Iggy's Bread of the World

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April 12, 2010

Iggy’s Bread of the World
c/o Igor and Ludmilla Ivanovic
130 Fawcett Street
Cambridge, MA 02138-1112

Dear Mr. and Mrs. Ivanovic:

I am glad to have the opportunity to work with you both on concerns regarding your company. I have read the background information about that you sent me and in regards to your COO Mr. Matthew McRae, I would like to make a few observations and recommendations.

First, I would like to start with a quote from Mrs. Ivanovic from the material you sent me, “It’s not just about a business where we need to make money. I want our employees to get pleasure out of what they do. I want them involved with the company. I want them to like what they do, to be excited to come in and have initiative and be proud of what they do.” I see this as the foundation of your company and I will reference this quote occasionally.

Another reference would be when a venture capitalist wanted to invest in your company, expanded the company, and said, “If you grow it to a point and go public, sell it, then you will make a lot.” Both of you did not like that idea at all. Mrs. Ivanovic stated, “I would never accept selling out because it’s everything I don’t believe in and I wouldn’t want any part of it. I would never sell Iggy’s just for money.

I make point of these two areas because I want to refresh your memory a little of where you have come from. When you approached Mr. McRae to come work at Iggy’s he had previously run a leasing company, which had gone public several months earlier. Therefore, McRae just did to the leasing company what you didn’t want done with Iggy’s by the venture capitalist. A leasing company is nothing like a bakery; Mr. McRae was used to dealing with companies that were in the business to make money. For Iggy’s it wasn’t all about the money as I stated above it was as Mrs. Ivanovic put it threefold: “one part is the bread and the quality of the product; two is our work…the employees…it’s a...
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