Michael Wittmeyer, who recognises from Allegany in western New York, is not an ordinary entrepreneur. His journey from designing websites in high school to heading one of the nation’s largest precious metals dealers is both fascinating and instructive.
This article delves into Michael’s entrepreneurial journey, exploring how he transformed his technical knowledge into a thriving business within the precious metals market.
Born into an educated family — his father a mechanical engineer and his mother a professor — Michael Wittmeyer was not your typical student.
He showed an early interest in technology, building websites and using Search Engine Optimization (SEO) to generate website traffic. Despite his early success, he adhered to societal expectations and enrolled in Penn State, where he would later sell his first business.
During his time at Penn State, Michael Wittmeyer discovered the precious metals market. He realized he could apply the same business model he used for driving traffic to websites in the precious metals market.
This realization prompted him to leave college and venture into the precious metals industry, a decision that was initially difficult for his parents to accept.
Launching JM Bullion
With a mix of determination, technical expertise, and a strong business partner, Michael launched JM Bullion outside Philadelphia. Despite his lack of knowledge about precious metals, he quickly learned the ropes. Initially, JM Bullion sourced inventory from another retailer that offered volume discounts.
They would then sell these at a slight markup. Today, as one of the largest retailers in the market, they source directly from various mints, including the U.S. Mint, Royal Canadian Mint, and Perth Mint, among others.
Moving to Dallas
The early days of JM Bullion saw Michael operating from Chicago, dealing with the customer-facing side of the business. However, after the partnership ended, finding tech-savvy employees in Pennsylvania’s Amish country proved to be a challenge.
With a team of 10 employees, Michael and his investors decided to move the company before it grew too large. Their search for a state with no income tax and existing suppliers led them to Dallas. Despite never having been there, Michael decided to take the leap and move the company.
Joining EO Dallas
Upon moving to Dallas, Michael became a member of EO Dallas in March 2019. Although his time with the organization was interrupted by the COVID-19 shutdown, he remained active in his forum.
He looks forward to the opportunity to meet and interact with other members in person in the future.
Growth and Expansion of JM Bullion
Under Michael’s leadership, JM Bullion has experienced significant growth and expansion. In 2021, the company started minting and selling its own products due to increasing demand and an unreliable supply chain.
They have also moved to the Campbell Center, a series of buildings at Central Expressway and 635, although many employees have yet to see the new location due to COVID-19 restrictions.
Future Plans and Business Strategy
Looking to the future, Michael plans to expand the business to include digital products where customers can accumulate precious metals without physically holding the product. This move is seen as a step towards integrating his business with the concept of cryptocurrency, which is popular among the younger generation.
He also plans to continue working on branding and marketing to produce and sell their own products under a new brand they control.
Major banks including Signature Bank and Silicon Valley Bank collapsed this year. Retirees like you and me lost millions of dollars while the White House bailed them out. I have personally invested in precious metals and made serious returns. You can request a free guide on gold investing using the button below:
Despite his business success, Michael remains grounded. He enjoys playing golf, working out, reading, and travelling in his free time. His family still resides in the New York area, but he has a girlfriend in Dallas who works as an orthopaedic nurse.
Michael Wittmeyer’s journey is a testament to the power of entrepreneurship and the opportunities that arise when one combines technological expertise with business acumen.
His success with JM Bullion serves as an inspiration for budding entrepreneurs and a case study for those interested in the precious metals market.
Check out our top gold IRA firms of the year if you’re thinking about investing in a gold IRA.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer in your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer. Furthermore, it helps with what you might miss out on.