National Pawnbroker - Spring 2020 by National Pawnbrokers Association

Pawnbroker National

Official Publication of the National Pawnbrokers Association

SPRING 2020

Selling to Female Self-Purchasers WOMEN BUYERS ARE A RAPIDLY GROWING MARKET, BUT JEWELERS NEED TO RETOOL THEIR APPROACH IF THEY WANT TO ATTRACT THESE CUSTOMERS.

PAWN EXPO 2020

EAT, PAWN, AND BE COMPLIANT

message from the president

A New Decade for Pawn

Kerry Rainey NPA President bayoupawn.npa@ gmail.com

WITH THE START OF A NEW YEAR, we make new resolutions in our lives and businesses. As the NPA welcomes this new year and new decade, know that the staff (Dana Meinecke, Helen Moore, Margie Swoyer, and Amy Kehoe) and the NPA Board of Directors remain steadfast in our objective to grow and protect our industry. We are united in working toward strategic goals along with maintaining our momentum to achieve those benchmarks that were set forth the previous year. As a member, stay informed with current information on the updated NPA website, NationalPawnbrokers.org. You’ll find information on new benefits, education, and legislation, as well as a calendar of events and meetings where all are encouraged to join. The Member Portal includes a number of member-only resources, plus the ability to manage your membership (renew, update contact information, or add promotions for your store). This year, the NPA announced new additions to benefit all NPA members. The new benefits include Best Pawnbrokers to Work for Program, Operating Performance Benchmark, and LegalShield. These new benefits focus on business services and legal protection. More in-depth information can be found on the NPA website. The most important thing the NPA provides its members is protection for our industry. Things in Washington move fast, and our Government Relations Committee (Team GRC) continues to work on problems that can harm our business and the pawn industry as a whole. NPA lobbyist, Cliff Andrews, continues to walk the halls of the Capitol, making the pawnbroker presence known. For years now, we have worked to inform federal bank regulators that bank discontinuance is still working against our industry. As a consequence, we need our Representatives to do more to help pawnbrokers keep their banking relationships. This year, we

will continue to fight the looming threat of a federal 36% APR cap. Because of our continued presence in Washington, we were notified in advance of these bills. Cliff Andrews attends meetings and works with the GRC team to educate Congress on what “pawn” is, and how we are different from other forms of lenders. Fran Bishop, our Government Relations Committee Liaison, and Professor Sarah Jane Hughes, our Regulatory Counsel, continue to draft letters and watch for any political threats to our industry. Without this constant presence, continued education, and meetings with government leadership, our industry will not thrive. They are our frontline in the fight to keep our industry strong. It is imperative that each member try to attend the 2020 NPA Legislative Conference. It’s an opportunity to make our voices heard and educate Congress on who we are and what our customers’ needs are. Plan to attend the conference April 21-22 in Washington, DC. Don’t forget to put the Pawn Expo 2020 dates on your calendar as well. This year, it’s been moved up to June (6/23-6/25) at the Paris Hotel in Las Vegas. Association membership is still our main focus. The NPA is only as strong as our members. Increasing membership equates to a larger voice which will make us a more fortified and united industry. We will continue to work on providing more advantages and education that will help strengthen the businesses of our current members. As NPA President, I will attend the Texas Association of Pawnbroker’s Convention in February and the Dixie Conference and Trade Show in March to pursue and network with new pawnbrokers for our association. I hope to see you there and at other shows around the country. With the backing of our great members, the NPA looks forward to 2020 being the beginning of a bright and prosperous decade for our entire industry.

SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

contents Spring 2020

Cover Story Selling to Female Self-Purchasers 10

HIGHLIGHTS Pawn Expo 2020

Government Relations

Eat, Pawn, and Be Compliant

Government Relations Update

Top 10 Reasons to Attend the

NPA Legislative Conference

IN THIS ISSUE Message from the President

Message from the Executive Director

Disciplining Employees

for Social Media Use

Winning At the Counter

Operating Performance

Benchmark – What Is It?

for Pawn Stores Through Building Relationships

Counterfeit Coinage

FBL Offers Scholarships

20 24

Compliance Website Accessibility Lawsuits

Compliance Corner

NATIONAL PAWNBROKERS ASSOCIATION

It’s Cool to Be a Pawnbroker

2020 NPA Annual Awards Nominations

Serve On NPA Board of Directors

State News

New NPA Members

Roy Clopton Wilbur Karen Cupp Karen Cupp Coaching Doug Davis ACTF Robert Frimet RMF Consulting Rudy Klancnik Mark Kriss, Esq, Kriss, Kriss & Brignola, LLP Jackson Lewis P.C.

Member Spotlights

Community Involvement

State Association Contact List

Conference Rock Stars Excel

Loyalty Rewards Program

Membership

Business Solutions

Contributors for this issue of National Pawnbroker

Leah Meirovich Rapaport

Pawnbroker

Young Pawnbroker to Watch

MultiStore Owner Profile

Boyd Naylor Bali Credit Corp

Pawnder This

Book Corner

Kerry Rainey Bayou Pawn & Jewelry

Calendar of Events

Advertiser Index

Martin Strasser Premier Jewellery and Loans Len Summa Data Age Business Systems

SPRING 2020

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message from the executive director

NPA staff

Get On Board for 2020!

Dana Meinecke NPA Executive Director

AS YOUR NATIONAL INDUSTRY ASSOCIATION, one of NPA’s goals is to provide you with benefits that will help make your business life easier. Beginning in 2020, we have not one, not two, but THREE new member benefits we think you’ll like. They include: 1. Best Pawnbroker to Work For Program – an employee survey providing valuable feedback on your company’s working environment. Registration deadline is March 6, so sign up now if you haven’t already done so! 2. Operating Performance Benchmark Survey – a financial and operating performance survey with detailed statistics on how your company compares with others in the industry. Martin Strasser from Premier Jewellery and Loans will be presenting a Pawn Expo session on how to use the information; read his article on this new benefit beginning on page 20. 3. LegalShield – affordable legal and identity theft protection that will help with planned (or unplanned) legal issues – all for one low monthly fee. For more information on these new benefits, visit the NPA website at NationalPawnbrokers.org. Speaking of the website, don’t forget to check out the Member Resources area. Once you have logged in to the Member Portal, just click on the blue Member Resources bar. There are 18 categories of articles, including compliance, confiscations and seizures, FFL firearms, product knowledge, store operations, plus more – all for you to review. Because there is so much content, it may take a few seconds longer to load than you’re used to, so be sure to wait for it. You won’t be sorry! The 2020 NPA Legislative Conference will be held April 21-22 in Washington, DC. The host hotel for this important event will be the Embassy Suites Crystal City National Airport hotel in Arlington, VA. Join us as we head to Capitol Hill to tell our congressional leaders what pawn is (and isn’t) and what we think of their proposed 36% rate cap legislation. You’ll want to be sure to “Get On Board” with us at the Paris Hotel in Las Vegas for Pawn Expo 2020. It’s a new year, new hotel, new speakers, and lots of new ideas for you and your business. Register by May 15 to take advantage of the early bird registration rates. See pages 26-27 for more details! Here’s hoping that 2020 is the beginning of a new decade of health, wealth, and happiness for all!

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

Dana Meinecke Executive Director Dana@NationalPawnbrokers.org

Helen Moore Director of Meetings & Events Helen@NationalPawnbrokers.org

Margie Swoyer Director of Communications & Marketing Margie@NationalPawnbrokers.org

Amy Kehoe Administrative Assistant Amy@NationalPawnbrokers.org

Mailing Address: PO Box 508, Keller, TX 76244

Physical Address: 2920 W Southlake Blvd, Ste 120 Southlake, TX 76092 Phone: (817) 337-8830 Fax: (817) 337-8875 NationalPawnbrokers.org

National Pawnbroker is the official publication of the National Pawnbrokers Association (NPA), and is published quarterly. No part of this publication may be reproduced without the written consent of Dana Meinecke, NPA Executive Director. Sale or distribution of any or all of the contents of this magazine is prohibited. All rights reserved. For more information on advertising or to obtain additional copies of National Pawnbroker, call (817) 337-8830, or send an email to Margie@NationalPawnbrokers.org. For membership information, email Margie@NationalPawnbrokers.org. EDITOR’S NOTE: This publication is designed to provide accurate and authoritative information on the subject matter covered. It is provided and disseminated with the understanding that the publisher is not engaged in rendering legal or other professional services. If legal advice is required, the services of a competent professional should be sought. Expressed opinions are those of the author and do not necessarily reflect the views of ownership. © 2007-20 National Pawnbrokers Association: PO Box 508, Keller, TX 76244 • (817) 337-8830 NationalPawnbrokers.org EDITOR: Margie Swoyer, Margie@NationalPawnbrokers.org DESIGNED BY: SPARK Publications

government relations

Grass Roots Efforts Are Working

Boyd Naylor NPA Vice President Chairman, NPA Government Relations Committee

t’s the first of the new year as we put pen to paper in the hopes that the previous one was successful for you and yours. We embrace 2020 as the beginning of a new decade full of challenges and opportunities… emphasis on challenges! Last fall, while NPA’s Government Relations Team (Team GRC) was focusing on making Washington legislators and regulators aware that, in spite of the supposed end of Operation Choke Point, many banks were still terminating business accounts with pawnbrokers, we learned of a proposal to apply the Military Lending Act rate cap to all consumer lending. Fortunately, Team GRC has been “24/7/365 on guard” on Capitol Hill for many years, and we were quick to hear of this legislation that would apply a federal rate cap of 36% APR to pawn transactions. Team GRC immediately obtained copies of this draft legislation that would ultimately become known as H.R. 5050 and S. 2833, entitled “Veterans and Consumers Fair Credit Act”. The alarm was quickly sounded with numerous NPA Legislative Alerts to inform and keep you aware of the situation as it unfolded. Meanwhile, Cliff Andrews, NPA Lobbyist and our presence on Capitol Hill, together with our Regulatory Counsel Professor Sarah Jane Hughes, and Government Relations Liaison Fran Bishop, immediately focused the NPA’s efforts and strategies to remind Members of Congress of the difference between the safety-net lending offered by non-recourse pawnbrokers and what is offered by all other types of consumer credit lenders. Make no mistake. If the NPA had not been actively involved at the federal level for at least the past fifteen or more years, we wouldn’t have been able to immediately address these rate cap bills.

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

NPA pawnbroker members were then called into action in a grass-roots effort to inform Members of Congress of the negative consequences this rate cap would have, not only upon our businesses, families, and employees, but the consumer customers that we serve on a daily basis as well. The government’s own figures are that 40% of American consumers cannot cover an immediate need for $400 in the case of a family emergency or unexpected financial occurrence in their lives. The grass-roots response from so many of you was exactly what we needed to emphasize the effects on

the pawn industry and support our message in Capitol Hill meetings. For example, Mississippi Pawn Association President, Nick Fulton, was called by his Senator’s office to assure him of her support for pawnbrokers and was very complimentary of how unified our message is. The important work that the NPA and Team GRC have done on a daily basis for all these years was particularly invaluable the last few months. Before the bills were ever filed or made public, Cliff Andrews was alerted by his congressional contacts, and we were able to begin planning our strategy. We knew the committee members that were involved and immediately began a coordinated lobbying and grass roots campaign. This would not have been possible without our long and well-established presence on Capitol Hill, where we’ve been continually “telling our story”. As of the end of 2019, the rate cap legislation had stalled, but the battle is far from over. Numerous Members of Congress have voiced support for some type of federal maximum interest rate. We have a choice: get involved or get run over. We can be at the table, or we can be the “main course” on the menu in Washington. I’m certainly not going to sit back and be put out of business without a fight. I don’t think you are either. That’s why your involvement and presence at the 2020 NPA Annual Legislative Conference in Washington, DC, April 21-22, is more important than ever. Regardless of which “side of the aisle” your Member of Congress is, our message is the same. No one can tell your individual story to your Members of Congress better than YOU! Make your plans now to be there to represent your business and your industry. I want to extend our thanks and gratitude to each of you who have already answered our call to contact your elected federal Legislators. I also want to thank Cliff, Fran, and Sarah Jane for their unbelievable work on this. Thus far, our efforts and some others have delayed H.R. 5050 from being included in the mark-up calendar of the House Financial Services Committee. But these efforts must be continued and expanded as this legislation is not going away. We must be all in, all of the time, 24/7/365 to Keep Our Industry Strong!

Top 10 Reasons to Attend the 2020 NPA Legislative Conference

10 9

If you have ever received a paycheck for being a pawnbroker

If you support action to educate your legislative leaders

7 6

If you are tired of others telling you what you can and can’t do

If you want to be able to say “I attended the NPA Legislative Conference!”

4 3 2 1

If you think it’s important to maintain a presence on Capitol Hill

If you think what you do is more than just a job

If you want to send the message that the pawn industry matters

If you want to make a difference in the pawn industry If you want your opinion to be heard Because every pawnbroker’s attendance matters!

SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

pawnbroker spotlight

“I look at the business somewhat like an artist. It must look and feel good to satisfy me.”

Parlour Pawn

PAWN IN THE GREAT WHITE NORTH RON WHITTAKER WAS A FORMER RadioShack franchisee back in 1981 when he got the itch to start a business of his own. He sold items on consignment which turned into a second-hand shop. Eventually, that turned into pawnbroking. His store, Parlour Pawn, is located in Moncton, New Brunswick, where he and his 25 employees serve eastern Canada. National Pawnbroker (NP): As the President & CEO of Parlour Pawn, what are your primary responsibilities? Ron Whittaker (RW): My wife, Ingrid, and I are in charge of advertising, accounting, and generally overseeing the development of projects. With the input of our managers and staff, we direct the general direction of the store and its policies. NP: What kind of things do you normally take in

on pawn?

RW: We pawn what is generally pawned by most

pawnshops, with the exception of weapons. We emphasize computers, jewelry, cell phones, video games, and musical instruments. NP: What are the biggest challenges today facing pawnbrokers in Canada? RW: Our biggest challenge is much the same as it is in the United States, and that is to change the negative stigma that is often attached to pawnshops. NP: What makes your store different from other pawn stores in your area? 8

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

Parlour Pawn staff (l to r): Manager Bill Daigle, President & CEO Ron Whittaker, Assistant Manager Ross Purves

RW: Our store is different in that we are patterned after standard well-known retail establishments. The store is bright, modern, clean and orderly, and is easy to navigate. We treat our customers as partners in our business. As with any pawnshop, sometimes we discover that we paid less for an article than we should have, and then that article sells for far more than we expected. We may be the only pawnshop in North America to call a customer and tell them that we owe them more money. Customers are our partners, not our adversaries. NP: What is your favorite moment of your career so far? RW: My favorite moments are when we finish a project or a renovation that benefits both the customer and the staff. I look at the business somewhat like an artist. It must look and feel good to satisfy me. I generally find that when the store looks and feels right and benefits everyone, it turns out to be profitable as well. The profit almost seems like an afterthought. NP: How do you give back to your community? RW: We donate several thousand dollars a year to

different local charities. NP: What is the most unique item pawned at your store?

RW: Many years ago, someone tried to pawn a ring that

NP: What is your favorite thing about being

was set with their grandmother’s glass eye. We assumed she passed; we also passed.

RW: There is no routine. It’s the sheer variability and

NP: What advice would you give to someone

thinking about going into the pawn business? RW: My advice is to do your research. Don’t try to reinvent the wheel. There are many excellent pawnshop owners and operators who are more than happy to share the information they have gathered over the years in their operation. Join the NPA and any other local similar organizations. Ask questions, read the material, and when you’re done, do it again. Never assume you have all the answers. I’ve seen wellestablished successful pawnshop operators ask questions of operators who have only been in the business for a couple of years. This is why they are successful. Treat your customer like a partner. Your job should not be to pay the lowest possible price to your customer, but to give a price that allows you a reasonable profit and is also fair to the customer.

a pawnbroker?

unpredictability which makes it fascinating. You and your staff must always think on your feet and never be lulled into a sense that everything will be the same. The day goes by very quickly. NP: How has your career as a pawnbroker affected

your view of the world today? RW: My career as a pawnbroker has not affected my view of the world. My view of the world has affected the way I perform as a pawnbroker. Everyone, no matter their position in the world, deserves our respect. Fairness and decency are qualities that should enter into every aspect of our lives. NP: Why are you a member of the NPA? RW: Joining the NPA has been one of my smartest

decisions. The wealth of information obtained from other pawnbrokers cannot be understated. My advice to a beginning pawn broker is to start the business, then join the NPA – in that order!

THE FUNDS YOU NEED TO GROW YOUR PAWN SHOP Discover PawnBroker Financing (“PBF”), a direct lender to the pawn

Financing options for the Pawnbroker Industry are typically limited and very restrictive. PBF allows owners in the pawn industry to obtain the cash they need in a timely manner. “Get a Fast Approval for your Pawnbroker Line of Credit”.

SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

business solutions

How to Sell to Female Self-Purchasers WOMEN BUYERS ARE A RAPIDLY GROWING MARKET, BUT JEWELERS NEED TO RETOOL THEIR APPROACH IF THEY WANT TO ATTRACT THESE CUSTOMERS. By Leah Meirovich

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

t shouldn’t be a novel idea, but in the jewelry industry, it’s practically revolutionary. Unlike in almost every other fashion and accessory retail sector, the idea of jewelers targeting female shoppers as direct consumers only began to fully emerge in the past couple of years. But why has this strong and fast-growing segment been overlooked in the trade for so long? In this male-dominated industry — from its store ownership to its designers, salespeople, and marketing teams — the long-held belief that men are the primary purchasers has centered around big-ticket items, such as engagement rings.

However, women are no longer the homemakers. They are entrepreneurs, professionals, and business owners with established careers. They are not only willing to spend money on themselves, but are empowered to do so by their circumstances. The problem is, while the times have changed, jewelry retailers — and their marketing — haven’t. More than half of millennialage women say they are the primary buyers of jewelry in their households, according to a study by MVI Marketing. Beyond that, women control more than $20 trillion in global spending and make up 85% of all brand purchases, said marketing consultant Stephanie Holland in a recent webinar hosted by jewelry-industry group The Plumb Club. Holland, who founded the She-conomy blog and specializes in marketing to women, added that within the next decade, women would control more than two-thirds of the consumer wealth in the U.S. Putting that into context, if jewelry retailers continue on the same marketing and selling trajectory they have followed in the past, without taking into account who’s actually making the purchase, they will be severely impairing their business and cutting off a large portion of potential sales. Lyst, a global fashion-search platform, says that while women are likely to spend less on an individual piece, they buy up to three times more jewelry than men do. But overhauling a long-standing practice isn’t simple, so how do you sell to self-purchasing women? First and foremost, it’s imperative to understand their needs and desires, and that begins before they even walk into the store.

HOW IT LOOKS VS. HOW IT FEELS

Retailers need to take into account the difference in mind-set between women and men when it comes to a purchase, says Andrea Hill, CEO of Hill Management Group. While men base purchases more on performance or the status it can bring, women relate on a more emotional level, explains Hill, whose company provides consulting, marketing, and other services to small and mid-size businesses. Men tend to shop visually, which is why a car advertisement featuring a sexy woman appeals to them, she says; it equates the product with virility. However, when it comes to attracting female shoppers, a woman wants to know how the item will make her or her loved ones feel, or how it relates to things that matter to her, according to Hill. “Just showing a picture of the jewelry, the car, the beach vacation – that doesn’t work so well for women,” she says, but depicting her wearing a necklace while enjoying quality time with her family, or while out to dinner with friends, is a good way to close a sale.

In their own words Some 91% of women feel that advertisers and stores don’t connect with them, She-conomy blog founder Stephanie Holland said in a The Plumb Club webinar. They don’t see many women working in traditional fine-jewelry stores, they don’t see much product variety, and they find stores intimidating. n

One-third of diamond jewelry purchases in the U.S. were by women as of March this year, according to the Diamond Producers Association.

The number-one reason women buy themselves jewelry — cited by nearly 60% of female self-purchasers — is “just because” or to “treat themselves,” an MVI Marketing survey found.

Nearly 75% of women say they are willing to walk away

ON THE HUNT

if brands don’t listen to them,

Men are utilitarian shoppers focused on the buy, Hill continues. They have a goal and want to get in the store, get what they need, and get out, while women are much more interested in the hunt. “For women, shopping is an activity, not just an objective,” she clarifies. “It’s not just about the thing you end up buying; it’s all the fun that went into buying it.” That’s why retailers need to find a way to engage a woman’s need to hunt, and not simply to purchase. They need to create an experience that will generate interest and deepen her interaction with the brand, Hill says.

reported Holland.

SPRING 2020

Although 90% of women prefer to buy in a physical store, when they do browse online, they will exit a vendor’s website immediately if it doesn’t allow shoppers to make a purchase, says Andrea Hill of Hill Management Group.

Women tend to be budgetminded, and consider $50 to $2,000 an affordable price range for jewelry, reports fashion-search program Lyst.

NATIONAL PAWNBROKERS ASSOCIATION

business solutions KEEP IT SUBJECTIVE

When it comes to the need for knowledge, men are relatively simple, according to Hill. They want objective information, such as the design or functional requirements of the item they’re looking to purchase. Women, on the other hand, are looking for objective and subjective information, such as emotional and social cues, which means retailers need to make it easy for women to share their shopping experience. “The typical millennial has no problem telling a salesperson to ‘hold on — I’m sending a picture of this to my best friend to see what she thinks,’” Hill says. “That millennial’s mom probably wants input, too, but she wasn’t raised taking pictures of everything…and it feels rude to her to do it while a salesperson is helping her.” If retailers see a client shopping for an expensive item and notice she isn’t with a companion, they can encourage her to share and help her do so, Hill suggests. She recommends simply asking, “I can see you like those earrings, but is there someone you’d like to send a picture to, to get another opinion? If you put them on again, I can take a picture with your phone, and you can text it to [whomever you want].” PLAY WITH THE SPACE

Women don’t enjoy the traditional jewelry-store experience, Hill says. While men tend to think about space as compartmented, organized, and sequential — which is how most jewelry stores are set up — women often find it boring. They don’t want to see rings with rings, metal with metal, diamonds with diamonds. They want to mix and match and see how things work together. 12

“The vast majority of jewelry stores are designed for men’s sensibilities, not women’s,” Hill points out. “For women, the average jewelry store is dead space. There’s no life in putting things in separate cases and categories. Men are very linear when they shop; women are very organic. [For them], there’s a creativity to shopping.” Most importantly, retailers need to speak to women, ask them what really matters to them, and above all, pay attention to their responses. Even if a client wants a lower-end item and you want to upsell, you should do it relative to her interests, Hill advises; if you’re just upselling and it doesn’t add value for her, it’s not going to be successful. “Value is defined by the buyer, not the seller,” she stresses. “Ask enough questions, listen hard enough, and you will figure out some ways to

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

increase your sales to her — but not necessarily doing the things you’re used to thinking of because those are your definitions.”

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business solutions

Disciplining Employees for Social Media Use This SESCO Staff Recommendation is designed to assist in determining whether an employee may be disciplined or terminated for objectionable content posted via a social media site. For use of the staff recommendation, it is presumed that the employee engaged in posting objectionable content is a nonunionÂ employee.

NATIONAL PAWNBROKERS ASSOCIATION

CONSIDER WHETHER EMPLOYEE DISCIPLINE MAY BE APPROPRIATE FOR UNLAWFUL SOCIAL MEDIA POST

From Facebook to Twitter to LinkedIn to Blogger, social media platforms are widely used by employees. From time to time, the nature of the content posted on social media platforms can be harmful or destructive for individuals within or businesses to which the content relates. When employees post objectionable or offensive content online, SESCO clients should take into account the following considerations before imposing discipline.

SPRING 2020

ANALYZE THE CONTENT OF THE OBJECTIONABLE SOCIAL MEDIA POST

As a starting point, carefully analyze the nature of the content and the reasoning behind potentially imposing disciplinary action against the employee. For example, does the content constitute an unauthorized disclosure of confidential, intellectual property, or trade secret information? Is the content false and defamatory, harassing, or offensive? Does the content amount to a violation of your social media policy, anti-harassment policy, or standards of conduct? REVIEW SOCIAL MEDIA POLICIES

Your social media policies and procedures are critical in determining whether or not an employee has acted inappropriately. SESCO prepares employee handbooks and related policies; If you question whether or not your policy is adequate, have SESCO conduct a review. A well-drafted social media policy must strike a balance between providing clear guidance as to what is acceptable in light of company culture and expectations without infringing on speech (National Labor Relations Act). A tailored and comprehensive social media policy will address the types of activities while acknowledging that certain speech is permitted and will incorporate examples to ensure clarity and compliance. TOPICS TO BE COVERED IN A SOCIAL MEDIA POLICY

D efine social media A ddress when the policy applies nI dentify information that is considered proprietary and confidential, and discuss importance of non-disclosure n n

I nform employees that they are responsible for what they post on any social media forum nI dentify topics not to be discussed, such as negative statements about a competitor or a client, negative statements about other employees, revealing confidential or private information, etc. nP rovide and maintain a list of “FAQs” with examples of what content is discouraged nA ddress the potential consequences for violation of the policy (disciplinary action up to and including termination) n

CONSIDER THESE SCENARIOS (ACTUAL SESCO CASES)

Case 1 Issue: An employee with your organization was terminated after she posted a complaint on Facebook claiming that she was never paid the overtime wages that she was owed. She is now suing your organization alleging that you unlawfully retaliated against her in violation of the Fair Labor Standards Act (FLSA). Was she successful? Answer: No. In a case with similar facts, a Federal District Court in Florida ruled that an employee who complained on Facebook that her employer did not pay her overtime did not file a “complaint” within the meaning of the FLSA. The employee in this case never lodged a complaint with her employer; she merely “voiced her disagreement” with the employer’s pay practices on Facebook.

Case 2 Issue: After one of the Regional Vice Presidents left your organization to work for a competitor, he posted SPRING 2020

information about his new employer on Facebook, touting professional satisfaction with that company’s product. Since his departure, he has been actively posting information relating to his new employer on his networking site. Believing that his social media activity breached your company’s non-solicitation agreement, you are seeking to enjoin his Facebook and Twitter activities. Will you be successful? Answer: Probably not. In a case with similar facts, a Federal District Court in Oklahoma ruled that an employee’s ongoing posts to his Facebook page relating to his new employer did not constitute solicitation under the terms of his employer’s non-solicitation agreement. There is no evidence that the employee either intended to or had solicited anyone other than a single colleague to leave. COMMON MISTAKES MANAGERS MAKE THAT TRIGGER SIGNIFICANT EMPLOYER LIABILITY

In our assistance with handling clients’ day-to-day questions and problems, we find that the “problems” or “issues” are created by managers who simply do not know or understand the rules or regulations, do not count to 10 and involve human resources, or are simply having a bad day and ignore or, worse, inappropriately respond to an employee. Most employment issues are not caused by intentional or aggressive comments or acts. However, even though they are typical day-today oversights or unintentional mistakes by managers, these issues cost significant time and money to

NATIONAL PAWNBROKERS ASSOCIATION

business solutions address and/or respond to if ever alleged wrong doing is demonstrated, such as unemployment claims, Equal Employment Opportunity Commission (EEOC)/discrimination charges, wrongful termination lawsuits, etc. As such, it is critical that all organizations of any size conduct some basic training for all managers and supervisors to ensure that they know and understand the basics and the importance of their actions, or lack thereof. Please consider these following training excerpts from SESCO’s certified management training programs:

Poor Documentation – Many cases are not won with “smoking gun” evidence. They are proven circumstantially and often through basic documents or statements made by managers. Documents, particularly email, can help the employee show discriminatory intent. Managers need to be reminded to always speak and write as if their comments will be held up in a jury and, most importantly, they should avoid emails and text messages when entering into any type of investigation or disciplinary matter.

Not Being Aware of Policy or Understanding the Intent of Published Policies – Courts expect supervisors to know and understand their organization’s policies and procedures. Ignorance is not a defense and, most importantly, managers need to understand not only what their policies and procedures are, but the intent and purpose of all policies.

Inaccurate Performance Appraisals – One of the most

is not the point. The law requires supervisors and managers to hear and address all complaints.

difficult issues for SESCO or any outside third party to overcome is the inappropriate performance review. For example, an employee who was recently terminated files an EEOC charge claiming discrimination on a protected category. When the file is reviewed, the supervisor or manager did not provide an accurate performance review and, as such, the most recent performance review contained “expected” performance. All documentation, especially the most recent performance review, should support a termination, especially if related to performance.

Ignoring an Employee’s Complaint – The kiss of death, especially in a discrimination or a sex harassment lawsuit, is where a supervisor ignored and did not take seriously an employee’s complaint. One hundred percent (100%) of all complaints should be heard and also investigated by the appropriate human resources personnel and/or SESCO. Whether the actual complaint results in an illegal harassment issue SPRING 2020

Inappropriate Interviewing Questions – Managers and supervisors are rarely trained on how to interview and, even more importantly, are rarely provided a script of questions to ask. Thus, they are asking illegal questions and also asking questions that really do not provide them with what they need to make an effective hiring decision. Questions like: nD o you have effective transportation? nH ow long have you lived at this address? nW hat are your daycare plans? nC an you pass a physical?

A Manager’s Attitude is Everything – A manager who is rude, shrugs off an employee’s complaint, is mean spirited, or is just simply stressed and feels like he or she doesn’t have the time, is the manager who typically has the most employee turnover as well as the greatest risk for legal issues. It is all about effective management and supervision, and understanding that the organization’s most valued asset is their employees. The manager and supervisors must understand this and be at all times sensitive to their employees’ needs.

SESCO Management Consultants specializes in developing performance management systems and compensation administration programs for the pawn industry. Contact a SESCO Management Consultant today at (423) 764-4127 or via email at sesco@ sescomgt.com. Reprinted with permission from SESCO Management Consultants. (2019, Sept/Oct). Disciplining Employees For Social Media Use. The SESCO Report

NATIONAL PAWNBROKERS ASSOCIATION

business solutions

Winning At the Counter WHAT SEPARATES SUCCESSFUL PAWNBROKERS FROM THE REST By Len Summa, Data Age Business Systems

love to win. I’ve been this way for as long as I can remember. But there is one thing that I love more than winning, and that is to see and help those around me win. Throughout 2019, one of my goals was to visit as many of our customers as possible. I wanted to see how we could help them win and what we could do, as a partner, to help them succeed on every level. We visited many stores in several parts of the country. As I reflect on those visits, it’s clear to me why some stores are successful while others continue to struggle. The successful shops executed all of the proven strategies that have worked well over the years and have even adapted to change by having an e-commerce strategy and by embracing technology – both proven winners. They made some changes and avoided falling into the trap of the “we have always done it that way” approach. The very successful shops, however, went far beyond these basics. It was obvious that

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the “secret sauce” for success was a strong commitment to delivering a win-at-thecounter approach to their business. In fact, this mindset was ingrained at every level of their business culture. This was achieved with world-class customer service, an all-hands-on-deck operating to the business plan in place, constant training, and a healthy respect for their customers’ needs. Unfortunately, the shops that were struggling might have been a bit “off” on the basics (a completely correctable situation) and they didn’t embrace the win-at-the-counter mindset of their more successful contemporaries. It was painfully obvious their customers were not the center of their universe. No matter what business you are in, everything starts and ends with your customers. A customer-centric culture not only works, but it also drives the best and most powerful marketing tool available: word-of-mouth.

Engaging and satisfying your customers has never been more necessary than in today’s competitive marketplace. A simple Google search not only tells your customers everything they want to know about your business, but it also gives them alternative choices. Now I’m sure that everyone reading this is saying, “I know all of this already.” Regardless, I believe the message is valuable enough to reiterate now that the new year has begun. It’s a time to reflect on what worked and what didn’t work in 2019, and a win-atthe-counter, customer-centric mindset is always going to produce results. nD o your employees share the same vision as you? nD o they really understand the business plan? nA re they engaging your customers and initiating a positive in-store experience? nA re they finalizing this interaction by asking for reviews, opting them into your marketing database, and finally, asking them for referrals or people they know who may be interested in your services? When you finally decide to make the change in your culture, you have to be consistent. You have to train, talk, and practice it every day, and engage every customer with their needs in mind. Positively reinforcing the goals of your plan to your team and continuing to qualify the benefits of the plan will drive the consistency you desire. Continuing to hire the right talent and holding your employees accountable is also key to keeping your customer-centric focus. Once your business has the right culture, the dream of business ownership and the lifestyle that it can give you will soon become a reality.

Len Summa joined Data Age Business Systems Inc. in 2012 and currently serves as Chief Executive Officer (CEO). Before becoming Data Age Business Systems’ CEO, Mr. Summa was Chief Operations Officer (COO) for four years. He has 26 years of experience in executive software solution sales and operational management for both early stage and well-established firms. Prior to his Data Age service, Mr. Summa was the General Manager of global sales and operations at Persystent Software, an industryleading enterprise recovery software. ABOUT DATA AGE: Data Age Business Systems Inc. provides customers with robust management technologies. Data Age designs comprehensive, easy-to-use interfaces, and flexible technology solutions that allow users to reach new levels of growth. Data Age has solutions that allow businesses to drive their profitability, servicing lending, buy/sell, check cashing, and other retail environments.

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membership

Pawn Industry Financial and Operating Performance Benchmark â&#x20AC;&#x201C; What Is It? By Martin Strasser

he NPA is excited to announce the 2020 Pawn Industry Financial and Operating Performance Benchmark Survey. This survey will assist participating pawn stores in becoming more profitable by identifying performance boosting trends and practices. It will also provide the NPA with much needed data to assist in lobbying efforts. Best of all: the survey is FREE to all participating NPA members. By participating, you will receive a complimentary copy of the final report as well as a customized confidential store analysis comparing your storeâ&#x20AC;&#x2122;s performance against the industry benchmark. This

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information is specific to your store and provides an easy means for interpreting your results. The last time the survey was conducted was in 2004 and is the only survey of its kind. Much has changed in sixteen years. Gold has jumped 300% in value and become scarcer. Payday lending has risen (and possibly fallen). Facebook Marketplace and consumer direct sales platforms are offering options to our clients outside of our stores. Federal and state regulations are restructuring the landscape with industry-challenging legislation. Key advertising channels, such as Google, Facebook, and YouTube, block most pawnrelated content. Many banks and payment

processors shun our industry. Corporate pawn stores now occupy roughly 25% of the market, and they continue to expand. In this challenging time, it is more important than ever to have accurate performance metrics. Understanding industry trends (and by extension, your store’s performance) is a vital tool in protecting your business. The goal of the survey is to provide a true benchmark both financially and operationally. On a basic level, this includes data, such as inventory and profit ratios. On a more advanced level, we will explore new data, like client demographics, how pawn rates impact client behavior, and how various operational factors affect pawn yield. The 2020 survey seeks to break new ground for the industry. The data set and methodology are designed to identify industry practices that lead to higher performance. This will provide a roadmap to improve profits and build a more sustainable industry. Previously, large scale data collection was only available to public pawn companies, like EZ Pawn and FirstCash. The NPA survey will level the playing field and give independent operators the tools to compete. HOW IS IT BEING DONE?

The NPA has partnered with Industry Insights, a company that specializes in data surveys and industry analysis. Their working team includes several CPAs and a Master’s Degree holder in Statistical Analysis. The team also includes several pawnbrokers with decades of experience in the industry. This unique mix leverages the power of financial and data analysis with pawn-specific business knowledge. Industry Insights will collate the information and provide the anonymous summary results to the NPA. This will give the NPA new information to fuel its lobbying efforts on behalf of the pawn industry. Accurate, researched information is the most important tool we have – direct facts that allow the NPA to address industry stereotypes, including seizure rates,

misconceptions of who pawn clientele are, the industry contribution to the economy, and more. One key objective is to build a profile of the economic and voting power of pawn customers. Ill-conceived legislation has the potential to impact hundreds of thousands of voting pawn clients – a fact which must be documented and presented to industry stakeholders. The NPA is fortunate that Bravo Pawn Systems and DataAge/Pawnmaster have both volunteered to engineer custom reports to streamline the survey process. The goal is to reduce the participation workload while simultaneously improving data quality and consistency. Ideally, it should take less than one hour to complete the data set so long as your software is compliant and your accounting is current. If your software is non-supported, you will still be able to manually enter the required information. The goal is to enable anyone with accurate records to get the benefits of participating in the survey. HOW DO I PARTICIPATE?

The NPA will provide more information on how to participate in the survey in the coming weeks. As discussed earlier, your information is completely confidential and will not be made available to anyone (including to the NPA). Your results will be aggregated with hundreds of other participants. Only the final, anonymous statistics will be provided by Industry Insights. I will be presenting a session at Pawn Expo explaining the survey and what the results mean for the industry and its future. Martin Strasser joined the pawn industry in 1995, opening Premier Jewellery and Loans in B.C., Canada. Challenged with space and zoning restrictions, he developed systems and metrics to track and increase revenue in challenging footprints. Martin presented at the 2018 and 2019 Midwest Pawn Conventions. His topics included increasing retail profit using sales-per-foot analytics and operational differences between high profit and low profit store models. His findings were published in subsequent issues of Midwest Pawn Magazine. Martin is a G.I.A. Diamonds Graduate and a former director of his Provincial pawn association. He has been a member of NPA since 2002.

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Is Yours One of the BEST PAWN COMPANIES TO WORK FOR? Be recognized as one of the Best Pawn Companies to Work For by participating in NPAâ&#x20AC;&#x2122;s new survey competition! Managed by Best Companies Group, an independent research firm specializing identifying and recognizing great places to work, participation is FREE to NPA members.

Why should you participate? l

Helps recruit and retain top talent Provides positive public relations Gives a marketing advantage Gain valuable employee feedback

Who can participate? l

Must have a minimum of 15 employees NPA member pawn companies in the U.S. and Canada

What is the process? l

Part 1: Employee benefits and policies questionnaire Part 2: Employee engagement and satisfaction survey

The winning companies will be announced at Pawn Expo 2020 in Las Vegas on June 23, 2020.

For more information or to register your company (at no cost), go to BestPawnbrokersToWorkFor.com.

REGISTRATION DEADLINE: MARCH 6, 2020

Another Store Sold! Stallcup Group facilitates the sale of an independent company in Missouri!

January 2020: Stallcup Group, Inc., an Exit Strategy Consulting firm, announced its successful facilitation of the sale of American Gold Mine, Inc. AGM, Inc. is an independently-owned business comprised of one pawn shop located in Missouri. Stallcup Group served as the exclusive financial advisor to the seller in this highly successful transaction.

Stallcup Group’s thorough analyses of the seller’s financial data, and the unique attributes and characteristics of both the company and individual store helped ensure their client achieved all of their selling goals. Here is what other clients of Stallcup Group have to say about their successes: “I highly recommend Stallcup Group to sell your business. They act as though they are my business partner. They helped navigate, at times, very treacherous waters and ultimately closed the transaction on my business and building lease. Stallcup group always had my best interest at the top of their agenda. They are second to none with their negotiation and closing process.” – Dennis Kovac – President, American Gold Mine, Inc. “Ultimately, I was most impressed with Stallcup Group’s financial modeling, which is extremely sophisticated, and their ability to package information in a way that buyers want to see.” – Craig McCall, 12 stores AZ/NV

WhyStallcupGroup? We have more than 34 years of experience in the pawn shop industry and have closed over $245M in transactions since founding the business in 2009. We are the leader in Exit Strategy Consulting, and solely represent pawn shop owners. All Stallcup Group’s clients have realized a purchase price increase of 10-50% from initial offer to final closing price.

Steve Stallcup

steve@stallcupgroup.com

817.479.3880

STALLCUPGROUP.COM

business solutions

Loyalty Rewards Program for Pawn Stores By Ray Clopton, CEO, Wilbur

customer loyalty rewards program for pawn stores is a very cost-effective marketing strategy that can help convert customers into loyalists. The key to success is to make it extremely easy for your customers to join and participate. This customer engagement strategy can help you differentiate your business, keeping regular customers happy while attracting new business as well. You can choose to reward your pawn customers for on-time payments, redemptions, and purchases. Many businesses choose to offer a cashback reward for every purchase. For example, FastCash Pawn & Checkcashers, a family-owned pawn and check cashing store in Rhode Island, has a deep focus on getting to know customers and works hard to offer perks and benefits that encourage repeat business. At FastCash, loyalty members receive 7% cash back on all

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purchases—a simple rebate structure that is popular with customers. For more than a decade, FastCash operated a card-based rewards program, but recently moved to a cardless, phone number-based approach with the help of Wilbur, a designer of customer loyalty programs. Now, customers don’t have to worry if they don’t have their loyalty card in hand. They simply provide their phone number upon checking out at FastCash. The added convenience has boosted customer engagement and, after each purchase, customers receive a text message with their updated reward balance. BENEFITS OF OFFERING CUSTOMER LOYALTY REWARDS

For FastCash and other pawn businesses, the most obvious benefits of having a customer loyalty rewards program is to attract new customers and retain the old ones. However, there are other advantages too, such as:

B oosting sales. Offering a rewards program can encourage customer loyalty. The more perks customers enjoy when they visit your business, the more likely they are to come back – and this will boost sales. nE ngaging customers. Giving rewards to your customers, no matter how simple or small, can make them feel appreciated and valued. Happy customers are kept engaged with your business making them loyal to your company. They will also feel a stronger connection to your business and will recommend your company to their friends. nP romoting growth. A customer loyalty rewards program is a practical and effective strategy to market and grow your business. Maintaining a good relationship with your customers is generally good for your company’s reputation and it can do wonders for your overall success. n

LOYALTY CARDS VERSUS CARDLESS REWARDS SYSTEM

Providing loyalty cards is a common way to track customer loyalty and their corresponding rewards earned. However, there are two common problems customers and companies often encounter when using physical cards: 1. F orgotten cards: FastCash reported forgotten cards as the number one problem for their customer loyalty program prior to working with Wilbur. Customers were often frustrated if they forgot their card, and their transaction wasn’t registered with the loyalty program. 2. L ost cards: Additionally, losing cards and requesting replacements can incur additional fees.

Here are a few reasons why many businesses convert to a cardless loyalty program: nC onvenience Through the innovative card-free, app-free loyalty program, shoppers don’t need to carry a plastic card or download an app. They simply earn and redeem points by giving their phone numbers to cashiers during check out. nR eal-time updates This reward system also allows real-time updates as updated point balances are sent in real-time via text. Customers only receive text messages with an updated point balance when they earn points or rewards. nN o equipment needed Often, a cardless and app-free rewards program doesn’t require your employees to use any additional technology or equipment, or to get any special training. Anyone with a cell phone can participate, making it open and available to most customers. LEVEL UP YOUR PAWN STORE WITH CARDLESS LOYALTY REWARDS

Offering a convenient, hassle-free customer loyalty rewards program is a great way to make your customers feel appreciated and valued. Through this, you can stay ahead of your competitors. Prioritize your customers by providing them with the best customer service. The ease in use of a card-free and app-free loyalty program can help keep things simple, which is what most customers love.

THE BENEFITS OF CARDLESS & APP-FREE REWARDS SYSTEM

The cardless, app-free rewards program is an innovative system that improves the loyalty program experience. This type of loyalty program offers an ultra-convenient rewards system designed for busy business owners who don’t have extra time to spend managing a loyalty program and for shoppers who don’t want another registration form to fill out, card to carry, or app to download.

ABOUT WILBUR Wilbur is a simple loyalty rewards program designed for busy business owners who don’t have extra time to manage a loyalty program, and for customers who don’t want another form to fill out, card to carry, or app to download. Wilbur is powered by Smart Transaction Systems, a leading provider of customer loyalty, mobile marketing, gift card programs, and e-commerce capabilities that are custom designed for small businesses to achieve their unique goals. Visit wilburrewards.com to learn more and follow Wilbur on Twitter at @wilburrewards.

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NATIONAL PAWNBROKERS ASSOCIATION

Get on Board JUNE 23-25, 2020

Save $150 by May 15 with early bird rates

The Paris â&#x20AC;˘ Las Vegas, NV

What is Pawn Expo? Pawn Expo is the only national convention and trade show for the pawn industry. Attendees learn new ways to strengthen their company, connect with fellow pawnbrokers, and do business at the trade show featuring over 100 different companies. Leave energized and equipped with the latest industry knowledge.

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KEYNOTE SPEAKER Ron Culberson Do It Well, Make It Fun The 2020 Keynote Speaker will be Ron Culberson, author of four books including Do it Well, Make it Fun – The Key to Success in Life, Death, and Almost Everything in Between. Ron’s mission is to change the workplace culture so that organizations are more productive and staff are more content. He is a recognized expert on the benefits of humor and laughter.

GENERAL SESSION SPEAKER Martin Strasser 2020 Pawn Industry Operating Performance Survey Martin Strasser, owner of Premier Jewellery and Loans, Inc, will share the results of the Industry Insights 2020 Pawn Industry Operating Performance Survey. Martin will explain the survey, what the results mean for the industry and its future, and how you can use this information to evaluate and improve your company’s performance.

Schedule Highlights Monday, June 22, 2020 GIA Diamond Grading Course (additional registration required)

Pawn/Dealers in Precious Metals/MSB Certification Course (additional registration required) Pawnbroker Mix & Mingle Tuesday, June 23, 2020 Membership Meeting and Breakfast (Members Only)

The Marketplace Do it Well, Make it Fun 2020 Pawn Industry Operating Performance Survey Networking in the Fastlane Federal Compliance – Keeping Banks, Regulators, & Processors Happy The Real Deal – Coins & Bullion Luxury Handbags – From Procurement to Sale Peace, Love & Fun Welcome Celebration Wednesday, June 24, 2020 ATF Pawnbroker Compliance Pawnbroker to Pawnbroker – Ask the Experts Marketing Think Tank – New Dog, Old Tricks 125-booth Trade Show Young Professionals Fun Night Thursday, June 25, 2020 125-booth Trade Show Pawnbroker Roundtables Happy Trails Farewell Bash

Hotel Information THE PARIS HOTEL AND CASINO, LAS VEGAS Pawn Expo 2020 Room Rate: $79/night for weeknights and $135/night for weekends, plus applicable taxes and resort fee of $35/night Visit NationalPawnbrokers.org to make online reservations, or reserve via phone by contacting Group Reservations at (877) 603-4389. Give the code SPNPB0 to receive the group rate. The group rate is available through June 1, 2020, based on availability.

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NATIONAL PAWNBROKERS ASSOCIATION

business solutions

Conference Rock Stars Excel Through Building Relationships By Karen Cupp, Karen Cupp Coaching

he Pawn Expo 2020 conference and trade show is on the horizon and plans are in in the works to make it a great investment of your time. What is your investment as an attendee? Do you have a plan for building business relationships with others that will be mutually beneficial? Look at conference attendance from a whole new perspective. What if you were intentional in your commitment to build relationships during this conference? What if you had a plan? Since I changed my perspective about my role in conference attendance, I have built more relationships that have helped me grow as a person and as a business. I committed to “stay engaged and build relationships.”

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START BY PREPARING WELL IN ADVANCE

Now is the time to lay out your new conference strategy. Building any friendship leads you to be genuine and strategic, so start with a list of the five people you want to meet at the conference. These can be past attendees, vendors, or presenters. I would bet if you opened the drawer of your desk, you would find a stack of business cards from people you met last year. What about them made you want to know them more? Beside each name, write why you would want to connect with them. Do your homework using Facebook, LinkedIn, and Google to become familiar with their businesses and their interests. Ask yourself what you would like to learn from them. Think of this as if you were

seeking a mentor or a friend. Ask yourself what might connect you, make you interesting or add value to them. For example, as a member of Toastmasters (an international public speaking organization), I value communication. Once you have determined the five people on your list, commit to contacting them at least three times before the conference. This can include phone calls, written notes, and emails. End with a call to action inviting them to meet for coffee or drinks during the conference. Have your plan ready to set in motion when you arrive. ARRIVE READY TO ENGAGE

Breakout sessions can be so much more rewarding when you are prepared to be the best participant. Secure the list of presenters and get to know their background, interests, and expertise. In other words, know them before they know you! PRESENTERS REMEMBER THOSE WHO MAKE THEIR SESSIONS ENJOYABLE

I remember a session that I attended at a regional conference. Before the session began, I introduced myself to the presenter, Terry Watson, and offered to help with passing out materials or posing specific questions to facilitate his talk. We connected over the fact that we are fellow Toastmasters. (I wouldn’t have known that if I hadn’t done my homework.) He really valued my engagement and we continued to connect throughout the conference. That was four years ago; we are still good friends and have helped each other in business. In fact, he connected me to another conference coordinator who was looking for a presenter with my background. If you are a little more

adventurous, consider hosting a party within the conference. A couple of years ago we decided to give this a try. We talked to the conference coordinator and got their blessing. They were pleased that we were willing to add value to their conference. We booked a suite and provided snacks and drinks. During the conference, we created a buzz with the people who we knew enjoyed parties and relationships, and then moved on to others. Our mission the first year was to connect with the movers and shakers. This event allowed for more intimate discussion about each other’s shops and businesses. As a result of our relationship development, we were invited to tour four innovative shops in Texas, Ohio, Florida, and Indiana. Learning from these shops jumpstarted us in implementing our company’s growth. Don’t get anxious about expense. I recalled from my early days that not having resources never stopped me from throwing outrageously fun parties where I enjoyed the company of good friends and a few strangers. It was in those days that I learned how powerful the art of throwing parties could be in creating wonderful memories and strengthening relationships in the process. Round out every evening of the conference by taking a few minutes to send written notes and emails to those you met and want to know more. This is part of building your list for next year. (That means you bring cards and stamps with you.) Most likely they will see the email and who knows? It might pave the way for a conversation the next day. The handwritten note that is sent from the conference should arrive on their desk when they return to the office. Can you imagine how SPRING 2020

special you will make them feel and how likely it will be that you will continue a connection after the conference? RETURN HOME AND CONTINUE TO BUILD RELATIONSHIPS

While this takes commitment, it is so rewarding. Instead of spending so much time reviewing the nuggets of information you gathered, plan to continue connecting to the gems you met. The preparation you did prior to the conference as well as your engagement during the conference paved the way for this continued connection. Make a detailed plan of the five people you decided were valuable enough to know more intimately. Make committed plans to call (maybe the first week after the conference and once a month afterwards.) Whatever you do… stay connected! Consider starting a mastermind group where you continue to help each other grow personally. This builds authentic relationships that add tremendous value to all involved. One of the most valuable assets we have is time. Make your 2020 conference experience more rewarding than ever by investing intentionally in yourself and your conference experience. What distinguishes highly successful people from everyone else is the way they use the power of relationships so that everyone wins. Build a lifelong community of colleagues, contacts, friends, and mentors….one relationship at a time. Karen Cupp of Karen Cupp Coaching is from Carterville, IL. She collaborates with small to medium-sized business through facilitated peer advisory groups. Karen has 15 years in the family pawn business which prepared her to “ask great questions” and “negotiate win-win outcomes.” For more information, visit Karencupp.com or email Karen@Karencupp.com.

NATIONAL PAWNBROKERS ASSOCIATION

compliance

NATIONAL PAWNBROKERS ASSOCIATION

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Eat, Pawn, and Be Compliant By Bob Frimet, CAMS

even years ago, “Operation Choke Point” was introduced by the federal government. This was in response to high interest payday loans being processed through banks and processors, as well as telemarketing. To make a long story short, banks and processors were advised not to do business with certain entities. On April 8, 2014, the House Financial Services Committee held a hearing with the general counsel of the federal banking agencies regarding, among other things, Operation Choke Point. Committee members from both parties argued that Operation Choke Point is hurting lawful non-bank financial service providers by pressuring them to eliminate access to the banking system and, in turn, the businesses are unable to offer services to constituents. The FDIC repeatedly asserted that Operation Choke Point is a Justice Department operation, and the FDIC’s participation is limited to providing information and guidance upon request. The FDIC indicated it was not attempting to prohibit banks from offering products or services to non-bank financial service providers operating within the law. Similarly, the Office of the Comptroller of the Currency (OCC), which also regulates certain financial institutions, stated that the OCC wants to ensure that banks conduct “due diligence and implement appropriate controls”, but that the OCC is not

prohibiting banks from offering services to lawful businesses. Some of these businesses included gun stores, ammunition shops, fireworks stores, small dollar lenders, and home-based charities. Though Operation Choke Point was put to sleep, the lingering effects live today and have now morphed. As a consultant, I constantly receive calls from both pawn stores and money service businesses (MSBs) about bank de-risking – a fancy word for “hit the door and don’t come back.” This has flowed over to PayPal and other processors conducting audits on the pawn stores that are frequently asked for large amounts of data and information to keep the accounts open and/or to remove a freeze, which often happens with little or no notice. Why do banks close accounts of unsuspecting pawn shops, dealers in precious metals, and MSBs? It’s all about risk. In the last 90 days of 2019, there were some 50-plus orders against banks issued by the FDIC. This does not include the Office of Thrift Supervision (OTS), OCC, or the National Credit Union Administration (NCUA), which also regulate banks and credit unions. This doesn’t mean these orders were related to banking financial related businesses or others, but in some respects, have to do with how banks monitor their customers (i.e., YOU.) So, when a bank is taking on what the government or state regulators see as high-risk businesses for money laundering, the bank must have enhanced policies and controls to ensure the money laundering is not occurring by the SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

compliance bank’s clients. If you think the bank doesn’t see you as high risk, THINK AGAIN! Banks have a choice. Eliminate the risk, or take it on and make some fees knowing they are under the microscope. This means the bank, if they know what they are doing, must have significant controls in place, such as a full-time compliance department, additional review staff, and technology. It’s expensive. Even then, banks still get fined or are asked to de-risk the accounts (kick them out). So, what can you do as a pawnbroker, dealer in precious metals, or MSB to protect and maintain your bank account and prosper? Based on representing endless clients with bank relationships, here is a list of best practices to maintain. DON’T BE A STRANGER

Visit the bank. Get to know the management and check in with your relationship manager. If your bank doesn’t know you by your name and face, say hello, invite them to your store, find out if there is anything they need to update their files. This will help keep you in their minds. ESTABLISH GOOD BUSINESS PRACTICES

Are you breaking up your bank deposits so they don’t have to file a CTR (currency transaction report for transactions over $10,000)? Are you doing business overseas and not letting your bank know? Are you making large cash deposits or withdrawals that don’t make sense for your business model? The bank is monitoring your account and they are filing SARs (suspicious activity reports) on your business, if deemed necessary. If you deposit cash below the reporting threshold 32

COMPLIANCE, COMPLIANCE, COMPLIANCE

because you don’t want a CTR filing on your business, this may be defined as structuring, which is breaking up a transaction to cause the bank not to file a form. This practice can cause a lot of pain. According to the Financial Crimes Enforcement Network (FINCEN), there were almost 1.4 million SARs filed in 2019 by financial institutions alone. Banks are required to file SARs as applicable which, based on their purpose, can lead to potential civil and criminal penalties. There are over 15 million CTRs filed annually, so there is no reason to attempt to evade. If something changes in your business, such as your cash deposits are increasing, you brought in new vendors, or whatever the case, share it with the bank. They see the activity, but they don’t know what it’s for, so enlighten them. AN UNINFORMED BANK IS AN UNHAPPY BANK.

NATIONAL PAWNBROKERS ASSOCIATION

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The price of gold is up. Are you purchasing more than $1,042 in precious metals as buys from your customers each week? As a general definition, though there are others, that makes you a Dealer in Precious Metals. Do you have a written policy and procedure in place (an AML program)? More importantly, are you following it? Have you conducted training, set up internal monitoring, had an independent review? These are all requirements. Strong policies, procedures, and controls, just as for the banks, help keep your business strong operationally. They also keep the banks happy knowing you’re “in the know”, which helps diminish the bank de-risking you. It’s not expensive and it’s not overly time consuming. Whether you’re a big business or a single store, the obligation is there. A single negative state or federal examination could mean the end of the road, and if the bank finds out with a published enforcement action (they are checking), your account may be done for. So, promote communication with the bank, be transparent, and conduct good compliance health. Though this may not guarantee a great banking relationship, it will certainly tip the scales in your favor. Bob Frimet is a certified anti-money laundering specialist (CAMS) who has served the pawn broker and dealers in precious metals industry since 2006 conducting independent reviews, drafting policies and procedures, and providing assistance with state and federal audits. Contact Bob at (702) 596-8370, bob@checkconsultants.com, or CheckConsultants.com.

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Businesses with Online Presence Grapple with Mounting Website Accessibility Lawsuits By Felice B. Ekelman, Douglas J. Klein, Allison M. Benz Jackson Lewis P.C.

n the last several years, there has been an uptick in lawsuits filed against retailers for violations of Title III of the Americans with Disabilities Act (“ADA”) for their websites, in which plaintiffs allege that a website is not accessible to individuals with disabilities, including vision impaired users. Initially, cases under Title III concerned suits filed against places of public accommodation, including stores, apartment buildings, and even the steps to a business and slopes in their parking lots. However, as e-commerce continues to rise, so too are the lawsuits against online retailers.

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

The ADA was enacted in 1990, long before retailers and businesses used websites the way they are used today. Title III of the ADA specifically prohibits discrimination against persons with disabilities in places of public accommodation and commercial facilities. Nearly every type of business that serves the public is covered by Title III, like retail stores, restaurants, hotels, theaters, convention centers, doctors’ offices, museums, libraries, private schools, health spas, and day care centers. This is the case regardless of the size of the business and the age of the building the business occupies. Among the affirmative steps Title III requires of a place of public accommodation is the making of “reasonable modifications” to its business policies and procedures when

necessary to serve customers with disabilities. There are few exceptions to this rule. As these cases involving websites become more common, several courts have held that websites are covered under Title III and must be accessible to disabled users, but are divided over whether all commercial websites are subject to the ADA, or if just websites associated with brick-and-mortar businesses must be ADA-compliant. Specifically, in January 2019, the Ninth Circuit (which has jurisdiction over federal cases in California, Alaska, Arizona, Hawaii, Idaho, Montana, Nevada, Oregon, and Washington) held in Robles v. Domino’s Pizza, Inc., that the ADA applies to websites and mobile applications, “even though customers predominantly access them away from the physical restaurant.” Other courts have instead held that the ADA can apply to websites regardless of its connection to a physical business. Few businesses understand the potential legal risks of website accessibility until they are sued. Just a few years ago, only a small amount of these lawsuits were filed. However, the number of cases filed has increased rapidly, and is now in the thousands per year. This trend is expected to continue to rise given the Supreme Court’s decision to decline to review the Domino’s Pizza case. To date, there are currently no regulations regarding “compliance” for businesses, and the Department of Justice, under the Trump Administration, has not issued specific guidance to businesses in terms of compliance. Additionally, the split between Circuit courts over the issue of whether the website must have a connection to a physical location also creates issues for businesses attempting to comply with the law. Given the lack of guidance, there are still some options for retailers to determine if their websites are accessible. One such option to find out where your website stands on compliance is to run an accessibility scan of the webpages using a free on-line tool, such as wave.webaim. org. That tool will provide a report that will show areas of the webpage that may not be

accessible and recommend a solution. Additionally, some companies follow the guidance of the Web Content Accessibility Guidelines (“WCAG”), which was created with the goal of making web content accessible to people with disabilities. While the WCAG is not an official guideline for website compliance, several courts have relied upon it as the “gold standard” for ADA compliance. However, the WCAG’s guidelines, including its most recent guidelines, the WCAG 2.1, do not distinguish between large and small companies, and the cost of compliance with each guideline can be very expensive for small and medium-sized businesses. Given that the Department of Justice does not view compliance with every guideline under the WCAG as required under the ADA, and the lack of guidance otherwise, businesses need to review their websites and determine what accommodations they can reasonably make without it being an undue hardship. For now, the Department of Justice has placed the burden on Congress to come up with legislation for ADA website accessibility. Until that time, or until there is clear guidance from the courts, companies should take earnest efforts to determine whether or not their websites are accessible to individuals with disabilities.

To date, there are currently no regulations regarding “compliance” for businesses, and the Department of Justice, under the Trump Administration, has not issued specific guidance to businesses in terms of compliance.

©2020 Jackson Lewis P.C. This material is provided for informational purposes only. It is not intended to constitute legal advice nor does it create a client-lawyer relationship between Jackson Lewis and any recipient. Recipients should consult with counsel before taking any actions based on the information contained within this material. This material may be considered attorney advertising in some jurisdictions. Prior results do not guarantee a similar outcome. Focused on labor and employment law since 1958, Jackson Lewis P.C.’s 950+ attorneys located in major cities nationwide consistently identify and respond to new ways workplace law intersects business. We help employers develop proactive strategies, strong policies and business-oriented solutions to cultivate high-functioning workforces that are engaged, stable and diverse, and share our clients’ goals to emphasize inclusivity and respect for the contribution of every employee. For more information, visit jacksonlewis.com.

SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

compliance corner

Your Compliance Questions Answered Dear Compliance Guy, Under what conditions would I fill in box #31 on an 8300 in Part III (Description of Transaction and Method of Payment)? Frank Dear Frank, You would only fill out box #31 in Part III on an 8300 when, as an example, you finance an item for $20,000 in total, but the customer only paid you $15,000 today. In addition, Part III #29 would also be filled out. So, for the entire transaction, in Part III #29, the total amount to be entered would be $15,000. It is a cash payment on the item today (i.e. watch purchase) and the total price is actually $20,000 because you happen to be financing the difference over time (layaway, as an example). If it were a single payment of $20,000, Part III #29 would include that amount paid today, and nothing would be placed in box #31. The Compliance Guy

Bob Frimet is a certified anti money laundering specialist who has served the pawnbroker and dealers in precious metals industries since 2006 conducting independent reviews, drafting policies and procedures, and providing assistance with state and federal audits. He can be reached at (702) 596-8370, bob@ checkconsultants.com, or by visiting Checkconsultants.com.

Do you have a compliance question you need answered? Not sure when or how to file an 8300 or SAR? Want to know how to conduct enhanced due diligence? Ask your questions to The Compliance Guy! Send any anti-money laundering related compliance questions to Margie@NationalPawnbrokers.org, c/o The Compliance Guy.

2020 NPA Legislative Conference April 21-22, 2020

Let Your Voice Be Heard

Embassy Suites by Hilton | Crystal City National Airport | Arlington, VA 36

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

young pawnbroker to watch

Wayne Silliman General Manager, Loyalty Pawn Sacramento, CA

Loyalty Pawn Years in the pawn industry: 20 I got my start in the industry: Working with my family in 1999. I started with the company working from the bottom up. I was promoted from a Sales Lending Associate to Store Manager to Regional Manager and now General manager of a five-store operation. Every day I get the opportunity to do what I do best. Best advice I ever received: Treat people how you want to be treated. By living this golden rule, you can’t go wrong. My favorite part of being a pawnbroker: Every single day we can be our best. We get to see the positive changes that our services have on everyday working people. My media mix includes: n

Musical artists – I prefer country and rock

Social media – Facebook

TV shows – The Office

My role model is: My father. I’m proud to be a Junior. My dad has a solid work ethic that I have learned from. His

NPA members would be surprised to know that I: enjoy

can-do spirit and don’t-give-up mentality have helped me

the outdoors. Whenever possible, I enjoy being outside

in challenges I have faced. I’m truly the lucky one.

for hiking, camping, or fishing.

My top three goals for 2020 are:

When I’m not at work, I am: Enjoying being around my

Quit procrastinating

wife and children. I have an 8-year-old son and 6-year-

Network and join local clubs

old daughter. We keep busy going to different sporting

Be a positive role model to my children by helping serve

events, baseball, soccer, gymnastics, and much more.

my community If I wasn’t a pawnbroker, I would: Pursue some type of My favorite movie is: Office Space - a classic that I enjoy

career in mechanical or electrical engineering.

SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

business solutions

Counterfeit Coinage – A Costly Mistake By Doug Davis, Director of Anti-Counterfeiting Task Force

he increased flood of counterfeit coinage within the past five years poses a real and present danger to the U.S. marketplace. Most affected by this alarming threat are collectors, dealers, investors, and those businesses who buy and sell rare coins, bullion coins, and precious metal bars. The unknowing purchase of counterfeit coins or precious metals can be a costly mistake that can, in some cases, cripple a business or financially devastate an individual. Today, Chinese counterfeiting operations have the ability to produce hundreds of thousands of various types of U.S. coins per month, and as technology improves, so do the counterfeits. In many instances, the quality of the counterfeits has even fooled dealers and seasoned collectors. Counterfeiters have leveraged the web and online marketplaces, such as Alibaba, Wish, Amazon, and eBay, to sell their wares. The ease of access has allowed black marketers and individuals with criminal intent to buy counterfeit coins in bulk quantities at a fraction of the true market value. The counterfeits are then marketed and sold to unsuspecting victims who think they are getting “a good deal”. Dealers across the country are being offered counterfeits on a

Assorted counterfeit dies and bars

Counterfeit Holders and Gold Coins

weekly basis. Those most frequently encountered include American gold and silver eagles, one-ounce silver rounds and bars, carded one-ounce gold Perth bars, and one-ounce Pamp bars. U.S. and world mint issued products are also being counterfeited, including the packaging and certificates of

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

authenticity. It is imperative that all coins and precious metals be carefully evaluated and tested for authenticity before purchasing. The two major third party grading services within the numismatic industry, Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC), have also become the target of counterfeiting operations in China. A slabbed coin has long been the standard bearer of authentication and certified grading of a coin. A coin slab is simply a hard plastic, tamper-proof case that protects a coin which has been authenticated and graded by a certified professional grading service. Counterfeiters have taken their craft to a new level and are now slabbing their own fakes, along with inserts that include

barcodes and certification numbers. Counterfeiters utilize pictures of real slabbed coins from webpages and auction sites to produce exact replicas of key date coins and bullion coins that, again, can fool a dealer or advanced collector. If you are suspicious of any slabbed coin being offered for sale, contact the grading service to verify the certification number prior to purchase. Additional information on counterfeit slabs can be found on the PCGS and NGC websites. In most cases, individuals know they are selling counterfeits and are targeting coin dealers and pawn stores who lack the experience or knowledge in the current sophistication of counterfeits within the marketplace. To address the rising threat of counterfeits pouring into the U.S., professionals within the

numismatic industry and community met in 2017 and established the Anti-Counterfeiting Task Force (ACTF), which operates under the umbrella of the Anti-Counterfeiting Educational Foundation and works closely with Treasury OIG, Secret Service, and Customs and Border Protection. The mission of the ACTF is to mobilize law enforcement resources to protect the integrity of U.S. and world coinage by educating officials on the impact and growing threat of counterfeit circulating, collectible, and bullion coins. Strategic initiatives of ACTF include attacking counterfeiters and their networks where they are most vulnerable, enhancing public awareness, and providing educational and investigative resources to dealers, collectors, and law enforcement during the investigation of crimes

related to counterfeit coinage. ACTF has created a network of over 90 numismatic experts to assist law enforcement during their investigations and provides dealers and collectors with valuable information on what to do when encountering a counterfeit. Doug Davis is a retired police chief with over 35 years’ experience in law enforcement and the numismatic industry. He is a recognized expert in numismatic crime investigations and teaches law enforcement seminars on numismatic crime Investigations to federal, state, and local law enforcement agencies across the country.

ACTF is a 501(c)3 nonprofit corporation and is funded strictly by donations. Visit ACTF’s website at acefonline.org and join the fight against counterfeits within the United States.

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SPRING 2020

3/27/18 1:08 PM

NATIONAL PAWNBROKERS ASSOCIATION

multi-store owner profile

Scott and Rita Paulsen own four stores – Peninsula Pawn, Cambridge Pawn, and two Atlantic Pawn stores.

Good Things Come to Those Who Pawn Over half of all NPA pawnbroker members are part of a multistore operation. To get a closer look into all the decisions that are made on how, when, or if you should expand your pawn business, we are featuring a series of articles on pawnbrokers who own more than one store.

cott and Rita Paulsen did not have any pawn experience when they bought their first store in Seaford, DE, in early 2005. Scott was a truck driver for Sysco Foods and Rita was in the medical field. When they learned the owner of the Seaford pawn store had suffered a health setback and closed his store, they took it over. Within five years, they bought a second store and now they have four stores – Peninsula Pawn, Cambridge Pawn, and two Atlantic Pawn stores – as well as 17 employees. Their biggest challenge, like many other business owners, is employees – finding them, training them, and retaining them. They want to find that individual “with the personality that fits in and doesn’t poison the store’s atmosphere.” Up until a few years ago, they had been lucky to find employees through people they knew or from

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

employee referrals. Now, they use Indeed, but they have found that you have to look at a lot of candidates before you find someone to hire. Another challenge is one that is facing the entire pawn industry – legislation. It doesn’t matter whether it’s local, state, or federal. “The idea that the federal government is thinking of implementing a cap similar to the Military Lending Act cap is frightening,” Scott states. Finding the capital to expand is another tough question for pawn store owners. “For our first store, I borrowed all I could from my 401(k). Our second store was financed/paid for from the first store. We had a huge advantage in that when we opened, I had kept my full-time job and we poured everything back into the business. When we bought the last two stores, we went to the local bank and took out a loan.” Scott and Rita use many avenues to

market their pawn business - cable TV, Facebook, and Craigslist. “We are also using Podium to help with our Google reviews. We plan on really pushing Podium, especially after Sam Shocket (from King’s Jewelry and Loan) shared his success with Podium.” Another part of the Paulsen’s success is giving great customer service. Their motto: “The customer is not always right, but they are always the customer. Always let the other person save face. Being kind is free.” It’s a great motto to follow no matter what business you are in. What has been the toughest lesson Scott and Rita have learned since becoming a pawnbroker? Learning to combat negative feedback. “Repeat business is the lifeblood of any business. A customer who has a bad experience will tell 10 people about it, while a customer who has a good experience may not tell a soul. It’s one of the reasons we are focusing on our Google reviews,” Scott explains. If you’re thinking about expanding your pawn operation, Scott and Rita have some advice. Do your homework and, if you have a partner or significant other, make sure they are in agreement with expanding – either opening a new location or expanding your current location.

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SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

membership

2020 State Association Contacts List

Below is a directory of the state pawn associations in the U.S. They are listed by state with the name and contact information listed for each one, if available. In some cases, where there is no state association, NPA has solicited an NPA member to be the point of contact for questions on regulations for that particular state. If the line is blank, it means there is no contact available. If you are interested in being the contact, please contact Dana Meinecke: Dana@NationalPawnbrokers.org, (817) 337-8830. STATE AK AL AR CA CO DC DE FL GA HI IA IL IN KS KY LA MA MD MI MI MN MO MO MS MT NC NE NH NM NV NY OH OK OR PA PA RI SC SD TN TX TX UT VA VA WA WV WY

MEMBER NAME COMPANY NAME PHONE EMAIL ADDRESS Rosemary Hipps Alabama Pawnbrokers Association (256) 710-6828 larrysjp@comcast.net Tim Collier, Pres Arkansas Pawnbrokers Association (501) 666-2883 tim@pacerltd.com Jan Schneider California Pawnbrokers Association (408) 295-3610 jewelryjan@att.net Steven Adsit CO Contact (970) 352-8895 stores.35@mmi-corp.com Jessica Barakat DC State Contact (202) 332-2522 crownpawn@aol.com Scott Paulsen DE State Contact (302) 628-3002 pawn600@gmail.com Joshua Davis Florida Pawnbrokers Association (516) 660-4101 josh@gcpawn.com Ben Levinson GA State Contact (770) 309-3915 ben.levinson65@gmail.com Richard Dan Hawaii Pawnbrokers Association (808) 242-5555 bigrich@aloha.net Lynden Miller IA State Contact (319) 358-1163 moneyandmoreic@gmail.com Kelly Swisher Illinois Pawnbrokers Association (847) 577-3700 arlingtonloan@sbcglobal.net Rick Barr, President Indiana Pawnbrokers Association (765) 529-7200 castlepawn@cinergymetro.net Robin Tummons, Pres Kansas Pawnbrokers Association (913) 831-1684 hsofstuartltd@yahoo.com Rachel Parsons KY Pawnbrokers Association (859) 661-2987 rcparsons77@gmail.com Duane Gautreau LA Pawnbrokers Association (337) 269-9462 duane@acadianpawn.com Edward Bean Massachusetts Pawnbrokers Association (617) 445-5087 suffolkjewelers@gmail.com Rick Sussman, Pres Maryland Pawnbrokers Association (410) 669-5454 ricksuss@aol.com Seth Gold MI State Contact (313) 345-4000 seth@americanjewelryonline.com Mark Aubrey Michigan Pawnbrokers Association (586) 758-2274 mark@motorcitypawnbrokers.com Michael Strauss MN State Contact (612) 823-3001 uptownpawn@gmail.com Tim Fairbanks Missouri Pawnbrokers Association (314) 565-4842 banks4444@aol.com Rob Lauer Govt Relations (314) 388-4444 rob@pawncenter.com Nick Fulton Mississippi Pawnbrokers Association (601) 383-4912 nick@usapawn.com Kathy Smith MT State Contact (406) 257-7296 goldrushpawn@yahoo.com Bob Moulton Pawnbrokers Association of North Carolina (919) 880-2070 moultonbob@yahoo.com Bruce Kaiman NE State Contact (402) 342-7764 sols@qwestoffice.net Roger Weinreich State Contact (603) 357-7800 tod@worldpath.net J Bernstein State Contact (505) 344-7296 j@valley-pawn.com Michael Mack NV State Contact (702) 253-7296 michael@maxpawnlv.com David Kaminsky, Pres Collateral Loanbrokers Assoc. of NY (781) 340-3352 david@ezpawncorp.com Raphael Tincher Ohio Pawnbrokers Association (513) 631-2112 raph@tedspawn.com Beth Anundi Oregon Pawnbrokers Association (503) 385-1394 capitalpawn1@gmail.com Tod Gordon PA State Contact (215) 923-1443 reedcw@aol.com Stanton Myerson PA State Contact (610) 352-8707 info@louspawn.com Scott Frye RI State Contact (401) 722-1113 scott@pawnri.com Dickie Smith South Carolina Pawnbrokers Association (843) 241-1757 brokengroin@yahoo.com Kenneth Huddleston Tennessee Pawnbrokers Association (931) 728-4242 kkslmj@bellsouth.net Anthony Vanegas Texas Association of Pawnbrokers (713) 681-7633 anthony@sunbeltpawn.com Larry Nuckols, Pres San Antonio Pawnbrokers Association (210) 826-8033 larry@brittx.com Randi Nell UT State Contact (801) 352-1010 aw3som387@gmail.com Cory Brown VA State Contact (703) 622-4083 soamazing2010@gmail.com Jay Dunbar VA State Contact (757) 723-6033 jay@superiorpawnva.com Nancy Cejudo WA State Contact (425) 255-3638 nancycejudo@aol.com Brent Kalafat West Virginia Pawnbrokers Association (304) 622-1021 kalamoreconsulting@yahoo.com John Mason WY State Contact (307) 632-3820 lincolnwaypawn@msn.com

Active State Associations

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

membership

It’s Cool to Be a Pawnbroker Pawnbrokers are the most well-rounded, exciting people on earth, and we are blessed with common sense. When we go to family or business gatherings, we are the cool ones. There are things we can do that our friends and family cannot. We have a cool factor because we can:

unload a 1911 Colt pistol

hook up a game system

s pot a fake diamond or Rolex watch

etermine the price d of a diamond in under five minutes

heck an iPhone or c Macbook to be sure it is not iCloud locked

n n

test a Stihl chainsaw

recognize a con

eal with the public d who may be having a terrible day

ake a 100th loan to a m person who has defaulted 99 times

etermine if a stone is a d moissanite or a diamond

erform an acid test on a p piece of gold

now the value of a k silver coin

rank a lawnmower or c weed eater

now if a pool stick is k warped or not

buy a silver bar

test a pressure washer

l ook at a jewelry piece and tell the difference between platinum, silver, and white gold

hook up a blu-ray player

hook up surround sound

test an SLR digital camera

sell a Louis Vuitton bag ook up, sell, and test h an Ultra 4K Flatscreen Smart TV

etermine the value of d a 2001 Harley Davidson Street Glide

by Nick Fulton, USA Pawn and Jewelry

now if a football k autograph is legit

Aren’t you glad you’re a pawnbroker?

NPA Industry Partners: Increase Your Business with Pawnbrokers Advertise in National Pawnbroker! Print advertising may be evolving, but it’s still effective. Print ads: 1

Are trustworthy

2 Make a lasting impression 3 Are kept around longer 4 Stand out in a world of constant digital bombardment

Contact NPA today to make your space reservations for 2020! Margie Swoyer Margie@NationalPawnbrokers.org • (817) 337-8830 • NationalPawnbrokers.org

NATIONAL PAWNBROKERS ASSOCIATION

SPRING 2020

member benefits

Call for 2020 NPA Annual Awards Nominations

N PA’ S A N NUA L AWA RDS

ominations are now being accepted for the NPA’s Annual Awards. These prestigious awards are given to those individuals or companies who have made a lasting impression on the pawn industry, and they represent the best of the best. They are the leaders, the innovators – those who inspire others in the business. Recognize achievement and show your appreciation by submitting your nomination for Pawnbroker of the Year, Industry Partner of the Year, Outstanding Community Relations, Young Professional of the Year, Outstanding Pawn Industry Image, and the Charles R. Jones Lifetime Achievement awards. Nomination forms can be found at NationalPawnbrokers.org/npa-annualawards. The awards will be presented at the Annual Awards Luncheon held during Pawn Expo 2020 in Las Vegas, NV, on Tuesday, June 23, 2020. PAWNBROKER OF THE YEAR AWARD

Presented annually to an individual who, through his/her performance, has demonstrated exceptional success in their business and local community and has made a significant contribution to the pawn industry during the previous year. INDUSTRY PARTNER OF THE YEAR AWARD

Presented annually to the NPA Industry Partner member company who, through their performance and dedication, has shown significant support of the association and its members.

OUTSTANDING COMMUNITY RELATIONS AWARD

Presented annually to an NPA Pawnbroker or Affiliate member company whose public service and/or voluntarism efforts advance the standard and quality of life in their community. YOUNG PROFESSIONAL OF THE YEAR AWARD

Presented annually to an individual 40 years of age or younger who, through his/her performance, has demonstrated exceptional success in their business and local community, and has made a significant contribution to the pawn industry during the previous year. OUTSTANDING PAWN INDUSTRY IMAGE AWARD

Presented annually to an NPA Pawnbroker or Affiliate member company who creatively generates positive awareness of the pawn industry through a print or digital marketing campaign. Media includes, but is not limited to: television, radio, social media, print campaign, and email campaign. CHARLES R. JONES LIFETIME ACHIEVEMENT AWARD

Recognizes a pawnbroker who, through his/her outstanding leadership and efforts, has gone above and beyond and made a significant and lasting impact on the pawn industry over the course of their pawnbroking career. They are regarded by their peers as leaders in the industry and recognized as such nationally. This is the highest honor awarded by NPA and is awarded only to individuals who have demonstrated a lifetime commitment to the association and to the success of the pawn industry. SPRING 2020

NATIONAL PAWNBROKERS ASSOCIATION

book corner

membership

Serve on the NPA Board of Directors Do you have specialized talents that can benefit the NPA? Can you commit to sharing your time and expertise to make the industry better? Are you an enthusiastic advocate for pawn who wants to get more involved?

Then consider joining the NPA Board of Directors! Make a commitment to bettering the industry by sharing your time, energy, and experiences with other pawnbroker leaders. Build your network, be socially responsible, and protect the industry with a two-year term on the board.

Flip the Script:

BOARD CANDIDATE REQUIREMENTS

M ust be a member in good standing M ust attend an NPA Legislative Conference in Washington, DC, and the accompanying Board of Directors meeting held in conjunction with the Legislative Conference OR attend two consecutive Board of Directors meetings prior to being considered as a candidate for the NPA Board of Directors nM ust serve on an NPA committee for a minimum of one year prior to being considered as a candidate for the NPA Board of Directors

Getting People to Think Your Idea Is Their Idea

n n

By Oren Klaff

YOU KNOW HOW you sometimes try to persuade someone to do something, and the harder you try, the more they resist? People don’t want to be told what to think; they want to come up with their own ideas. Author Oren Klaff agrees with this premise and has come up with a new approach that will show you how to guide that person to believe your idea was actually their idea. Once they discover this, they will buy in to your suggestion and feel good about working with you. Klaff shares humorous stories including how he got a billionaire to take him seriously and a skeptical Swiss banker to see him as a banking expert. His five-step process includes status alignment, instilling certainty, explaining the big idea, making the buyer feel safe, and leveraging natural pessimism. Pick up a copy of this business classic and watch your sales rise. 46

NATIONAL PAWNBROKERS ASSOCIATION

All newly-elected Board members will be installed at the annual meeting on Tuesday, June 23, 2020, at Pawn Expo in Las Vegas, NV. For more information about the requirements, commitments, and the nomination process, email Dana@NationalPawnbrokers.org.

SPRING 2020

state news

Update on New York Pawnbroker Litigation INTERIM APPELLATE COURT RULING

On December 26, 2019, the intermediate appellate court rendered its decision. The court upheld the trial judge’s ruling that section 436 of the New York City Charter is in large measure unconstitutional and cannot be enforced.

he Collateral Loanbrokers Association of New York (CLANY), along with the help of the NPA and a number of pawnbrokers (both member and non-member), plus second-hand dealers, has pursued litigation over the past five years to enforce the constitutionally protected privacy rights of its members. In the spring of 2019, a Bronx County trial court ruled that virtually the entire New York City (NYC) administrative inspection / reporting / criminal investigation scheme regulating pawnbrokers and secondhand dealers in NYC was unconstitutional under the New York state constitution due to its failure to set forth a ceiling on the frequency and breadth of the searches and seizures sanctioned by the challenged provisions. All administrative search activities and attempts by the New York Police Department to examine items in the possession of pawnbrokers, without a warrant, as part of a search for suspected stolen property, were subject to the trial court’s determination that such warrantless searches were unconstitutional. Both pawnbrokers and secondhand dealers were required to continue keeping all business records in the ordinary course of business. However, mandatory daily electronic transmission of transactions to LeadsOnline (item descriptions and photographs) was ruled SPRING 2020

unconstitutional, and the mandatory electronic transmission of core business records was briefly enjoined. The trial court determined that the compelled surrender of copies of the “Buy Book” entries containing pedigree information (customer name and address, customer description) and the amount of the loan was similarly found unconstitutional and briefly enjoined. However, New York City secured a stay of the trial court’s decision pending a ruling by an intermediate appellate court. On December 26, 2019, the intermediate appellate court rendered its decision. The court upheld the trial judge’s ruling that section 436 of the New York City Charter is in large measure unconstitutional and cannot be enforced. (Essentially the section has been and could have continued to be used to undertake on premises criminal investigations without warrants in the absence of consent.) The Court stated: “NY City Charter § 436 provides, in relevant part: ‘The [police] commissioner shall possess powers of inspection over all licensed or unlicensed pawnbrokers . . . [and] dealers in second-hand merchandise . . . within the city; and in connection with the performance of any police duties he shall have power to examine such persons, their clerks and employees and their books, business premises, and any articles of merchandise (Continued on Page 49)

NATIONAL PAWNBROKERS ASSOCIATION

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(From Page 47)

Update on New York Pawnbroker Litigation

in their possession. A refusal or neglect to comply in any respect with the provisions of this section . . . shall be triable by a judge of the criminal court and punishable by not more than thirty days’ imprisonment, or by a fine of not more than fifty dollars, or both.’ (New York City Charter § 436). It is important ‘not to nullify more of a legislature’s work than is necessary’ (cite omitted). Accordingly, we hold that NY City Charter § 436 is facially unconstitutional to the extent that it provides that the commissioner ‘shall have power to examine such persons, their clerks and employees and their books, business premises, and any articles of merchandise in their possession’ (see e.g. Gem Fin. Serv., Inc. v City of New York, (298 F Supp 3d 464, 499 [ED NY 2018]). That portion of NY City Charter § 436 is facially unconstitutional because it is unlimited in scope, and provides ‘no meaningful limitation on the discretion of the inspecting officers’ (id. at 497). NY City Charter § 436 contains no limits on the time, place, and scope of searches of persons or property.” Unfortunately, the Court reversed the lower court’s decision regarding mandatory reporting to LeadsOnline, as well as the right of police officers to regularly seize copies of licensees’ second-hand logs which contain customer information and loan information. Such seizures are now authorized to occur as frequently as daily. Police officers also can subject licensees (pawnbrokers and second-hand dealers) to administrative inspections of books and records to compare entries with the last twenty articles recently acquired without restriction as to the frequency of such inspections. The Court’s decision regarding LeadsOnline and administrative inspections is, in a number of respects, inconsistent with its conclusions respecting Section 436 detailed above. The decision largely relies upon conclusory statements to allow wholesale examination of licensees’ records and daily police visits. The decision authorizes a dragnet search for stolen property and the profiling of licensees’ customers. While the New York Court of Appeals (New York’s highest court) has authorized administrative inspections of highly regulated businesses, such as pawnbrokers, the challenged scheme is of an entirely different order. CLANY’s leadership and its members will be meeting shortly to consider its options, which include an appeal to the New York Court of Appeals.

FBL Offers Scholarships Did You Know…

the NPA offers a limited number of scholarships to the children of NPA pawnbroker members? If you have a child attending college, they can apply for one of NPA’s Future Business Leader (FBL) scholarships. The FBL program was established in 2003 to give college aid to the children of pawnbrokers. Since inception, the program has awarded over $155,000. To apply for a scholarship, download the application and guidelines found under the About tab on the NationalPawnbrokers.org website. Submit the completed form along with the other requirements by Monday, April 20, 2020, to be considered. Scholarship recipients are chosen based on academic performance, community leadership, and written essay submissions. If you would like to donate to the FBL fund, send your tax-deductible contribution to NPA, PO Box 508, Keller, TX 76244.

SUMMARY PROVIDED BY: Mark C. Kriss, Esq., CLANY Legislative and Legal Counsel KRISS, KRISS & BRIGNOLA, LLP Albany, NY 12204 (518) 449-2037

SPRING 2020

Help us fund the education of future pawnbrokers! |

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pawnder this

Making a Comeback By Rudy Klancnik

There’s a 34-year-old man from Idaho who recently was awarded a Guinness World Record for the largest private baseball card collection on the planet. The dude has more than 2.7 million cards in his mini warehouse which resembles the last scene from Raiders of the Lost Ark. Two. Point. Seven. Million baseball cards. That’s a whole lot of terrible chalky bubble gum to chew for sure. OK, ok, terrible joke from a bygone era. But then again, baseball cards are from a bygone era as well. Yet, I still love those little pieces of cardboard. The narrative of the rise and fall of the baseball card market is worthy of its own Netflix Original. The first baseball cards were produced by a tobacco company to help market cigarettes. And you thought Joe Camel was a bad influence on young boys! The most famous baseball card of them all came out of this era, the Honus Wagner T-206 card. If your great grandpa has any old shoeboxes in the attic, you might want to scan through them just to make sure. Honus’ card has sold for upwards of $3.12 million. In the late 1960s, price really didn’t matter to anyone who was collecting baseball cards. The now-fabled 1952 Mickey Mantle Topps card was worth the same $0.60 as every other card in the 1952 Topps set. Then came the ‘70s when Baby Boomers started chasing their childhood 50

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SPRING 2020

favorites, and the prices started to soar. By the 1980s and the early 1990s, the industry – and we definitely could call it an industry – was well over $100 million strong, and small-business card shops dotted the nation. It was better than opening a yogurt shop or a pizzeria. You bought cards for X, sold them the next week for Y, and everyone was making money hand over fist. Like most things, too much of a good thing becomes a bad thing. Card companies made way too many cards, complicating the industry, and driving away younger collectors who could no longer afford to buy a pack of cards. Then, video games like “Madden” and “Call of Duty” did the rest, basically providing the kill shot to the baseball card boom forever. Now in my early 50s, I still love my baseball cards like I did when I was 12, and I couldn’t care less about their condition or their worth. When my kids or the wife isn’t looking, I reach for a random binder and teleport myself back to my childhood bedroom for a few minutes. The terrible posed photos. The odd-ball 1970s designs. The stats on the back. The cartoons. The gum stains. Yes, like the tobacco industry back in the 1930s, a bubble gum confection company called Topps thought baseball cards would be an effective way to sell more gum. Good thinking. Bad gum. Oscar Gamble’s gigantic Afro. Billy Ripken’s infamous

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NOVEMBER 1, 2019 – JANUARY 14, 2020 PAWNBROKERS Silas Deane Pawn • Wethersfield, CT Wellston Pawn • Warner Robins, G15 Gold Rush II • Champaign, IL Gold-N-Pawn • Bloomington, IN E J’s Pawn • Hawesville, KY Alpha Gold Exchange • Baltimore, MD Gladwin Trade & Sales • Gladwin, MI Metro Pawn • St. Louis, MO Dez Enterprises S LLC dba Pawn Shop Plus • Hattiesburg, MS

F-Face bat knob. Ken Griffey, Jr.’s historical Upper Deck Rookie Card. I own them all and none will ever fall into enemy hands – the enemy, in this case, would be some random geek on eBay or Beckett. com. I’m not selling them ever. Sure, when I was in my 30s, I figured if I was fortunate enough to have kids, they’d definitely cherish my 2.5 x 3.5 pieces of cardboard for all times. I figured wrong, of course. When your kid gets their first iPhone, and it has more computing power than they had on Apollo 11, a box filled with Robin Yount and Nolan Ryan cards just won’t turn their heads. But a funny thing happened en route to the baseball card industry completely going the way of the newspaper, the fax, and Blockbuster stores. The industry is making quite the comeback. The annual convention of baseball card nerds – called The National – recently set an attendance record that rivaled the heyday in 1991. Graded cards are all the rage. What’s grading? It’s when companies scientifically examine corners, colors, cuts, and blemishes, and give your card a quality score. If you get an 8, 9, or 10, and the card is, say, Willie Mays, you’ve got the Mona Lisa on your hands. You then put the card under a bullet-proof, nuclear-war proof shield of acrylic to protect it until the end of days. Big money is again exchanging hands, and the card companies left standing after the purges of the late 1990s (Topps, Upper Deck, and Panini) are actually doing pretty well. It’s awesome to see something out of fashion fight back a little and carve out a nice niche in our lives once again. Make America’s pastime great again. Yeah, I like the sound of that. SPRING 2020

NH Pawnbroker Services LLC • Salem, NH Pack Rats Pawn Shop • Defiance, OH Broff’s Diamond Loan • Pittsburgh, PA Rhode Island Jewelry and Loan • Warwick, RI Heritage Jewelry and Loan • Sugar Land, TX 1st American Pawn - L & S Pawn Shop • Forest Hill, TX Suffolk Pawn & Gun LLC • Suffolk, VA Superior Outlet and Pawn Shop • Richmond, VA American Pawnbrokers • Tacoma, WA Eastside Pawns LLC • East Wenatchee, WA

INDUSTRY PARTNERS Radical Firearms • Stafford, TX

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calendar of events

index of advertisers

MARCH 2020

3 CLiCk Media (212) 365-0691 3clickmedia.com

DIXIE CONFERENCE AND TRADE SHOW March 27-29, 2020 Perdido Beach Resort | Orange Beach, AL Contact Nick Fulton: Nickfulton@comcast.net Dixieconvention.com

NPA 2020 Legislative Conference 36 NPA Industry Partners

Padmavati Exports, Inc (212) 869-0544 Padmavatiexportsinc.com

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Best Pawnbrokers To Work For 22 Bluestone Trading Company Inc Back Cover (888) 800-BLUE (2583) Bluestone-trading.com

APRIL 2020 NPA LEGISLATIVE CONFERENCE April 21-22, 2020 Embassy Suites Hotel Crystal City National Airport | Arlington, VA Contact Dana Meinecke: Dana@NationalPawnbrokers.org

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MAY 2020 CAPA SPRING CONFERENCE May 2-3, 2020 Pullman San Francisco Bay | Redwood City, CA Contact Kim Andosca: kandosca@amgroup.us Californiapawnbrokers.org MIDWEST PAWN CONVENTION May 15-17, 2020 The Westin Hotel Downtown | Indianapolis, IN Contact Greg Engstrom: Gregengstrom@hotmail.com Midwestconvention.org

5 Pawnbroker Financing (303) 373-1300 Pawnbrokerfinancing.com

Data Age Business Systems Inside Front Cover (888) 949-7296 Pawnmaster.com

Podium 48 (833) 276-3486 Podium.com

Electronic Transfer (800) 757-5453 Electronictransfer.com

Rapaport Auctions (212) 354-9800 Rapaportauctions.com

Flex Payment Solutions (636) 533-0140 Flexpaymentsolutions.com

RMF Consulting Group

40 23

Garrett Metal Detector (800) 527-4011 Garrett.com

Stallcup Group (212) 789-9088 sparklendazzle.com Stuller, Inc (800) 877-7777 Stuller.com

Geib Refining Corporation 43 (800) 228-4653 Geibrefining.com

JUNE 2020 PAWN EXPO 2020 June 23-25, 2020 Paris Las Vegas | Las Vegas, NV Contact Helen Moore: Pawnexpo@NationalPawnbrokers.org NationalPawnbrokers.org

Gemological Institute of America (800) 421-7250 Gia.edu

CAPA FALL CONVENTION October 23-25, 2020 Omni Rancho Las Palmas Resort & Spa | Rancho Mirage, CA Contact Kim Andosca: kandosca@amgroup.us Californiapawnbrokers.org

Mid-States Recycling & Refining (847) 298-0010 Midstatesrecycling.com

United Precious Metal Refining, Inc. (800) 999-FINE (3463) Unitedpmr.com

Wexler Insurance Agency Inside Back Cover (800) 432-1853 Wexlerinsurance.com

The NPA does not specifically endorse any entity including but not limited to exhibitors and advertisers; makes no representations, warranties, or guarantees; and assumes no responsibility for the products or services provided by these entities. The NPA expressly disclaims all liability for damages of any kind arising from the use or the performance of the products or services provided by these entities.

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SPRING 2020

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