Silver Streak, a Tempe, Arizona-based gem, mineral, souvenir and jewelry wholesale distributor, has announced a change in ownership. Mike and Betty Mallon founded the business in 1978. Over the years, they built a reputation for providing exceptional customer service and innovative in-store displays, but after more than four decades in the business the couple decided the time was ripe for retirement.
Lucky for them, Roger and Lisa Booth were in the market for a new business venture. The Arizona-based couple has had several business ventures and were looking for a new business to run when a broker introduced them to the Mallons.
“We wanted to find a business that we could grow and one that we felt strongly about,” says Roger. “Both Lisa and I had a strong connection to the product. It was something that both of us had experienced in our childhoods as well as our kids, and the fact that it was in Tempe, Arizona, was just an added plus.”
As the Booths went through the process of due diligence, Roger says they felt at every step, becoming the owners of Silver Streak would be a good fit.
He adds that another major deciding factor in purchasing the company was that Mike and Betty’s daughter, Dawn Jackson, who has been with the business for 35 years, plans to stay with the company.
“We have a long-term contract with her which helps us feel good about things,” he says. The company has 14 employees in its 17,000-square-foot facility, many of which have one, two and three decades of experience, including longtime salesperson, Joe Marr, who has been with the company 38 years.
While growth and improvements will be a focus for the Booths, Roger affirms customers can expect the same exceptional customer service as they always have.
“Our focus will be to grow the business in existing markets as well as looking at other markets, and revenue streams” he says.
That growth mindset was appealing to Mike, who at 74 years old says he was not interested in developing more growth from the company himself.
“They want to grow and prosper, and they want to be successful,” says Mike. “Thatwas a very important part of me being able to let go of my company after this many years. We started this company at our kitchen table with a ring tray of silver jewelry, and here we are today having built a multi-million-dollar company.
Mike won’t be disappearing completely. He’ll be helping out the Booths with an orientation and will continue working for a few days a week over the next couple of months. After that, he’ll continue in a consulting capacity. The Mallons will also continue to have an investment in the company.
