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Raymond A. Baxter: Sweet Smell of Success
I always knew I wanted to be in a business that made something," says Raymond Baxter with a smile. As president and CEO of Interbake Foods, Baxter gets to do just that -- and with Interbake in the cookie biz, his dedication to research and development takes on new and delicious possibilities. Working with caramel, coconut, and chocolate, however, does have its drawbacks. After the Richmond, Virginia, company's monthly meeting to taste-test cookies in development, Baxter says he leaves "absolutely satiated with sugar. You feel like holing up somewhere until you recover." In addition to creating new products for giant brands such as Keebler and Nabisco, Interbake is the oldest producer of Girl Scout cookies and the primary source of ice-cream sandwich wafers in the United States.
ABC Bakers, a division of Interbake Foods, manufactures about half of the country's supply of Girl Scout cookies. Annual proceeds from the sale total close to $450 million, $300 million of which supports scouting activity. "If there's a more effective fundraiser in the world, I don't know what it is," Baxter remarks. "But it's also a developmental opportunity for the girls to learn self-confidence and to improve their ability to approach the public, make plans, and set goals."
Baxter worked at the "Grandma's" cookie division of Frito-Lay before coming to Interbake Foods in 1987. His earliest priorities included updating production technology and redefining organizational structures. "This is a radically different company today," he says. "It's small enough that my fingerprints are everywhere -- you can get your arms around this place."
Interbake's smaller size allows it to turn on a dime when it comes to supplying products to meet fickle consumer demand. Its sophisticated level of management and operational systems has resulted in a 99.9 percent compliance rate in order fulfillment; it is also the only baking company in North America to be registered ISO 9001, the highest standard for quality systems in food processing. Cookies, it seems, can be serious business.
In 1968 Baxter received a master's degree in Japanese studies from the University of Michigan and served four years with the Air Force in Japan after graduation. Baxter then followed a friend's example and applied to HBS with no business experience. "By the end of the first year, I was transformed," he says. "I came out with the strong belief that I could succeed in any business environment."
Baxter's latest challenge has been managing the successful acquisition and integration of Norse Dairy Systems, a leading manufacturer of ice-cream cones and other novelty supplies that will swell Interbake's employee ranks from 2,000 to 2,700. Even so, he finds time for hiking with his wife, Mary Ann, and reading. At some point, he would like to explore teaching business courses at a university. As for Interbake's future, Baxter remains confident of continued success for one very good reason: "When people want to treat themselves, it's the little pleasures that come first. Cookies will be around forever."
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