When Do You When It’s Time?
Retirement is something we don’t think about when we’re young. It usually takes decades of work and life to get to a point of slowing down or hanging it up.
But how do you know it’s time to call it quits? Here are some specific indications:
- Work isn’t fun anymore.
- A viable succession plan is nowhere in sight.
- You would rather be somewhere else besides your store.
- Business is harder than ever and you have difficulty adapting.
- Health issues are creeping in and taking a toll on your business and your time.
Hundreds of jewelry businesses are closing each year. It’s a sign of the times that you must have a business transition plan because you’re going to leave your business one way or the other. An intelligent exit strategy must be developed to obtain the reward you deserve for a lifetime of work and investment. And in order to do so, you need to consider various options and what will give you the best monetary return.
Recognize that whoever takes over the business after you retire does not want to be saddled down with old, excess inventory. It’s common that you will be stuck with hundreds of thousands of dollars of merchandise unless you have a way to dispose of it and monetize the assets. The best way to do this is through a major sale event with The Gordon Company. We specialize in sale events of all types that are custom-designed just like your fine jewelry.
So if you feel it’s time to consider retirement, please give us a call or drop us a line. We know how to help you like we have hundreds of other fine jewelers.
