Selling a Pawn Business Is Complicated Selling a
Ken Huddleston, President
KK’s Loans, Music, & Jewelry, Inc.
809 Hillsboro Blvd
Manchester, TN 37355
Forum Viva Jerry Whitehead and Pawnbrokers
”We own 2 pawnshops located 11 miles apart. We opened our first store in 1978 while the other was opened in 1989. It seems I hit a brick wall with growth several years ago as our stores have struggled with cash flow in a major way. While desperately looking for suggestions in January 2007 I turned to my roots of Pawnbroking. I remembered several years ago being on the forum, learning volumes from pawnbrokers, and thinking outside the box. When I signed up for the forum in early 2007 I noticed several brilliant emails from a fellow named Jerry Whitehead. Our stores hummed along the first 3 months while we were riding high on the cash flow of “early income tax refund checks” from our pawners. After the cash ran out we hit the cash flow brick-wall.
Struggling for answers, I emailed Jerry whereas he offered some suggestions that helped immediately. I arranged to attend the National Convention (I had skipped about the last 6 or 7 because we had been in business since 78, I had a BS in Business Management, and thought I knew everything about pawnbroking)
Jerry agreed to visit our small towns and shops and stay for the week. I’ll never forget the anxiety and excitement I felt when I picked him up from the airport. His consultant work can be compared to a visit to the principal’s and a religious-experience. Not only did Jerry completely turn our business around in 1 short week, he energized our staff, improved my attitude, helped cure my burnout for the stores, and gave me a renewed sense of pride in being a pawnbroker. My main point is the NPA needs small town pawnbrokers like KK’s Loans, Music, and Jewelry as much as they need friends and consultants like Jerry Whitehead. The forum has proved invaluable to us as a business tool.
Next, I do not agree with every forum article I read nor does every article apply to us. However, Will I continue to attend the National Conventions, read the forum, and learn all I can about Pawnbroking-ABSOLUTELY!
In closing, a big thank-you to the NPA for the forum, Jerry Whitehead for helping our business grow again, and all of you pawnbrokers with years of experience and knowledge that share your wisdom on the forum.”
Ken Huddleston – President
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