Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Pretty much perfect retailing for Wyoming couple
    Pretty much perfect retailing for Wyoming couple
    Johnston Jewelers – A Good Catch
    The Battle for Safer Mining
    Largest LGD grower continues rapid expansion
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    AGTA GemFair™ Las Vegas is kickoff point for Rapaport’s natural pearl auction and sales
    Plumb Club study underscores a bright future for the diamond category
    GIA’s Gems & Gemology Spring 2023 now available
    Virginia jewelers unite for Children’s Hospital of Richmond
  • Podcast
    Behind the Success of running a jewelry trade shop
    Episode 31 – Ross Wesdorp, Behind the Success of Running a Jewelry Trade Shop
    Downsizing positioned Butler Diamonds for success
    Episode 30 – Doris Butler, Downsizing positioned Butler Diamonds for success
    Inside the United Precious Metal Refining
    Episode 29 – David Siminski, Inside the United Precious Metal Refining
    Episode 28 – John Bruggemann, Secure Your Financial Future by Diversifying
    Episode 28 – John Bruggemann, Secure Your Financial Future by Diversifying
    Darling of the Industry Konrad Darling of Darling Imports
    Episode 27 – The Darling of the Industry: Konrad Darling of Darling Imports
    Success in Jewelry and Writing
    Episode 26 – Success in Jewelry and Writing. Chuck Koehler of Anthony Jewelers
    Permanent Jewelry How Sunstone is Changing the Game
    Episode 25 – David Holloway, Permanent Jewelry: How Sunstone is Changing the Game
    Jewelry-Store.-Mark-Priest-of-Legend-Jewelers
    Episode 24 – From Bordello to Jewelry Store. Mark Priest of Legend Jewelers
    he-Jewelry-Industry-in-the-Eyes-of-Management-Consultant
    Episode 23 – The Jewelry Industry in the Eyes of Management Consultant, Kate Peterson
  • Columnists
    3 digital marketing lessons from great jewelry radio ads
    Joel McFadden Fine Jewelry
    Successful Custom: The Silent Selling Tool
    5 fun, powerful hacks to try using AI
    Image of Chuck Koehler
    The Retailer’s Perspective: A year late and a dollar short
    The Story Behind the Stone: The Maine Thing
    Joel McFadden Fine Jewelry
    Successful Custom: A Tale of Two Commitments
    Image of Chuck Koehler
    The Retailer’s Perspective: Just Say No! If You Can
    The Story Behind the Stone: The Wonder of it All
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Pretty much perfect retailing for Wyoming couple
    Pretty much perfect retailing for Wyoming couple
    Johnston Jewelers – A Good Catch
    The Battle for Safer Mining
    Largest LGD grower continues rapid expansion
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    AGTA GemFair™ Las Vegas is kickoff point for Rapaport’s natural pearl auction and sales
    Plumb Club study underscores a bright future for the diamond category
    GIA’s Gems & Gemology Spring 2023 now available
    Virginia jewelers unite for Children’s Hospital of Richmond
  • Podcast
    Behind the Success of running a jewelry trade shop
    Episode 31 – Ross Wesdorp, Behind the Success of Running a Jewelry Trade Shop
    Downsizing positioned Butler Diamonds for success
    Episode 30 – Doris Butler, Downsizing positioned Butler Diamonds for success
    Inside the United Precious Metal Refining
    Episode 29 – David Siminski, Inside the United Precious Metal Refining
    Episode 28 – John Bruggemann, Secure Your Financial Future by Diversifying
    Episode 28 – John Bruggemann, Secure Your Financial Future by Diversifying
    Darling of the Industry Konrad Darling of Darling Imports
    Episode 27 – The Darling of the Industry: Konrad Darling of Darling Imports
    Success in Jewelry and Writing
    Episode 26 – Success in Jewelry and Writing. Chuck Koehler of Anthony Jewelers
    Permanent Jewelry How Sunstone is Changing the Game
    Episode 25 – David Holloway, Permanent Jewelry: How Sunstone is Changing the Game
    Jewelry-Store.-Mark-Priest-of-Legend-Jewelers
    Episode 24 – From Bordello to Jewelry Store. Mark Priest of Legend Jewelers
    he-Jewelry-Industry-in-the-Eyes-of-Management-Consultant
    Episode 23 – The Jewelry Industry in the Eyes of Management Consultant, Kate Peterson
  • Columnists
    3 digital marketing lessons from great jewelry radio ads
    Joel McFadden Fine Jewelry
    Successful Custom: The Silent Selling Tool
    5 fun, powerful hacks to try using AI
    Image of Chuck Koehler
    The Retailer’s Perspective: A year late and a dollar short
    The Story Behind the Stone: The Maine Thing
    Joel McFadden Fine Jewelry
    Successful Custom: A Tale of Two Commitments
    Image of Chuck Koehler
    The Retailer’s Perspective: Just Say No! If You Can
    The Story Behind the Stone: The Wonder of it All
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
No Result
View All Result
Home Featured Articles Featured

Cash raising events, succession planning, the pandemic

A store’s reputation more vital than ever

Paul Holewa by Paul Holewa
December 1, 2020
Share on FacebookShare on Twitter
Reading Time: 8 minutes

A jewelry store’s standing in its market is hard earned. Once established, it fosters sales growth, expansion and above all else – trust. That reputation serves a business very well when the decision is made to conduct a cash raising event.

Whether it’s a transition to the next generation, a moving sale, store closing, going out of business or retirement sale, cash raising events are an essential component to these and other business transitions. The store’s reputation is “pivotal” to the success of such events, according to Chuck Frey, founder and president of Charles Frey & Company Inc.

Chuck Frey leans on his 30 years of experience in the cash raising event business to deliver maximum results.

“I learned this in the first sale I was a part of,” says Chuck. “A well planned and managed ad campaign, along with an organized and realistic approach to merchandising and pricing, made the sale a financial success. But it was the store’s reputation that packed the location and created the line out the door. That idea has only become more ingrained in my mind over time. Reputation is especially important when transitioning to the next generation. We can use a weaker sale theme in a store with a good reputation and generate a strong response. That’s not always true the other way around.”

Chuck speaks from experience. With over 40 years in the industry, more than 30 years conducting sales for jewelers, and 25 running his own business, Chuck has crisscrossed the
country working with jewelers of all types.

A geology major with a degree from The City University of New York, one of his favorite areas of study was crystallography. In the late 1970s he answered an ad in the New York Times placed by the Gemological Institute of America (GIA). The Institute was looking for diamond graders to help meet the demand caused by the diamond investment craze of the time.

Chuck worked for the GIA for many years and then was hired by Bayless Sales Innovations out of Texas. Bayless eventually merged with Silverman Jewelers Consultants of Long Island. When the Silverman family left the business Chuck made the decision to open his own cash raising event company offering his services specifically to independent jewelers.

“As a former site supervisor and national sales manager for two nationally-known jewelry store event planners I was intimately involved in all aspects of planning, staffing, managing, advertising, merchandising, as well as implementing all manner of sales including, but not limited to, retirement, going out of business, moving, consolidation, stock reduction, passing the torch transitions and Chapter 11 reorganization sales,” says Chuck.

Chuck Frey (R), owner of Charles Frey & Company, manning the booth at a Retail Jewelers Organization (RJO) Show.

The cash raising event business has evolved over the past 30 years. The approach to advertising, pricing and discounting have changed. Newspaper ads, once the focal point, have given way to social media. Radio, TV and cable have become more localized and regionally specific. The word “sale” has become diluted. Successful promotions for these events must be linked to a strong and believable theme and a sense of urgency to drive customers in.

After 25 years, and more than 1,200 retail jewelry clients and sales under his belt, Chuck outlines the following basic steps to planning and executing a successful cash raising event. Start by identifying the goals and reasons for conducting the sale. Then define the type of event and theme that will meet that goal. The next step is to determine the timing of the sale. As the saying goes, timing is everything. Taking advantage of seasonality, whenever possible, is desirable.

Sometimes timing is dictated by issues outside of the store’s control, like leases, health issues and financial needs. All of these can be dealt with. Steps three and four are to research any local codes that may have a bearing on how the sale can be conducted, and creating a realistic projection. The projection should be based on the stores historical sales and expense data and detail expected results, costs, how much of the stores owned inventory will be converted into cash, and most importantly how much cash remains for the owner after all expenses.

The need and use of fill-in inventory on consignment is important. Some stores have “years” of inventory on the floor and need little or no fill-in inventory to have a successful sale. Other stores absolutely need fill-in inventory to meet the full potential of the sale they are considering conducting.

The projection and fill-in discussion is vital to good planning and can be extremely important when planning a family transition. Step five is one of implementation. This includes creating an appropriate ad campaign and publishing it in advance of the sale, sending the on-site supervisor, the fill-in inventory that may be necessary, and initiating the plan.

“Visiting the store is essential and can be done at any time during this process,” says Chuck. “Discussing, planning, creating the projection, and visiting the store is done in a confidential manner and should be at no obligation or cost to the jeweler.”

Some store owners want to incorporate a give-away or contest to help generate additional traffic and excitement. “What we find is it’s somewhat store and local specific,” says Chuck. “The contest that would excite customers in one town may be a non-starter in a different environment. In some cases it generates lots of additional traffic with few additional sales. Some stores feel they need to confirm to their customer base, after a transition, moving, consolidation or stock reduction sale, that all is well and that the business is continuing. We find ‘after-sale’ promotions are received well by both the store owners and the customer base for this purpose.”

This year will go down in history as one for the record books because of COVID-19. “The majority of stores we’ve spoken to, that have been able to reopen normally, are reporting strong sales, in some cases record months. The cash-raising-events we have been able to conduct have performed extremely well.

“It’s anybody’s guess what the future will bring,” says Chuck. “A resolution to COVID should stimulate the economy back to a greater level of normal. What we are hearing everywhere is people want to get back to business. Customers want to buy and are going to the stores they trust the most.”

To learn more about Charles Frey & Company call 888-688-1881 or visit charlesfreyco.com.

Paul Holewa

Paul Holewa

Paul Holewa has worked as a gem and jewelry industry trade journalist for more than 20 years. He learned about the gem and jewelry industry firsthand in Bangkok and Chantaburi, Thailand, global hubs for colored stones, diamond cutting, and jewelry production. Paul called Bangkok home for 11 years. He has travelled to remote gemstone mining sites throughout Southeast Asia, as well as major distribution and manufacturing centers in that region. For most of his years as a trade journalist, Paul has specialized in writing small business management articles for retail jewelers. His specialty has been developing magazine news feature stories and online blog content to help jewelry store owners to manage their store more effectively and, more importantly, to sell more jewelry. Paul has written on a wide range of jewelry store management topics from sales training and staffing, to video marketing and social media campaigns.

Related Posts

Pretty much perfect retailing for Wyoming couple

Pretty much perfect retailing for Wyoming couple

May 1, 2023

Johnston Jewelers – A Good Catch

May 1, 2023

Largest LGD grower continues rapid expansion

May 1, 2023

Father’s wisdom takes NM jeweler to fourth generation

March 31, 2023

Latest News

Industry Events

AGTA GemFair™ Las Vegas is kickoff point for Rapaport’s natural pearl auction and sales

May 24, 2023
Other News

Plumb Club study underscores a bright future for the diamond category

May 24, 2023
Other News

GIA’s Gems & Gemology Spring 2023 now available

May 24, 2023

Other News

Virginia jewelers unite for Children’s Hospital of Richmond

Furry Friends on the Job: Say hello to Benji of Joyeria La Guadalupana

The importance of WOWING your customers

ASHI Diamonds offers retail partners personalized advantage

It’s Show Time again and the jewelry business is coming out to play

Stuller announces strategic organizational updates

Southern Jewelry News

© 2023 Southern Jewelry News.

Additional Information

  • About
  • 2023 Jewelry Trade Shows & Events
  • Media Kit
  • Contact
  • Sitemap
  • Newsletter Signup

Get Social with Us

No Result
View All Result
  • Featured Articles
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    • Sponsored Content
  • Latest News
    • What’s New
    • Industry Events
    • Tradeshow News
    • On The Move
    • Other News
    • Furry Friends
  • Podcast
  • Columnists
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • DIGITAL MAGAZINE
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archives

© 2023 Southern Jewelry News.