These Jewelry Store Owners Are Handing Ownership of the Business to Their Employees When They Retire Next Year Harvey and Maddy Rovinsky, the owners of Bernie Robbins Jewelers, are retiring after nearly six decades on the job.

By Sam Silverman

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.

Sam Silverman

Entrepreneur Staff

Content Strategy Editor

Sam Silverman is a content strategy editor at Entrepreneur Media. She specializes in search engine optimization (SEO), and her work can be found in The US Sun, Nicki Swift, In Touch Weekly, Life & Style and Health. She writes for our news team with a focus on investigating scandals. Her coverage and expertise span from business news, entrepreneurship, technology, and true crime, to the latest in entertainment and TV news. Sam is a graduate of Lehigh University and currently resides in NYC. 

Editor's Pick

Related Topics

Business News

Apple Moves to Sever Ties With Goldman Sachs — Here's What That Means for Apple Card and Savings Holders

The end may be near for one of the most prominent alliances between a technology firm and a banking institution.

Business News

Mark Cuban Is Reportedly Selling the Dallas Mavericks to Another Billionaire

Cuban purchased a majority stake in the NBA team in 2000 for $285 million.

Business News

Mac Without Cheese? Kraft's Newest Product Is Going Vegan

Kraft is releasing a plant-based version of its iconic Mac & Cheese called "NotMac&Cheese."

Business News

This Influencer Has Nearly 150,000 Instagram Followers and Makes Over $10,000 a Month. There's Just One Catch—She's Not Real.

Aitana López has over 149,000 Instagram followers and brands love her. Is she the future of social media marketing?

Business Plans

She Wrote An 'Escape Plan' to Quit Her Job and Move to an Island. Now She's There Generating Nearly $300,000 A Year

"My detailed, step-by-step plan on how I would quit my job and move to a Caribbean island."

Marketing

5 Scrappy Ways to Create Quick Marketing Wins

Marketers are under pressure to create both short-term and long-term successes. Here's how you can create quick wins easily alongside your bigger strategy.