Jan 24, 2018
Moris is a third generation pawnbroker, graduate gemologist, entrepreneur, brother and ex-partner of Yigal and founder of CashCo Pawn and Cal Gem Labs. He has over 17 years’ experience in the pawnbroker business and illustrates a good balance of family/work life.
[01:30] Moris started working with his father in his pawnbroker business – from the bottom up – and managed the largest location which generated $1 million in a year.
[02:35] CashCo Pawn started 17 years ago in a small area, where Moris worked a year on his own.
[02:58] He received a $100,000 loan from his father for CashCo Pawn.
[03:16] Moris got Yigal to assist with the business side, offered half the business to Yigal and turned CashCo Pawn into $4 mill.
[04:48] What would you do differently if you started a pawnshop today? “If I started a new Pawn Shop today I would not want to do it again.” There are a lot of regulations and competition. He would however ensure to still treat his customers and employees like gold.
[7:20] What does a pawnbroker have to do to hit the goals today? “Strategy”. You have to become the go to pawn shop and people’s friend.
[8:06] You have to be more than just a pawn broker to achieve profitability. You have to be trusted, have great Yelp reviews, an Instagram page, give back to your community and be careful of your expenses.
[8:58] “You have to watch how much you give for items and really watch the strategy and where you’re going to go from there.”
[9:16] Would you say you had to become somebody else the way you were doing business? “You really have to become the go to pawnshop. You have to be the most dependable, trustworthy, transparent, business owner that people can trust no matter what.”
[10:26] Moris speaks about becoming a leader by motivating, being honest, and serious in order to operate a business persons could trust.
[12:09] One of his biggest achievements was when an employee quit because a competitor offered him $2 more a hour. In 2 weeks, his employee came back because of the change in culture. Recognition and appreciation can make employees, especially the younger ones, happy. They are happier in the long run.
[15:08] What’s been the most difficult thing for you in the 17 years of the pawn business? “The hardest thing has been to control my stress levels.”
[15:54] Moris talks about using exercise and meditation to alleviate stress.
[18:02] When dealing with stress in family situations, it’s important to take a break and even get help from a life coach or psychologist and not allow it to affect you for too long.
[20:05] You should be able to trust your team to assist with your functions.
[24:44] Hustle, get things done and stop procrastinating.
[25:52] Cal Gem Labs ensures legitimate certification of jewelry, find them at www.calgemlabs.com
[30:10] “You just make more money easier with a certificate.”
[31:05] Call Moris directly at 619-840-0850 and visit calgemlabs.com for information on photography, repairs and other services.
[32:32] Visit the Pawn Leaders Podcast group on Facebook with any questions regarding this interview. Also let me help you level up your leadership on pawnleaders.com.