RJO Succession 2017 a great success
(OAK BROOK, Ill.) - RJO retail members met 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,” says Kathleen White of Enhancery Jewelers. She went on to explain 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 made sure to deliver a great deal of 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,” volunteered Kathleen when she was asked about deciding to come all the way 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 stated: “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 of 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), Chuck Frey (Charles Frey & Associates).