Business Mgt

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Finagle A Bagel was started in 1991 by Larry Smith, engineer on General Electric Corp. He decided to do a test, to make bagels using Boston water,because he was told from veterans bagel maker that “not possible to make good bagels outside of New York City because nowhere else has water that tastes quite the same as Gotham's.” So, he brought a pail of water from Boston to New York City, in the bagel’s shop he made one batch of bagels from New York City water another one using Boston’s water . "There was absolutely no difference between them," Smith reported. "What makes the difference is equipment, process and ingredients." In 1991, Smith opened his first Finagle A Bagel in rented place with 900 square-foot in the Faneuil Hall. The name for his business he got from his former job (he was quit his job at GE). His boss liked to say, "OK, it's time to finagle the bagel." Since 1991 until 1998 his business was growing about 25% per year, and reached about 13.5 million in annual revenue. In October 13, 1998 Larry Smith sold his business to Laura B. Trust and her husband Alan Litchman. Now company occupied 46,000 In October 13, 1998 Larry Smith sold his business to Laura B. Trust and her husband Alan Litchman. Now company occupied 46,000-square-foot place in Auburndale, has 20 stores with $20 million in annual revenue and has about 225 employees, and has ability to supply up to 100 stores.
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