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Big Survey

$50,000 Is a Critically Important Number for Many Jewelers

Bad things happen beyond that amount.

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WE RECENTLY TOLD YOU about the unexpected expenses that really hurt jewelers.

Building and equipment maintenance turned out to be the most common source of unanticipated financial pain. Still, many other events also put a surprise dent in jewelers’ pocketbooks, from robberies to diamond breakage. 

But did you ever wonder how much financial damage your peers in the business are prepared to withstand?

For Big Survey 2016, we asked, “How large in dollar terms would an unexpected expense have to be to put a serious strain on your business?”

The most common answer was $50,000, and there were also clusters at $10,000 and $100,000.

A few jewelers said they wouldn’t be able to sustain any amount. As one told us: “We have only been open 2.5 years. Every penny is a serious strain on our business.”

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Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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