Retirement Sale Archives - chuckfreyandco

Retirement Sale

October 6 2022

How to Launch a Successful Jewelry Store Retirement Sale

reyramo@advanzweb.com Blog, Retirement Sale

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.

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August 3 2022

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

reyramo@advanzweb.com Blog, Retirement Sale

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.