These Jewelry Store Owners Are Handing Ownership of the Business to Their Employees When They Retire Next Year

The owners of an upscale jewelry store chain are handing ownership over to their employees.

Harvey and Maddy Rovinsky have been the owners of Bernie Robbins Jewelers for 57 years, but when they started to think about retirement to spend time with their grandchildren, they realized no one would be better to take over the business than their staff, some of whom have been with the company or 20 and 30 years.

The jewelry business, which has three stores in New Jersey and Pennsylvania, was founded by Maddy’s parents in 1962, according to the company’s website.

RELATED: ‘Wolf in Cashmere’ Bernard Arnault Has a Cutthroat Reputation. In a ‘Succession’-Like Drama, He’s Eyeing His Replacement — and It Might Not Be Family.

^{Courtesy of Bernie Robbins Jewelers | Owners Harvey and Maddy Rovinsky.}

The Rovinskys told Fox Business that they don’t have any family involved in the business, and they needed a “path for succession” if the company were to continue after they retire.

“We said, ‘You know, this has been right in front of our faces all this time. Instead of trying to find a qualified buyer, why not give it to people that are successfully running it now,'” Rovinsky told Fox Business. “They understand our culture, they understand what we want. They’ve been doing it, they’ve been running it and we’ve been fortunate that money aspect was not a motivation. So we’re going to continue the business with the people that know how to run it.”

Harvey Rovinsky said employees asked him to be the company’s CEO as the business transitions to the new, employee-led ownership in early 2024.

RELATED: A 4th-Generation CEO Reveals How to Avoid ‘Succession”s All-Too-Real Dysfunction in Your Own Business — Family-Run or Not

“I’m flattered and honored that they’ve asked me to stay on, which I will be happy to do until I annoy them enough and they fire me,” Rovinsky joked.

https://www.entrepreneur.com/business-news/jewelry-store-owner-to-give-60-year-old-business-to/465672