Martin and his father joined the pawn industry in 1995, opening Premier Jewellry and Loans in British Columbia, Canada. Challenged with space and zoning restrictions, Martin developed systems and metrics to track and increase revenue in challenging footprints. He also helped design, implement and analyze the 2020 NPA Pawn Industry Operating Survey. Martin has been an NPA member since 2002.
How did you get started in pawn?
My first experience with pawn was providing computer support for a pawnshop in my hometown. The owner asked me to work full time as a pawnbroker while he opened a location in a different town. After a few months he offered me a chance to purchase the store, but the deal fell through. Since my father and I had already decided to try a store, we opted to go off on our own in 1995 and never looked back. Ironically, the original store is long gone now, so perhaps it’s for the best that we started fresh.
What is the number one pawn skill you have?
Being curious. It’s not really a skill, but it is something that will make all the difference. Never think you know it all. Ask questions, learn, seek answers and never assume. I’ve met plenty of store owners who didn’t succeed. A common trait they shared was thinking they knew more than they did (the Dunning-Kruger effect). The NPA is full of brilliant operators, many of whom will happily share their knowledge. Take advantage of it and push your boundaries.
What pawn talent do you wish you had?
It’s not pawn-specific, but I wish I was more outgoing. I see pawnshops doing daily Facebook videos or weekly broadcasts and I’m envious. I’ve done a number of pawn conference presentations and classes, but going live on video feels different. I guess the presentations are a bit more structured and predictable.
What customer behavior aggravates you the most?
Blame shifting. When a client looks you straight in the eye and says they didn’t know their due date despite having signed a contract (date circled) and having received several reminder texts and possibly a reminder email. Perhaps I’m secretly envious. It would be nice to not be accountable for anything (although this seldom comes with a paycheck).
What customer behavior brings you joy?
I like the moment after the deal is closed and you can see the client’s stress draining away. They can pay the rent or feed their kids or keep gas in the car. You solved their problem, and you know that without you, their life would have gone a very different way. My happy spot is when they say thank you and I know they mean it.
What is the weirdest thing you have ever written a loan for?
About 20 years ago, in the early years of our store, we traded a VCR for a live iguana. He became our mascot, and we named him Baxter the pawn iguana. Baxter turned out to be female and a lot of work. Lessons were learned. I will never again pawn anything that poops.
What career would you pick if you were not in pawn?
I’ve always been a fan of technology. I think it would be fun to work in the tech space somehow, maybe building computers or doing programming or web design. It would take some schooling to get there, but that would also be fun. It’s the opposite end of the career spectrum: moving from one of the world’s oldest professions to one of the newest.
Where do you see yourself in 10 years?
Hopefully retired: I’m no spring chicken anymore. That being said, I like presenting, research and sharing ideas related to pawn and retail. Maybe I’ll see if one of the pawn consulting companies needs a Canadian branch.
Do you want your children to follow in your footsteps?
I’d like my children to pursue their own dreams. I don’t want them to be shackled down sustaining mine. If their interests lead them to working in the family business, that would be great, but it’s not something I count on. I think it would be fun to add a third generation to our company history, however.
What college degree would be great to have to work in pawn?
I wish I’d had a more formal business education. Working well with clients and products helps you BUILD a business, but it doesn’t help you RUN one. There came a time when stepping away from the counter to run the company was more valuable than helping the clients.
What is the one piece of advice to anyone considering the pawn industry?
Do the research BEFORE you start. Get a solid foundation in retail theory, inventory management and basic cashflow before anything else. Learn to read your reports and understand what they mean; it will save you a lot of money. It is MUCH easier to build something right than to go back and repair things. Review your competitors and find a niche to grow in; it’s much easier than competing for the same inventory.
