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planning for a business transition sale

Jewelry Business Transition 101: Strategies for a Successful Sale

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Transitioning your jewelry business is not just a matter of listing it in your local advertisement or putting up a “for sale” sign in front of your store. It takes smart strategies to ensure a successful sale.

In this article, we listed key points to help you determine the importance of planning for a successful transition sale, such as assessing the market, preparing the business, determining its right value, marketing, and negotiating sales.

Assessing The Jewelry Market

First off, let’s talk about the current state of the jewelry market, including trends, competition, and potential buyers. These factors determine whether now is the right time to cash in those diamonds and gold through a transition sale.

Why the trends? To give you an idea of what or where people spend their money. Right now, we’re seeing a trend toward more personalized and unique pieces. According to the report of StartMyLLC, 85% of the jewelry market is made up of fine jewelry. The data was from 2018 research made by jewelry manufacturer and retailer company, Pandora.

In addition, from their 2021 analysis, McKinsey & Co expect branded fine jewellery sales in Asia to grow 10 to 14 percent annually. So, if your business specializes in one-of-a-kind and fine creations, you’re in luck with the competition.

And, speaking of competition, it’s important to consider how you stack up against them. Are you standing up in some way? If not, it might be tough to fetch top dollar.

Now, let’s talk about potential buyers. Who’s out there looking to buy a jewelry business? It could be a seasoned business owner or a wealthy individual looking for a new venture. Be sure to find a buyer who will continue running the business the way that you would want them to. Always reach out to the right audience.

Preparing the Jewelry Business for Transition Sale

Ready with the business transition? It’s time to get that blinking stone rolling—show it off! Evaluate your store’s inventory. Take a good look at all the pieces you have in stock. Are they current and trendy? Are they in good condition? Get rid of anything outdated or damaged.

It’s also time to review your income and expenses. Make sure you have all the relevant documents in order. You want buyers to see your business as profitable and well-managed. Always be sure to be clear about your company’s offerings, advantages, and unique selling points for transparency.

And of course, don’t forget to update your marketing materials. This includes your website, social media accounts, and any other advertising campaigns you have. Showcasing your jewelry business’ brand will give buyers a glimpse into how it operates and will help draw in more interested parties.

Determining Jewelry Business Value

To determine the asking price of a jewelry store, you have three main approaches to choose from: income approach, the market approach, and the asset-based approach.

Income Approach. This method involves looking at the business’ future income and expenses (cash flows) and then using that information to determine a fair market value.

To calculate the income approach, you need to determine the property’s annual net operating income (NOI), then use the capitalization rate (cap rate) to estimate your jewelry store’s value. Now to get the asking price using this approach, you take the NOI and divide it by the cap rate.

For a better interpretation, the Investopedia website stated that a property with a net operating income (NOI) of $700,000 and a chosen capitalization rate of 8% is worth $8.75 million.

Note that cap rate is a measure of your property’s risk, and is used to compare other properties of similar risk. Think of it this way: the higher the risk, the higher the cap rate and the cheaper the price. The safer the property, the lower the cap rate, and higher the price.

Market Approach. This method involves looking at another jewelry store business in the area and using the prices as your guide for what your store should be worth. This approach gives you a good idea of what the market is willing to pay for a business like yours.

Asset-based Approach. This is when refining your financial data and balance sheet becomes useful. You calculate your store’s total assets (both tangible and intangible), then subtract it to your total liabilities. This approach is helpful if your store doesn’t have a lot of income or if it’s not similar to other businesses in your area.

Marketing Sale

Time to prepare your market transition sale. You may want to ensure that your company and its offerings are visible to a wide audience of qualified buyers who understand the value of investment. So, where to start?

First things first, online platforms. It has become a go-to for finding buyers. It’s essential to have a strong online presence for your business transition. This means setting up a killer website, being active on social media, making use of email marketing, or running online ads if necessary.

But don’t discount the more traditional methods like networking events. This is where you get to rub elbows with other jewelry industry people, and more importantly, your potential buyers. Attend trade shows, join industry associations, and host your own events.

Not only will you make some valuable connections, but you’ll also get to show off your wares in person—which is a smart way to market your business transition.

The goal is to position your business as an attractive asset in a competitive marketplace to get the best transition sale possible. Also consider the leverage existing relationships with suppliers and customers who may be able to refer qualified buyers.

Negotiating the Jewelry Sale

If the buyer makes an offer you’re uncomfortable with, don’t be afraid to counteroffer. This will be a normal part of your negotiation process as both parties are trying to reach a mutually beneficial agreement. And don’t forget to keep an open mind—the buyer may have some valid points you hadn’t considered before.

Once the deal is closed, make sure to have a smooth business transition by communicating with the new owner and employees. Doing this will create goodwill between both parties and help ensure a successful transition sale overall.

Get started on your business transition sale today!

Now you’re ready to say goodbye to your jewelry business. But before you hand over the keys, be sure you’ve done all the right strategies listed above from assessing the market, preparing the business, determining its right value, to marketing and negotiating transition sales.

Navigating and understanding the legal complexities of business transition can be challenging, so make sure to consult with your trusted broker or attorney for a successful business transition sale.

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Have more questions about what we do?

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Jewelry Inventory Reduction

Tips for Running Jewelry Inventory Reduction Events

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One of the most challenging aspects of running a jewelry store is to sell outstanding inventory. The main reason is that jewelry can be expensive, and most people will not buy it unless they have extra money to spend or only during special occasions. Therefore, clearing your inventory may take a long time. This may cause many problems, especially when you do not have huge capital and need a continuous cash flow.

However, there are many ways to reduce your jewelry inventory. Here are some of the inventory reduction strategies for your jewelry business:

Run a Sample Jewelry Sale

A sample sale is a strategy commonly used in the fashion industry to discard excess inventory. Originally, sample sales referred to getting rid of sample clothing items provided to manufacturers, vendors, and models. However, its meaning has evolved over time. Nowadays, retail businesses use sample sales to sell their outstanding inventory. Typically, it runs for 24 to 48 hours or until all the stocks are sold out.

Your jewelry business can greatly benefit from a sample sale to turn your remaining inventory into cash. Many people participate in sample sales due to heavy discounts, especially on designer jewelry pieces or high-end jewelry like diamonds. Although it may reduce your profit margin significantly, it is a good opportunity to dispense jewelry pieces that are impossible or take so long to sell. Therefore, you can improve your cash flow through this sample sale event. This may allow you to replenish stocks that can easily sell and get a fast capital turnover.

Launch a Flash Sale

Flash sale is an effective strategy commonly used to sell limited quantities in a short period of time with big discounts. The time limit and the stock availability entice the customers to buy on the spot. When planned and executed properly, the items on sale can be sold out in a matter of minutes.

For jewelry stores, a flash sale is an excellent way to sell jewelry pieces that are no longer selling and just sitting in the box for some time. Also, it is a great opportunity to promote your jewelry store and raise brand awareness. It can put your store on popular deal sites and blogs online. This can enhance your visibility in the community.

Create Promotions

Another marketing technique that is very popular today is the promotion deals, like bundle deals, freebies, contests, and more. These promotions can easily sell your old stocks because people appreciate discounts.

For example, by creating bundle deals or combining old stock or stagnant items with fast-selling pieces, most people consider this as a bargain, and they are more inclined to buy them. This helps increase your sales and minimize your inventory losses.

Produce Best-Seller Jewelry Pieces

Another way to avoid losses from your stagnant inventory is to make limited-edition jewelry pieces out of them. One of the reasons why some jewelry pieces are not selling is that people do not like the design or style. Therefore, using these materials to create best-seller jewelry pieces will be helpful. It may take effort and time, but you can ensure that you can turn them into cash rather than increasing your inventory holding costs.

Manage Raw Materials

In the jewelry business, careful planning and purchasing raw materials are important to minimize deadstock. Jewelry raw materials have high costs. Consequently, if you procure more than you can easily put on sale, you will face a huge cash flow problem.

If you already fell into the trap of purchasing excessive raw materials, you may opt to refine or trade them. However, you may not be able to get high profit from them, but it will significantly improve your cash flow.

Seek Help from Inventory Reduction Sale Expert

Inventory reduction sale is a strategy designed to clear out excess inventory and increase profits. Its main goal is to reduce inventory to the level corresponding to customer demand.

However, inventory reduction sales can be a complicated and challenging process that needs help from experts. Therefore, do not hesitate to get help from inventory reduction sales services like Charles Frey & Company. They will work with you to design inventory reduction sale strategies that suit your jewelry store.

Essentially, to launch a successful inventory reduction sale, the following steps should be considered:

      • Planning

It is important to dedicate enough time to plan the inventory reduction sale carefully. It is imperative to determine the best time when to launch the event. Check your sales records and analyze which months have the highest sales. You may need to consider running the inventory reduction sale during those time frames.

      • Inventory Preparation

It is essential to prepare an accurate inventory to ensure that you will not incur any losses. Knowing the value of your entire stocks will help you set the threshold when setting the discount amount. Also, having an accurate list of the excess inventory you need to dispose of will help you determine how much time you will need to run the inventory reduction sale.

It is also necessary to prepare the jewelry pieces that will be part of the inventory reduction sale by assessing their condition. Determine if some pieces must be repaired or replaced. Ensure that all jewelry pieces are cleaned and polished to encourage your customers to buy them.

      • Marketing and Advertising

Marketing and advertising strategies have a big impact on the success of the inventory reduction sale. Digital marketing paves the way to promote the event and reach many possible jewelry buyers. There are many platforms that you can use to advertise your inventory reduction sale. However, it is important to determine what strategies are cost-effective for your market.

Want to increase your sales? Start by reducing your jewelry inventory today!

Excess inventory hinders efficient cash flow and creates a big burden for your jewelry business. For the jewelry business, discarding outstanding inventory can be complicated. Although there are many ways to help you reduce excess inventory, success is not guaranteed if not properly planned and executed. Therefore, it is important to hire an inventory reduction sale service that can design strategies appropriate for your jewelry store. This way, you can ensure that the inventory reduction sale will be effective and bring profit to your jewelry business.

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Choosing the right jewelry

Ways to Keep Making Sales During a Jewelry Store Relocation

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Relocating your jewelry store can open many exciting opportunities. Establishing your business in a new place could reduce costs, expand business operations, and increase sales.

However, relocating can also be challenging to retain old customers and may abruptly affect sales. If the relocation is not well-planned and seamlessly implemented, it can put you out of business. Therefore, jewelry store relocation should be approached meticulously to ensure that your sales will not decline during the store move phase.

Below are the ways to keep your sales up during a jewelry store relocation.

  • Schedule the Store Relocation During a Slow Season

Planning the date of the relocation is essential to ensure that you will not lose sales during the store move. Check your sales records to determine which months or weeks have low sales, and target your relocation date within that timeframe. You may want to avoid the season when people spend more on shopping, like Christmas.

Select the date when the store is less busy. In this case, you will have enough manpower to prepare for the store move. This will also keep your employees productive and eliminate downtime.

  • Liquidate Inventory Through a Moving Sale

A Moving sale is an effective way to turn excess inventory into sales. Due to the heavy discounts offered, many people anticipate a moving sale, especially those looking for fine jewelry and unique pieces. It is also a great opportunity to encourage your clients to continue patronizing your business in its new location.

However, a moving sale can be a complicated process that needs careful planning and expert marketing strategies. Without a proper approach, a moving sale will not be successful and may even cause you to incur losses. Therefore, it is recommended to seek professional advice. They can help you with inventory, jewelry assessment, pricing, and advertising.

  • Inform Your Customers

Ensure that your customers are informed about your store relocation. It is important to keep them in the loop so that you will not lose your current customers. Make sure to notify your customers about the store move. Inform them about your new location and store schedule.

Utilize different media to spread information, such as on your website and social media platforms. Ensure to update the details online, including the new store location map, so that your customers can easily find it.

Also, keep your mailing list updated and ensure to send personal emails to your loyal customers. This way, you can keep your current customer base and avoid losing revenue from them.

  • Prepare Your New Store in Advance

One of the essential steps to ensure that you will not lose revenue during the store move is to get your new store ready ahead of time. Ensure that your new store is equipped and ready for business before your relocation.

Ensure that utilities such as electricity, internet, water, and phones are set up. It is also imperative to set up security systems. Make sure that the shelves and counters are ready, and start displaying as much jewelry as possible.

If you have new stocks intended for the big opening, make sure that they are also available and ready. Make sure that your new jewelry store is ready to represent your brand before the opening.

  • Settle in the New Store Before Ending the Current Lease

Test the waters before your dive in. Avoid transitioning abruptly to the new store. Ensure your new jewelry store is set before closing the old one.

It is also important to give your employees ample time to adjust to the new store. Relocating your store may also cause them to move to a new place, or they need to adjust their travel time.

As much as possible, overlap the lease dates. Do not turn over the current place without ensuring everything is settled in the new store.

  • Seek Professional Service

Store relocation can be difficult and tricky. Most jewelry store owners simply do not have time to plan their store relocation. Therefore, it could tremendously affect their sales during the relocation period.

To relieve yourself from these burdens, you can hire experts to do all these tasks for you. Therefore, you will be able to focus on the other aspects of your business. All you must do is look for a trusted moving service that has already built its name in the industry, like Charles Frey & Co Inc., which has proven to deliver successful moving sales results.

Also, the professional relocation service can help you with the following:

      • Asset protection

Moving services offer comprehensive insurance coverage for your merchandise. Therefore, you can ensure that all your assets are protected, giving you peace of mind.

      • Secure Packing

By hiring a professional moving service, you are assured that your merchandise is safe and secure for delivery to your new store. They are well-trained to provide high-quality service and ensure that all are delivered timely.

      • Proper Equipment

If you hire a professional relocation service, you are assured that your merchandise is handled properly. With the use of proper equipment, the moving process will be faster and more secure.

      • Maximize Storage Facilities

If your new store cannot accommodate all your merchandise, the relocation service can provide a storage facility for a certain time period. Therefore, you do not have to worry about losing or damaging your merchandise.

      • No Hidden Cost

One of the advantages of hiring a professional service is they can help you with the entire process at the quoted price. All the costs will be laid out for you before the relocation. There are no hidden charges, so that you can prepare financially.

Maximize your sales during a jewelry store relocation

Jewelry store relocation can be stressful and may cause a decline in your sales. However, the proper approach can help you boost your revenue and expand your business. There are several ways that can help your jewelry store transition to the new location as smoothly as possible and attain higher sales. With the help of professionals, you can ensure that your store relocation will be successful.

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Going out of business

How to Launch a Successful Jewelry Store Retirement Sale

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You have been running your business most of your life and now all you want is to take it slow and just enjoy the fruit of your labor. You are ready to retire and enter a new phase of your life. The only question is what to do with your business? How can you retire without ruining the reputation you built over the years? This is when you need a retirement sale.

For jewelry store owners, retirement can be complicated if not approached meticulously. Most jewelry store owners do not have a concrete plan on how to transition to retirement. This entails missed opportunities to turn the remaining inventory to actual sales before they finally call it quits. Running a jewelry retirement sale is a great opportunity to turn your customer goodwill to profit. Launching a jewelry retirement sale is the final chance for jewelry store owners to retire in style.

Reasons to Launch a Retirement Sale For Jewelry Stores

Retirement sale is an emotional event but it is also an opportunity for both the business owner and the customers. Below are some of the reasons to launch a retirement sale.

    • To Celebrate

A retirement sale is a celebration. It is important to set the right vibe of the retirement sale. You do not want your customers to feel that they are attending a funeral. No one wants to buy jewelry from a funeral. Rather, you would like to instill a happy ending for the store and a farewell for the business owner. After all, the purpose of the retirement sale is to honor the loyal customers and give the owner a graceful exit.

    • To Liquidate Inventory

Most of the time, the outstanding inventory hinders the business owner from retiring. Many business owners simply do not know how to liquidate their inventory. If the decision to retire comes suddenly, the business owner is not prepared and has no clear plan on how to turn the inventory into sales. This is where retirement sales can help the most. Many people anticipate retirement sales because of the heavy discount. In fact, 65% of the customers participating in the retirement sale are new customers or sale shoppers and only 35% are the old customers or returning customers. Therefore, a retirement sale is the fastest way to turn your inventory to cash.

Preparation for a Successful Jewelry Store Retirement Sale

As this is the final chance and there is no do-over, it requires careful planning. Prior to conducting the actual retirement sale, there is hard work to be done. Here are the things you must do in order to launch a successful jewelry store retirement sale.

    • Prepare an Accurate Inventory

Inventory is a daunting task that requires long hours of thorough work. It can be frightening for most business owners especially if they are not an expert in this field. Most jewelry business owners simply have no time to do their inventory. Often, they are focused on other aspects of running their business. However, for the retirement sale to be successful, an accurate inventory should be a priority.

    • Assess All the Jewelry

Inspect all the jewelry in your inventory. All jewelry must be evaluated to ensure that they are in best condition and ready for the sale. Assess if some pieces need to be repaired or replaced. If you are not an expert appraiser, you will need the service of a registered appraiser to determine the current value of the jewelry. It is also important to determine the value of the entire stock. This will help you decide on the threshold price ensuring that you will not incur losses.

    • Event Planning

Retirement sale is the final event, once this is over, you are done with your business. Therefore, to maximize this once-in-a-lifetime business opportunity, advance planning is tremendously important.

Consider the best time to hold the retirement sale event. Choose the date when people spend more on shopping. You may consider covering the holiday shopping season starting from Black Friday up to Christmas. Generally, higher jewelry sales are generated during the last quarter of the year particularly from November to December.

However, you will have to consider the local and state laws when determining the retirement sale duration although usually you can run the sale for up to 90 days.

    • Marketing

Marketing strategies play an important role in running a successful jewelry store retirement sale. As we are now in the digital age, there are many avenues to promote your sale event.

But first, you will want to reach out to your loyal customers and prioritize them by giving special discounts for their patronage over the years. Make sure that your mailing list is updated. Schedule sending emails and provide the promotion details. As much as possible, make it sincere and personal.

It is also important to advertise and send the message to the general public. Advertising strategies may vary depending on what is the cost effective for your market. Learn how you can reach a greater audience in your community or perhaps you would want to target a larger scale.

    • Seek for Retirement Sale Service

To save you from all these burdens and make your retirement less exhausting, it is wise to hire a retirement sale service. They can do all the hard work including inventory, appraisal, pricing, sale event planning, and marketing. With their knowledge on running a jewelry store retirement sale, you are assured your retirement sale will go smoothly.

Running a jewelry store retirement sale needs a unique business approach. After all, every jewelry store is different. A tailored model is necessary to ensure that it fits your clientele. Find a trusted retirement sale service who can understand your business and how you want to leave your legacy in the community.

Retirement Sale for a Successful Jewelry Store

Retirement should be a smooth transition to a new chapter of your life. Launching a jewelry store retirement sale is the perfect time to celebrate the success of your business and at same time, reward your loyal customers throughout the years. It is also an opportunity for you to sell off inventory. With the help from a professional retirement sale service, the success of your retirement sale is guaranteed.

Keep in mind that the jewelry store retirement sale is your one last shot, make the most out of it.

Have more questions about what we do?

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Have more questions about what we do?

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The Challenges of How to Make the Most of Going Out of Business Sales

How to Make the Most of Going Out of Business Sales For Your Jewelry Store

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The sales of your store are downright suffering and you are pondering all your options. Top of mind is to close your business to cut losses. One of your biggest concerns, though, is what to do with all your merchandise. This is where going out of business sales come in.

Your inventory equals money and if you are not able to sell them, it translates to wasted money. So, it is important to sell as much of your inventory as possible before and even after you close your jewelry store.

Closing a jewelry business can be stressful and emotional but a closing sale can help you unload your inventory and make some revenue.

Why do Jewelry Businesses Close?


There are many reasons retail businesses close. Here are some of them:

    • Poor Management

Managing a jewelry business entails the right business acumen, organizational skills, great attention to detail, financial knowledge, inventory management, and people management skills. You should also have a feel of your market and invest in advertising. When one of these elements is missing, your business is bound to fail.

    • Insufficient Capital

A business that runs out of working capital is often due to unrealistic forecasts or poor budgeting. You may be assuming too much that your business will be self-sufficient long before it does.

    • Poor Credit Management

Having access to credit is the lifeline of a business. It allows you to obtain additional capital, cover operational expenses, and hire additional staff. A line of credit from suppliers allows you to hold on to your cash on hand for other business expenses.

If you do not manage your credit lines, well, you will have to purchase inventory on a cash basis. You will also not have access to business loans from banks and other lenders. This arrangement will limit your cash flow management.

    • Unforeseen Events

The COVID-19 pandemic caught everyone by surprise. Many retail businesses were hard hit by the economic downturn. Not all businesses close because of business failure. Some profitable businesses can also decide to close shop due to unforeseen circumstances.

After deciding to close your retail store, the next thing you need to think of is business liquidation or how to turn your inventory into cash.

How to Launch Successful Going Out of Business Sales For Your Jewelry Store

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The going out of business sales is in itself a business model. Lately, it has been big business.

Many think that the process of launching a business liquidation sale is pretty straightforward. You just need to stick some large discount stickers on your store’s windows and wait for customers to come in. The higher the discount the faster you can dispose of your inventory.

This may have worked in the past, but today, going out of business sales entails strategic planning.

Your business liquidation sales plan will make sure you sell all or almost all of your store’s remaining inventory in the most rewarding and effective way.

    • Decide How Long

Most jewelry business liquidation sales run for between eight and ten weeks with some stretching up to 12 weeks before the official closing of the store. You do not have to communicate the duration of your sale to customers so you can create a sense of urgency.

The duration of the going out business sales affects your pricing strategy,

    • Plan your Pricing Strategy

How much discount will you slap on your merchandise? You also need to decide if you will change your discounting scheme during the sale.

Make the discounts large enough to encourage customers to buy more of your merchandise. A 40% to 70% discount is the most ideal.

You can start your sale with a 40% discount on all items. As the sale goes on, you can increase your discount to 50% and then 70% depending on the movement to liquidate all of your inventory.

    • Advertise and Promote

With all details of your sale in place (pricing strategy, when, and duration of the sales), it is time to create your advertising and promotion strategies.

While you do not want to spend so much on advertising, your local community needs to be aware of your closing out sale.

      • Have screaming signage on your store windows.
      • Advertise the sale on your social media accounts
      • Email your customers
      • Announce the sale on your website
      • Place an ad in your local newspaper and radio
      • Distribute flyers at strategic locations in your community.

Use the right messaging in your advertising campaign. Your jewelry customers will be interested in large discounts so make sure to mention the kinds of discounts they will be able to find.

Make sure to also include the dates of the sale. Emphasize that this is a going out of business sale and that you want to sell everything. This will tell your customers that there are large discounts on all items in your store.

    • Place Specific Signage Around your Store

Communicate the mechanics of the sale to your customers by placing signage around your store. Such mechanics may be a “no return no exchange policy” or not accepting reward program points, and coupons. Of course, the discounts on the merchandise should also be well-displayed.

    • Have a Post-Closing Sale

Sell all your unsold inventory through a post-closing sale. You can do this either through a business-to-business sale or a liquidation option. You can run the event yourself or work with a company that specializes in liquidating merchandise.

If you opt to run the post-closing sale yourself, make it clear that you are selling off your leftover inventory in bulk.

Price your left-over inventory a bit lower than you did before your closing. If everything was 50% off during your business liquidation sale, you can price everything at 75% off. You can even sell some of your products at acquisition cost.

Do not advertise your post-closing sale before your store’s closing date. You want to sell as much merchandise as you can at a higher price.

    • Donate What You Cannot Sell

There is a big possibility that you will be left with a few pieces of merchandise. You can donate these to your chosen charity and get a receipt you can use for tax deductions.

Jewelry store closing sale to unload your inventory and make some revenue

It is bittersweet to close a jewelry business. There may be some feelings of regret or a sigh of relief. There are also many things you need to do. You will have final payments to make for your rent, utilities, creditors, and staff.

Going out of business sales will not only raise the revenue you need to cover these final expenses but if you make the most out of it, you will be left with some money to help you get by while thinking of your next steps.

Have more questions about what we do?

Contact us for a free consultation.

Have more questions about what we do?

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Store owner before retiring

Top 10 Things Jewelry Store Owners Need to do Before They Retire

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An impending business retirement should be a time for anticipation and joy. Yet many jewelry store owners still expect to run their business past the age of 65. Some even never retire or did not plan to retire until they were at least 75 years.

When a jewelry store owner finally decides to do a jewelry store retirement, there are several things he needs to do before finally shifting to retirement mode and enjoying some cocktails on a beach.

There are plenty of things that will keep you busy as you close for business retirement. How long does the process take? If you are a sole proprietor, you can wrap things up in a short period.

If your jewelry store is bigger or more complex (a Partnership and LLC or a corporation) it will take longer to dissolve because cash and/ or unsold assets have to be divided (based on each partner’s capital account or the number of shares).

Decide whether to pass on your store to a relative or simply close the jewelry store

Are you passing the store on to your children, or simply closing it? If you are passing the business to your children or any relative, make sure they have an interest in the family business?

Passing the business to your children or business succession is the easiest process because a status quo will be implemented to a certain extent. If you are selling the business or closing it for good, the process could be more complicated.

For purposes of this guide, it is assumed that you will be closing your jewelry store.

Notify your team

Let your team know in advance that you will be retiring and closing the store. Many of your staff will remain as long as you keep paying them to help with the wrapping up of operations.

Make sure you know each employee’s vacation leaves that have been used or unused. Pay your employees on their last working day or your last business day.

Notify your customers

There are two reasons you need to notify customers of the coming closure of your store. If you are having a retirement sale, making your customers aware can help you unload your remaining inventory and retirement sales. You can announce your impending closure via a press release on your social media channels or website.

Your press release will also notify customers who have pending jobs with you. This is the time when you need to complete all in-progress jobs and deliver paid orders. You will need to issue refunds to customers who have made deposits but you will be unable to complete the job.

Conduct an inventory and assessment of current jewelry stocks.

Your current jewelry, stones, and jewelry materials inventory need to be updated as well as their values. You need this to know the value of your current stocks.

Run a retirement sale

Again there are two ways to run a retirement sale to liquidate your current inventory.

You can opt for a hassle-free way of selling your entire inventory to a Retirement Sale Service and they will make an offer for your entire inventory.

You can engage the services of a Retirement Sale Service to promote and advertise your in-store Retirement Sale or Closing out Sale.

These companies can create a Retirement Sale that works for your jewelry store so you can liquidate as much of your inventory as possible. You can also opt to run the Recruitment Sale yourself.

Liquidate your assets

Other than your current inventory, you also need to dispose of physical properties of your business such as equipment, vehicles, computers, chairs, desks, showcases, and more. Liquidating these assets can help you close your doors for good with more money.

Notify your Suppliers / Creditors

It is the right business courtesy to notify your suppliers and creditors that you are closing your store for good. Start paying any outstanding debts, too.

Make your final sales tax payments, final payment as employers, and income taxes

Before finally closing your doors for the last time, submit your last sales tax forms along with any taxes you need to remit to your state.

You also need to file your final employer tax return for your employees and file your taxes. Mark each payment as “final” to inform the tax authority that you have closed your shop.

Close bank accounts

As soon as your last issued check has cleared, and your collection from the sale of inventory and assets is complete, close your business bank account. Be careful to check everything to avoid bouncing checks or having no account to deposit payments from your customers.

You may also need to close your merchant account if you accept credit card payments.

Cancel your lease, permits and licenses

Check your lease contract to know how many days’ notice your landlord requires before you terminate your lease contract. Most contracts would specify a 30-day notice, but check your lease contract for the exact details.

Do not forget to cancel or close your business permits and licenses, too.

Maximize the Potential of Your Jewelry Store Before Retiring

If you need to decide on when to retire, choose the time when your jewelry store is doing well, when you still have a huge inventory and high customer goodwill.

With high customer goodwill, you will be able to easily sell your business (if you have chosen this path) or run successful jewelry store retirement sales generating more income in about 8 to 10 weeks.

Make the decision now on how you will move forward with your business when planning your retirement. Do everything you need to do.

By the way, selling your jewelry store, lock stock and barrel, is also an option. If you choose this path, decide whether you will engage the services of a sales broker or sell the business yourself.

After the top 10 things you need to do before you retire are over and done with, you can now do everything you have always wanted to do but never had the time for because you were too busy running your jewelry store.

Have more questions about what we do?

Contact us for a free consultation.

Have more questions about what we do?

Contact us for a free consultation.

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