Matching their passion for jewelry with their drive to revolutionize the industry…
Dallas-based Jewelry Theory is not a jewelry store: it is a new approach to jewelry design and creation. And it’s catching on fast.
Jewelry Theory is new approach to jewelry design and creation.
We spoke with one of the four owners and Head of Design, Tony Logan, about the business and their journey so far. As with so many business start ups, it all began with a great idea.
“We were friends and industry colleagues who thought we can do this better than anyone else,” says Tony. “So we all put in $2,000 from our own pockets and opened our doors in 2008.”
“We had nothing but a 900ft2 room with a desk and laptop.”
Beth Williams at Williams & Kunkel, CPAs, LLP was hired as the CPA for Jay Dean Winchester, the wholesale business. Then, when Jay Dean Winchester added a design and creation company, Jewelry Theory, they naturally turned to Williams & Kunkel for all of their accounting needs.
“We always thought that jewelry was the only thing we did really well, so we needed someone to take care of the numbers,” says Tony. “Beth had known my co-owner and business partner Kenneth for years because she was the CPA for the wholesale business, so the decision was easy.”
Today Tony and his partners operate from a 4,500ft2 building, manufacturing for top retailers in and out of the Dallas area, as well as doing jewelry repairs, custom jewelry, diamonds, gemstones, CAD design, and rapid prototyping.
Their business mantra is “Make it Perfect.” With the partners covering everything from design to production to customer relations, Tony sums up their combined talents as ‘the perfect storm.’
Their success is in no small part due to their high tech approach, still somewhat unusual in their industry. This advanced approach has the business producing 2-15 custom jobs per day and some 300-500 repairs per week, mostly from wholesale.
They’re about to buy a laser etcher to add to their armory – this technology is cutting edge and will allow them to etch on any metal or glass surface with micro-millimeter accuracy.
Williams & Kunkel have kept the finances running smoothly as the business has grown over the years.
A main component of that is doing the monthly bookkeeping and compiling financial statements, backed up by performing the whole payroll function for the business. Williams & Kunkel also have all the taxes covered – sales, payroll, and personal and business income tax.
It’s a great support for Tony and his partners Kenneth and Curtis, “Whatever we need we just pick up the phone. We provide bank statements and invoices, or paperwork for equipment purchased and Williams & Kunkel prepare everything.”
But it’s not just about their business being compliant. Beth has also reviewed business performance with the partners. A great business with lots of potential to grow needs to look at key drivers like profitability.
“We’re trying to tighten our game and refine our processes because the better you get, then the more money you can make,” says Tony. “So we asked Beth for some ideas as our accountant – she asked pertinent questions and gave us some great ideas.”
Beth’s extra input has given them something to think about.
“We want to franchise our idea of the architectural jewelry design studio,” says Tony. “We’re turning the industry on its head by designing and quoting with each customer who can then order straight away. Holding stock is a thing of the past, as we’ll know exactly how much material to purchase with confirmed orders.”
“The customer experience with Jewelry Theory is like going to an architect’s office and designing exactly what you want. You can engineer jewelry with our designers to whatever specification you like, or even reverse engineer based on your budget. We’ve got the process down pat.”
Once they receive their trademark, they’ll be on their way. Williams & Kunkel will continue to make sure that the numbers stack up.
“Beth and her team are absolutely fantastic,” says Tony. “They always respond immediately and never keep us waiting; they are right there with us to provide our W-2s or whatever it is we need.”
“Williams & Kunkel make our lives easier. We don’t worry about the numbers – they do their job well, which allows us to do ours well.”
Read more about the exciting work Jewelry Theory does at http://www.jewelrytheory.net/.
Copyright 2015. Williams & Kunkel, CPAs, LLP “Helping business owners achieve the thrill of success!”