Connect with us

Press Releases

Stores Plan for the Future at RJO Succession 2017

mm

Published

on

Kate Peterson of Performance Concepts facilitated.

(Press Release) OAK BROOK, IL — RJO retail members set aside time recently to meet with industry professionals to contemplate the future of their stores. The RJO Succession Experience, facilitated by Kate Peterson of Performance Concepts, armed stores with the tools they need to pass on their business to the next generation of jewelers.

“This was the best money we have invested in our store in years,” said Kathleen White of Enhancery Jewelers. She explained that the experience gave her and her husband, Martin, a better view of the valuation of their company, and it helped her realize that she wasn’t quite ready to give up the business emotionally. Not only did the experience provide jewelers financial and legal insight into the transition, it also delivered information to address the emotional side of succession and those fears of losing a sense of self — both in the community and personally.

“The cost of this weekend was much less than we spend on most advertising campaigns,” said Kathleen White, who traveled from San Diego, CA for the weekend. “And what we took away is invaluable!” 

Stores who had already identified their successor were encouraged to bring the future owner to the educational weekend as well. Samantha Tupper from Winks Fine Jewelry in Brookings, SD, said, “We are still about 10 years or more out, but this weekend gave us a great place to start. We have a lot of uncomfortable discussions in our future, and this weekend will make those discussions much more manageable.”

Sponsored by RJO vendors Ostbye, Federated Insurance and Charles Frey & Associates, the next RJO Succession Experience will be held in the spring 2019.

Presenters included Kate Peterson (Performance Concepts), Jack and Craig MacBean (Ostbye), Barbara Nuss (Profit Soup), Marc Loden (von Breisen & Roper, Federated Insurance), Dan Pharr (Pharr Valuation) and Chuck Frey (Charles Frey & Associates).

Advertisement

Advertisement

SPONSORED VIDEO

Thinking of Retirement? This Jeweler Went for the Company That Shares His Values

Richard Frank of Goldstein’s Jewelry in Mobile, Ala., had worked in his family’s store since he was 13-years old. As its owner, he was proud to be at the helm of Mobile’s oldest jewelry store, an AGS, IJO and RJO member business. But there comes a time in every jeweler’s life when a decision must be made regarding the future. And for Frank, that meant turning the store over to new owners. He chose Wilkerson to handle the sale, a decision, he says, made a long time ago. “Their reputation is such that all the things we value are what they value,” he says. And the results surpassed Frank’s own expectations. Would he recommend Wilkerson for other jewelers who are considering a going-out-of-business or retirement sale? “If you’re contemplating a sale to maximize the return on your business, there is no one else in the industry that I could even think of recommending.”

Promoted Headlines

Most Popular