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Edge Retail Academy Launches ‘Retirement Readiness’ Program
ERA President David Brown estimates 37 percent of jewelers have no succession plan in place.
Omaha, Nebraska—The Edge Retail Academy has developed a program for jewelers who see retirement on the horizon.
The jewelry business advising company has created a “Retirement Readiness” program, sharing tips and tricks on how jewelers can prepare a business for their retirement, whether that means selling it, transferring ownership or closing down.
The “Retirement Playbook” outlines key strategies, including how to boost profit, maintain an optimum inventory level, identify savings and reduce debt.
Program participants will be matched with a personal business advisor to guide them through the playbook as well as provide a market evaluation of what the business is worth.
ERA President David Brown and financial analyst Mark Kippenberger are supervising the program, with Brown estimating that 37 percent of jewelry business owners have no plan in place for retirement.
For those interested in the program, there is an assessment process in which questions are asked about a store owner’s goals, the possibility of a family member taking over, timelines for retirement, the current status of the business and other expectations.
“We are seeking jewelers for the program who are looking to retire on their own schedule (whether next year or in five years) or to reduce the hours they spend in the business (being more of a passive owner),” a spokesperson for The Edge Retail Academy told National Jeweler.
Spots in the program are currently limited, but the company expects to expand capacity as the program progresses.
There is a monthly fee to participate but retailers can opt out at any time.
For more information about “Retirement Readiness,” visit The Edge Retail Academy’s website.
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