Borrow Now Even If You Don’t Need To

Most people know to buy health insurance when they’re healthy and life insurance when they’re young. But do jewelers think of borrowing money when interest rates are low and the industry is experiencing one of its longest growth cycles ever? Apparently not, based on a recent poll we conducted. Of the 130 jewelers responding, only 48% said they were borrowing money. And only one of these had a line of credit with a bank. “That’s a major mistake,” says Mark Hogeboom, chief financial officer of James Avery Craftsman Inc., a 30-store jewelry retailer in Kerrville, Texas. “Right now, when the jewelry industry is having good times and interest rates are low, jewelers should build and test their banking relationship. Use that relationship so that when you need the money to survive it’ll be there.” Remember those 18% rates? Though the industry has been so robust recently th

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