Playbook for retailers considering retirement
(OMAHA, Neb.) - The Edge Retail Academy (ERA), a leading retail jewelry business advising company, announced the release of its “Retirement Readiness” program. ERA has developed this unique program to fast track a jeweler’s business to be Retirement Ready - whenever that may be.
“The jewelry industry has been going through a choppy period since the 2008 recession,” said David Brown, President of ERA. “8,000 stores have closed since 2007 according to US Census & JBT. Yet 37% of jewelry business owners have no retirement plan at all. Our program helps retailers create a plan - regardless if they plan to exit the business in 2 years or 10.”
The ERA Retirement Playbook addresses key retirement strategies such as:
- Improving existing net profit and cash-flow by introducing other profit centers to maximize the capital and/or income available for retirement
- Identifying savings, improvements and opportunities as well as reducing any risks and threats to the plans
- Achieving and maintaining an optimum inventory level so the released funds can be used to eliminate debt or build wealth for retirement
- Implementing the ‘5 Stages of Profitable Inventory Management’
Brown added: “Getting your business into the best possible shape before you decide what to do with it... is what we call Retirement Readiness. You don’t have to be ready to retire in order for your business to be Retirement Ready. We expect to have many participating jewelers who are years away from exiting their businesses.”
More information about the Retirement Readiness program can be found at https://www.edgeretailacademy.com/retirement-readiness.