Marketing. I could write that word in hieroglyphics and we would probably be as close to understanding it as we are in English.
I’ve been asked many times, “Why do you carry all this stuff in your store”? I know they’re referring to what many would call “junk”—collectibles, clothing, kids’ toys, etc. I always answer the same way, “Because it makes me money and brings in a larger clientele”.
Thinking back on how the pawn business has changed over the last 20+ years… it is amazing. Many deals that were made years ago were by chance and by educated guess. We didn’t have the ability to “look it up online" or “call an expert” because a quick decision had to be made. This often made for some big wins and big losses. Here’s a couple that stood out over the years…
I have been thinking about this question since I first read Robb’s blog. It keeps hanging there in the back of my mind, waiting… irritating me.
Guerrilla Warfare is commonly defined as ”a wartime strategy involving a small attacking, mobile force, typically deployed against a larger orthodox military force with less mobility.”
According to an analysis by the Economic Policy Institute, the median working-age couple has only saved $5,000 for retirement, and 70% of couples have less than $50,000 saved. Considering retirement can last 30 years or more, having a solid savings plan is crucial to everyone’s well-being and long-term happiness – both yours and your employees.
Growing up in the 80s and being around pawn shops my entire life, I was surrounded by the stigma that the pawn world was ruled by men, and women-owned shops were very rare. Also prevalent was the mentality that the shop will just run and grow by itself. Many of the stores I encountered in those days gave little to no effort in the way of growth strategizing, growth monitoring, or new idea implementation.
*This post is presented in partnership with SMART Financial Operations LLC
There are a number of reasons to sell a pawn business. Perhaps you're ready to retire and you don't have someone to pass it onto, or you're just ready to move on from the industry but don't want to see what you've built shuttered up and vacant. I’ve been in this business for over 30 years, and have been involved in several hundred purchases and sales of pawn stores, both as the purchaser and the seller. There's a lot that goes into the sale of a pawn business, and not all of it has to do with numbers. Preparing your shop for sale is a lot like getting a house ready for a showing. The numbers are just a part of the equation, because the details can really make or break a sale.