Business Performance Optimized
Generations of families owned Padgett’s Jewelers. The business had been sold to one of its longest standing employees who remained involved in the business for over 50 years. When the owner decided to retire, Padgett’s was to be acquired by another new owner, Stafford Jewelers, who had bold new ideas for taking the business to a new level and a keen focus on incorporating custom designed jewelry into the new business model.
The objective was focused and direct; promptly sell as much inventory as possible over a 5-week period to raise cash for the current owner’s retirement, eliminating stale inventory and creating space for Stafford Jewelers’ designs and updated merchandise. Also, Stafford Jewelers wanted to generate a client list driven from the sale, be trained on managing metrics in order to maximize efficiencies, run the new operation from a monitored break-even position, and engineer profit as a first line of expense. The new owner also had goals and ideas for designing a new corporate logo with fully collateralized imaging and branding for his business.
"The opening day of the sale was the biggest day of sales volume in memory. And in days to come, we saw increases in customer traffic and sales volume that we had not seen in several years, selling through merchandise we had been sitting on for a very long time."
-owner of Padgett's Jewelers