Monday, October 19, 2015

The Family Values Behind the Business of Hardcore Pawn

Les Gold never imagined that life would change so drastically at 59 years old. He's the author of a New York Times bestseller "For What It's Worth," and television star of an international hit show, "Hardcore Pawn." He runs a family business, American Jewelry and Loan, with his two children, Seth Gold and Ashley Broad (Gold). The Gold family are the stars of the reality series, and are changing the way viewers think about the pawn industry.

The pawn business is multi-generational.

Seth shared that roughly 80 percent of pawn shops are "mom and pop" operations, and many are multi-generational.
Les explained, "Most pawnbrokers teach the next generation how to be a pawnbroker. As we travel around the country and go into pawn shops, you see the father teaching the children how to run the business. [The children] grasp it and change it to the new way of running it, but still with the core values in mind."
Running a multi-generational pawn shop is also a value add to customers. Les explained, "People know that we're not going to close our doors tomorrow. We're not a fly-by-night company. The way they give [their valuables] to us is the way they're going to get it back."

Fame is no substitute for building a solid business.

Some entrepreneurs believe that there's a direct correlation between fame and business growth. Seth explained the reality of television fame: "Being a part of successful show like Hardcore Pawn gives you an 'in' to start a conversation a little more easily, but you still have to prove your merit and show what you've created. It's funny, we were in the back office the other day shooting commercials. We've not giving up on traditional marketing."
Read more about this family business

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