After more than a century of serving the Lakeland community, Marshall Jewelers, a family-owned business, will close its doors this June.
The jewelry and gift store has been a fixture in Lakeland since 1921. Carol and Bill Marshall, who have run the shop for nearly four decades, say the time has come to retire.
“I’ll hate to see it go away, but that’s just how it is,” said Carol, 78.
Bill, 80, and Carol took over the store in 1988 from Bill’s parents, Frank and Hazel Marshall. Though his parents officially retired, they continued to visit and help out at the shop for some time afterward.
Now, it’s Bill and Carol’s turn to step back.
The couple has operated the store through many changes, including the COVID-19 pandemic. Carol worked closely with customers, helping them choose the perfect jewelry. Bill, who began by learning to repair fine men’s watches, later moved into jewelry repair and even designed custom pieces.
“It’s time,” Bill said with a chuckle.
Bill, an avid golfer, said he’s looking forward to spending more time on the golf course and with his family. He also plans to focus more on his side hobby—repairing and building custom golf clubs.
“I love the game,” he said. “There’s something about that swing, that crisp sound. When they hear it and turn with a grin, that grin is worth hundreds—if not thousands—of dollars.”
Carol, meanwhile, is ready to relax. She says she wants to read by the pool or at the beach, though she admits she might look for a part-time job to stay active.
The Marshalls have lived in Lakeland for nearly 50 years and have no plans to leave. In the fall, they can often be found at Bryant Stadium on Friday nights, watching Lakeland High School football games—a tradition that started when their son played for the team in the 1980s.
The couple has two sons, Mike and Jim. Both have successful careers in banking and have moved away from Polk County. Neither is interested in taking over the jewelry business.
“They don’t live here, and it’s too hard to change horses in midstream,” Carol said. “They’ll miss the jewelry work, though. It’s something we all got used to.”
According to research from Cornell University’s SC Johnson College of Business, the average family-owned business lasts about 24 years. Marshall Jewelers has lasted more than four times that. The store was first opened in downtown Lakeland by E.L. Adams in 1921. In 1956, Frank and Helen Marshall took over. For many years, the store was located in the Southgate shopping center on South Florida Avenue, before moving to Edgewood Drive in 2018.
About 40% of family businesses transition to a second generation, like Bill and Carol. But only 13% make it to the third. Bill seemed to understand this early on. About 30 years ago, he told The Ledger he’d “be surprised” if either of his sons took over.
The Marshalls said they never seriously considered selling the business. For them, it would be too different without the personal connection they have with their customers.
“Over the years, a lot of customers became friends,” Carol said.
Since announcing the closing sale, no one has approached them about buying the store, Bill added.
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