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Mar 21, 2018

In today’s episode, I speak with founder of Value Pawn, Rent-Rite, La Familia Pawn, Premier Pawn and Smart Financial. John Thedford is a CPA and author of the best-selling book, ‘Smart Moves Management’. In 2008, EZ Corp acquired Value Pawn for 120 million dollars. Listen to this incredible pawn industry entrepreneur as he shares his knowledge on the operations of the pan business.


[02:36] “The most powerful source on this Earth is a human engaged in meaningful work


[04:03] It’s important that you utilize culture leadership so that the persons you hire do great work


[04:52] John started out at PricewaterhouseCoopers as a CPA and was assigned to Cash America pawn to audit their business. He was pleased with the concept of the pawnshop and was eventually hired as an Accountant.


[06:37] EZ Corp eventually hired John and the continued exposure kept him on the pawnshop journey


[09:53] High wages is about finding the right people and paying them what they are worth


[11:59] John’s wage strategy is hiring persons who are aspirational


[15:12] How do you get a great employee and build them up? Culture


[16:44] You can attract anybody by the culture you create and caring about your employees


[17:34] The 3 steps to creating a better culture are:

  1. Communication
  2. Celebration
  3. Self-Introspection/Cleanliness


[23:03] The 3 biggest mistakes pawn leaders are making today:

  1. Having the wrong people on their team
  2. Financial literacy
  3. Cultural leadership and training


[32:11] How do you handle the disputes that might occur when paying commission? You must get great people that work well together


[33:41] The TTS (Thurstone Temperament Schedule) gives you an indication of the most stable persons and how quickly they can make a decision


[34:07] When people fit the right winner category, then it is all up to the manager to create the culture to hold it together


[34:37] To have your business operate smoothly with the right employees, you must have:

  • a standard set of interview questions
  • a psychological profile
  • an observation day
  • a great orientation program
  • a monthly training program


[36:39] If you deliver great customer service, with people who care, and have a long term approach, you’re going to do well”


[36:57] There are 5 “Smart Moves Management” books up for grabs! If you’re listing to this podcast, text the word PAWN to 444-999 to be in to win right now!

[37:38] Visit the Smart Financial website for more information from John Thedford.