consulting with an attorney and an accountant, and are solely research tools you use...
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