Press Releases

Stores Plan for the Future at RJO Succession 2017

Published

7 years ago

May 26, 2017

INSTORE Staff

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).

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”