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Sudden Windfall? Jewelers Would Put It in the Bank!

What if you suddenly had $250,000?

Published

6 years ago

October 13, 2017

INSTORE Staff

What if you suddenly had $250,000?

If a favorite aunt left you $250,000, 29 percent of you would bank it or invest it for later use, according to the 2017 Big Survey.

The results display a bit more of a conservative bent than in 2008, when just 20 percent of respondents chose that answer.

Sudden Windfall? Jewelers Would Put It in the Bank!

Twenty-three percent would use the money for paying down debt, down from 32 percent in 2008. Likely because jewelers are carrying less debt now than they did then. In 2017, fully a third of jewelers report they carry no debt at all, which marks a significant change from pre-recession 2007, when only 24 percent were debt free.

In 2007, 30 percent of jewelers carried more than $100,000 in debt. Ten years later, that percentage had dropped to 22 percent.

Below are the full results. And you can see all the results of the 2017 Big Survey in the October edition of INSTORE.

Sudden Windfall? Jewelers Would Put It in the Bank!

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INSTORE Staff

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”