Take a moment to review some of the most questions we receive most frequently from prospective clients. Don't see your question in this list? Send us an email: JustAskChuck
How do I receive a quote for an event?
The process begins with a candid discussion about your goals, what you are trying to accomplish and what we think it will take to do that. The next step is to construct a dollar & cent projection based on your historical sales and expense data. As a part of the projection we will make a recommendation as to the fee for our services. There is no charge or obligation for this.
Do I have to use outside merchandise?
The simple answer is no! The use of outside consignment inventory or “fill-in”, or where to get it from, is always your choice. The projection is a good indicator as to what your needs for fill-in may be. There are many factors that go into this decision such as how much inventory do you have on hand, and how current is it. You may be conducting some form of a “closing or going out of business sale” and own a lot of inventory but are depleted in the “bread & butter” areas and it makes no sense for you to go out and buy new goods when you can consign them. The use of outside merchandise is a store by store discussion.
What is the best time of year to run an event?
Traditionally the best time of the year has always been the Christmas season. That’s when the largest number of buyers are in the market place and conducting an Event allows you to take a larger share of that market place. Traditionally the next best time of the year is the spring season mid-April through June. Summer tourist & snow-bird areas run by different seasonal rules. That having been said we have conducted many successful sales at all different times of the year. We recently ran a sale in Kansas City from late July through mid October. The average annual volume of the store was $488,000. The sale generated over $513,000. Sometimes the best time of the year has everything to do with the theme of your sale and the reputation of the store.
What is the cost for an event?
All of this is detailed in the sale projection, and there is no charge or obligation to create the sale projection. That’s the best answer. The cost of an Event can vary from city to city based on living expenses for the on-site supervisor and the cost of the advertising media. Big cities tend to be more costly. It also has to do with the volume of the store and the nature of the sale. Higher volume sales generally pay lower commissions. Sales that require more management generally pay higher supervision costs. As a general rule of thumb you can estimate the ad campaign will cost 8% or less of the sale projection. Depending on the length of the sale and the supervision arrangement typical fees can be as little as $2,500 to as much as $9,000 per Event. The average event runs approximately eight weeks so you should calculate in that many weeks of operating expenses.
Can you help me sell my business?
We have had some success at this. I think it’s no secret that selling a family run closely held retail jewelry store can be difficult. The buyers that say they will pay your asking price typically don’t have any financing and want you to hold the paper. Those that do have the money typically won’t pay you what it’s worth. Hence the reason a Retirement or Going out of Business sale becomes attractive because you can get dollar-for-dollar for your inventory. We have been successful connecting several buyer and sellers together. Sometimes the buyer is someone in your staff or a family m,ember. The key is to lower the purchase price of the store by reducing your inventory through a cash raising event of some type.