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.
Jeff Gordon, CEO