People Business at Finagle a Bagel
Finagle a Bagel is a bagel manufacturer, bakery and retail cafe.
The company was founded in June of '82, selling cheesecakes. It was founded at Quincy Market, or Faneuil Hall Marketplace, which is a tourist attraction in Boston. And it was founded by an individual named Larry Smith, his brother and some other assorted family members.
We have 17 retail stores in the city of Boston and the surrounding suburbs and a wholesale business that delivers bagels to area caterers, hospitals, universities. We do a total of between 20 and 25 million dollars a year in revenue including both wholesale and retail.
We have about 450 employees. We have 17 retail locations and our wholesale business delivers to about 350 wholesale customers a year.
Estevan, so you started with $100, okay?
Your total should be $858.00, we give or take a dollar in difference.
(Litchman) One of the most difficult things of running a multi-unit food establishment is finding people to run the stores.
(Trust) The city stores are all about speed of service and moving the line. You can have 1,000, 2,000 customers a day. These people have to be moved very quickly and effectively, as well as they need to be serviced properly.
(Litchman) Suburban stores are totally different. You really have to have an owner/operator mentality. You have to be mature and you have to be able to run the business like it's your own business. What we always try and convey or sell to people who might join our company is, "If you want to be a franchisee but don't have the capital, if you want to own your own business, we're gonna put you in business. You don't have to give us any money to do that. And if you can get over a certain level of sales or profits, we'll start splitting the bottom line with you in some sort of bonus program."
My name is Nick Cochran, I'm a general manager and I work in Wayland location, which is in Wayland, Massachusetts. I'm 23, and ah-- which is pretty young. I started off when I was even younger actually, 15 and a half. I started off working for Bruegger's Bagels, making bagels and I started out there as a sandwich person and moved up to cashier and kept learning, wanted to be a baker, wanted to be a manager, and I ended up with a shift-supervisor position.
I think being younger, as a manager, in Finagle a Bagel truly helps me because it gives me the stamina and power to work long days. The title is "Store manager/Partner" of your specific location. And the only difficult thing sometimes is trying to empower people who are much older than me. We have a-- we call it an Incentive Compensation Bonus Plan, IC Plan. The base-salary for general managers generally starts off in a company with $35,000. And as you go through time you would get certain raises, and we actually have a salary cap in the company where no general manager can make over $42,000 in a particular year for a base-salary. What will however change as you time accrues with the company is your percentage in that Incentive Compensation Plan.
Thank you very much. It's gonna be number 72 at the end, okay?
(male #5) I strive more for my managers to bonus than for me to bonus. It's important that they bonus because it shows individual-- Goals and individual stores doing well. Let's say your monthly salary was $4,000, you could get 30% of that which would be $1200 in a bonus if you were to meet your expectations. As time grows on with the company, your bonus could be at 80% of your $4,000.
(Tony Pereira) I fight for my managers to bonus, because if they bonus it just means that, you know, they're gonna look at that check and they're gonna say, "Damn, I did well this month. And whatever I did this month, I have to repeat next month and I just have to do a little bit better and I'll get a bigger check." And so, you know, I feed off of them, you know? I mean I feed off their happiness. I feed off of their job well done. When I do...
Please join StudyMode to read the full document