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.
Does anyone out there know what the Manager’s Circle is? If you’ve ever worked for me or know me professionally, then you absolutely know this concept. It’s an imaginary circle, between the pawn counter and the front door where the manager resides while at work. Why? Because when a customer comes in to get a pawn, I want three things to happen:
The first time someone asked me if there was any secret to my success, I thought the question sounded odd. I think that, in itself, is part of the secret to success; being humble. Don’t stay focused on what you’ve accomplished and always look towards achieving that next goal.