No ‘diamond in the rough’ for small business owner

5 years ago by in 2012, Uncategorized Tagged: , ,

Jeffrey Roseman, third from left, is the President and CEO of David Harvey Jewelers in Norwalk and Darien, Conn.

“I have been told during [this] campaign what is wrong, but I have yet to hear how it will be fixed and still ensure economic recovery.”

My father, Jeffrey Roseman, a small-business owner and business professor from Fairfield, Conn., has experienced first-hand the Republican Party promise of a better economic future.

With a family business operating since the early 1900s, he finds that growing up in a business and as an involved party-member since his days in college, it is disheartening to no longer trust the Republican Party.

“The financial health of my business is always one of my primary concerns,” he said. “Both the state and federal fiscal policy is something I monitor and clearly party platforms concern me, but unfortunately, the Republican Party has adopted a platform that places agenda items and morality as issues that supersede economic policy.”

My father’s family-run jewelry store, David Harvey Jewelers, has endured great economic change since its start in 1914. The business even recently saw growth during the severe economic downturn, opening a second location during the recession.

With 15 employees for both his Norwalk and Darien, Conn. stores, my father has seen sales increasing year to year. But even with personal success, he still finds strife in the world of luxury items, particularly in his hometown.

“Luxury taxes do not work. It did not work years ago and it will not work now. Currently the luxury tax [in Connecticut] applies to watches over $1,000 and jewelry over $5,000,” my father said.

“People find ways to avoid the tax such as purchasing luxury goods in New York or Massachusetts, but Connecticut will be deeper in debt due to an even slower economy with less sales tax paid to the state,” he added.

My father’s success during a time of severe failure in the business world, regardless of state taxes and a national recession, was one of the very few successes during the time period of 2007 to 2009. According to the Office of Advocacy of the U.S. Small Business Administration, business bankruptcies increased 79 percent from the fourth quarter of 2007 to the first quarter of 2009, and employer firm terminations rose from 2007 to 2008.

“Clearly jewelry is something you want, not need, but the bridal market is back again. In 2008, during the recession, engagements and weddings were put on hold based on the cost of a wedding. To me it seems people are in love in 2012 and planning on larger weddings again. That translates into business for the jewelry industry,” my father said.

Roseman’s sentiment of belief in a responsible fiscal policy can be shared by all voters across the country today, but the question at hand is which party will step up to the plate and take the reigns.

“I don’t honestly believe the Democratic Party has managed our budget well, but again I still do not know how the Republican Party will ensure our economic recovery, ” he said.

With many different alternatives to solve the current financial crisis affecting both large and small businesses, my father doesn’t believe “the answer to our fiscal problems is to overtax corporations, the smaller businesses or the wealthy. The quickest way to improve our economy is to enable companies to make money and selfishly of me, wealthy people spend money on luxury goods. … And I sell those luxury goods.”

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