THE TRADITIONAL MODEL once seemed foolproof: build a successful jewelry business, watch your children grow up in the embrace of a welcoming industry and loyal customers, then hand over the keys when you’re ready to retire. But in recent years, that fairy tale has hit a snag or two.

The heirs to family jewelry dynasties who’ve watched their parents toil long hours in retail may well opt for what they perceive to be a better work-life balance. “I want my children to take over the business, but they tell my wife and me they would rather work in corporate America because they watched us work way too hard over the years,” admits Frank Salinardi of Linardi’s Jewelers in Plantation, FL. “Imagine that!”

But what happens when the next generation does step into the family business? The challenges don’t disappear — they just shift.

The fourth and fifth generations have worked together at the 125-year-old Van Sipma Jewelers in Homewood, IL, for about nine years.

When two or more generations work together, work-life balance conflicts often erupt like fault lines in a family foundation. “They don’t want to work hard,” says Eve Alfille, owner of Eve J. Alfille Gallery and Studio in Evanston, IL, when considering younger relatives’ contributions to the business. “OK, I am the founder, it’s my baby, I get it.” Even so, she’s been disappointed in the degree of the divide when it comes to work ethos.

But here’s where the story gets more nuanced. Sherry Smith, director of business development at Edge Retail Academy, cuts through the generational finger-pointing: Baby boomers who have worked like crazy to build a successful business naturally have high expectations. “So, when millennials and Gen Z begin to join the business, they can be viewed by older generations as lazy and entitled,” she says. “The truth is they do want work-life balance, but they certainly shouldn’t be deemed lazy because of it. Meet them halfway.”

Bill Jones, second generation CEO of Sissy’s Log Cabin, based in Arkansas, says it’s got to be a give and take. Younger generation jewelers simply want to work smarter than their seniors, who have put in 60 or 70 hours a week at work routinely.

Bill’s son, William Jones IV, is third-generation president and COO of Sissy’s. He says he always felt welcome and needed at Sissy’s from a young age; joining the business felt like a natural progression and becoming president was a lifelong dream. “You have to be very humble,” he says, “and realize your title doesn’t matter. Your last name doesn’t matter. You have to garner respect from the people and become a leader by driving growth. And older generations have to give the room and the leeway to let them try and do that and to fail. On the younger side of things, be humble enough to realize you don’t have the skill yet to run that business, and there will be things that take a long time to learn.”

William says when he came to work full time with a degree in finance, he was always looking for a quick fix; he was determined to discover a secret formula to drive business growth. He began to realize that there are no real shortcuts and that everything is built on the thing Sissy’s was founded on: customer service.

“The focus is on longevity and consistency,” William says, “In finding improvements in the things you are already doing. That took me a long time to learn. I would come in with cool ideas and Bill would ask me, ‘Is that going to drive sales?’ And nine times out of 10, I would say, no. And he would say if it’s not going to move the needle, we’re not going to worry about doing that.”

Humility is an appropriate attitude to have in a family business, say second and third generation family members at Sissy’s Log Cabin.

Bill says humility is appropriate on both sides and that what William and his contemporaries did bring to the company, over time, has been invaluable.

“There are new ways to do things; you have to let the new generation come in and you have to know when that person is ready to take over,” he says. William has, among many other things, introduced a formal training program to adapt to a growing company, which now has eight stores with 170 employees. He hired actors to secret-shop Sissy’s locations and is currently introducing an AI-driven role-playing model that can improve sales performance by giving instant feedback.

Fifth-generation jewelers Ashley Van Sipma and her sister, Sarah, grew up in an apartment upstairs from the family jewelry store, Van Sipma Jewelers in Homewood, IL. “We were very aware of the long hours and how all-consuming the business can be,” Ashley says. “From an early age, my parents actually encouraged us NOT to join the business.”

Ashley and Sarah pursued different careers for 10 years in Los Angeles (Ashley as an entertainment journalist and Sarah in early childhood education) before coming home in 2016. They couldn’t pass up the opportunity to carry on the family legacy. Ashley plans to buy the business from her parents, Lynn and Gary Van Sipma, eventually, but she doesn’t feel ready after eight years. “When I bring in new ideas, I’m often met with some initial pushback,” she admits. “But usually, the more we talk it through, the more they come around.” Ashley recently convinced her parents to celebrate their 125th anniversary with an in-store event, something they’d not tried before. “I also immediately changed their POS system from a dinosaur accounting software over to The Edge. That was a big deal with a lot of pushback but totally worth it in the end.”

The stakes couldn’t be higher for the incoming generation. Debbie Fox, owner of Fox Fine Jewelry in Ventura, CA, with her husband, George, and their daughter Karen, points out that even if the next generation is willing to work hard, the pressure is immense. “They’re often expected to take over well-established businesses, so they don’t have the luxury of learning as the business grows. They must make mature decisions when handling client and staff challenges, and maintain a jeweler’s quality and reputation, all while innovating in a changing market.”

Nine family members enjoy working together at Kubes Jewelers, which is currently celebrating its 80th anniversary in Fort Worth, TX.

When Families Don’t Talk Business

Complicating things further, parents may not communicate effectively about their expectations and plans. “Simply saying, ‘I’m going to sell it to you in five years’ is scary and non-binding,” says Smith. “They want to know this is legit and it is going to happen.”

Whatever agreements the family reaches about transitions, ensure they are formalized in writing.

Josh Hayes, vice-president at Wilkerson & Associates, who specializes in helping jewelry store owners with transitions, says lack of communication is the biggest problem he observes. “They all have in their mind what they want and are afraid they will offend each other.”

While the transition paperwork might take a year to facilitate, planning for structure and intent should be at least a five-year process, says Hayes. This long-term perspective is what separates successful transitions from family disasters.

“What happens so often is that the parents just assume that the kids are going to take it, but they never sit down and talk about it,” Hayes explains. “Kids end up leaving, and I truly believe communication would have solved a lot of those hurdles.

“Say you’ve spent 35 years building your business and worked 50 weeks a year, 10 hours a day, you’ve put over 100,000 hours into building your business. But nobody ever wants to put even five hours into contemplating the exit strategy.”

George Fox and his daughter, Karen, are part of the management team at Fox Fine Jewelry in Ventura, CA.

How Successful Families Set Expectations

Requirements for joining a family business vary dramatically — from the playful to the profound.

Take Cliff Yankovich of Chimera Design in Lowell, MI, whose tongue-in-cheek requirements are delightfully specific: “They must recognize me as The Supreme Leader and bow, curtsy, and kneel when I arrive or depart. Do not look me directly in the eye nor use my first name, just my title: Archduke of Sales.”

If you think that particular approach wouldn’t go over well with your family, then there are other, less hierarchical options to consider.

At Henne Jewelers in Pittsburgh, PA, the rule is simple but non-negotiable: Family members are asked to work five years elsewhere, in or out of the jewelry industry, before joining the family business. Fourth-generation owner John Henne has four sons ranging in age from late teens to early 20s. “I think it’s likely that I will get multiple family members working here of those four,” he says.

Henne will encourage them to get real world experience, like he and both of his sisters did. “And then it’s up to them,” Henne says. “There’s no obligation. Just as my dad said to me, ‘Here is an opportunity, but don’t feel any obligation to history or heritage that you need to carry this on. We want you to do what you’re passionate about, what you care about.’”

The most important requirement for the nextgeneration to join Rumanoff’s Jewelers in Hamden, CT, is a passion for the work.

Henne worked as a CPA at KPMG, a Big Four accounting firm, in audit and tax before joining his dad, Jack, at the helm of Henne Jewelers. That experience was valuable throughout his career, particularly when planning a recent expansion of the store, because he was able to talk intelligently about projections and cash flow.

To prepare for eventual succession of the fifth generation, Henne spent a year working with an expert to explore what it would mean if each of his sons joins or decides not to join the business. “It’s important to consider that, since the vast majority of assets are often tied up in the jewelry store.”

Smith agrees it’s important for many reasons to have family members work for someone else for a few years. “You know that no matter how they try, when they walk through your door, there is a comfort level,” she says. “That can cause real problems. So, get them exposure to other dynamics. When they go to work for someone else, you can also elicit feedback from someone who is not related to them. Find out where the person thrived.”

At Kubes Jewelers in Fort Worth, TX, which is celebrating its 80th anniversary, nine family members work together. Each generation establishes its own timeframe and rules for transition. The second generation mandated a retirement age of 65 for themselves to make room for the third and fourth generations, with the business buying out each member as they retired, says third-generation member Miranda Kubes.

Success requires more than just showing up with the right last name at Rumanoff’s Jewelers in Hamden, CT. Leslie Rumanoff DeStefano is excited that both she and her brother, Doug Rumanoff, have children who’ve expressed interest in becoming the fifth generation. “But the next generation needs to full-heartedly want to be in the business, have a passion for jewelry and prove they are hard workers,” she says. “We will not hand things over just to do it.”

“But the next generation needs to full-heartedly want to be in the business, have a passion for jewelry and prove they are hard workers,” he says. “We will not just hand things over just to do it.”

The philosophy at Baribault Jewelers in Glastonbury, CT, where Christina Baribault-Ortiz works with her sister Raeann and brother Lewis, as well as their parents, is both demanding and empowering. “Family gives you a door, but you walk through it with your own effort,” she says. “Our next-gen needs to learn the business from the inside out, and we expect them to ask questions, fail forward, and contribute before they lead.” They must be willing to do every job, ensuring they understand the business from ground level up. “The next generation’s job isn’t to copy our chapter; it’s to respect it, learn from it, and then write their own with courage and creativity.”

At Lou’s Jewelry in Mobile, AL, respect and encouragement are the secrets to multigenerational cooperation.

the independent pardox

Guidance Without Micromanagement

Perhaps the trickiest balance in family businesses is finding the sweet spot between providing guidance and encouraging independent thinking. “Some owners won’t give the next generation an inch to make a decision,” Smith says. Or, alternatively, the owner backs down the minute the next generation gives them grief; that approach doesn’t allow the newcomer to consider other ways of thinking.

Conflict can arise from unbending attitudes on either side.

Michael Kanoff, owner of Michael’s Jewelers in Yardley, PA, worked with his family for 25 years but didn’t realize how miserable he was until his parents retired. He had pushed hard for change, while his parents resisted it just as strenuously. As a result, he says, he would strive to be less rigid with his own kids. “The one thing I would do differently is have an open mind,” he says.

Contrast that with Tom Nelson, who owns Nelson Jewelry in Spencer, IA, founded in 1885. He worked with his dad for many years and had a much different experience. “We made a great team, so it was easy. He was open to trying new things and understood needing to keep up with technology, so making those moves wasn’t a big issue. He was also the best man in my wedding.”

It’s important to both encourage and respect the next generation, says Tim Sherrer of Lou’s Jewelry in Mobile, AL. “Try not to treat your children like they are 12, but treat them as an adult,” he says. “Always give them praise when they do something good or special.”

CEO and founder Kathy Bigham, right, works with her sister-in-law Janna Kelly at Bigham Jewelers in Naples, FL. She’s celebrating 30 years in business.

Build Family Harmony

Building a jewelry business that thrives across generations requires planning, communication and balancing tradition with change.

CEO Kathy Bigham founded her retail business, Bigham Jewelers in Naples, FL, 30 years ago and currently works with her brother, Dan Kelly, managing partner; and her sister-in-law, Janna Kelly, director of sales. “One of the biggest lessons successful families learn is that while family ties bring passion and loyalty, a successful business requires structure,” Bigham says. “Define clear roles and hold one another accountable, just as you would in any professional organization. That balance of family warmth and professional discipline is key to growth.”

In a family business, trust comes naturally, but it must be earned and nurtured every day. Open communication, whether about finances, goals, or challenges, ensures everyone feels respected and aligned.

At Rumanoff’s, Leslie Rumanoff DeStefano works not only with her brother, Doug, but also with their father, Mike, and mother, Felicia. “It’s not always easy, but we’ve learned to talk through issues and have also learned when to keep our mouths closed about little things that truly do not matter,” she says.

Master the Art of Family Meetings

At Baribault Jewelers, the family has a rule for meetings. “You get a couple minutes to vent or complain if needed, then we switch gears to solution mode and hold each other accountable to stay there,” says Baribault-Ortiz. “If a challenge feels too heavy or unclear, we give it a little time and space before rushing a decision. That pause? It’s powerful. It often leads to a much better outcome.” This structured approach prevents meetings from becoming gripe sessions while ensuring everyone feels heard.

If things get tense, pretend it’s a non-family member you’re having a conversation with, Smith suggests. It’s OK to disagree but always be respectful. Have a safe word to avoid escalation of disagreements. “I have one client who would say, ‘I’m at capacity.’”

Hook the Next Generation Early (But Don’t Force It)

Bonnie Harris Frey, third-generation owner of Harris Jewelers in Troy, OH, was sold on the family business at 16 when her dad brought her to a Las Vegas jewelry show. “It all seemed so glamorous!” she says. “With many small businesses, the next generation is turned off because they watch all the hard work and hours their parents put in every day. We need to show them how truly wonderful our industry is. It’s a lot of hard work but also a lot of fun.

Who doesn’t love working with sparkly things all day?”

She’s encouraging her own kids, Cooper, 10, and Chloe, 7, by working with them on small tasks like sorting breakout gemstones or cleaning glass. In what she describes as a fun bonding experience, she is helping Chloe to design her own jewelry line that will also benefit a local charity. Frey also recommends jewelry-related kids’ programs at industry events, such as an RJO kids camp and a GIA GemKids program. “I think that’s a genius way to get the next generation to learn the business. You can’t force the next generation, but getting them involved at a young age is a great first step.”

Use Assessment Tools to Identify Talents

Blurred boundaries and unclear roles are a major potential source of conflict. “Not quite sure where to put a family team member or what they’re good at? Use assessment tools to see where their strengths lie and how they will align with the business,” says Smith. Rather than expecting the next generation to be carbon copies of their predecessors, smart families identify individual strengths and build roles around them.

Says Baribault-Ortiz: “Every generation has its gifts. We don’t want clones; we want evolution. Raeann and I introduced fresh branding, storytelling, and digital marketing approaches, while Lewis strengthened structure, leadership, and operational systems.

Together, we’ve expanded our bridal business, while preserving the trust and craftsmanship our parents built over decades.”

Blend Tradition With Innovation

From a client perspective, working with a trusted family business can be a big draw. “People just love the fact we’ve been here for 80 years,” says Miranda Kubes. “They love walking in and seeing the same faces. It’s like visiting your best friend.”

But embracing new ideas is what pushes the business forward. “In every family business I’ve worked with, the ones that truly thrive across generations are the ones that manage to strike a balance of honoring the legacy while staying open to change,” says luxury retail consultant Kathleen Cutler. “That might mean sharing your founder’s story on Instagram or TikTok or finally getting those handwritten client records into a searchable system.

“One business I worked with had literal boxes of paper records. They had notes on every client, tucked away in filing cabinets. Some dated back decades. We helped them move everything into a CRM that the whole team could use, from the founder’s daughter to the newest associate on the floor. They could finally pull up client history in a few clicks, and more importantly, they could keep those relationships strong across generations.”

At Scott’s Custom Jewelers in Dublin, OH, regular dinners allow the whole family to connect outside of a work environment.

Show Up For One Another

Being part of a family business shouldn’t mean a member can’t pursue passions outside of the business. “You’re allowed to have a life, identity, and creative spark beyond the family business,” says Baribault-Ortiz. She and her sister, for example, wrote a book called Ignite Your Power Within, which gave them a platform to connect with customers on a deeper level.

“That creative spark has brought fresh energy and purpose back into the family business, making it stronger than before,” she says.

Beth Cevasco of Scott’s Custom Jewelers in Dublin, OH, has found the biggest challenge is respecting boundaries (i.e., making sure that after work, the relationships revert to parent/(adult) child and husband/wife). “One way we try to manage these relationships is with regular family dinners with all the kids, not just the ones we work with (we have six), and regular date nights/mini vacations. Everyone needs a reset!”

How to Plan For Succession

The most successful multi-generational transitions don’t happen by accident; they’re the result of careful planning that often begins years, sometimes decades, before the actual handoff. These five steps focus on the crucial groundwork that sets everyone up for success.

1. Be Realistic About Business Valuation

If you’re considering selling the business to family members, remember that overvaluing the business sets the kids up for failure, says Josh Hayes, vice-president of Wilkerson & Associates. Specifically, consider that aged inventory often represents a third of total inventory, and don’t ask them to pay the cost of that.

“Owners think, ‘I’ve built this inventory and it’s worth that to me,’ but it’s not worth that,” Hayes explains. “If you bring in the right professionals, it’s not hard to figure out a true value based on inventory, equipment and fixtures and the less tangible blue-sky factor (i.e., the name and the mailing list and the years in business).”

As a business term, “blue sky” represents the intangible, immeasurable value of a company that goes beyond its tangible assets, reflecting potential future earnings and market position.

It’s the premium a buyer might pay for a business based on factors like customer loyalty, brand strength, growth potential, and market reputation.

2. Face the Inevitable By Planning For Your Absence

Family businesses should prepare for transitions by developing comprehensive estate and business continuity plans that address potential incapacitation and disputes. Having two wills, a business and a personal will, ensures equitable distribution among all heirs while protecting working family members’ interests, Sherry Smith of the Edge Retail Academy says. Outline clearly how the business will continue in your absence. A business will is useful not only in death but in the case of other unexpected contingencies. “What happens if you’re incapacitated in an accident? Have your plan laid out, talk to your attorneys and estate planners. Figure out who’s going to get what,” Smith says.

3. Set Up a Solid Financial Plan

“If you want the next generation to have it, ask yourself, what does that mean?” says Hayes. The majority of jewelers’ nest eggs and retirement plans are tied in with the business and inventory. “You can’t just toss the keys to the kids and say, ‘Good luck, have fun!’ They need money. If you are considering a long, progressive buyout, that means you’re going to be the bank, which is not good for any party. You have to dig into the financials and figure out what will work for both parties.” This financial planning extends beyond the purchase price.

Consider cash flow needs, working capital requirements, and how the business will fund operations during the transition period.

4. Establish Effective Decision-Making Systems

If two family members will have a share in the business, set something up that’s going to allow them to make decisions when there is a tie that needs to be broken, advises Smith. If necessary, create an advisory board to break that tie. Otherwise, nothing gets done. You strangle the business. Make sure the decisions you put in place let the business grow and thrive and not just survive.

5. Consider a Passing of the Torch Sale

Most jewelers have a retirement sale, even if they’re selling or bequeathing the business to the next generation. “Few stores are so well run that they don’t need to do some cleanup of old inventory,” Hayes says. “The kids may not want to carry all the lines. They want to bring in their style of inventory and create a profit center to help with the buyout. You can advertise the passing of the torch sale and it’s a win-win for everyone.”

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Don’t Forget to Revel in the Rewards

Families who have made working together work say the rewards would be impossible to replicate in other business structures. “We don’t have to worry about honesty or loyalty,” Alfille says. “That’s a given.”

“We are a tight family,” says Sherrie Schilling-Devaney, owner of Sherrie’s Jewelry Box in Tigard, OR. “We hug in the parking lot every night, often the grandkids are here when school is out. It’s my dream. The downside is we can’t go on vacation together without closing the shop!”

Says Dianna High, owner of Dianna Rae High Jewelry in Lafayette, LA, “I work with my daughter, and I can’t express how wonderful it is to work with someone I love so much. I really enjoy seeing her learn and grow and find her passion for the jewelry industry and the family business.”

Lee Krombholz, owner of Krombholz Vintage Jewelry in Montgomery, OH, says the total current staff is four family members, “We are an odd family in that we enjoy working together,” he says. His daughter Izzi concurs: “My family is very close. We all like each other and that makes it a wonderful place to work. Time with my family is what we like to do anyway, and we get to do that all the time. We’re very lucky.”

“We love the days when unicorns and butterflies show up, but the true strength of a family business shows in how you operate during the storms,” Baribault-Ortiz says. “That’s what makes it worth it.”

Henne says the secret to the longevity of his business is directly related to the emphasis on family being the most important. “Dad was very clear to say ‘Family is No. 1 and business is No. 2. And if the business ever gets in the way of the family, I’ll sell the business.’ That didn’t mean that it wasn’t without challenges and difficulties. But we knew we needed to get along as a family.”

This philosophy echoes throughout successful multi-generational jewelry businesses. Genuine relationships, both within the family and with clients, create lasting success that transcends any single generation’s vision or effort.