As an accountant, that "profit" is wrong. You don't sell something make a profit and then pay tax on that profit and THEN pay your overhead. You sell and the profit is your revenue. You then take out all your costs and overhead and then you get EBITDA. which is the money you actually made after all your overhead costs. You pay taxes on THAT.
I edit Charlie’s videos, hands up! Guilty as charged-I’m definitely no accountant! 😅 I’ll stick to editing videos and leave the numbers to the pros like you. Thanks for clearing that up!
Actually you are wrong as well. Your profit is not your revenue, the total income from the sale is your revenue. Selling price is $10,000, that is your revenue. Your cost to purchase was $5,000, that was your merchandise/inventory cost. Your direct margin or service revenue is $5,000, back out OH and you get your margin. Back out sga and taxes you get net profit. Add back Interest taxes and depreciation you get EBITDA
I run a service based business, and people often believe that we make a fortune, but like any business they dont realise the amount of overheads and costs involved in operating. Id also add that most business owners i know put in way more hours than a typical 9-5! People dont always see and understand that. Keep up the good work guys.
If a AD is caught by Rolex doing this they immediately get there franchise taken off & never will sell there produce again & I can tell you Rolex are very very strict,I’ve seen an area manager to into a Rolex AD who also sales other eg omega Tag etc & the area manager as told the shop manager get it moved from Rolex now & they’ve actually done it there & then before the Rolex area manager as left this is fact I’ve seen it so Rolex are really strict
Can you answer me truthfully? Who sells you the very hard to get pieces? To achieve a Daytona, green dial sky dweller or Pepsi the customer has to have a huge spend! These customers aren’t flipping ( they’d never achieve another), and I don’t see anyone building up a huge spend to flip for a couple of grand ( you may sell a Steele Daytona for £22k, but you’re probably only paying £17k for it ). So where do you get your inventory from? Imo, it has to be straight out the back door of crooked AD’s 🤷🏻♂️
Of course it is under the table deals with AD's. They get kick backs. Everyone knows that a watch leaving with a customer from an AD has it's stickers removed. The ONLY way to have a watch with sticker? Is direct from the AD. Anyone buying from this scammer should let Rolex know the serial number so they can track the watch and cut the seller off. There. Simple. Effective. Finished.
I've not bought a watch from LWC yet, however compared to other independent watch dealers on TH-cam you have more class about you and you do not give a 'wide boy' image that some of your competitors do which is a huge turn off. Cost is a factor but happy to pay more for quality and class every time. Emirates 1st and Business class offer a luxury flying experience with staff to match. Keep up the great work and continue to differentiate yourselves from your competitors. Keep the experience for the customer unique with class
I must say that as a business owner i get it. The vast majority of business owners are in it to make money, if it helps people or makes them feel good about themselves along the way, then that’s great. I hate how certain bad actors in this industry have given this entire industry a bad name. You guys have always been pretty up front about the need for a margin, what’s hot what’s not, what you should buy from the AD if offered, what you shouldn’t buy etc. really appreciate your insight and transparency. Keep up the good work, this field needs more upstanding ppl like you
What does Unworn mean as far as you are concened? If an AD has removed a link and sized it to your wrist and removed stickers in the show room and is then put back in the box, is that unworn?
People miss the point that some folks live in rural areas. I don’t even half an authorized dealer near me within 300 miles. I appreciate a business like this and it serves a great purpose and population. Cheers !
Fully stickers examples are being sold direct from ADs to grey market dealers surely, as the ADs I’ve spoken to and have a good relationship with, point blank refuse to sell new stickers to me without removal. Maybe I’ve got it wrong….?
Don’t know if I missed it in the video as well Charlie, but people don’t realise you need your margins because the market changes as well, you could be sitting on a watch for a while and the price drops. So margins are key, but especially in this business.
As someone that flipped some in the past. The profit is not that high, the risk is(fake watches, lost in mail, criminal customers etc). It's nice to meet some fellow watch enthousiast and I never had trouble, but the bad stories are out there.
you certainly facilitate the flippers but you don't set the price alone - you are Grey market but as long as there are customers prepared to pay you are providing a service as a business. Clearly you have to see many luxury watch dealers online like yourselves , CRM, Trotters etc are doing very well but that's the whole purpose of being in a business. Keep up the good content
I'm happy you make a profit and a healthy one. What I object to and this is not directed at you, is paying more than list for a secondhand watch. It's secondhand - it isn't new. I'd rather walk away than pay list or more for a secondhand watch. Most Rolex's used to be available new with at least a 10-20% discount on them from the AD. Once those days are back, I'll be back.
@@David-yd6ur there’s no way you could sustain this business buying your supply from a flipper who just happened to get to get lucky at the Authorized Dealer. And why would any true businessman let a flipper dictate pricing?
Unnecessarily defensive but I suppose I can understand why you thought it was necessary. You run a business, it's as simple as that. If anyone doesn't understand that fact, or doesn't understand what the term 'flipper' means, they really aren't worth worrying about or wasting time on.
Brilliant video. One of the best yet. Realistic and open and an inspiration. Celebrating the hard work it takes to be successful. Always look forward to your videos coming out 😀
I like you guys. Quite honestly, I wish you would just embrace the “grey” term, just lean into it! I’ll never buy from an AD again, even if the watches become readily available at some point. Why? Because I’m not going to forget this period of time. This is not to be forgiven. I’m not doing some sort of monkey dance for an AD-buying a bunch of watches I don’t want, just to get the one I want. You don’t save money in the end by doing that, plus you end up with a ton of watches you don’t even want. Keep up the good work, guys! 💯
You’re not the only client with that opinion mate, you’re sick and tired of the games and feel insulted by the ADs! 🙌🏻 Thanks so much for the support mate, it’s really appreciated 👌🏻💯
“A flipper is some that buys a watch to sell it for a profit with no intention of keeping it” (ie Charlie). “But I’m not a flipper because I pay a LOT of taxes and way too much rent”. Ummm….who is going to tell him?
I played the AD waiting game for years, with very few wins. A few months ago I went to a local grey market dealer, got the watch the same day, and was able to trade-in a watch I never wore. Walked out very happy. I bought a second watch from the same dealer a month or so later. Yes, I paid more, but I have the watches and enjoy wearing them every week. The chase is fine, but not as much fun if you have no chance of ever getting your grail watch.
To be honest, I have much more respect for people like yourself than Rolex ADs. I’ve had extremely bad experiences with my ADs and I’d rather come to someone like you guys and get a great experience
Thanks for the support mate, so glad to hear you’re enjoying the content! We alter our buying in price and selling price based on the performance of the market 🙌🏻
Charlie interesting video.👍Every business man has right to make a profit. Many people who never been in business for themselves don’t realize all the expenses involved in running successful business. Have great weekend Charlie.🙏🏼
Working capital is a huge element for your business. Money tied up in stock is a huge opportunity cost, and cash flow can kill a business quicker than profit or loss. Love the honesty of this video. Good work. I think you operate in the secondary market, nothing grey about it.
I sometimes think the mark ups are a little bit much but on the other hand running a showroom like that with staff, NI to pay, running costs, insurance etc. isn’t half dear… and if people don’t like the mark ups they can go somewhere else to someone who does more preloved.
What gets me is WOS watches being sold on eBay, WOS know these people and still sell them several watches, you’re not a flipper the people that sell you new watches are, you in fairness add value
I appreciate your transparency and the behind-the-scenes style videos where you give us a view of your business, your customers, the challenges you navigate to run a profitable, honest business that stays in business. All the best! Some day, I will buy a watch from LWC! My current purchases have been from Chrono and a local Austin-based luxury watch dealer.
So glad to hear you’re enjoying the new style content and our BTS series, I really appreciate the support mate! 🙌🏻 Whenever you’re ready to make a purchase mate, contact me or the team, we’d be more than happy to help! 👌🏻💯
The term "flipper" has been around for certainly the last 20 years at least among watch enthusiasts, and certainly prior to the Rolex madness we see today. I enjoy your channel, even if I disagree with the current state of affairs regarding new watches and the pre-owned market and greys.
Nice informative video, really been enjoying your uploads lately some great stuff!! On a different note what's your thoughts on the Patek Cubitus, I think it looks great but seem to be in the minority!!
So glad to hear you’re enjoying the new style content mate, I really appreciate the support! 🙌🏻 It’s an intriguing aesthetic, would be interested to see one in the flesh before making any judgement 👌🏻
When I visited my Rolex AD last week, 11 miles from my home, Ian was most charming to me, I was really impressed despite not ever having traded with him. ⌚️😍
Just try to sell a watch to a dealer and compare that price to their listed prices for the same watch. Rolex, Patek and AP has 20-25% margin. Everything else is 40-50%. Of course there is overhead etc, but that's the buy and the sell of the watches
Flipping is, and will continue. If you're able to buy a current-year (or similarly new) watch from an independent dealer, then a well healed or well connected AD customer is flipping their purchases. How many times someone can do that, who is to say, but the fact is the very existence of these watches in the grey market is all you need to know.
Question... Is the 116518LN Pikachu really that hard to get on the secondary market compared to other Daytona models? I see them pop up here and there, but it seems like owners seem to hold onto them. Maybe because it's been discontinued.
10:25 I was wondering that. Before the "waitlist" and "getting your spend up" was it mostly just second hand worn watches? I can't imagine people buying stuff from a shop they don't want unless it's for a waitlist
Exactly that mate, there weren’t many watches clients would buy and immediately go to the secondary market to sell. It was all about facilitating clients who wanted to move on older pieces of their collections or helping them trade up to something else! 🙌🏻💯
IMO opinion, Charlie and guys like him cater to higher income folks who don't want to jump through a bunch of hoops-or don't have the time- to get what they want. He is providing a service and deserves to get paid for it. If the price is too high, they won't buy it. That's business. Well done, mate.
Your fooling yourself if you think you’re not a watch flipper. Just because you have a storefront doesn’t mean you’re not flipping watches. Your business is simple. Retail arbitrage. You can and probably are getting watches directly from AD’s and if you’re not you’re a horrible businessman. You’re not an authorized dealer for these watch brands and that makes you a flipping. Nothing more nothing less.
Great Video and love what you guys do in business .....Proper setup all genuine but at the end of the day you are flippers .....just glorified flippers with a better experience 🙂
The ADs are just ridiculous. It’s quite infuriating really. You guys treat your customers like gold and you end up paying less in the end with someone like you because there’s no buying of stuff you don’t want. When you own a business there are always costs to running them. It always surprises me that people don’t get that and that they want to just tax the business extra. Meanwhile they have no clue the risk business people take to start and maintain it. Thanks for this video!
You got to make coin.. as long as it’s an honest and decent way of doing it.. it’s fine.. The VAT argument though is a bit more nuanced yes you pay it.. but you claim it back too. And if you are VAT registered you probably charge your customers too.. that’s how the system works. I’ve been a business owner so I understand this..
I am still doing the dance I went to my ad the other day to remind him I was still alive as I registered my interest 🙈a couple of years ago for this particular watch He had plenty of of pre owned at inflated prices but I declined his generous offer Give him his due though via have had a couple of new watches of him Great vid keep it up very interesting
Good luck with your purchase mate, hopefully you won’t be waiting much longer for the call! 👌🏻💯 Glad to hear you’re enjoying the content, I really appreciate the support 🙌🏻
I have an unworn bi colour Daytona with diamonds. It’s looked small on my wrist so I didn’t wear it. I wanted to see how much part ex allowance I could get towards a Root beer. This Liverpool dealer wanted to give me £10k for mine. I’d already checked the prices of my watch and year without diamonds were going for £17k plus. This dealer was wanting to flip my watch for big margins!!! I walked away.
Without you guys, the watch industry would be dead. Never forget those who grease the wheels of the whole industry…you’re the clearing house and a market where people buy goods fair and square. To be pithy, you lot are “Luxury for the rest of us” ❤
No issue with you or any business making a profit. Silly anyone would think there is anything wrong. You offer a service simple as that. You meet a demand and appear to offer a high standard and professional service. I have issues with flippers as they have made getting watches harder and have no intention to own. It is bought to sell and at a silly profit. Cynical act. Happens though with cars, consoles and even bikes sold on limited runs - straight on eBay or elsewhere. Keep doing what you are doing. If people don’t like it, walk on past. Simples
He's offering a service and there are risks for him. Hence he needs to make a profit. Would you buy a rolex off a random? Probably not. Why would you buy from LWC, because you know you are getting a good quality product.
2nd hand dealers are just that, the trade in secondhand goods is a fact of life. Individuals buying and selling for black market profits is what it is and established businesses doing similar is nothing new, kinda feel the watch market needs to get over itself
As usual great content but a question if I may…. Obviously the “flippers” don’t have a business or pay any taxes on profits how does a legit business like yours pay them for products
Never mind dealer margint the cost of production on the steel models is like $75 not to mention most of the rolexes you see nowadays are replicas I would say 90% of the rolexes you see are replicas
There are flippers and greys who primarily sell consignment watches at 5-10% commissions. Consignment sellers such as Anthony Farrer can run a Ponzi scheme and/or other frauds.
@@thehonestwatchdealer Been watching for a while and a very good channel. I’d like to buy from you soon so I’ll call the showroom in the next week or two. Look forward to speaking with you then!
Br proud of what you’ve built. The haters on here (and you have a sh*foot full of em!) are nothing but jealous because they either can’t build what you have or are simply miserable and want you to be as miserable as they are. Keep on doing what you’re doing. Much respect
To me it’s real simple. You’re selling a product you’re getting the product honestly you’re not a flipper. If people have issues with that, then they don’t have to participate and spend their money on it.
He’s a first hand and second hand flipper but that’s how the business works. Rolex will sell you only if you take some expensive jewelry or have a buying history.
Some people have in their mind that somehow trying to make a profit is wrong, and it's usually some broke ass with no initiative or the stones to risk it all and run a business of their own.
In a way just as guilty as flippers as Grey Dealers take the stickered products from them. Grey dealers like it or not enable flippers. I understand why just saying.. If all After market resellers only sold watches that were 12 or 24 months old the inflated market wouldn’t exist. Its died already to a large degree as hype is over.
Most people who have not operated a business thinks you make money on the top. Employees are surprised when we don’t make money on the gross. Our COGS are like 20 percent, but after labor of 35-40 percent to make the product, rent, utility, insurance, taxes, merchant fees, etc you don’t make as much as they think they do. Good video to show.
Your a business but your NOT a REGISTERED Rolex dealership so yes your are classed as a flipper of a kind but probably not a bad as a person off the street who gets a panda Daytona then sells it for a ridiculous amount
These are insane business tax rates. I am sorry. That punishment would have me shopping in another country. Thank you for sharing and your transparency. You need a Trump to get rid of the business tax.
I’d like to look into ADs bank accounts to see if any monies is deposited by flippers ? Waiting list … load of tripe. Ads are fully aware of what’s coming into the showrooms and then pick up the phone and arrange it all. IMHO.
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As an accountant, that "profit" is wrong. You don't sell something make a profit and then pay tax on that profit and THEN pay your overhead. You sell and the profit is your revenue. You then take out all your costs and overhead and then you get EBITDA. which is the money you actually made after all your overhead costs. You pay taxes on THAT.
I edit Charlie’s videos, hands up! Guilty as charged-I’m definitely no accountant! 😅 I’ll stick to editing videos and leave the numbers to the pros like you. Thanks for clearing that up!
Well hes not an accountant, but the way he describes it is literally the same thing. Still the bottom line will be the same.
Actually you are wrong as well. Your profit is not your revenue, the total income from the sale is your revenue. Selling price is $10,000, that is your revenue. Your cost to purchase was $5,000, that was your merchandise/inventory cost. Your direct margin or service revenue is $5,000, back out OH and you get your margin. Back out sga and taxes you get net profit. Add back Interest taxes and depreciation you get EBITDA
He probably knows that as he’s been in business a while and he was speaking relativly.
what do you expect from a flipper 🤣
I run a service based business, and people often believe that we make a fortune, but like any business they dont realise the amount of overheads and costs involved in operating. Id also add that most business owners i know put in way more hours than a typical 9-5! People dont always see and understand that. Keep up the good work guys.
Hold the line! Don’t buy. Let them drop prices to pay their bills. Crooked ADs will stop selling to guys like this.
If a AD is caught by Rolex doing this they immediately get there franchise taken off & never will sell there produce again & I can tell you Rolex are very very strict,I’ve seen an area manager to into a Rolex AD who also sales other eg omega Tag etc & the area manager as told the shop manager get it moved from Rolex now & they’ve actually done it there & then before the Rolex area manager as left this is fact I’ve seen it so Rolex are really strict
That is a Big “IF!” Money will make many take chances.
Can you answer me truthfully?
Who sells you the very hard to get pieces?
To achieve a Daytona, green dial sky dweller or Pepsi the customer has to have a huge spend!
These customers aren’t flipping ( they’d never achieve another), and I don’t see anyone building up a huge spend to flip for a couple of grand ( you may sell a Steele Daytona for £22k, but you’re probably only paying £17k for it ). So where do you get your inventory from? Imo, it has to be straight out the back door of crooked AD’s 🤷🏻♂️
I'm waiting patiently for his reply......😂
I've gotta feeling it may take a long while ...😂
Steele?
he literally shows you on his behind time episodes - watch them!
@@David-yd6ur steel 🤷🏻♂️
Of course it is under the table deals with AD's. They get kick backs.
Everyone knows that a watch leaving with a customer from an AD has it's stickers removed.
The ONLY way to have a watch with sticker? Is direct from the AD.
Anyone buying from this scammer should let Rolex know the serial number so they can track the watch and cut the seller off. There. Simple. Effective. Finished.
I've not bought a watch from LWC yet, however compared to other independent watch dealers on TH-cam you have more class about you and you do not give a 'wide boy' image that some of your competitors do which is a huge turn off. Cost is a factor but happy to pay more for quality and class every time. Emirates 1st and Business class offer a luxury flying experience with staff to match. Keep up the great work and continue to differentiate yourselves from your competitors. Keep the experience for the customer unique with class
Ive only used them once , it was seamless problem free transaction , would be using LWC next time 100%
Thanks so much for the kind words mate, I really appreciate it! When buying a luxury watch the experience is just as important as the timepiece! 🙌🏻💯
I can definitely confirm they were a pleasure to deal with 100%.
I must say that as a business owner i get it. The vast majority of business owners are in it to make money, if it helps people or makes them feel good about themselves along the way, then that’s great. I hate how certain bad actors in this industry have given this entire industry a bad name. You guys have always been pretty up front about the need for a margin, what’s hot what’s not, what you should buy from the AD if offered, what you shouldn’t buy etc. really appreciate your insight and transparency. Keep up the good work, this field needs more upstanding ppl like you
That’s so great to hear mate, thanks so much for the kind words and the support, I really appreciate it! 🙌🏻💯
What does Unworn mean as far as you are concened?
If an AD has removed a link and sized it to your wrist and removed stickers in the show room and is then put back in the box, is that unworn?
People miss the point that some folks live in rural areas. I don’t even half an authorized dealer near me within 300 miles. I appreciate a business like this and it serves a great purpose and population. Cheers !
How come only Charlie is wearing a nice watch in this video !!
Great vid btw
Because he's the boss 🤣
I like the sit down format! Good vid 👏
Thanks Andrew glad you liked this one! Appreciate you watching 🙏
That radiator ruins the look of the room. Good video.
Liked because of the true comment. Then saw the username and can only say you executed your point excellently 😊
Ha - I was thinking that looking at the stain on it and then read your comment 😂
this was a very lovely surprise on a quiet Friday afternoon😍
Haha glad you liked this surprise upload! 👌🏻
Fully stickers examples are being sold direct from ADs to grey market dealers surely, as the ADs I’ve spoken to and have a good relationship with, point blank refuse to sell new stickers to me without removal. Maybe I’ve got it wrong….?
Nah they sell to the “vips”
Don’t know if I missed it in the video as well Charlie, but people don’t realise you need your margins because the market changes as well, you could be sitting on a watch for a while and the price drops. So margins are key, but especially in this business.
As someone that flipped some in the past. The profit is not that high, the risk is(fake watches, lost in mail, criminal customers etc). It's nice to meet some fellow watch enthousiast and I never had trouble, but the bad stories are out there.
you certainly facilitate the flippers but you don't set the price alone - you are Grey market but as long as there are customers prepared to pay you are providing a service as a business. Clearly you have to see many luxury watch dealers online like yourselves , CRM, Trotters etc are doing very well but that's the whole purpose of being in a business. Keep up the good content
I'm happy you make a profit and a healthy one. What I object to and this is not directed at you, is paying more than list for a secondhand watch. It's secondhand - it isn't new. I'd rather walk away than pay list or more for a secondhand watch. Most Rolex's used to be available new with at least a 10-20% discount on them from the AD. Once those days are back, I'll be back.
You facilitate the flippers by buying timepieces from them.
That's business. No shame in it.
@@David-yd6ur there’s no way you could sustain this business buying your supply from a flipper who just happened to get to get lucky at the Authorized Dealer. And why would any true businessman let a flipper dictate pricing?
@@Fifty_Jay No, he couldn't and he clearly doesn't. 'Flippers' don't dictate pricing. Market demand for a product does that.
Unnecessarily defensive but I suppose I can understand why you thought it was necessary. You run a business, it's as simple as that. If anyone doesn't understand that fact, or doesn't understand what the term 'flipper' means, they really aren't worth worrying about or wasting time on.
Brilliant video. One of the best yet. Realistic and open and an inspiration. Celebrating the hard work it takes to be successful. Always look forward to your videos coming out 😀
Thanks Tom I really appreciate that!
Glad you liked this one, another on the way for you on Sunday 👍
Brilliant ❤
I think the underlying problem with the grey market is the mark up on the watch
But supply and demand is alive and well.
cant stop watching your channel,i was not interested in rolex,but i am now.if i had the money spare i would buy of you guys,good luck.
That’s amazing to hear, thank you so much for saying mate, I really appreciate the support 🙌🏻💯
I like you guys. Quite honestly, I wish you would just embrace the “grey” term, just lean into it!
I’ll never buy from an AD again, even if the watches become readily available at some point. Why? Because I’m not going to forget this period of time. This is not to be forgiven.
I’m not doing some sort of monkey dance for an AD-buying a bunch of watches I don’t want, just to get the one I want. You don’t save money in the end by doing that, plus you end up with a ton of watches you don’t even want.
Keep up the good work, guys! 💯
You’re not the only client with that opinion mate, you’re sick and tired of the games and feel insulted by the ADs! 🙌🏻
Thanks so much for the support mate, it’s really appreciated 👌🏻💯
“A flipper is some that buys a watch to sell it for a profit with no intention of keeping it” (ie Charlie). “But I’m not a flipper because I pay a LOT of taxes and way too much rent”. Ummm….who is going to tell him?
I played the AD waiting game for years, with very few wins. A few months ago I went to a local grey market dealer, got the watch the same day, and was able to trade-in a watch I never wore. Walked out very happy. I bought a second watch from the same dealer a month or so later. Yes, I paid more, but I have the watches and enjoy wearing them every week. The chase is fine, but not as much fun if you have no chance of ever getting your grail watch.
That’s what it’s all about mate, enthusiasts are sick of waiting, they simply want that dream watch that they deserve! 🙌🏻💯
As honest as always Charlie 💥💥👍🏻
Thanks Paul, hope you’re well mate! 🙏
To be honest, I have much more respect for people like yourself than Rolex ADs. I’ve had extremely bad experiences with my ADs and I’d rather come to someone like you guys and get a great experience
That’s amazing to hear, thank you for the kind words mate, I really appreciate it 🙌🏻
Eye-opening info on Rolex margins, thanks! 👏
Its criminal that your staff member is sitting there without a watch on his wrist
Great chat chaps.
Thanks for the support as always mate, I really appreciate it 🙌🏻
How are you adapting to the prices on most watches dropping? ....great video.
Thanks for the support mate, so glad to hear you’re enjoying the content! We alter our buying in price and selling price based on the performance of the market 🙌🏻
Charlie interesting video.👍Every business man has right to make a profit. Many people who never been in business for themselves don’t realize all the expenses involved in running successful business. Have great weekend Charlie.🙏🏼
Thanks for the support as always mate, and so glad to hear you’re enjoying the content! 👌🏻
Hope you have yourself an enjoyable weekend 🙌🏻
Working capital is a huge element for your business. Money tied up in stock is a huge opportunity cost, and cash flow can kill a business quicker than profit or loss. Love the honesty of this video. Good work. I think you operate in the secondary market, nothing grey about it.
Thanks so much for the support mate, it’s really appreciated 🙌🏻💯
I sometimes think the mark ups are a little bit much but on the other hand running a showroom like that with staff, NI to pay, running costs, insurance etc. isn’t half dear… and if people don’t like the mark ups they can go somewhere else to someone who does more preloved.
Gross profit vs Net income seems to elude most.
True, turnover is vanity, profit is sanity, cash is a matter of fact.
What gets me is WOS watches being sold on eBay, WOS know these people and still sell them several watches, you’re not a flipper the people that sell you new watches are, you in fairness add value
Thanks for the deep insights into the grey market! Appreciate your content very much!!
Glad you liked this one mate, thanks for watching! 🙏
I completely agree with your comment. 👍
Thanks for the support mate, appreciate it 🙌🏻
AD's lowball? Don't make us laugh!
LWC is the lowest of the lowballers. I would never attempt to sell a watch to these jokers again!
@@singlendhot8628 for the benefit of someone in the market to find a quality independent dealer, please elaborate?
Then carry your broke ass somewhere else. Nobody cares...
I appreciate your transparency and the behind-the-scenes style videos where you give us a view of your business, your customers, the challenges you navigate to run a profitable, honest business that stays in business. All the best! Some day, I will buy a watch from LWC! My current purchases have been from Chrono and a local Austin-based luxury watch dealer.
So glad to hear you’re enjoying the new style content and our BTS series, I really appreciate the support mate! 🙌🏻
Whenever you’re ready to make a purchase mate, contact me or the team, we’d be more than happy to help! 👌🏻💯
The term "flipper" has been around for certainly the last 20 years at least among watch enthusiasts, and certainly prior to the Rolex madness we see today. I enjoy your channel, even if I disagree with the current state of affairs regarding new watches and the pre-owned market and greys.
I should imagine you’re first 10k profit a month just covers the overheads you courier bills must be in the thousands a month!!
so guys this guy is better than the AD no waiting list no spending thousands and don't get what you want
Great job! 👏
Thank you! 😄
Nice informative video, really been enjoying your uploads lately some great stuff!!
On a different note what's your thoughts on the Patek Cubitus, I think it looks great but seem to be in the minority!!
So glad to hear you’re enjoying the new style content mate, I really appreciate the support! 🙌🏻
It’s an intriguing aesthetic, would be interested to see one in the flesh before making any judgement 👌🏻
When I visited my Rolex AD last week, 11 miles from my home, Ian was most charming to me, I was really impressed despite not ever having traded with him. ⌚️😍
Many ADs are very good.
If you want have a flippers from where you will take the watch to sell?
Rewrite in English please.
Profit is defined as money after overheads
Just try to sell a watch to a dealer and compare that price to their listed prices for the same watch. Rolex, Patek and AP has 20-25% margin. Everything else is 40-50%. Of course there is overhead etc, but that's the buy and the sell of the watches
The 20-25% is probably true only for Rolex. Even PP and AP gets low balled badly now because of less demand in big pieces and hype is gone.
@@jact12 wow please give me an example of a Patek Philippe offer. I’m not seeing that
I love lwc! One day ill be a walk in customer to get one from you guys🎉🎉❤
Thanks so much for the support mate! Whenever you’re ready to make a purchase, we’d love to meet you 🙌🏻💯
Flipping is, and will continue. If you're able to buy a current-year (or similarly new) watch from an independent dealer, then a well healed or well connected AD customer is flipping their purchases. How many times someone can do that, who is to say, but the fact is the very existence of these watches in the grey market is all you need to know.
Question... Is the 116518LN Pikachu really that hard to get on the secondary market compared to other Daytona models? I see them pop up here and there, but it seems like owners seem to hold onto them. Maybe because it's been discontinued.
10:25 I was wondering that. Before the "waitlist" and "getting your spend up" was it mostly just second hand worn watches? I can't imagine people buying stuff from a shop they don't want unless it's for a waitlist
Exactly that mate, there weren’t many watches clients would buy and immediately go to the secondary market to sell. It was all about facilitating clients who wanted to move on older pieces of their collections or helping them trade up to something else! 🙌🏻💯
IMO opinion, Charlie and guys like him cater to higher income folks who don't want to jump through a bunch of hoops-or don't have the time- to get what they want. He is providing a service and deserves to get paid for it. If the price is too high, they won't buy it. That's business. Well done, mate.
Your fooling yourself if you think you’re not a watch flipper. Just because you have a storefront doesn’t mean you’re not flipping watches. Your business is simple. Retail arbitrage. You can and probably are getting watches directly from AD’s and if you’re not you’re a horrible businessman. You’re not an authorized dealer for these watch brands and that makes you a flipping. Nothing more nothing less.
You're... Your attack would have more credibility if you could use basic English.
Bro you don't know how business works.... LOL.
He's not a flipper. You clearly don't understand the meaning of the term.
Are you smoking crack? Businesses buying direct from AD’s?
A storefront is the different between flipping and being a dealer?
wtf!? 😂😂😂😂
Great Video and love what you guys do in business .....Proper setup all genuine but at the end of the day you are flippers .....just glorified flippers with a better experience 🙂
"You're taking them off the flippers"... "Yeah"...
The ADs are just ridiculous. It’s quite infuriating really. You guys treat your customers like gold and you end up paying less in the end with someone like you because there’s no buying of stuff you don’t want. When you own a business there are always costs to running them. It always surprises me that people don’t get that and that they want to just tax the business extra. Meanwhile they have no clue the risk business people take to start and maintain it. Thanks for this video!
Thanks for the support as always, I really appreciate it! So glad you’re enjoying the content 🙌🏻
You got to make coin.. as long as it’s an honest and decent way of doing it.. it’s fine..
The VAT argument though is a bit more nuanced yes you pay it.. but you claim it back too. And if you are VAT registered you probably charge your customers too.. that’s how the system works. I’ve been a business owner so I understand this..
New drinking game - take a shot every time you hear 'ya know' 🤣
Great video. Great transparency.
I respect your professionalism, quality of service, and customer focus
You are what you say you are.
Thanks mate really appreciate that 🙏
Thank you for watching and glad you enjoyed this one!
I am still doing the dance
I went to my ad the other day to remind him I was still alive as I registered my interest 🙈a couple of years ago for this particular watch
He had plenty of of pre owned at inflated prices but I declined his generous offer
Give him his due though via have had a couple of new watches of him
Great vid keep it up very interesting
Good luck with your purchase mate, hopefully you won’t be waiting much longer for the call! 👌🏻💯
Glad to hear you’re enjoying the content, I really appreciate the support 🙌🏻
I have an unworn bi colour Daytona with diamonds. It’s looked small on my wrist so I didn’t wear it. I wanted to see how much part ex allowance I could get towards a Root beer. This Liverpool dealer wanted to give me £10k for mine. I’d already checked the prices of my watch and year without diamonds were going for £17k plus. This dealer was wanting to flip my watch for big margins!!! I walked away.
1.5 million percent mate
Hahah 🤣🙌🏻
Without you guys, the watch industry would be dead. Never forget those who grease the wheels of the whole industry…you’re the clearing house and a market where people buy goods fair and square. To be pithy, you lot are “Luxury for the rest of us” ❤
That’s so amazing to hear mate, thank you so much for the kind words and the support, it’s massively appreciated 🙌🏻💯
No issue with you or any business making a profit. Silly anyone would think there is anything wrong. You offer a service simple as that. You meet a demand and appear to offer a high standard and professional service. I have issues with flippers as they have made getting watches harder and have no intention to own. It is bought to sell and at a silly profit. Cynical act. Happens though with cars, consoles and even bikes sold on limited runs - straight on eBay or elsewhere. Keep doing what you are doing. If people don’t like it, walk on past. Simples
He's offering a service and there are risks for him. Hence he needs to make a profit. Would you buy a rolex off a random? Probably not. Why would you buy from LWC, because you know you are getting a good quality product.
2nd hand dealers are just that, the trade in secondhand goods is a fact of life. Individuals buying and selling for black market profits is what it is and established businesses doing similar is nothing new, kinda feel the watch market needs to get over itself
As usual great content but a question if I may…. Obviously the “flippers” don’t have a business or pay any taxes on profits how does a legit business like yours pay them for products
Never mind dealer margint the cost of production on the steel models is like $75 not to mention most of the rolexes you see nowadays are replicas I would say 90% of the rolexes you see are replicas
Fair play
Sold you my rootbeer recently you were great fast service prompt payment. 👍
Thanks mate really appreciate that, glad you enjoyed your experience with us 🙏
There are flippers and greys who primarily sell consignment watches at 5-10% commissions. Consignment sellers such as Anthony Farrer can run a Ponzi scheme and/or other frauds.
You are also selling the new watch taken from slippers so you are also grey seller.
Great video this! Open, honest and to the point.
Thanks Ryan, glad you enjoyed this one, thanks for watching 👌🏻
@@thehonestwatchdealer
Been watching for a while and a very good channel. I’d like to buy from you soon so I’ll call the showroom in the next week or two. Look forward to speaking with you then!
It’s around everybody work together
I got the Pepsi watch from someone on youtube for about $200, i guess that saved me $20800 😊🤣
Br proud of what you’ve built. The haters on here (and you have a sh*foot full of em!) are nothing but jealous because they either can’t build what you have or are simply miserable and want you to be as miserable as they are. Keep on doing what you’re doing.
Much respect
To me it’s real simple. You’re selling a product you’re getting the product honestly you’re not a flipper. If people have issues with that, then they don’t have to participate and spend their money on it.
I would say you have a trading platform. Not a flipper.
Enjoyable video guys
Glad to hear you’re enjoying the content mate, appreciate it 🙌🏻
and if you buy it of the flipper they make over the odds price then you sell them for a profit
Off...
@@GordyM-ov7pt lol
SORRY MATE WHAT ABOUT ALL THE TAX RELIEF YOU GET OWNING A BUSINESS
He’s a first hand and second hand flipper but that’s how the business works. Rolex will sell you only if you take some expensive jewelry or have a buying history.
This video, I didn’t like it, sorry
Great insight. thanks.
Glad you enjoyed this one, thanks for watching! 🙏
Some people have in their mind that somehow trying to make a profit is wrong, and it's usually some broke ass with no initiative or the stones to risk it all and run a business of their own.
A thief sells to a Fence, We need a new word for someone who buys from a flipper
In a way just as guilty as flippers as Grey Dealers take the stickered products from them. Grey dealers like it or not enable flippers. I understand why just saying.. If all After market resellers only sold watches that were 12 or 24 months old the inflated market wouldn’t exist. Its died already to a large degree as hype is over.
Hi how much for a sub date 2024
If you want to get in touch via the website we can discuss your options.
Www.theluxurywatchcompany.com
Truth behind the margins, but doesn’t say the margins.
So Tom Hardy is flipping Rolex now? 😅
Most people who have not operated a business thinks you make money on the top. Employees are surprised when we don’t make money on the gross. Our COGS are like 20 percent, but after labor of 35-40 percent to make the product, rent, utility, insurance, taxes, merchant fees, etc you don’t make as much as they think they do. Good video to show.
Glad to hear you’ve enjoyed the content mate, I really appreciate the support 🙌🏻
Your a business but your NOT a REGISTERED Rolex dealership so yes your are classed as a flipper of a kind but probably not a bad as a person off the street who gets a panda Daytona then sells it for a ridiculous amount
These are insane business tax rates. I am sorry. That punishment would have me shopping in another country. Thank you for sharing and your transparency. You need a Trump to get rid of the business tax.
Stop flipping Charlie
At least you don’t ask anybody to buy 20 grand of jewellery before I buy a watch goldsmiths are terrible
The lady doth protest too much…just sayin
I’d like to look into ADs bank accounts to see if any monies is deposited by flippers ?
Waiting list … load of tripe. Ads are fully aware of what’s coming into the showrooms and then pick up the phone and arrange it all. IMHO.
I'm afraid your opinion isn't worth very much as it's uneducated.
For example; Sylvester Rocky Stallone is a flipper. 😉