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.

http://www.bakemag.com

bake - April 2018

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

Bake - April 2018
Editor's Note - THE DESIGN ISSUE: a profound influence
Contents
Management - Be Financially Fit
New Product Success Stories - Macarons That Pop
Technical Corner - All about Bagels
Practical Marketing - The Review Effect
Equipment Innovations - Spring Cleaning
Elevate your product line
Dessert to go
Inventive Displays
Chocolate & Decorating - National Donut Day
Cakes - Specialty Desserts
Sweet Goods - Seriously delicious donuts
Breads - The Best of Bread
Pastries - The finalists
Foodservice - Turkish Breads
Beverages - Shake it up
Product Showcase
Classifieds
Ad Index
Formula of the Month - Sorghum Whole Grain Banana Bread
bake - April 2018 - Bake - April 2018
bake - April 2018 - Bake - April 2018
bake - April 2018 - 2
bake - April 2018 - Editor's Note - THE DESIGN ISSUE: a profound influence
bake - April 2018 - 4
bake - April 2018 - 5
bake - April 2018 - Contents
bake - April 2018 - 7
bake - April 2018 - Management - Be Financially Fit
bake - April 2018 - 9
bake - April 2018 - New Product Success Stories - Macarons That Pop
bake - April 2018 - 11
bake - April 2018 - Technical Corner - All about Bagels
bake - April 2018 - 13
bake - April 2018 - Practical Marketing - The Review Effect
bake - April 2018 - 15
bake - April 2018 - Equipment Innovations - Spring Cleaning
bake - April 2018 - 17
bake - April 2018 - Elevate your product line
bake - April 2018 - 19
bake - April 2018 - 20
bake - April 2018 - 21
bake - April 2018 - 22
bake - April 2018 - 23
bake - April 2018 - 24
bake - April 2018 - 25
bake - April 2018 - Dessert to go
bake - April 2018 - 27
bake - April 2018 - 28
bake - April 2018 - 29
bake - April 2018 - Inventive Displays
bake - April 2018 - 31
bake - April 2018 - 32
bake - April 2018 - 33
bake - April 2018 - Chocolate & Decorating - National Donut Day
bake - April 2018 - 35
bake - April 2018 - Cakes - Specialty Desserts
bake - April 2018 - 37
bake - April 2018 - 38
bake - April 2018 - 39
bake - April 2018 - 40
bake - April 2018 - 41
bake - April 2018 - Sweet Goods - Seriously delicious donuts
bake - April 2018 - 43
bake - April 2018 - 44
bake - April 2018 - 45
bake - April 2018 - Breads - The Best of Bread
bake - April 2018 - 47
bake - April 2018 - Pastries - The finalists
bake - April 2018 - 49
bake - April 2018 - Foodservice - Turkish Breads
bake - April 2018 - 51
bake - April 2018 - Beverages - Shake it up
bake - April 2018 - Product Showcase
bake - April 2018 - 54
bake - April 2018 - Classifieds
bake - April 2018 - 56
bake - April 2018 - Ad Index
bake - April 2018 - Formula of the Month - Sorghum Whole Grain Banana Bread
bake - April 2018 - 59
bake - April 2018 - 60
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