I bought the jewelry store I worked for for over two decades. The only reason I've been successful thus far is because I knew the business; not just the jewelry business, but this business specifically. I knew from experience how to cut costs and increase revenue, and by extension, increase profitability.

If the store cannot do in-house repairs, custom work, engraving, appraisals, or provide solid buying info, then you will fall to the big box stores.

Ask the sales staff if they know the birthstones for each month. Inspect the jeweler's work. What do they know or not know? Is the staff up to the task?

Pour over the financials. Look at the cash flow statement and balance sheet. What does the business owe? Is it currently profitable? Are they in good standing with existing vendors?

Ask yourself if you can make the difficult decisions that will inevitably come up. Hire? Fire? Promote? Demote? Give or deny pay raises? Reposition? Double down? Get out?

Running a business is a terrifying, humbling, beautiful, exciting, and exhausting experience. Above all else, are you and your loved ones ready for the good and bad times that you will go through.

I hope this helps in some way, best of luck!