In this episode of Smarter Sourcing, John speaks with Rick Harrison, founder and host of the TV series Pawn Stars and the founder of the Gold and Silver Pawn Shop. Rick shares his journey from humble beginnings to becoming a household name in the pawn industry thanks to his international hit show Pawn Stars.

He discusses the importance of media strategy in elevating his business and how leveraging media appearances led to the success of his TV show. Rick also emphasizes the importance of honesty and reputation in building a long-lasting business. Additionally, he provides insights into the role of strategic marketing in gaining public trust and the necessity of adapting to new technologies to stay competitive.

Topics discussed:

• The hurdles Rick overcame in obtaining the necessary licenses to open a pawn shop and the legal battles involved.
• Insights into working with his father and the challenges they faced in establishing their first pawn shop.
• How Rick used media appearances to generate publicity and boost his business, eventually leading to the creation of Pawn Stars.
• The importance of maintaining honesty and a good reputation in transactions to build long-term business relationships and success.
• How the Internet and AI have transformed the pawnbroking business, making it easier to appraise items and stay informed on market trends.
• The extensive training programs for employees, including specialized courses on various valuable items like watches and collectibles.
• Rick’s stories of some of the most memorable and profitable transactions he has made over the years.

Guest Quotes: 

“I mean, it was a tough start, but when I was young, I really wasn’t great. I didn’t know a lot; had to learn a lot. But, no, I just realized really early on I was competing against a lot of really big national chains, because most people don’t realize that most pawn shops in this country are owned by really large corporations. And I just figured I can’t go head to head with Walmart. I’ll just be Tiffany’s.”

“Judy, she runs my pawn department. I mean, she can spend all the money she wants. She’s the brains of the operation down there when it comes to the pawn department, you know, and I have, like, I have a guy who runs in the coin department. A couple months ago, he spent $22,000 in three Pokemon cards. He goes, don’t worry. We’ll do well. I mean, it’s another thing with business. Evolve or die.”

“You just have to be willing to walk away from a deal. Okay. It’s not right. And I tell people that, you know, if you’re buying a car, you’re buying a house, you’re buying. It’s like anybody, just walk away. You know, in the end, it’s all stuff. You don’t have to have it. But as far as business goes, if it’s not right, just walk away. If it doesn’t make sense in your head.”

“I’ve been in this business a very long time, and I can start calling around, asking people sometimes. You can tell if something’s real just by the quality of it, the way it’s made everything else like that. But find out as much as you can. If you can’t find out what you need to know, stay away from it.”

Get in touch with Rick Harrison:  

Instagram

Twitter

Website

Get in touch with your host, John Pavia: 

LinkedIn

Listen to more episodes: 

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