bake - April 2018 - 8

management

Be Financially Fit

Presenting at WheatStalk 2018, held Feb. 27 through March 1 at
Johnson & Wales University in Providence, Rhode Island, two
of the most successful bakery owners in America shared valuable insights on how to open and manage profitable bakeries.
Amy Scherber founded Amy's Bread in New York City 25 years
ago. Joanne Chang opened Flour Bakery + Cafe in 2000 and
expanded the business to seven locations throughout Boston.
Scherber grew up in Minneapolis and graduated from St. Olaf
College with a degree in economics and psychology.  After
three years in marketing, she realized her heart was in cooking
and baking and made a bold career change. After culinary
school, she worked in top restaurants. 
Her first bakery opened in the Hell's Kitchen district of
Manhattan, starting in a 650-square-foot-space at a monthly
rent of $2,000. "That was my low-risk beginning," she says.
Today, Amy's Bread operates four traditional locations in
New York and has retail spaces in three additional spots:
the Museum of the City of New York, the New York Public
Library and the New York Public Library for the Performing
Arts. About six years ago, they moved baking operations
to a 30,000-square-foot facility in Queens. Many wholesale
accounts are leading restaurants throughout the city.
"Vision is very important. It is what your business is all about,"
Scherber says. "I always say the menu drives everything."
Writing and updating your business plan is a cornerstone to
success. "The most important part of your business plan is definitely the financials," Chang says. "Nobody wants to work this
hard to open a bakery and then close it after three years."
Amy's Bread operates as an S corporation, while Flour Bakery is
an LLC. "We are an LLC, which combines elements of everything,"
Chang says. "It's simple to start. You pay a couple fees. The profits
come straight to you, but the liability can protect you."
Both Scherber and Chang said they borrowed from friends,
family and investors to secure necessary funding to start their

"Our first bakery's startup cost was $300,000 - start to finish
to open," Scherber said. "Part of that was a working capital
allowance of $25,000 that we put in the bank."

08 < APR 2018 | bakemag.com

KRISIN TIEG

businesses.


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Table of Contents for the Digital Edition of bake - April 2018

http://digital.bakemag.com/sosland/bake/2019_08_01
http://digital.bakemag.com/sosland/bake/2019_07_01
http://digital.bakemag.com/sosland/bake/2019_06_01
http://digital.bakemag.com/sosland/bake/2019_05_01
http://digital.bakemag.com/sosland/bake/2019_04_01
http://digital.bakemag.com/sosland/bake/2018_07_02
http://digital.bakemag.com/sosland/bake/2019_03_01
http://digital.bakemag.com/sosland/bake/2019_02_01
http://digital.bakemag.com/sosland/bake/2019_01_01
http://digital.bakemag.com/sosland/bake/2018_12_01
http://digital.bakemag.com/sosland/bake/2018_11_01
http://digital.bakemag.com/sosland/bake/2018_10_01
http://digital.bakemag.com/sosland/bake/2018_09_01
http://digital.bakemag.com/sosland/bake/2018_08_01
http://digital.bakemag.com/sosland/bake/2018_07_01
http://digital.bakemag.com/sosland/bake/2018_06_01
http://digital.bakemag.com/sosland/bake/2018_05_01
http://digital.bakemag.com/sosland/bake/2018_04_01
http://digital.bakemag.com/sosland/bake/2018_03_01
http://digital.bakemag.com/sosland/bake/2018_02_01
http://digital.bakemag.com/sosland/bake/2018_01_01
http://digital.bakemag.com/sosland/bake/2017_12_01
http://digital.bakemag.com/sosland/bake/2017_11_01
http://digital.bakemag.com/sosland/bake/2017_10_01
http://digital.bakemag.com/sosland/bake/2017_09_01
http://digital.bakemag.com/sosland/bake/2017_08_01
http://digital.bakemag.com/sosland/bake/2017_07_01
http://digital.bakemag.com/sosland/bake/2017_06_01
http://digital.bakemag.com/sosland/bake/2017_05_01
http://digital.bakemag.com/sosland/bake/2017_04_01
http://digital.bakemag.com/sosland/bake/2017_03_01
http://digital.bakemag.com/sosland/bake/2017_02_01
http://digital.bakemag.com/sosland/bake/2017_01_01
http://digital.bakemag.com/sosland/bake/2016_12_01
http://digital.bakemag.com/sosland/bake/2016_11_01
http://digital.bakemag.com/sosland/bake/2016_10_01
http://digital.bakemag.com/sosland/bake/2016_09_01
http://digital.bakemag.com/sosland/bake/2016_08_01
http://digital.bakemag.com/sosland/bake/2016_07_01
http://digital.bakemag.com/sosland/bake/2016_06_01
http://digital.bakemag.com/sosland/bake/2016_05_01
http://digital.bakemag.com/sosland/bake/2016_04_01
http://digital.bakemag.com/sosland/bake/2016_03_01
http://digital.bakemag.com/sosland/bake/2016_02_01
http://digital.bakemag.com/sosland/bake/2016_01_01
http://digital.bakemag.com/sosland/bake/2015_12_01
http://digital.bakemag.com/sosland/bake/2015_10_01
http://digital.bakemag.com/sosland/bake/2015_09_01
http://digital.bakemag.com/sosland/bake/2015_08_01
http://digital.bakemag.com/sosland/bake/2015_07_01
http://digital.bakemag.com/sosland/bake/2015_06_01
http://digital.bakemag.com/sosland/bake/2015_05_01
http://www.nxtbook.com/sosland/bake/2015_04_01
http://digital.bakemag.com/sosland/bake/2015_03_01
http://www.nxtbook.com/sosland/bake/2015_02_01
http://www.nxtbook.com/sosland/bake/2015_01_01
http://www.nxtbook.com/sosland/bake/2014_12_01
http://www.nxtbook.com/sosland/bake/2014_10_01
http://www.nxtbook.com/sosland/bake/2014_09_01
http://www.nxtbook.com/sosland/bake/2014_08_01
http://www.nxtbook.com/sosland/bake/2014_07_01
http://www.nxtbook.com/sosland/bake/2014_06_01
http://www.nxtbook.com/sosland/bake/2014_05_01
http://www.nxtbook.com/sosland/bake/2014_04_01
http://www.nxtbook.com/sosland/bake/2014_03_01
http://www.nxtbook.com/sosland/bake/2014_02_01
http://www.nxtbook.com/sosland/bake/2014_01_01
http://www.nxtbook.com/sosland/bake/2013_11_01
http://www.nxtbook.com/sosland/bake/2013_11_02
http://www.nxtbook.com/sosland/bake/2013_10_01
http://www.nxtbook.com/sosland/bake/2013_09_01
http://www.nxtbook.com/sosland/bake/2013_08_01
http://www.nxtbook.com/sosland/bake/2013_07_01
http://digital.bakemag.com/sosland/bake/2013_06_01
http://www.nxtbook.com/sosland/bake/2013_05_01
http://www.nxtbook.com/sosland/bake/2013_04_01
http://www.nxtbook.com/sosland/bake/2013_03_01
http://www.nxtbook.com/sosland/bake/2013_02_01
http://www.nxtbook.com/sosland/bake/2013_01_01
http://www.nxtbook.com/sosland/bake/2012_11_01
http://www.nxtbook.com/sosland/bake/2012_10_01
http://www.nxtbook.com/sosland/bake/2012_09_01
http://www.nxtbook.com/sosland/bake/2012_08_01
http://www.nxtbook.com/sosland/bake/2012_07_01
http://www.nxtbook.com/sosland/bake/2012_06_01
http://www.nxtbook.com/sosland/bake/2012_05_01
http://www.nxtbook.com/sosland/bake/2012_04_01
http://www.nxtbook.com/sosland/bake/2012_03_01
http://www.nxtbook.com/sosland/bake/2012_02_01
http://www.nxtbook.com/sosland/bake/2012_01_01
http://www.nxtbookMEDIA.com