Jan 31, 2018
Josh Davis, the owner of GC Pawn, utilizes technology to drive his pawn store. As a third-generation pawnbroker, he has gained extensive knowledge from his family and currently has 7 stores. He shares his own experiences and advises us on running a successful business.
[00:38] Josh was born and raised in New York, 3rd generation pawnbroker, started working early at the front desk and learned behind the scenes business from his father
[00:53] Josh has a degree in Computer Engineering and Mathematics and is a Cellist
[01:02] In 2008, Josh and his brother Adam opened their 1st pawnshop in South Florida at 22 years old. The operations was expanded to 7 locations
[01:11] Josh recently, independently, developed in-house pawnshop software for his company to use
[01:23] He currently serves as president of the Florida Pawnbroker Association, board member of the NPA’s young professionals and board member of his local city’s civil service board
[02:45] Florida is governed by Florida statute 539. Florida law allows up to 25% per month per pawn loan, pawn loan good for 60 days with payments due every 30 days (all purchases are to be held for 30 days rather than 60 days). Any number of extensions can be made and items can be redeemed whenever
[03:48] Most of Josh’s family was involved in the pawnbroker business. He became involved as well
[04:31] Once Josh became interested in technology, he started working in the back-office with his father dealing with network systems
[05:27] Josh was destined to be in the pawn industry. He however was interested in the technological aspect, and therefore integrated this in his pawnbroker business
[07:06] GC Pawn was opened in July 2008
[07:59] The business included Josh, his brother and his father
[08:29] Josh expanded the business which was a step from store 1 to store 2 (this was a year and a half after the 1st store)
[09:09] Store 3 was difficult because recruitment of staff had to be done
[10:00] The store was opened for 6 days (Monday - Saturday). However, he would have opened on Sundays as well if he had to make the decision again. This started when the fourth store was opened
[10:50] What’s been the hardest thing running a pawnshop? “Work, Life, Balance. Very tough”
[11:05] Josh looks at prioritizing, by canceling other engagements in order to run the shop
[11:57] The family’s success/business model taught Josh to make smart business and investment decisions, thus expanding; where he tried for at least 1 new store a year
[14:34] Josh believed in properly branding the business
[14:52] “You go to any state and any city and you see the same stores, the same logo and you know them. You know whether you want to go there or you don’t want to go there”
[15:12] He was able to use the digital space for advertising
[15:45] He changed the business name from ‘Golden Connection’ to ‘GC Pawn’ and the business name is used as the url address so customers can easily locate business info when searching online
[19:00] What’s been the secret to GC Pawn finding great talent? The company has utilized various methods to find talented staff (headhunter.com, trade shows, Craigslist, monster.com)
[20:16] It’s not all about the money. People want to work in an environment where they are respected and are appreciative of the people around them
[21:52] “We’ve tried to always convince people to stop smoking”
[26:24] What’s been the best part of this whole journey for you? “I don’t really have to buy new stuff”
[30:51] The main objective of the Florida Pawn Association is to monitor and lobby for legal legislations that might negatively affect the pawn industry
[33:48] To join the Florida Pawnbroker Association, or get any information regarding the association, visit floridapawnbrokers.net
[34:56] What are the 2 biggest mistakes pawnbrokers are making in 2018? “Not being digital on social media… we really need to change the way that we do business”
[35:50] “Someone walks through the front door, the first thing is ‘good morning’, ‘how are you?’”
[36:22] Pawnbrokers need to realize that the
competition is plentiful and customers will go elsewhere if they
don’t feel comfortable in your store