Month: May 2023

Jewelers needlessly shy away from sale events because they fear the impact that a sale can have on their business image and their customers’ expectations. But a well-planned and well-orchestrated sale event can be a terrific boom to your business because it’s so much more than simply discounting products.

When we conduct a sale for independent fine jewelers, the impact of a focused advertising mix becomes the heart and soul of the sale. You’ll learn what works and what doesn’t in your market in a way that you could never learn on your own. It is truly enlightening. You will also draw not only your loyal customers, but new people who had never before crossed your threshold. On average, 30% of all buyers during your sale will be new to your store and now part of your future marketing efforts. The awareness you create for your store in the community is unrivaled during a sale event.

Major sale events gain particularly great results when you haven’t conducted sales on any regular basis. Not only are you able to eliminate unwanted, aged merchandise, you are making people happy that they can get unique deals during a limited-time period. The satisfaction and peace of mind that comes from such a sale cannot be measured, but the cash flow and profitability can. If you have ever considered retirement, moving your store, closing it down, or simply eliminating unproductive inventory, there has never been a better time to do it.  Contact me right away for a free, no-obligation consultation.

Sincerely,

Jeff Gordon, CEO

Virtually all independent fine jewelers are part of a family business. They are the heart and soul of our industry and I certainly hope it will stay that way. But these same businesses have a problem today.  What are jewelers going to do with their business? Can they sell it? Do they have someone to take it over? How can they maximize the financial value of their lifetime of work?

According to Bill Boyajian, a noted expert on family business succession planning, “The majority of jewelry stores are owned by Baby Boomers who range in age from 58 to 76. Many are looking to retire and must formulate an exit strategy. Generation Xers are now 42 to 57, and there are a lot fewer of them than Boomers. A LOT fewer. Who’s going to buy these Baby Boomer businesses?  Millennials? Maybe, but many don’t want to be “stuck” in traditional family businesses. Nor do they want to work the way Boomers had to work to get ahead. This goes without saying, but I’ll say it anyway: Millennials think much differently than Boomers.”

At The Gordon Company, we deal with this problem every day. Jewelers need help determining their best course of action. Businesspeople like you need to understand your options and must formulate a plan to deal with what is likely the most important financial decision of your career. We have found that retirement, transitional ownership, relocation, and going out of business sale events can monetize jewelers’ inventory, generate a year’s worth of sales in only 60 days, and allow you to walk away with a lot of money in your pocket.

What you decide to do with your store will determine how comfortable your retirement will be. If you are a Baby Boomer without a clear exit strategy, contact us today for a free, no-obligation consultation.

Sincerely,

Jeff Gordon, CEO