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.
As year-end approaches, business owners often get pulled in many directions. In the retail sector, this is when sales typically peak. This finds many business owners working more hours in their shops while spending the little free time remaining readying for the holidays and gathering together with family and friends. What can be forgotten in the midst of the season’s hustle and bustle is the critical task of business planning for the upcoming year. Even a small amount of planning in the following areas can provide your business with a roadmap for success.
As part of my various daily responsibilities, I am the company’s recruiter and interviewer. It’s my job to use all the questions at my disposal to determine whether the candidate is right for the job or not. In fact, I have two favorite questions that I never waiver from. I use them in order to see how the interviewee will react and what may make them great team members. We all know that a person’s skills and abilities, no matter how impressive they may be, are just part of what makes a person tick. When you hire someone, you’re not just acquiring whatever that person can bring to the table, you’re hiring a real person with strengths and weaknesses that will inevitably affect how they perform.
There are many similar traits and characteristics when comparing sports and business. I'm not a fan of Coach Belichick’s team, but I am a huge hoodie fan and follower. This is one of the best and longest interviews he has ever given and when you sit back, listen, and absorb, it just makes sense. His approach to the sport is business-like, and his strategies and tactics can be transferred into any business practice, especially around leadership; Getting the most out of your team and the ability to constantly employ situational awareness involves adapting and overcoming.
This phrase has been around for years but really became a catch phrase during the dot-com boom and then bust. During this time period companies were racing to gain market share and market position. Companies that were over promising had one goal in mind… "How do we increase valuation for Wall Street to drive a mega dollar acquisition."
Even in 2017 there is still some of this approach lingering . This is all fine and dandy for the vendor but for the customer, it meant being told what they wanted to hear to ensure another month’s worth of billings hit the books. Quality vendors who have stability and who are transparent don’t over promise…. They just deliver consistent results like professionals do. Actually, their demonstrate great courage when they turn business away because they can’t accommodate the business, support the business or make great changes to their own business plan to accommodate a particular piece of business. When taking on a new client is going to spread you so thin, it will impact the service and support to your existing clients, it is time to walk away. Not all companies are willing to admit this. Some of the readers of this post have most likely experienced the promises but unfortunately have felt the disappointments and inevitable course corrections entailing having to find a new vendors because they were promised so much and received virtually nothing more than contract swaps and buzz words.