Jeff and Sheri Osterfeld have been coming to their rock and copper house for nearly four years and love it more than ever. At Bimbo Bakehouse, we encourage a collaborative relationship with Penn Station East Coast Subs. Kansans For Fair Courts. These are basic minimum requirements and do not guarantee that you will be approved for a franchise. Learn More. In 1985, Osterfeld used his expertise to bring his ideas to life by opening his first restaurant in Cincinnati, Ohio. 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. Staff relationships are no different. So we implemented a plan in 2019. Excavated, the rock had been lying on top of the ground for centuries when the Osterfelds builder got hold of it. Cincinnati's News Radio 700WLW! This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee. There are more than 300 Penn Station East Coast Subs locations throughout the United States. 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. 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. I have to figure out how I want to get it to the public. 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. 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. 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. We got lucky in this regard, and its really a coincidence, he admits. Net Worth: $500,000: Franchise Fee: $25,000 : Royalty Fee: . So its a partnership, and I believe weve put our money where our mouth is in that regard. Theres not a lot of turnover in our restaurants compared with others. Spain Zip Code List, How To Make A Winter Hanging Basket, box-shadow: none !important; With rapid adaptation under its belt, its ready to tackle the changing demands of a hungry public looking for quality in familiar surrounds. 9976. Jeff frequently sets a tone for the company and its leadership by making well-informed decisions that protect the business and its franchisees from spending unnecessary costs. And weve done it through this franchise model.. 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 original menu had four sandwiches and featured the grilled cheesesteak, fresh-cut french fries and hand-squeezed lemonade, with the order prepared directly in front of the customers using the freshest ingredients available. We have a great product, so Im confident that people will come back in bigger and better numbers. Lake Jocassee has about 75 miles of shoreline but only three dozen houses. 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. On any given day, the net worth of Jeff Bezos can wobble up or down. Our award-winning food is what sets us apart from all other sandwich chains and we believe our customers can taste the difference. We simply opened the door. Gift Certificate. 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. Ive had employees the Vice President of Construction and Director of Administration for roughly 30 years.. Privacy Policy. 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? Additionally, the proposed Managing Owner must own a minimum 10% equity in and live near to the market where your restaurants will be located. It was in my blood, he tells The CEO Magazine. Minnesota File No. His first eatery opened in 1983 inside the Dayton Mall food court. Science Diet Sensitive Stomach, Where Can I Buy Sunpatiens Seeds, Discover More: Tracy Vilar Bio: Hus Plus, since its hot food, we also had packaging issues.. Penn Station East Coast Subs began in Cincinnati, Ohio with founder Jeff Osterfeld. Clinical Anatomy Of Knee Joint Ppt, And still makes tweaks today. 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. t.src=v;s=b.getElementsByTagName(e)[0]; Theres not a lot of turnover in our restaurants compared with others. Find Out Which Brands Have Ranked on the Franchise 500 for Longest, Earning a Spot In our New 'Hall of Fame'. Jocassee Lake has produced five state record-sized fish and is a great place to hook red eye bass and rainbow and brown trout. Most new clubs in Cincinnati in the last 10 to 20 years were built with an eye towards the ultimate goal PROFIT! It came after two decades of operating a successful restaurant franchise. And like most college students, wed go to bars at night and afterwards, wed find a place that had sandwiches. 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. 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. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. padding: 0 !important; The house is beautifully landscaped, with heavy rocks serving as steps down to the water. Were poised for growth. -------------------------------------------------------------- */ 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.. 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. But he had a passion for golf that started with his friends while he was 20-something. According to Jeff, employees buy into the Penn Station business culture of acceptance and community effort because they can see its authenticity. If you are interested in owning one or more restaurants, we invite you to review our franchise information and contact us today. 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. [1] Currently, Penn Station has over 300 locations in 15 states. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. Listen to this episode from From the Beginning on Spotify. Jeff Bezos. Its a bit of walk a mile in my shoes, he points out. Jeff knows the importance of surrounding himself with detail-oriented, determined, intelligent, hard-working people who also value the importance of family and teamwork. I learned about cheesesteak in Philadelphia, and added that to the menu. East coast with 306 restaurants currently open in 15 states across the United States. The course is open-to-the-public and several golf publications have rated it one of the top public courses in Ohio. 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. 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. As you decide if opening a Penn Station East Coast Subs franchise is for you, make sure you take time to explore the opportunity. But the perception of Penn Stations portability in consumers minds was such that business boomed. I learned about cheesesteak in Philadelphia, and added that to the menu. 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 . Next, you'll generally need to attend an online exploration seminar, and you'll be introduced to other franchisees. The people we do business with are all trying to make money too. The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Four others also have fortunes over $100. I found that when I ran one of the stores, it was clean and the food was made right. Lerner is an American entrepreneur, mentor, speaker, influencer, and pianist. Clinical Anatomy Of Knee Joint Ppt, 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. 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. Definition: The initial fee paid to a franchisor to join their system. .tenned{float:right;margin-bottom:-876px;opacity:0.03}, GET UPDATE ON: Each prospective franchise group must have a dedicated Managing Owner with a minimum of 10% ownership. How To Use Bass Lures, width: 1em !important; Based on our data team's research, Don Fox is the Penn Station East Coast Subs's CEO. And then wham! Its what you work hard for, why you do what you do. Many mornings, Miller watches a pair of otters cruise by the marina. Easy Bake Oven Brownie Mix, No previous. Youll see our 314 outlets hopefully grow to 600 in short order over the next couple of years. Now,. See our current Franchise Disclosure Document, Item 7. 5 Tips for First-Time IFA Convention Attendees, How Franchisees Can Use Technology to Change Consumer Behavior. Demolition Wwf Theme, On a trip to Philadelphia, Jeff was particularly attracted by the popularity of the cheesesteak sandwich. But it was totally different when I hired somebody else to do it. Stonelick has Osterfeld's personal touch. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee. . In fact, Penn Station restaurants enjoy a unique position within the sandwich categorysystemwide, our lunch and dinner dayparts are nearly evenly divided! 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. 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. Just three short years later, he sold his first Penn Station franchise and he remains actively involved in the business. The golf experience is forever polluted by the economic necessity of an invasive residential community. n.callMethod.apply(n,arguments):n.queue.push(arguments)}; Clever people make their own luck. 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: The minimum net worth you must have in order to qualify to become a franchisee of this company. The concept for an East Coast sub restaurant came to Jeff Osterfeld soon after he graduated from Miami University in Oxford, Ohio. Its pretty much the way my brain works and the way I see the world. Its why many people like Miller choose to live there. CONTACT US: 330-896-9900. The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. We came home and decided if we ever have a second home, we wanted it to be in the mountains, he says. " /> Kevin Osterfeld, brother of Penn Station founder and owner Jeff Osterfeld, sold P.S. Virtual Reality Rooms Near Me, {if(f.fbq)return;n=f.fbq=function(){n.callMethod? Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company. #2 Forbes 400 2021. 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. 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. 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. The largest local franchisee of Cincinnati-based sub shop Penn Station has sold his company. 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. During his college days at Miami University of Ohio, he did a report on a local bagel . 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. 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