A Year’s Worth of Sales Amazingly Equaled in 10 Weeks
John Bestmen started working for his father at Backman Jewelers in Saint Cloud, Minnesota, in 1971 while still in high school. John bought the jewelry store from his father in 1994. After many successful years at Backman Jewelers, John decided it was time to retire and enjoy the good life! A going–out-of-business sale was in order!
John initially thought he could handle going-out-of-business sales by himself. But after studying the process, he realized he could not do it alone.
He checked his options and started talking to companies that could help him out until he finally decided to work with Charles Frey & Company, Inc. John could not have made the better choice! Charles Frey was the perfect fit for his retirement sales needs.
The Expectation
The moment John spoke with Chuck Frey of Charles Frey & Company, Inc, he immediately knew he was dealing with the experts! Not to mention their commitment to successfully run going-out-of-business sales. John was impressed that Chuck knew exactly what he wanted and did everything the way he wanted it done.
John did not know what his expectations would be for the going-out-of-business sales. The only thing crucial to John was for the store closing sales to dispose of his inventory.
Chuck explained what John could expect in their 10-week store closing sales. When all plans were laid out, John was tongue-tied with Chuck’s projected revenue for the 10-week sale! All John could say was, “That’s a record worth of business in a year in just 10 weeks!” John did not think that could happen and walked away from them.
Why Charles Frey & Company, Inc.?
The projected revenue Chuck promised in 10 weeks of the going-out-of business sales did happen! However, while discussing the plans for the retirement sales, John continued to be skeptical of Chuck’s sales projections.
He would question Chuck’s plans and the process and give his ideas on Chuck’s suggestions. A few times, John did not understand why Charles Frey would be doing things a certain way, like switching things around. So John would make some recommendations and Chuck would take them into consideration.
Staging going-out-of business sales is more than just placing a signage on your jewelry store’s show window announcing the significant discounts and waiting for your customers to come in. You may think that the higher the discount on your merchandise, the more customers you attract and the faster you can sell your inventory. Today, going-out-of-business sales entails strategic planning. This is where Charles Frey & Company, Inc. comes in.
A jewelry store’s inventory equals money, and any unsold merchandise during going-out-of-business sales means wasted money. Thus, Chuck’s goal was to sell as much of John’s inventory as possible during and even after the retirement sales. Here is what Chuck told John they would do.
- Determine the Duration
Most going-out-of-business-sales are from between eight to ten weeks. Some jewelry stores continue up to the day they officially close the store for good. You do not have to announce how long the retirement sales is going to be so that you can create a sense of urgency among your customers.
- Decide on the Pricing Strategy
Chuck suggested starting with a 40% discount on all merchandise to encourage customers to buy more. Depending on the movement of your inventory, you can increase the discount to 50% and, finally, 70%.
- Advertise and Promote
After determining how long your retirement sales are going to run, and deciding on the discounting scheme, it is time to advertise and promote your going-out-of-business sales.
Your local community and loyal customers need to know about your forthcoming retirement sales. These are the collateral materials and what you need to do:
- Bold signage on your show window announcing the sale.
- Email your customer database.
- Announce your going-out-of-business sales on your website.
- Post the sale announcement on your social media accounts.
- Distribute flyers around your community
- Run an ad in your local newspaper or radio.
It is crucial to communicate all pertinent details of your retirement sales. The right messaging plays an essential role in the success of this endeavor. Include the dates of the sale and the hefty discounts on all items your customers can expect. Emphasize that “everything must go” in this going-out-of-business sales.
- Place Signage on Strategic Areas Around the Store
Create signage with the mechanics of the sale, such as “no return to exchange,” ” no coupons,” or “no reward points.” Place them around the store where they are most visible to customers. The discounts on the merchandise should also be screaming all over the store.
- Crowd Control and Customer Service
It is vital that the customers are well-attended during the sale. There should be staff all over the store ready to answer questions and make some sales pitches to entice customers to purchase more. Controlling the influx of customers is also crucial to prevent chaos.
You can also opt to continue with the sale up to the day you officially close the doors of your jewelry store.
Final Thoughts
John Bestmen realized early on that it was impossible for him to run his going-out-of-business sales himself. After talking to other similar services, he opted to work with Charles Frey & Company, Inc.
John was at first skeptical about Chuck’s projected 10-week revenue, but after the projection was met, he realized that working with Charles Frey was the best decision he had made!
It is a bittersweet decision to close your jewelry store. You may have some feelings of doubt or a sigh of relief. But after the decision to retire from his jewelry store, John wanted to do it with dignity and plenty of funds to travel. He never imagined he could take the entire December off and be in Florida for a vacation, it being the peak season of jewelry stores.
With the help of Chuck and his staff from Charles Frey, John is now living with enough cash for his retirement years while looking back at the fulfillment of having run Backman Jewelers for many years!
If you are looking to retire from your jewelry business, John Bestmen highly recommends working with Charles Frey & Co. Inc. for your going-out-of business sales.
John rates the company 10/10 for the superb job they have done, helping with his retirement sales. A year’s worth of sales in 10 weeks? It is highly achievable with the expertise of Chuck and his team.
Be as happily surprised as John! Contact Charles Frey & Company, Inc. now!