In preparation for its expansion, Avalon Bakery consulted with Fortune Magazine for a small business financial makeover.
Excerpt:
For Jackie Victor, 42, and Ann Perrault, 48, Avalon is a crusade. They love Detroit and want to help revive it.
These
two business and life partners are deeply committed to social
responsibility. They feed the homeless, recycle, and hire workers from
the neighborhood. They pay a living wage - managers typically make
$40,000 a year - and Avalon's health benefits rival those of corporate
employers. They practice open-book management, a technique that gives
employees access to Avalon's financials. And they have been wildly
successful.
Some 500 customers a day line up to buy Avalon's
breads, scones, muffins, and coffee. They include suburbanites,
students from nearby Wayne State University, and area hospital workers.
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