Editor's Note

Considering a Big Risk? Make Sure It’s Personally Rewarding

Those are the gambles most likely to pay off.

Published

5 years ago

February 24, 2020

Trace Shelton Instore March 2020 Issue

IN THE PAST, the prevailing business wisdom was that risk-taking should leverage new technologies, evolving consumer preferences or organizational assets. One aspect that experts rarely, if ever, advised business owners to consider was the personal vision and strengths of the owners themselves. Yet that’s what many retail jewelry store owners are now using as the driving factor behind their big business risks.

This issue’s lead story examines the motivations (and results) behind the gambles taken by several store owners. One, executed by the husband-and-wife team of Steve and Melissa Quick, shrunk a three-store Chicago chain to a single store based on a desire for more “authenticity,” which translated into more product with stories they believed in, as well as more face time with customers. Another, a cross-country venture that required Pennsylvania store owner Cathy Calhoun to split time in Carmel, CA, was simply a result of the owner’s desire to live and work in that state. In the case of Leitzel’s Jewelry, the decision was made to open another location in a nearby market largely based on family dynamics.

Because independent jewelry stores are generally “family-owned” by a few people at most, it only makes sense that the biggest risks taken by these businesses should consider the personal vision of ownership as a primary factor.

What dreams have you been putting off? Now may be the perfect time to take that leap.

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

Encourage word-of-mouth with a sign near your exit that reads, “Don’t forget to tell your friends about us!” (Manager’s To-Do, p. 30)
Invite your customers to an “Appraisal Clinic” at your store, reminding them that insurance typically pays the most recent appraisal value. (Manager’s To-Do, p. 30)
When taking a big risk, let staff know what’s going on, but don’t let them change your vision to suit their own preferences. (The Big Story, p. 38)
Form a jewelry book club that meets every other month. (Tip Sheet, p. 52)
Charge at least $100 for initial consultations on custom design, which can be applied to the finished piece. (Evan James Deutsch, p. 60)

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.