Selling a Pawn Business Is Complicated Selling a
PCG is proud to announce “The Dream Team” is in the middle of a significant operational makeover in the Carolina’s and just finished up a great team initial do-over in Alabama.
PCG’s JW was in the Carolina’s earlier this month and began a consulting relationship with one of our newest family members, “Pawn South”, a 10 store group spear-headed by Kenny Barnes, his son Houston Barnes, and other family members.
They have been operational for 30 years this year and is a prime candidate for significant operational overhauls to get their ships moving back in the water under speed quickly and safely as we like to say in PCG’s world. As many of you know, we have NEVER lost a ship on our watch and will continue to do our best to improve the client’s operations and the industry.
Our initial analysis concluded that there is an abundance of loan growth potential from clients they already own. Across the brand we should be able to easily lift the overall loan balances by more than 350K which will add over 450K in additional Pawn Convenience Fees over the next 12 months or so. We will create capital for this endeavor by liquidating aged inventory, and just flushing excess inventory in general out the door, while continuing to drive steady revenue producing high-balance layaway’s and ever increasing pawn convenience fees as well. PCG is proud to report this is another group that has been pushing the 10/10/10 layaway programs for a while and are achieving great successes with them.
One of our team members, Alan Nelson, a PCG high level operative just finished his initial week down there post mine, completing a complete review and personnel flow chart of ALL existing team members as we now assess and prepare them for psych profiles and analysis, formalize who fits where, and compile an assessment of how many new recruits we need to bring in. All of this while simultaneously developing our high-level area management program with a newly appointed operations director. We will also be creating a complete HR assessment program that includes SLA productivity and much more. This will be an amazing build with an amazing group of people, stay tuned.
Dave Larson just finished a 4-week tour of duty in Alabama with a 4-store group PCG has been working with over the past couple of months. Dave, also a seasoned multi-store management expert turned the world of our friends in Alabama upside down, and then back up top!
His efforts were vast as this team required a lot of assistance as the ships were definitely taking on water prior to our arrival and we have initiated a wide range of preemptive measures to turn this tide the other way.
Mitch Smith with Golden Pawn & Jewelry has had an enormous month with new team building efforts as conducted by PCG’s own Dave Larson followed by record sales and record loan months during this initial time with Dave on campus.
SOP or standard operating procedures were introduced with daily operational guidelines some of which include – team guidance by the numbers, scheduling with intelligence, increasing loan growth substantially by understanding the metrics, qualifying the customers, and pushing the loans into new stratospheres that have been previously unwitnessed in the operations. We also introduced vast merchandising skills to the teams with thorough pricing examinations with focus on inventory yields VS margins, introduction of the tent sales across the brand, and a whole lot more.
The work our teams have been involved in has been absolute game-changers for our clients and PCG continues to set the bar and the standards in the consulting realms for the Pawn Industry with our world-wide client base.
NATIONAL PAWNBROKERS ASSOCIATION ANNUAL TRADE SHOW
For those of you coming to the National Pawnbrokers Associating annual convention, be sure to stop by and meet the “Dream Team” and feel free to have a discussion on how WE can generate YOU more income in your business TODAY!
Pawn Shop Consulting Group, LLC.