Business Report

Setting Store-Owner Salaries: Too Much 'Gimme’ Can 'Getcha’ If you own a jewelry store, setting your salary and bonus can be a tricky matter. Pay yourself too much and the store suffers. Pay yourself too little and you’ll wind up feeling burnt-out and demoralized. To strike the right balance, consider the strategy recommended by John Michaels, who leads a management group for the American Gem Society when he’s not running the Waterbury, Conn., chain Michaels Jewelers. As a starting point, Michaels suggests using data from the Robert Morris Association (RMA) of Philadelphia, which provides bankers with lending and credit-risk information on various business sectors, including jewelry. Use the median owners’ compensation as a base for your calculations. In 1998 this was 5.2% of net sales for jewelers with annual revenues from $1 million to $3 million. The range of owners’

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