Benold’s Jewelers Employee Transition
Austin, Texas
RETIREMENT & OWNERSHIP TRANSITION EVENT
Milton Doolittle wanted to retire, but had no family members to take over his jewelry store. A long-time employee was interested in purchasing the business, but couldn’t come up with the financing to acquire both the business and the inventory. The decision was made to conduct a Retirement Sale to lessen the amount of money that the buyer would have to raise. This allowed Milton to leave with an amount that was necessary to carry on his lifestyle in a manner to which he was accustomed.
“At first, I was apprehensive with the high sales projections given for the first week, but we exceeded the entire week’s sales figures within the first couple days.” – Milton Doolittle
The Gordon Company Assignment:
- Prepare a marketing plan that would bring volumes of traffic not seen in Benold’s 87-year history
- Sell as much of the owner’s aged original inventory as possible to monetize product in preparation for the owner’s retirement
- Set the stage for the business to be taken over by Benold’s long-time staff member with minimal disruption
- Provide a pleasant and knowledgeable in-store consultant to execute the entire sale event plan
“The Gordon Company marketing plan was precise and highly effective at bringing volumes of traffic into the store. We had never seen the store so crowded with people lined up outside the front door. It was amazing.“ – Milton Doolittle
The Gordon Company Success Story:
- Exceeded all owned inventory sales goals while maintaining the store’s fine local reputation and brand name
- Increased the customer base by adding nearly 1,000 customers for ongoing sales in the business transition
- Sold more than double the projected figures of original inventory with a higher recovery price than expected
“Thanks to The Gordon Company, our sales far exceeded our wildest expectations! I am extremely happy with the overall results and can retire with real peace of mind.” – Milton Doolittle
