National Pawnbroker Winter 2019 by National Pawnbrokers Association

Pawnbroker National

Official Publication of the National Pawnbrokers Association

LOSS PREVENTION: IT’S MORE THAN JUST THEFT IT’S 2019. DO YOU KNOW WHERE YOUR DOMAIN NAME IS?

Golden Boys

MEN’S JEWELRY IS A GROWING MARKET THANKS TO HIP-HOP AND CELEBRITY INFLUENCES

WINTER 2019

message from the president

Sharing Success

Kerry Rainey NPA President bpjgems@yahoo.com

ONE OF THE MOST INTERESTING THINGS I have done as a Board Member, and now as President of our fabulous organization, is to visit other areas of the country, represent the NPA, meet with those members, and learn new ideas about bettering our processes as a whole. Being from Louisiana, I was far from home on my last information-gathering experience when I visited the California Pawnbrokers Association convention. I was very impressed as it was well planned, organized, and full of very informative seminars where I was able to expand our networking and idea source base. I believe that it is important to have representation at as many regional/local shows as possible to meet and network, share ideas, and make our processes stronger and more uniform. Being a part of the state associations is important as well, but that’s just half the battle. There is so much more that can affect us outside our state’s borders. As a national association, we must show our support to our regional/local organizations and let their members know what is happening across their state lines. Because I think networking and communication is so vital to our organization, I will try to go to as many conventions as possible and look forward to any invitations. I also hope that others will look beyond their state’s borders to attend neighboring conventions. I am very excited about attending three conferences in 2020: the Dixie Educational Conference & Trade Show (March 27-29), the Midwest Pawnbrokers Convention (May 15-17), and my first Texas Association of Pawnbrokers Convention (February 28-March 1). As I travel to these other conventions, one similarity is evident. All the attending pawnbrokers from different geographical areas are seeking ways to better their business and better the organization. Educational opportunities expose attendees to new ways to conduct business and/or be more productive. They encounter new vendors and industry suppliers that can show them new merchandising trends. Most importantly though, it allows attendees to participate and develop a friendship with other pawnbrokers. Every convention that I attend gives me the opportunity to spread the word about what the NPA has accomplished and how it continues to be the national voice for the industry. This is one of

the things I enjoy the most, the sharing of ideas. The NPA is constantly at work. It is a neverending cycle of protecting the industry and striving to provide its members with the tools and information they need to grow their business. All year long, the NPA executive staff works with the committees to build and promote the pawn industry, advocating through constant memos, letters, phone calls, and meetings. They are diligent in keeping the social media pages up-to-date with current information and news about current trends in the pawn industry. Continue to watch for updates on our website, Facebook pages, and emails. Each year, the NPA provides valuable insight to those attending the Legislative Conference in Washington, DC. There, they can meet with their congressional members and provide them with the education needed to pass legislation that is vital for keeping our industry progressing forward. I encourage each of you to try to attend. Our presence equates to our strength as an industry. The Government Relations Committee works to be proactive on issues that arise in the industry, sometimes acting before it can harm our businesses. Make your plans now to attend the 2020 Legislative Conference April 21-22 in Washington, DC. This is one of the most important things we can do for the protection of our industry. Even though Pawn Expo 2020 is far away, it is the largest pawn convention, and it is not something that comes together overnight. Organizers work tirelessly trying to bring in the vendors that can provide us with the merchandise, tools, information, and support that can benefit us the most. They coordinate with hotels and food services, manage schedules, plan meetings, and handle registration. I encourage everyone to attend Pawn Expo 2020 at the Paris Hotel in Las Vegas June 23-25. It is a team effort requiring a lot of work, but none of this is possible without our members and their support. Only together can we build the support and strength that allows us to open our doors each day to do business. It is supporting our associations and building relationships that allows us to share ideas and knowledge. By doing these things, the most important thing we can share is SUCCESS!

WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

contents Winter 2019

Cover Story Golden Boys 26

Government Relations

HIGHLIGHTS Loss Prevention: It’s More Than Just Theft 12 It’s 2019. Do You Know Where Your Domain Name Is?

Back to Basics 6

What is the NPA Political

Message from the Executive Director

Lara Ewen Rapaport

Membership

IN THIS ISSUE Message from the President

Action Committee? 49

NPA 2019 Magazine Readership Survey 34 New NPA Member

Benefits for 2020 44

State Association Updates 49

Brokering Success 18

New NPA Members 51

6 Tips for Selling Jewelry

Business Solutions

and Watches on eBay 30

I Wish I Had Known… 43

Gift Day 2019 32

Compliance

Compliance Corner 25

De Minimis Fringe Benefits –

Minimal or Not? 38

New Overtime Rule 46

NATIONAL PAWNBROKERS ASSOCIATION

Robert Frimet RMF Consulting Tony Gallo Sapphire Risk Advisory Group Erica Haikara eBay IRS Tax Outreach, Partnership & Education

Member Spotlights

Community Involvement

Contributors for this issue of National Pawnbroker

Pawnbroker

Young Pawnbroker to Watch 11

Industry Partner

MultiStore Owner Profile 40

Pawnder This

Jackson Lewis P.C. Diana Jarrett Dianajarrett.com Rudy Klancnik

Tally Mack Bravo Pawn Systems

Book Corner

Emmett Murphy 3 Click Media

Calendar of Events

Advertiser Index

WINTER 2019

Boyd Naylor Bali Credit Corp Kerry Rainey Bayou Pawn & Jewelry

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message from the executive director

NPA staff

2020: Here We Come!

Dana Meinecke NPA Executive Director

THE MEMBERSHIP DRIVE for 2020 has begun! Many of you have already renewed your membership for 2020 and we very much appreciate it. If you haven’t done so yet, it’s now easier than ever to renew your membership online. Just log in to the Members Only portal on the NPA website (NationalPawnbrokers.org) and click on the Manage My Membership button. With just a few clicks, you’ll be all set for another year! Do you have a special promotion going on for the holidays? Add it to your store’s “Deals” in the Member Directory. Then, when a user clicks on your company, they’ll see what exciting promotions you have to offer! Next year’s NPA Legislative Conference will be held April 21-22 in Washington, DC. The host hotel for this 2020 event will be the Embassy Suites Crystal City National Airport hotel in Arlington, VA. Help shape future pawn policies and make your voice heard when we head to Capitol Hill to meet with our lawmakers. Speaking of 2020, Pawn Expo is right around the corner as well. “Get On Board” with us at the Paris Hotel in Las Vegas – our first time at this location! The annual convention and trade show will be a few weeks earlier than past years – June 23-25. Put the dates for Pawn Expo 2020 and the 2020 NPA Legislative Conference on your calendar. Plan to attend these educational and informative conferences. We will be taking nominations for the NPA Annual Awards from February 1-March 27, 2020. Let’s honor those who have selflessly served the pawn industry. As we begin a new decade, we hope that you have a joyous and successful holiday season. We look forward to working with you in the year ahead!

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. © 2007-2019 National Pawnbrokers Association: PO Box 508, Keller, TX 76244, (817) 337-8830 NationalPawnbrokers.org EDITOR: Margie Swoyer DESIGNED BY: SPARK Publications

NATIONAL PAWNBROKERS ASSOCIATION

WINTER 2019

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government relations

Back to Basics

I Boyd Naylor NPA Vice President Chairman, NPA Government Relations Committee

t’s back to basics – return to school, get ready for football, prepare for the holidays – all positive and forward-looking events. On the other hand, Congress returned in mid-September from their annual five-to-sixweek break, political candidates are jumping in and out of races, debates are in full swing, and the election won’t take place until November 2020! Meanwhile, your NPA Team GRC remains ever vigilant as we review any federal legislation that could impact the pawn industry. Recently there have been at least four or five ‘gun-control’ bills introduced in the House. The bills range from background checks to hi-cap magazine restrictions to assault weapons bans to hate crime amendments. We reviewed them and determined that it is not necessary for us to offer input until the legislative situation is further clarified, but we will continue to monitor and take action if warranted. State and local politicians and law enforcement are also weighing in on the subject of firearms legislation and pawnbrokers who are Federal Firearms Licensees may be asked for comments by the media. Team GRC provided talking points to assist Florida pawnbrokers and NPA Board of Directors member David Ashe in response to questions from the Orlando Sentinel regarding secure storage of firearms by pawn stores and retail dealers. We can assist if you are similarly contacted. Team GRC supplied information and talking points to a Texas member whose city enacted an ordinance requiring mandatory electronic reporting to LeadsOnline, and imposed a $500 fine for each instance of non-compliance. Team GRC also contacted the Texas Office of Consumer Credit Commissioner (OCCC), the regulatory agency over pawnbrokers, for input as, under state law, electronic reporting is voluntary.

NATIONAL PAWNBROKERS ASSOCIATION

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We continue to monitor electronic reporting requests and/or requirements by law enforcement agencies. Our September GRC Update covered recent de-risking issues that NPA members are having with banks and other financial services providers. These include Chase Bank denying debit card transactions for retail purchases at pawn stores, which has been happening over a period of months. Long-time NPA member Greg Engstrom has been tracking this in his northern Indiana locations. Team GRC assisted with letters that Greg sent to the Members of Congress in whose districts his stores are located. NPA Lobbyist in Washington, Cliff Andrews, quickly followed up with visits to these offices to expand the conversation of the effects on pawnbrokers when banks discontinue services to them. Communication, such as this, puts a face on the pawn industry and brings what is happening back home on Main Street to Capitol Hill. Our work continues in Washington to make the regulatory agencies and Congress aware of the difficulties experienced by pawnbrokers when banks terminate their accounts and services they have used for years, and refuse applications to refinance existing real estate loans due to “the business type is not eligible for financing under this program”. We are following multiple bills in Congress as we look for any opportunity to affect or insert language that would level the playing field of financial services to pawnbrokers. In an effort to broaden the base of support for our argument, we have reached out to other industries that are experiencing similar problems of de-risking by banks. This exchange of information with like-minded and long established licensed businesses should prove helpful to the group as a whole. We know a great many of you have been

experiencing difficulty logging in to the DMDC website to run MLA checks. GRC Liaison, Fran Bishop, has reached out to our Pentagon contact person to make them aware of this problem. As of this writing, we are still awaiting a response. However, one of our NPA members was told by the DMDC ‘help desk’ personnel to use the SCRA (Servicemembers’ Civil Relief Act) website instead while they try to work on the MLA site. We definitely question this advice as the SCRA website does not include military spouse or dependent information, and the MLA site is what the regulations specify in order to obtain the safe harbor that you are looking for. These are just a few of the areas that Team GRC regularly focuses on to provide NPA members with the information, tools,

Our work continues in Washington to make the regulatory agencies and Congress aware of the difficulties experienced by pawnbrokers when banks terminate their accounts and services they have used for years, and refuse applications to refinance existing real estate loans due to “the business type is not eligible for financing under this program”. and support they need. Make sure that what’s in your wallet is a current NPA membership, so we can continue “Keeping the Industry Strong!”

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NATIONAL PAWNBROKERS ASSOCIATION

pawnbroker spotlight

“You need to educate yourself as to the best systems, ways to work with your customers, how to manage employees, ways to maximize your profit, etc.”

L. Oppleman: Still going after 129 years JACOB AND LENA OPPLEMAN founded L. Oppleman Pawn in September 1890 in Lynchburg, Virginia. It’s thought to be the oldest pawn store in America. In the 1920s, Jacob and Lena’s son, Ike Oppleman, took over and was later joined by Aaron Somers in the 1930s. After Ike passed away, Aaron took over the business and kept the name. He then passed the store on to his son David in the 1980s, and now David’s son, Ryan, operates it. Ryan, who began working part-time in the store during his high school years, is now the Chief Operating Officer overseeing the store’s operations and pawn department. L. Oppleman Pawn storefront in Lynchburg, Virginia.

National Pawnbroker (NP): L. Oppleman has a

lot of history in the pawn business. How has the industry changed since you started? Ryan Somers (RS): The internet has made the biggest impact on our industry since I’ve been working in it. Although our primary sources of online sales are 8

NATIONAL PAWNBROKERS ASSOCIATION

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eBay and our website, we use many other online sources, such as Gunbroker, Etsy, Facebook, etc. A product’s value has become more accessible to our customers and our employees, which allows pricing of products to be easier.

NP: What is your biggest challenge as a pawnbroker? RS: One of the biggest challenges is moving from hiring for in-store sales to internet sales/computersavvy employees. Times have changed, and I stress that things are moving online. Also, keeping up with inventory on so many outlets is a daily challenge. There is great software for doing this, but it can be costly and has some issues. NP: How does your company give back to the community? RS: We support many local non-profits, arts organizations, churches, and schools in different ways. We have donated products for silent auctions/ events, provided sound equipment for non-profit events, sponsored local music festivals, donated towards a playground at a school, and given instruments towards kids’ music programs. We have an annual donation budget allotted towards such organizations and really love supporting our community!

NP: What advice would you give to someone thinking about opening a pawn store? RS: Work in the industry first. You need to educate yourself as to the best systems, ways to work with your customers, how to manage employees, ways to maximize your profit, etc. Find a great mentor! NP: What is your favorite thing about being

a pawnbroker? RS: The people, without a doubt. I love working with all different kinds of people. I also love the interesting things that come in our shop. You never know what to expect. NP: Why are you a member of NPA? RS: NPA is an advocate for our industry as a whole, and

we can accomplish a lot more if we work together. NP: What is the number one thing on your personal bucket list? RS: I would love to have more time to travel with my family. It’s hard to be away from the store for long periods of time as most pawnbrokers know.

WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

young pawnbroker to watch

Danielle Foster GIA Graduate Gemologist/Fine Jewelry Specialist Uncle Dan’s Pawn & Jewelry, Dallas, TX Years in the pawn industry: I grew up in my family’s pawn business and spent several summers working in the shops. I officially started working for Uncle Dan’s full time in 2017. Best advice I ever received: “Always shoot for the moon because even if you miss, you’ll land among the stars.” I strive to always do my best and put my best foot forward. My favorite part of being a pawnbroker: Interacting with our customers and hearing their stories. I received the most thoughtful message from a client on Christmas Day who was thanking me for helping him out with a high-dollar loan on jewelry for his medical bills. That part of the business is the most rewarding. My media mix includes: n Musical artists – Red Hot Chili Peppers, Rufus du

Sol, Daft Punk, Drake, and Ellie Goulding are just a few of my favorite artists! n Social media – Instagram @bygemgirl. I’m also a

Pinterest fanatic! n TV shows – I don’t spend a lot of time watching

My favorite movie is: Legally Blonde. Elle Woods is a rock star and embodies women empowerment.

TV, but my favorite TV shows include Gossip Girl, Stranger Things, Big Little Lies, and Imposters.

NPA members would be surprised to know that I:

have Native American heritage and am a proud

My role model is: my mom. She’s literally

member of the Choctaw Nation of Oklahoma.

Superwoman in human form. She’s the hardest

worker I’ve ever seen and extremely brilliant. She

When I’m not at work, I am: traveling and exploring

is always so encouraging, uplifting, and positive.

the world. I love learning about diverse cultures and trying different gastronomy.

My top three goals for 2020 are:

n Build and promote my jewelry brand, By Gem Girl

If I wasn’t a pawnbroker, I would be a: jewelry

n Design and create more custom jewelry for clients

designer. My brother, a CAD jewelry designer, and

n Grow my Instagram account @bygemgirl and

I have teamed up to design and make custom

upload engaging photos weekly

engagement rings for friends and clients.

WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

business solutions

Loss Prevention: It’s More Than Just Theft By Tony Gallo, Sapphire Risk Advisory Group

nexpected expenses can impart an electrocharged shock to any shop manager anytime. These immediate losses can occur from a variety of undesirable sources, including theft, inventory write-off, or facility repairs. No matter the cause, monetary losses can accrue temporary or permanent damage to a business, spurring many owners to invest in loss prevention upgrades. This term is typically associated with preventing crime, but to truly prevent all losses, a comprehensive loss prevention plan would need to encompass other aspects of costs. While many businesses plan for the dangers 12

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of burglaries or robberies, safety procedures can be neglected or ignored – and are often the cause of some of the greatest monetary losses in this industry. In an industry which handles without limitation, firearms, power tools, and acidic testing, mistakes in safety can loom large. COSTS CAN IMPACT FINANCES AND OPERATIONS

According to the National Safety Council, the direct costs of the average injury are $31,000, and the average injury-related death costs a minimum of $1 million in direct expenses. Your business may pay for more than just medical care too – workers’

compensation costs American businesses almost $60 million each year. In addition to monetary losses from medical expenses and wage compensation, your business may also suffer from loss of productivity, credibility, and employee morale, and incur costs from fines, investigations, and facility damages. When an employee is unable to work for an extended period, businesses must cover this position by recruiting, hiring, and training temporary or replacement workers – a major loss of efficiency which quickly accumulates costs from the additional time and supervision needed to perform the same work. In addition, sometimes injured employees return to work requiring ADA (Americans with Disabilities Act) accommodations which could add unforeseen expenses to your bottom line. Per the National Safety Council, these indirect costs can accumulate to an even greater loss – an estimated $124,000 per injury. Losses can incur from medical bills, wage compensation, and administrative fees – not to mention the costs to remove or resolve the hazard that caused the injury in the first place. All are costs that could have been avoided if the business was built and set up carefully and had established appropriate safety procedures. So, how do business owners prevent these disasters and protect their stores from incurring unnecessary losses? The first step is understanding that with the proper safety procedures in place, most injury-inducing instances can be avoided altogether. Although these injuries can happen in any environment, 55% of these incidents are caused by hazardous walkways,

according to the National Floor Safety Institute. But if these losses can be prevented, why are they so frequent? While some hazards can be easily seen, others are far less obvious. Many business owners just don’t realize how potentially dangerous their stores can be – until they are paying the bills for an injured employee or customer. SLIPS, TRIPS, AND FALLS

Slips, trips, and falls are the most common reported injuries, with an average of eight million people treated by medical professionals each year – with 33,000 of these resulting in fatalities. Slips occur when there is too little friction between footwear and the surface of the floor. They are more common on wet or oily surfaces and on uneven surfaces with differing degrees of traction, like a loose rug. Trips are caused by an individual’s foot colliding with an object resulting in a fall. These are more common in locations with lots of clutter, poor lighting, and obstructed views. Uncovered cables are an example of a major instigator of trips and falls WINTER 2019

which could be easily prevented through regular audits. Environmental factors can also increase risks and the likelihood of injury-causing accidents. Snow, ice, and rain tracked in by customers and employees can reduce the surface friction and create slippery wet floors. As the winter season approaches, the weather will become more of a risk factor as the number of cold and wet days increase. When wet surfaces are noticed, warning signage should be put up immediately, so that unknowing customers and employees are not at risk. After signage is posted, the slippery surface should be cleaned up immediately. LOOK AROUND THE STORE

Good housekeeping is a fundamental part of protecting businesses and their employees. It requires owners to be responsible by identifying hazards, cleaning spills and debris from floors immediately, removing clutter and obstacles from walkways, securing or covering objects that do not lay flat on the floor (like rugs or cables), and keeping areas well-lit and equipment in working order.

NATIONAL PAWNBROKERS ASSOCIATION

business solutions Learning to identify risks is a major component of establishing a safe working environment, but it is not the only step. To ensure safety, responsible owners must take corrective actions immediately to resolve known hazards. This attentiveness involves frequently walking the entirety of the business to identify new risks, worn equipment, and damaged property. But business owners should not be the only ones keeping a watchful eye over the safety of the store. Owners should lead the way by creating guidelines and forming a “culture of safety” for employees. Safety plans that truly protect their business owners and employees go beyond what is simply required. In addition to OSHA requirements, owners should inform their employees on location-

specific procedures, additional business policies, and best practices. The implementation requires educating employees on all safety procedures, whether they seem obvious (like the proper way to lift heavy objects or how to climb a ladder) or less obvious (like plans for natural disasters and potentially dangerous equipment). Sometimes hazards are caused by employee behavior, so it is imperative to enforce disciplinary actions when necessary. It is equally important to follow up with corrections to ensure the business can continue to prevent unnecessary costly incidents. THE TAKEAWAY

Comprehensive loss prevention means implementing a thorough safety plan and creating an

atmosphere of accountability for employees. Owners that invest now in safety training mandates and awareness will create a culture of safety that protects their business and employees when it matters – reducing injuries and losses altogether. Being proactive rather than reactive with security and safety programs can make all the difference in the holiday season.

Tony Gallo is the Managing Partner for Sapphire Risk Advisory Group, LLC based in Dallas, Texas. He has more than 30 years of loss prevention and safety experience, including 17 years as the Director of Loss Prevention and Safety for a 1300-store financial loan service company. His email address is tgallo@sapphirerisk.com.

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WINTER 2019

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industry partner spotlight

“I care about the success of every single pawnshop, whether they use Bravo or not.” - TALLY MACK

A Passion and Curiosity for Technology

ravo Pawn Systems, a pawn platform created by pawnbrokers for pawnbrokers, was launched in 2010. With 45 employees, the Las Vegas-based company believes pawnshops need innovative technology to compete, and Bravo’s mission is to provide the best software and customer support to fulfill that vision. Steve Mack, the company’s founder, sold his fifty pawnshops to Cash America in 2004 and, a few years later, created a pawn platform to help small and medium-sized businesses compete. From day one, it’s been about much more than transactions. They set out to help pawnbrokers work smarter, make datadriven decisions, and create the best possible experience for their customers. They are passionate about the industry because they’ve been in it for five generations. That philosophy runs through everything they do. Tally Mack is the CEO of Bravo Pawn Systems. “I’m a fifth-generation pawnbroker and the only little girl I know who wanted to be a ‘pawnbroker’ when she grew up. My dad [Steve Mack] is a huge inspiration and role model, 16

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Tally Mack, CEO of Bravo Pawn Systems

and I knew that I wanted to eventually join the family business. By the time I graduated college and law school, the family business shifted from pawnshops to pawn software; and I love providing tools to help 1,500 pawnbrokers compete and succeed.” Running a software company has its challenges and Tally’s lies in the constant pressure the industry is under involving regulations, peer-to-peer applications, automation, ecommerce, rising costs, etc.

“I care about the success of every single pawnshop, whether they use Bravo or not.” Her greatest accomplishment is the daily opportunity to serve as CEO of Bravo. “I love my team, and working with them makes each day a dream come true.” Two new trends Tally is seeing in the software industry: 1 Customer convenience - Customer service and pawnshop success are dependent on it. Software today is geared toward making things easy, accessible, and instant for the customer. 2 Artificial intelligence (AI) and data analysis - Reviewing data from past events for patterns, making assumptions, learning, and providing predictions at scale is critical, and the biggest retail giants are leading the way. Passion and curiosity are what keeps Bravo on top of new technology. “When you love technology like we do, staying up to date isn’t a chore, it’s a joy. Our

entire leadership team attends at least one department-specific conference annually, from SaaS to marketing to development. Not only do we look for ways to make Bravo better for our customers, but we are always looking for technology to make us a better company internally.” Tally offers some great advice for anyone just starting in the pawn business: n J oin the NPA and your state or regional association. n F ind a pawnbroker mentor (or two or three). n L isten to the Pawn Leaders Podcast. n R emember that success is defined by customer convenience. n Y ou’re in the business of selling money. Don’t collect inventory; turn that inventory and put the money back on the street. To learn more about Bravo Pawn Systems, visit their website at bravopawnsystems.com, call (888) 4076287, chat with them on their website, or visit them at a trade show.

2020 NPA Legislative Conference April 21-22, 2020

Let Your Voice Be Heard

Embassy Suites by Hilton | Crystal City National Airport | Arlington, VA WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

business solutions

Helping a customer on military payday; a very busy day at Spring Lake location; 1986

Fayetteville, NC pawnshop announces Levenson’s 103rd Birthday; 2019

Brokering Success NEARLY 30 YEARS AFTER RETIRING, CENTENARIAN PAWNSHOP VETERAN LEONARD LEVENSON HAS YET TO SLOW DOWN. By Diana Jarrett

t 103, Leonard Levenson may have officially retired from the pawn business, but his love for this trade keeps him engaged and consulting with colleagues even today. Levenson began pawnbroking at nearly 40, but his entrepreneurial spirit formed decades earlier. By age 15, he had found work at a loan office in Rock Hill, South Carolina, lending money to hosierymill workers. He found other successful ventures before enlisting in the Marines when World War II began in 1939. After the war ended, he found work in New York’s garment district for a ladies’ wear manufacturer, but the Marines called him to serve stateside during the Korean War, which lasted from 1950 to 1953. Honorably discharged, Levenson found himself broke and needing work. So the South Carolina native headed back down south, landing at the Raleigh Loan Office in North Carolina: a pawnbroker that specialized in buying silverware in New York and reselling it to a southern society that revered fine tableware. In 1957, working at Siegel’s Pawn Shop in Newport News, Virginia, he met “the most beautiful woman I’d ever seen” — a young widow,

NATIONAL PAWNBROKERS ASSOCIATION

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Leonard Levenson celebrates his 90th Birthday in Atlanta; 2006

Priceless experience American patriot Leonard Levenson has been in the pawn business for much of the last century and is still going strong. 1916 Born in Bishopville, South Carolina 1929 Trains for a future in commerce, helping his father sell dairy cows and mules at his store on weekends 1932 Gets his first taste of the loan business, working in a Rock Hill, South Carolina, loan office Levenson is all smiles at his 70th birthday party at the Spring Lake pawnshop; 1986

1936 Borrows $1,500 to run a liquor store next to his father’s shop in Bishopville

Lillian, whom he married. Siegel’s became the afterschool playground for his stepdaughter, Roslyn Zelenka, igniting in her a lifelong love for jewelry. She would try on rings and watch a bench jeweler create gold charms just for her. “I still have those charms, which turned out to be things I liked later in life,” relates Zelenka. In fact, she’s now the owner and designer of Rainforest Design in Panama, which creates hand-carved cameo jewelry. GOING IT A-LOAN

The location of Siegel’s meant Levenson’s customers were military or local civilians trading jewelry, musical instruments, and various firearms. When the store closed, he went to Parker Music & Pawn — now Parker Pawn & Jewelry — of Fayetteville, North Carolina, in 1976. Melanie Solomon-Keefe, daughter of Parker owner Ron Solomon, remembers

hearing Levenson had opened their Spring Lake, North Carolina, location while the family was on vacation. A secretary’s panicked call to Solomon begged him to come home urgently. “Leonard has loaned out all our money,” the secretary cried. Sure enough, Levenson had acquired a “ton of merchandise in pawn that he’d loaned money on,” Solomon-Keefe recounts fondly. “Grandpa Leonard,” as she calls him, “had loaned out all the money and put other stores out of the pawn business” by taking all their customers. Fayetteville became Levenson’s final career stop before his official retirement in 1991, when he and Lillian moved to Atlanta, Georgia, to be near family. She died five months later.

1938 Seeking greater income, he relocates to Fort Bragg in North Carolina for a civilian job with the military 1939 Enlists in the Marines during World War II 1945 Discharged from military duties, finds work in the New York garment district 1950 Recalled to the military during the Korean War 1953 Settles in Raleigh, North Carolina, and works at Raleigh Loan Office pawnshop 1957 Begins working at Siegel’s Pawn Shop in Newport News, Virginia 1964 Marries Lillian, “the most beautiful woman [he’d] ever seen” 1976 With Siegel’s closing, joins Parker Music & Pawn in Fayetteville, North Carolina 1991 Officially retires, but continues consulting at pawnshops where he’s worked 1999 Relocates to Atlanta, Georgia

DIAMONDS AND TOMBSTONES

2000-present Consults daily with Parker Pawn

Along the way, Levenson amassed a bonanza of tales WINTER 2019

& Jewelry in Fayetteville, keeping pace with sales operations while offering sage advice

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business solutions

from the business. In the early years, he kept filing cabinets full of newspaper and magazine clippings with pictures and information that served as a reference for what things were worth — a database of sorts. Today, Levenson is aware that everything is electronic. Pawn shops rely on people needing immediate cash, and stories of what they bring in are legion. The saddest story he recalls was a woman who came in so broke, she didn’t have a dime to get on the bus. “She didn’t have anything to pawn either,” he remembers. So Levenson just gave her a suitcase. Other times, his transactions were downright comical. “Once, I took in a customer’s live pet raccoon,” he chuckles. A pawn shop is still a place to find the uncommon. Levenson says his most unusual pawned article was an unmarked tombstone. Pawned items can also reveal emotional upheaval. “On Monday mornings, women and men would come in to pawn their wedding bands after a disagreeable weekend. By the next weekend, they 20

Parker Pawn & Loan Owner Ronnie Solomon catching up with Leonard Levenson in Florida; 2006

came back to get them.” Diamonds, he says, are a beautiful and portable commodity, especially during wartime. “People could hide them by sewing them into their clothes.” STILL IN THE GAME

Official retirement hasn’t stopped Levenson. Solomon-Keefe, who began working in the family pawn business after Levenson retired, relates that “We recently had a customer come in wanting to know where Leonard was, and could he help them. We explained that he had retired, and the customer said, ‘Well, no one else will let me borrow a lawn mower.’ This is the kind of person he is.” Following his retirement, he would still come in and check on things a few days a week, offering advice and opinions. Now he keeps in touch with daily calls to talk shop.

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“He checks to make sure we have the correct decorations out, correct product out for sale, and good sales going on. He consistently talks about overhead and inventory and watching those numbers,” she says. “Today, he FaceTimed the Spring Lake location and asked them to take him to the jewelry showcase so he could see the cases and approve. Grandpa Leonard never stops working, which has kept his mind super sharp. I wish he still lived in Fayetteville....we miss him dearly.” His advice for anyone starting out in the pawn business today? “If you have enough money and have a good location, it’s a good idea.” Multi-award-winning gemologist-journalist Diana Jarrett has been creating incisive and valuable content for the jewelry trade, plus numerous consumer publications, for over 15 years. She provides her diamond clients with branding, especially when launching new products onto the market. Visit dianajarrett.com to learn more.

business solutions

It’s 2019. Do You Know Where Your Domain Name Is? By Emmett Murphy, 3 Click Media

t’s never been easier or more affordable for small business owners to buy a domain and create a website than it is today. Tech companies have made the DIY approach easier than ever, empowering small business owners when presenting their brands and businesses online. Yet, when questioned, a surprising number of business owners have no idea where their domain name is registered or where their website is being hosted. This may not appear to be a big problem. “As long as I can update my website and it’s being paid for,” a business owner might argue, “there shouldn’t be any problems.” Consider, however, the havoc that can occur when your credit card expires, or your website drops offline, and you have no idea whom to contact or how to update payment information. According to domcop.com, an authority on domain statistics, on average, more than 100,000 domains expire and are “dropped” every day,

many unintentionally. Lost, hijacked, or expired domains can have disastrous consequences on your marketing efforts and can tarnish your online image. This isn’t just a problem faced by small businesses. Infamous examples of national brands losing track of their domains include an instance in which the Dallas Cowboys football team unintentionally let the domain DallasCowboys.com expire. More notoriously, foursquare.com lapsed in 2010 after an expired credit card caused a billing glitch forcing the website offline. Your domain name is the key to your digital assets. Almost everything hinges on whether you have control over it. There are many domain registrars, including GoDaddy, NameCheap, Tucows, and Network Solutions. Even Google registers domain names. GoDaddy is, by far, the leader in domain name registrations, with 69 million domains currently registered, 19.26% of the market share, and more than twice as many as any individual competitor.

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DOMAIN NAMES VS. HOSTING ACCOUNTS

There can be some confusion surrounding domains and website hosting. Many business owners are not aware of why they need both – or exactly in which of these a website exists. A domain name isn’t a website. Think of your website as a house. A domain name is simply the “address” that tells visitors how to get to the house. Hosting, then, is analogous to the foundation on which the house is built. The application your website runs on, such as WordPress, provides the walls and roof. The website’s files and images, which are held by the hosting company, are the contents furnishing the house. The domain essentially points website visitors to a computer where the files are hosted. This hosting may be on a physical computer server, or they may be hosted on one or more remote servers, commonly referred to as the cloud.

KEEPING TRACK OF YOUR DOMAIN NAME AND HOSTING

A domain name isn’t really “bought.” You are simply registering it annually for your exclusive use for up to 10 years at a time. Hosting, conversely, can be purchased annually or on a month to month basis. While it is convenient to register a domain and hosting for multiple years, this “out of sight, out of mind” approach can cause problems if your email address or contact information changes as the years pass. You don’t want to lose track of your digital assets. Choosing annual domain registration and hosting allows for yearly check-ups on these valuable assets. If you don’t know where your domain name is registered or who controls the domain, you can start by searching for the WHOIS data records. WHOIS data provides identifying and contact information which may include: domain registrar, the owner’s name, address, email, phone number, and administrative and technical contacts. This information is public by default; however, some domains are privately registered, hiding these details. This data can be found through multiple sources, but a user-friendly website where you can see data can be found at whois.domaintools.com. PRIVATE DOMAIN REGISTRATION

If the idea that your contact information is publicly available is unsettling, you may consider a private domain registration. This option can be purchased through your domain registrar. This service provides a proxy contact that masks the underlying WHOIS data. This can be a good option for home-based

businesses or small business owners who want to keep their affiliation with a specific domain name or business shielded. Private domain registration places an additional level of security on a domain protecting it from unwanted transfer attempts.

Domain Pro Tips & Best Practices

Make sure the domain name that you own is in a registrar

account you control. Don’t let a web developer, advertising company, employee, or relative

EXPIRED DOMAINS

buy and keep your domain in an

Domain registrars want to keep you as a customer and offer many layers of domain protection. However, if you mistakenly allow your domain to expire, you may be forced to pay a redemption fee. Every registrar has a different policy for this process. GoDaddy allows you to renew your domain at the standard renewal cost without additional fees up to the 18th day after expiration. After the 18th day, you will be required to pay the standard renewal cost, plus an $80 redemption fee. After 30 days you will lose the ability to renew or recover, and you may end up bidding on the domain in an auction or negotiating with a domain speculator.

account they control. Situations change, companies go out of business, and people make mistakes, all of which can lead to you losing control over your domain.

Make sure that your contact information is up to date in

your registrar account. You want to be sure you receive all notifications about billing, upcoming expirations, or other communications relating to your domain.

Make sure the WHOIS information is up to date. You may

periodically receive notifications from your registrar to update your contact information. ICANN (Internet Corporation for Assigned Names and Numbers) may require this update. Do not disregard

this request.

Your email may be affiliated with a domain. In much the same way that a domain points website visitors to hosted files, a special setting on your domain, known as the MX Record (mail exchange), is necessary to deliver email to your address. If your domain is lost or compromised, your company email delivery could be interrupted. DOMAIN SCAM EMAILS AND BILLS IN THE MAIL

There is a proliferation of email and billing scams that are centered on domains. These may either be mailed to you as WINTER 2019

Turn on the Auto-Renew feature for your domain billing.

Keep your credit card information up to date, and place a backup payment method for all of your digital assets.

Turn On “Transfer Lock.” This feature is available for free

and should be activated to help prevent unauthorized transfers.

a bill or show up in your email box. They often cite that you are required to pay a fee for a forthcoming “domain expiration,” “search engine optimization,” or “website listing fee.” A well-known scheme is a letter from “Domain Registry of America” that looks like a bill related to domain

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business solutions expiration, but is actually an attempt to transfer your domain registration for a hefty fee. There are also email phishing scams that appear as if they are being sent from your domain registrar. These are intended to trick you into providing credit card or password details. Don’t click on anything in these emails. If you have a concern, visit the domain registrar’s website directly. Remember that you should only be required to pay and communicate directly with the domain registrar.

encrypts sensitive information traveling from a browser to the website server, validates a domain and/or organization, is a recognized trust-indicator, and may provide a financial warranty in the instance of encryption cybercrime. The SSL certificate changes your domain URL from http:// to https:// — adding an s for “secure.” Without an SSL certificate in place, a website can be flagged as “Not Secure.” An SSL certificate can be purchased easily from your domain registrar or other service providers. KNOW YOUR DIGITAL DOMAIN

getting an SSL certificate, and other web services will be much easier if you know exactly where they are. Additionally, you’ll be able to control all billing and contact information in one place. Domains can be transferred from one registrar to another, but this is a complicated process, so getting some professional help is suggested. Knowing where your domain name is registered is paramount to maintaining control over your online presence while avoiding overpaying or being taken advantage of. As long as you control your domain name, you can rebuild a website anywhere.

Try to organize all of your digital assets in one account. While this may only be aspirational for some, managing your domain, hosting,

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compliance corner

Your Compliance Questions Answered 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 from The Compliance Guy! Send any anti-money laundering related compliance questions to Margie@ NationalPawnbrokers.org, c/o The Compliance Guy.

Dear Compliance Guy, I recently had an IRS Dealers in Precious Metals examination, and they also looked at all my 8300s on the trade business side. I had numerous customers pay interest on an item and then pick up that item which, at that point, exceeded $10,000. Do I report the $11,000 they paid today, or include the entire amount paid over the past six months since the item never left pawn? Diane

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.

Dear Diane, In some transactions, cash installment payments may take place, such as paying interest on a pawn loan or making payments on a layaway. If the first payment is not more than $10,000, you must add the first payment and any later payments made within a rolling calendar year. When the total cash payments are greater than $10,000, you must file Form 8300 within 15 days. For example, if a customer takes out a pawn loan for $9,500 and pays $500 per month in interest for 90 days and then picks up the item, the 8300 would be filed for $11,000, which includes all the payments made over that time period, plus the principal payment made. That total amount would go in Part III #29 of the 8300 (Description of Transaction and Method of Payment section). The box in Part III #30 (multiple payments) would be checked as this is a related transaction and there were numerous payments made which triggered the 8300 in question. Only one 8300 would be filed based upon the above scenario. In a similar example, if the item is pawned for $9,000 and one month of $400 interest is paid ($9,400 total) and the item is picked up and re-pawned one month later for only a single month (again $9,400 in total), an 8300 would not be filed. Once the item is redeemed, itâ&#x20AC;&#x2122;s no longer considered related even though it was the same person and no transaction, with interest or payments, was over $10,000. Also, as a reminder, 8300s are only filed in excess of $10,000 cash in transactions only, never cash out. The Compliance Guy WINTER 2019

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MEN’S JEWELRY IS A GROWING MARKET THANKS TO HIP-HOP AND CELEBRITY INFLUENCES. By Lara Ewen

t seems men are tired of letting women do all the sparkling. In September 2018, The New York Times printed a story about the growing popularity of men’s jewelry, tying the trend to the introduction of men’s fashion weeks and the rise of Instagram. More recently, nautical-cord bracelets, upscale chains, signet rings, and dog-tag-like pendant necklaces have made style headlines in magazines like Forbes and Men’s Health.. 26

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But this isn’t new to jewelry store owners. “The men’s jewelry market has made a big turn in the past few years, especially with a large influence coming from the entertainment industry,” says Zahir Jooma, co-owner of Icebox Diamonds & Watches in Atlanta, Georgia. Jooma, whose family-owned business has served the area for over 40 years, ties some of the demand to the mainstreaming of hip-hop. “If you listen to the big, big rappers, they’re talking about diamonds,” he notes. In the song “Put a Date on It” by rappers Yo Gotti and Lil Baby, for example, a line mentions not only diamonds, but their clarity: “VVS diamonds drippin’ over my t-shirt,” raps Lil Baby. “Right now, hip-hop is the number-one [music] genre,” says Jooma. “It used to be pop. But now there’s a lot of men rapping about jewelry, and the [listener] demographic is older, and they can afford to buy for themselves.” While celebrities may drive trends, Jooma — who has plenty of celebrity clients — says his customers also include young professionals, teens whose parents buy them jewelry, and suburban men who drive into the city to visit his store. Many of his clients want to emulate their favorite musicians, athletes, and entertainers. BRING THE BLING

Self-purchasing men are also driving sales at Shyne Jewelers in Philadelphia, Pennsylvania, which has an entertainer- and athlete-driven base as well. “It’s definitely a culture in Philadelphia,” says Lea D’Onofrio, the company’s business development director of e-commerce. “We’ve seen a strong increase in men self-purchasers investing in jewelry. Our business here is 85% male self-purchasers, and we only see it increasing.” Younger men in particular are beginning to buy, she adds. “We find a strong focus in millennial men wearing jewelry. Many men in their late 20s are investing in their first piece of fine jewelry.” Whereas traditional ideas about men’s jewelry are

usually limited to yellow gold chains, tastes have changed, Jooma says. Natural diamonds — his customers are not interested in lab-grown stones — are big sellers, as are tennis bracelets, tennis necklaces, and diamondcovered Cuban link chains in white, yellow, and rose gold. He says custom pendants, large pinky rings, and athletic championship-style rings are also trending. Size definitely matters, according to Joseph Aranbayev, co-owner of Avianne & Co., which has been operating in New York since 1999. “The bigger, the better,” declares Aranbayev, whose clients also include celebrities and young professionals. He says his customers insist on natural diamonds over lab-grown, and that many clients want custom. “Big chains, big medallions. Everybody wants to put something right up on their chests. It speaks right there. The jewelry says hello right before you even say hello.” Of course, lots of men also want more low-key pieces. “We need simple, basic stuff, too,” comments Ben Smithee, CEO of consumer consultancy The Smithee Group (TSG), which specializes in digital strategy and millennial marketing. He suggests that classic items, such as rings, bracelets, and stainless steel cuffs, are good entry-level pieces for both customers and retailers. “Ask what allows a man to tell a story about himself,” he says. “My signet ring is a lion, because I’m a Leo and king of the jungle. And it’s something I can wear with shorts and tennis shoes as well as a suit.” MALE-ORDER BRIDAL

Regarding prices, Jooma says the average self-purchase in his store ranges from $7,000 to $10,000, although many items are much higher — $30,000, $50,000, and even $200,000 sales are not uncommon. Those sales also translate into bridal. “People who buy a lot of jewelry for themselves spend a WINTER 2019

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business solutions

lot on the engagement ring, and they want higher quality for women than they buy for themselves,” explains Jooma. “They buy large center stones for women, and they also buy a lot of men’s eternity bands to match the rest of their jewelry — a plain band for daily wear.” He says the average men’s eternity wedding band in his store costs between $12,000 and $20,000. When people buy gifts for their male partners, the sales are more modest, ranging from $1,000 to $3,000. In New York, Aranbayev says men spend an average of $8,000 to $10,000 on self-purchases each time they shop, and that the average price of a men’s diamond wedding band in his shop is $3,000. “There’s a lot of men who do basic, but in the last 15 years, it’s become flashier, like a big diamond eternity wedding band,” he says. “And everything is custom.” When it comes to gifts, Aranbayev says many significant others receive accessories that go with items they already own. “I have a client with numerous custom pieces,” he relates. “For his birthday, his girlfriend came in and bought him something to go with his diamond bracelet.” Gifts are also big sellers at Shyne, where D’Onofrio says white sapphire initial pendants, costing between $150 and $350, are big sellers. Of course, many people spend bigger. “A woman recently came in and spent over $10,000 on a Father’s Day gift,” D’Onofrio reports. Self-purchasers, who overwhelmingly prefer mined diamonds to lab-grown, are heavily investing in gold chains and custom work, she continues — especially in pendants, which start at $1,500, but can run upward of $50,000 for larger pieces, such as diamond-covered portrait necklaces. “Men want things that are crazy and out of the box,” she says. 28

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INSTAGRAM INROADS

The majority of Shyne’s customers find the store via its Instagram account, where it has over 358,000 followers, according to D’Onofrio. “We try to keep our feed organic, and we post throughout the day. Our clients want to see what we’re working on at the moment.” Digital is important for Aranbayev, too. “Social media has a big role,” says the New York jeweler, who has over 288,000 followers on Instagram. “The hip-hop industry has become mainstream, and that culture comes with a lot of men’s jewelry.... It’s trendy, and the more you read about it and hear about it, the more you want to wear it.” With over 1.8 million Instagram followers, Jooma is clearly embracing his dedicated online following. But his success is really predicated on knowing his clientele. “Marketing to men is more of a year-round sale,” he elaborates. “Women are more seasonal. And men buy a lot more fashion. A lot of men are buying their fifth diamond ring or their third diamond watch. The whole culture of collecting watches has moved [instead] to collecting jewelry.” Companies, such as David Yurman, John Hardy, Inox, and Goth, are serving the men’s fashion customer, but without enough retailers to stock them, many are going directly to the consumer. “We’re forcing the men’s consumers online. I shop directly from brands on Instagram,” says Smithee. “Someone has to be the tastemaker. If I were a jewelry store locally, I would find men who were Instagram influencers and have them create a men’s audience and a men’s line for me.” Jooma says retailers looking to dip into the men’s market should start small and build. “Start with items that are actually women’s items, like a ladies’ diamond necklace or a diamond tennis bracelet, but a longer

TODD REED:

Finding Mr. Right

version,” he advises. “You can always cut it shorter and sell it to women. Then you can add some risky men’s pieces, like a large pendant.” Stores can also tap into the online consumer base themselves. “I see a continued increase in millennial men investing money in jewelry,” says D’Onofrio. “We also see the online market increasing continuously, even in the luxury business, so it’s crucial that we provide the same intimate relationship online that we do to our customers face to face.” OPEN TO DIVERSITY

One of the reasons men’s fashion jewelry hasn’t yet penetrated the market more deeply, suggests Jooma, is that some retailers are not ready to accommodate the customers who seek it out. “Some of these stores are not welcoming to the hip-hop customer who wants hip-hop jewelry,” he says. “But a lot of those stores are suffering, and they can’t have that attitude for long. A lot of people come into our store because they feel respected. We have heard about some jewelry stores not showing love to them, but people who have that attitude will miss out.” Jooma understands some of the hesitation, from a business standpoint. “The diamond jewelry market is still over 90% women, especially if you [don’t count] bridal,” he notes. “So it does make sense for [the industry] not to dive into men’s jewelry. But a lot of stores are failing, [and] it’s not because people don’t want diamonds. As [men’s jewelry] becomes more prominent, one or two years from now, we’ll see them adding more proven men’s designs.” Stores that aren’t already courting men may be hurting themselves. “People are missing out on the market,” agrees D’Onofrio. “In Philadelphia, we get a lot of diversity, and

Colorado-based designer Todd Reed has always been a part of the men’s jewelry market, both with his designs and, in recent years, as a standalone retailer. “In 1992, I had a lot of men’s jewelry, because I’m a guy,” he says. “I always made men’s jewelry and men’s accessories.” Still, he says, that side of his business hasn’t grown as much as he expected. “I did think men’s would be a big part of my business. But in most jewelry stores, [men’s jewelry offerings are] mostly bridal and not fashion.” A lot of jewelers just aren’t interested in stocking men’s fashion inventory, he says. “It’s difficult as a designer, because every square foot has to equate to a certain amount of sales, or it doesn’t stay.” Nonetheless, Reed says male self-purchasers are making an impact. “Our two top customers in our Boulder store are self-purchasing men,” he says. “They buy big funky art jewelry, and they buy big chains and diamonds and stacked bands. And they’re both wanting to do more custom.” Indeed, he’s looking to design more custom pieces for men, albeit in limited quantities. “Like the rest of my jewelry, I’m trying to make less, and make it more unique.” Even if he wanted to enter the men’s market more extensively, he continues, it’s not costeffective right now. “I’m a small designer. You have to balance the brand and market what’s selling. And to do a men’s campaign, it would have to yield so much return that I don’t think it’s smart.” The strategy that seems to work best for Reed is connecting with men in person. “Events strategy is the only one that works,” he says. “On Instagram, I have 100,000 followers, and it feels like 99% of that is other jewelers. But at events, I can curate the results and the energy in the room, and I make it what I want.” And once men become customers, he adds, they’re in it for the long haul. “If men buy something, they’re very loyal. They find something they like, and they stick to it.” WINTER 2019

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people with tattoos on their faces, and piercings and shaved heads. I don’t know if those clients would be helped by associates in some stores. But you have to be able to cater to everybody and take everybody seriously.” Part of the problem may be that the industry continues to struggle with a changing demographic. “There’s a big disconnect between white America and urban America, and that’s why white America doesn’t want to accept a

large amount of men’s jewelry,” says Aranbayev. “And you have to understand the trends. If you’re talking to a whole bunch of old-timers, they don’t know what’s going on. Traditional studs or earrings or tennis bracelets are nice and all, but there’s a market that hasn’t been tapped into. In the next 20 years, everything will be different. You should just start accepting it now.” Smithee agrees. “There’s a lot of jewelry dollars [that retailers] are leaving on the table because they feel like it’s not their customer.” Elsewhere in luxury fashion, brands are already embracing a diverse clientele. Smithee points to Virgil Abloh, the creator of urban fashion brand Off-White, who is designing at Louis Vuitton. “And there’s people like me who wear a lot of men’s jewelry, who are not hip-hop artists and not biker dudes,” he adds. “Why not serve all those communities?” Businesses already doing so say the space is lucrative. “We had some kid come all the way from China,” recalls Aranbayev. “He’s 15-and-a-half years old and he spent a quarter of a million dollars. The kid heard about us through rap music…that’s how mainstream this is.”

Reprinted with permission from the September issue of Rapaport Magazine.

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6 Tips

business solutions

for Selling Jewelry and Watches on eBay

n eBay, a watch is sold every five seconds, and a diamond ring is sold every minute. With more than 182 million buyers, eBay is one of the world’s leading online marketplaces for sellers of all sizes to share their unique inventory. eBay’s wide selection of luxury goods includes an unparalleled selection of brands, styles, new and pre-owned inventory, rare and designer, including fine jewelry, watches, and more. Do you have some jewelry or a watch you’d like to sell, but are unsure how to begin? Here are six tips, complied by eBay experts, to get you started.

See What’s Trending

Get a pulse on which items are currently in demand by exploring eBay’s Trending Search tool. This resource includes information on best-selling items and what buyers are searching for. Some of the most popular gemstones sold on eBay include diamonds, sapphires, and aquamarines. Internationally, Rolexes are a favorite and one of the most sought-after watches from eBay buyers.

Be a Product Expert

Gather as much information as you can about your jewelry or watch to help understand what it may be worth. Examine your item closely for any markings or engravings, and see if you can learn more about the item’s history, such as the maker, stones/materials used, and production era. Another great resource to check out is eBay’s Appraisal Tool, which shows the value of items bought and sold on eBay.

Capture Quality Photos

Photos play a key role in a sale. Snap multiple photos of your item from different angles and under

great lighting. (Natural light is often best). Use a solid white background to help draw a buyer’s attention. Make sure to highlight any signatures, dates, and details.

Write a Strong Product Listing

Name Your Price

Build Your Seller Reputation

Put yourself in your customer’s shoes. What would you want to know before purchasing an item? When writing your product listings, be as clear and descriptive as possible, and include key attributes, like style, color, grades (cut/clarity), brand, size, and condition, among other details. Try to anticipate what keywords buyers would use to find your item, and add those to your listing title.

On eBay, you can choose between listing your product for auction or offering your item at a fixed price, known as the Buy it Now feature. Jewelry and watch sellers have found high success with the Buy it Now option coupled with best offers (where buyers can negotiate the price). Additionally, auctions are strong for jewelry and watch sellers who start bidding at 99 cents with no reserve (the lowest price you’re willing to sell an item for). Auctions ending on Thursday and Sunday nights also tend to perform best.

Consistent positive feedback is important and can strongly influence your seller reputation. Aim to provide a great customer experience with every transaction. Maintain a strong communication line with your customer before, during, and after the sale, and answer any questions as promptly as possible. Looking for more selling tips? Check out our FAQ section on eBay.com. WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

community involvement

GIFT DAY 2019 O MILITARY FAMILIES ARE IN NEED. WILL YOU ANSWER THE CALL? As the National Pawnbrokers Association celebrates the 11th annual Gift Day, members are encouraged to help provide critical financial assistance to military families by contributing to Operation Homefront.

n December 6, the National Pawnbrokers Association (NPA) celebrates 11 years of its annual donation drive, Gift Day. Each year during the holiday season, NPA members come together to donate to community organizations that benefit those who need it most. This year, NPA continues the work begun in 2018 with Operation Homefront. Members are asked to donate

NATIONAL PAWNBROKERS ASSOCIATION

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financial contributions which directly benefit military families. Operation Homefront’s mission is to build strong, stable, and secure military families so they can thrive – not simply struggle to get by – in the communities they worked so hard to protect. Operation Homefront is a national 501(c)3 nonprofit organization which provides short-term and critical financial assistance, long-term stability, and recurring support programs to military families. Donations from the NPA will make a real difference in their lives because 92% of Operation Homefront’s expenditures goes directly toward programs and services for these families. Among its many achievements, the organization has fulfilled over 41,000 requests from military families across the U.S., providing more than $25 million in relief, accepted 600

military families into the Homes on the Homefront permanent housing program, and provided well over $64 million in home equity to military families. Kerry Rainey, NPA president, notes, “A rich tradition of giving back to communities and support of students’ and veterans’ causes lies at the heart of the pawn industry. As we enter the 11th year of NPA Gift Day, we are confident that our members will continue to help veteran families in this spirit of giving.” In past years, pawnbroker members of the NPA have contributed to VA hospitals, public school music programs, Wings for Warriors®, Boys & Girls Clubs of America, and The Mr. Holland’s Opus Foundation to provide musical instruments and monetary donations. Rainey added, “Over the years, the impact of our pawnbroker members’ donations has been enormous. We’ve been able to

effect positive change in the lives of a great many students and veterans.” Gift Day is celebrated on December 6, which is also National Pawnbrokers Day, and coincides with St. Nicholas Day. Saint Nicholas of Myra is famed for his generosity to the poor and for his penchant for secretly leaving bags of gold coins for people in need. St. Nicholas, recognized in America as Santa Claus, was canonized as the Patron Saint of pawnbroking, and his gold coins soon became the international symbol of pawnbrokers. Now in its 11th year, Gift Day has helped members of the NPA donate financial contributions and thousands of musical instruments to charity organizations supporting underprivileged children, families, and veterans. NPA members can donate financial support to Operation Homefront and The Mr. Holland’s Opus Foundation by visiting NationalPawnbrokers.org/gift-day.

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Operation Homefront is a national 501(c)3 nonprofit organization which provides shortterm and critical financial assistance, long-term stability, and recurring support programs to military families.

NATIONAL PAWNBROKERS ASSOCIATION

membership

NPA 2019 Magazine Readership Survey W

e have great news: 9 of 10 readers think National Pawnbroker magazine is important and 96% read every, or almost every, issue! Back in August, we emailed a 14-question survey to NPA members to see what they thought of the articles, their presentation in the issue, and most importantly, the validity of publishing a quarterly magazine. We wanted to see what our readers like to read, what other topics they think we should include, and how we can do better. The survey showed that National Pawnbroker

NATIONAL PAWNBROKERS ASSOCIATION

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readers are engaged (87% spend at least 16 minutes reading each issue) and that two-thirds pass the magazine on to other staff members. A full 68% read every single issue â&#x20AC;&#x201C; a testament to their need for industry news. We were also happy to see that most of the subjects we cover are of interest to our readers, such as government relations updates, state association news, and articles featuring other pawnbrokers. Other topics they are interested in include compliance, pawn products and services, security, store operations, and marketing. 92% feel the magazine strengthens their connection to the NPA.

“I use at least one article in every monthly meeting. I enjoy seeing people recognized for accomplishments and positive attributes in the industry.”

Feature Articles/Columns Most Interested In Government Relations Updates

96%

State Association News

92%

Pawnbroker Spotlight

89%

Industry Partner Spotlight

84%

Multi-Store Owner Profile

83%

Pawnder This

83%

New Member List

75%

National Pawnbroker Official

Pawnbrokers Publication of the National

Summer 2018

Association

l Pawionanb roker Nat

Official Publication of

the National Pawnbrokers

Association

SPRING 2018

The Tax Man Cometh How to PrePare for an audit

Plus: Pawn Expo 2018: Turn Vision Into Action Don’t Let Your Guard Down

Pawn expo 2018

Turn Vision Into Action

Topics of Interest Compliance

98%

Pawn products or services

98%

Security

98%

Store operations

97%

Actions Taken After Reading the Magazine

Marketing/advertising ideas

95%

Discussed an article

92%

75%

Small business management

Attended an event

90%

55%

Human Resources

Visited the NPA website

90%

54%

Member news History of pawn

84%

CoiN two SideS to the

National Pawnbroker readers not only like the content, but they also think it includes interesting stories in an easy-to-read format. At least 82% think the writing, layout and design, and photography are good to excellent. However, 69% think there is too much advertising compared to the amount of editorial.

What else do they like? n F eeling connected to the industry n T rending topics n I ndustry news n S eeing what’s going on in the rest of the U.S. n R eading about business practices of other pawnbrokers What don’t they like? The high number of ads, long legal articles, and a seemingly preoccupation with the same group of pawnbrokers. They want more National pawnbroker-authored articles, more “how-to” and marketing ideas, and a digital version (psst…it’s available on ISSUU.com). One interesting note is that while many said they want a digital magazine, 42% say they would not likely read it in that format.

er Never LoSe a CuStom

Plus:

National Pawnbroker offers an opportunity to connect with other members. Overall, we plan to keep doing what we are doing, but we will also be adding some new content ideas and will send more communications about the digital issues.

tional Pawnbroker PaNaw nbroker Official Publication of

the National Pawnbrokers

WINTER 2018

Association

FALL 2019

l Pawnbrokers ion of the Nationa Official Publicat

Official Publicat ion of the Nationa l Pawnbrokers

Association

SUMMER 2019

T Women of Pawn

FIREARMS “MUST-DO’S” FOR SUCCESSFUL PAWNBROKERS

PAWN EXPO 2019

suCCEss WomEN FINdINdusTRy N IN ThE PAW

Stress in the Workplace MANAGING JOB AND

Association

tional PaNaw nbroker

WORK STRESS

PAWN EXPO

yEE NPA EmPlo N ComPENsATIo s suRvEy REsulT RokER WhAT PAWNb NEEd To kNoW TINg AbouT dETEC lAb-gRoWN dIAmoNds

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Waves Changeof 2019

OPEN FOR BUSINESS: LA FAMILIA’S HURRICANE EXPERIENCE CHOOSING THE RIGHT REFINE R

NATIONAL PAWNBROKERS ASSOCIATION

book corner

Carrots and Sticks Don’t Work: Build a Culture of Employee Engagement with the Principles of RESPECT By Paul L. Marciano, Ph.D.

ACCORDING TO DR. PAUL MARCIANO, president of human relations consulting firm Whiteboard, carrots and sticks don’t work when it comes to motivating employees. Nor do reward and recognition programs, as they tend to compensate those employees who are already engaged and performing at a high level. They often focus on the individual employee, not the team as a whole. With Dr. Marciano’s RESPECT model, employees will be engaged and aspire to a higher level of productivity and work satisfaction. Recognition and acknowledgment of employees’ contributions Empowerment via tools, resources,

and information that set employees up to succeed Supportive feedback through ongoing performance coaching and mentoring Partnering to encourage and foster collaborative working relationships Expectations that set clear, challenging, and attainable performance goals Consideration that lets employees know that they are cared about Trust in your employees’ abilities, skills, and judgment Use this book to get clear advice and instruction on engaging your employees. It’s an invaluable tool for all managers!

NATIONAL PAWNBROKERS ASSOCIATION

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membership

“It’s the best investment I have made so far in my business.” -GREG TWAROWSKI, AMERICA’S SUPER PAWN

Membership Is Valued

ccording to the American Society of Association Executives (ASAE), there were 66,935 trade and professional associations in 2013. Just what is a trade association? It’s not just a group of individuals coming together. It’s the face of an industry – its voice and its leader – whose job is to protect and promote the industry. There is strength in numbers. When you, as an individual pawnbroker, unite with other pawnbrokers, you gain clout. You have a bigger budget, more opportunities to learn from others, and a louder voice on Capitol Hill. With updates on important industry news and legislative alerts, you’ll also have a competitive edge over nonmember pawnbrokers.

NPA Membership Benefits n Legislative alerts

and notifications on developing issues n Access to other

pawnbrokers through the Member Forum, the online discussion group

Share Your Opinion Associations are known as the mouthpiece for their particular industry. As a member of NPA, you have an opportunity to share your opinions. Attend the NPA Legislative Conference, vote at the annual membership meeting, and participate in the various surveys sent out by the association. Make Connections Associations provide a variety of ways to connect with other pawnbrokers as well as suppliers of pawn-related products and services. At Pawn Expo, you’ll get a chance to network with many of your peers and also walk the trade show floor to see what’s new. Sign up for the Member Forum and find out what’s going on around the country. Get Information Associations are a trusted source of information offering education, updates, and alerts. Your membership gives you access to a wide range of seminars at Pawn Expo, a quarterly publication with expanded information on topics of interest, and government relations alerts and updates.

n Reduced rate to

attend Pawn Expo, the annual convention and trade show n Industry

communications via NPA Insider and National Pawnbroker n Online access to

dozens of articles at NationalPawnbrokers.org n Annual Legislative

Conference n NEW FOR 2020:

Operating Performance Benchmark, LegalShield, and Best Pawn Company to Work For program NationalPawnbrokers.org

Your NPA membership provides value for you and for the industry. Help make us stronger with your continued support of the association!

WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

business solutions

De Minimis Fringe Benefits

Minimal or Not? Ever wonder when a minimal employee benefit is not so minimal? Here’s a brief explanation of de minimis fringe benefits to help you determine what is and what is not minimal.

n general, a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical. De minimis benefits include such items as: n C ontrolled, occasional employee use of photocopier n O ccasional snacks, coffee, doughnuts, etc. n O ccasional tickets for entertainmen events n H oliday gifts n O ccasional meal money or transportation expense for working overtime n G roup-term life insurance for an employee’s spouse or dependent with face value not more than $2,000 n F lowers, fruit, books, etc., provided under special circumstances n P ersonal use of a cell phone provided by an employer primarily for business purposes In determining whether a benefit is de minimis, you should always consider

NATIONAL PAWNBROKERS ASSOCIATION

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its frequency and its value. An essential element of a de minimis benefit is that it is occasional or unusual in frequency. It also must not be a form of disguised compensation. Whether an item or service is de minimis depends on all the facts and circumstances. In addition, if a benefit is too large to be considered de minimis, the entire value of the benefit is taxable to the employee, not just the excess over a designated de minimis amount. The IRS has ruled previously in a particular case that items with a value exceeding $100 could not be considered de minimis, even under unusual circumstances.

CASH BENEFITS & GIFT CERTIFICATES

Cash or cash equivalent items provided by the employer are never excludable from income. An exception applies for occasional meal money or transportation fare to allow an employee to work beyond normal hours. Meal money calculated on the basis of

number of hours worked is not de minimis and is taxable wages. A certificate that allows an employee to receive a specific item of personal property that is minimal in value, provided infrequently, and is administratively impractical to account for, may be excludable as a de minimis benefit, depending on facts and circumstances. ACHIEVEMENT AWARDS

Special rules apply to allow exclusion from employee wages of certain employee achievement awards of tangible personal property given for length of service or safety. These awards: n C annot be disguised wages. n M ust be awarded as part of a meaningfulÂ presentation. n C annot be cash, cash equivalent, vacation, meals, lodging, theater or sports tickets, orÂ securities. In addition, there are other requirements specific to achievement and safety awards

and there are dollar limitations that must be met. See Publication 5137, Fringe Benefit Guide or Publication 535, Business Expenses, for more information. REPORTING DE MINIMIS FRINGE BENEFITS

If the benefits qualify for exclusion, no reporting is necessary. If they are taxable, they should be included in wages on Form W-2 and subject to income tax withholding. If the employees are covered for social security and Medicare, the value of the benefits are also subject to withholding for these taxes. You may optionally report any information in box 14 of Form W-2. Visit www.IRS.gov for answers to questions and the most up-to-date IRS information. Connect with IRS via social media at: Facebook.com/IRS Twitter.com/irsnews Instagram.com/irsnews Irs.gov/socialmedia

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NATIONAL PAWNBROKERS ASSOCIATION

multi-store owner profile

Since 2011, Bob Moulton (third from left) has donated over 3500 musical instruments to more than 20 schools in North Carolina and over $60,000 in cash.

Mama Said Thereâ&#x20AC;&#x2122;d Be Pawns Like This NATIONAL JEWELRY & PAWN, INC. 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.

n 1987, Bob Moulton founded National Pawn & Jewelry, Inc. in Durham, NC. Now, 32 years later, he has 19 stores with over 160 employees. Besides Durham, the company has stores in Raleigh, Wilmington, Hope Mills, Charlotte, Gastonia, Greensboro, Winston-Salem, and Burlington.

NATIONAL PAWNBROKERS ASSOCIATION

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Like many other pawnbrokers, Bob got his start in the industry by working with his family. Two uncles had pawn stores as did his mother. While looking for a job in radio, he began helping out his mother, but he got the pawn

business bug and ended up opening his own store. Managing over 160 employees requires uniformity across all operations and that means a lot of communication. “We have multi levels of management with a Director of Operations and Regional Leaders that oversee up to five stores each. Each store has a store manager and assistant managers. All of our team members are smarter than me so that makes it a little easier. We try to run all stores with uniformity of processes, but we still have store managers take it upon themselves to do something different. They are trying to succeed. They just have to understand that if they do something different, it could cause a customer problem at another location.” EMPLOYEE RECRUITMENT AND TRAINING

One of the most difficult challenges of owning multiple stores is finding and retaining quality talent. “We have a full-time recruiter searching constantly to find qualified candidates. She utilizes online job boards as well as direct recruiting. We also offer our team members a $500 bonus if they find someone that we end up hiring.” The company employs a full-time trainer, with 40 years in the pawn business, who provides regular training sessions to help team members with specific topics. The company also utilizes each team member’s strengths by having them share their specific knowledge with their co-workers. Training is available face-to-face and online. SELECTING A LOCATION

With 19 stores, Bob has a lot of experience in selecting store locations. “I like to be in a standalone building on a busy street and where other pawnbrokers

are not. In this economy, it is becoming more difficult to find such locations, as such buildings are very expensive.” When Bob started, he used credit card cash advances and LOTS of hard work to open his store. “If the store was open, I was there. As we grew, we utilized bank loans and personal home equity lines of credit. When we started, I was too naive to know that I was severely undercapitalized.” Word of mouth is National Pawn & Jewelry’s main marketing avenue, but they did a lot of TV and radio advertising during the gold rush. “We did make additional revenue, but after all of the media bills were paid, we really did not make that much extra. I keep getting pitched all of this digital marketing. I understand it, but don’t really believe their metrics. How can I get 20,000 impressions, and only 27 people looked at the ad? I just made up those numbers, but it seems that ridiculous!”

“New pawn stores don’t become successful as well or as quickly as they used to.”

LOOKING BACK

If Bob could have done it differently, he would have opened more stores earlier in the company’s history. “We would have been in a better position when the gold rush hit. Also, it was much cheaper to open them back then. New pawn stores don’t become successful as well, or as quickly, as they used to.” Bob’s advice to anyone thinking of expanding their own pawn operation? “First, think long and hard about it. With the expenses of new stores now, you would have to have three to four new stores to make double what you could with one great store. If you are going to do it, you have to recruit quality talent. Don’t just hire friends and family – and don’t micromanage them.” For more information about National Jewelry & Pawn Inc., visit their website at Nationalpawnshops.com. WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

Get on Board PAWN EXPO 2020 June 23-25, 2020 Paris Hotel Las Vegas

National Pawnbroker Digital version available on ISSUU.com 42

NATIONAL PAWNBROKERS ASSOCIATION

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business solutions

“I wish I had known early what I had to learn late.” -RICHIE ASHBURN, center fielder in Major League Baseball

I Wish I Had Known… START-UP TIPS FROM VETERAN PAWNBROKERS

STARTING YOUR OWN BUSINESS and keeping it running successfully is no easy task. You make mistakes, of course, but you learn from them. We asked NPA members what they wish they had known when they first started their pawn businesses. Here’s what they had to say:

Operations

Finances

• How to calculate and manage inventory turns

• How to maximize tax deductions that are specific to retail

• To build a better building

and the pawn/jewelry business

• To walk the pawns

• How much money is needed for start-up

• To better know what the value of certain items are

• To have more reserves

• The amount of time it takes to make things run smoothly

• More understanding of the numbers and keeping money in

• What a Rolex was! • The back-office part of running a pawn shop • Not to loan on cheap watches

the business without losing it all to taxes • The amount of actual cash that the business would need in the first year

• The basics of pawning

• To have a budget in place

• That I could sell my melee diamonds

• More about taxes – ALL of them! Everything from sales

• Critical KPIs • Learning about used tools, firearms, jewelry, musical instruments, and electronics • All the excuses for why the customer cannot make

and use tax to payroll deductions • To keep your overhead as low as possible • The importance of the numbers • A more realistic expectation of profit

the payment • That I could have bought a minimum asset license • That people could be so mean • That I would need so much product knowledge

Employees • How untrustworthy employees could be • How hard it was to get employees to work • That partners and employees are not as honest as they

Regulations/Compliance

might seem

• The crippling federal regulations

• That good employees would be so hard to come by

•T he different regulations that you have to be in compliance with

• To be prepared to deal with employee issues

• How hard it would be to work with a bank • The pawnbroker’s rights when things are confiscated by the police

Software • [To have] more experience with software before making a choice

Marketing

• Which software to use

• Skills for handling customers

• How rapidly technology would advance

• Better marketing strategies • How to build a good customer database

And our personal favorite: How potentially fun and

• How negative our image was, and still is

rewarding the pawn business can be!

• That in a low-interest state, you have to maximize your customer service in all you do, or it can be fatal to your business

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NATIONAL PAWNBROKERS ASSOCIATION

membership

NEW NPA Member Benefits for 2020

PA will be offering three exciting new member benefits in 2020. More detailed information will be sent in the coming months, but for a sneak preview, the new benefits will include:

n O perating

Performance Benchmark – a complete and up-todate financial performance report for the pawn industry

n B est

Pawnbrokers to Work For program – an employment survey program using technology and workplace excellence criteria to rank companies based on employee feedback

n L egalShield

– unlimited consultation services with AV-rated attorneys for a small monthly fee

Operating Performance Benchmark Industry Insights specializes in providing high-quality survey research services to assist organizations in better fulfilling the informational and educational needs of their members. They survey members to provide comparative benchmark information that the members can use to compare with their own business performance providing invaluable insights for gauging strengths, weaknesses, and improvement opportunities. 44

NATIONAL PAWNBROKERS ASSOCIATION

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Industry Insights will be conducting a study that will ultimately provide NPA members who participate in the survey with a professionallydesigned, user-friendly industry report offering operating metrics and financial statistics. This report will feature an Executive Summary section, displaying attractive, visual comparisons of key profitability measures, and performance indicators. They will also receive a confidential individual Company Performance Report (CPR) which shows their own statistics alongside the appropriate industry comparatives (e.g. total revenue, geographic region, etc.). The reports provide an easy means for interpreting the participant’s results since their own ratios are already calculated for them in the same manner as the industry statistics. NPA member Martin Strasser, Premier Jewellery and Loans, Inc., will be presenting the survey results at Pawn Expo 2020. He will show how the information can be used to its maximum advantage without needing to be a financial or statistical expert and without requiring a substantial amount of time in analysis.

Best Pawnbrokers to Work For Program Best Companies Group (BCG) is a research firm that surveys employees to help identify specific areas that can dramatically improve employee engagement within an organization. In the 21st century, businesses are characterized not just by their competition and everincreasing technologies, but also by a heightened appreciation for the quality of the workplace. An intentional and progressive human resources strategy is critical to creating and sustaining competitive advantage. BCG will be partnering with NPA to recognize outstanding employers in the pawn industry. This involves a two-part process. First, companies who wish to participate will register online at no cost. They will be asked to complete an Employer Questionnaire and to submit a list of email addresses for their employees. Then, employees will be emailed the Employee Engagement and Satisfaction Survey to be completed online. An 80% response rate is required for companies with less than 25 employees; 40% for those with 25 or more employees. Eligible organizations must have at least 15 employees in the U.S. or Canada to participate. BCG will complete an analysis of the data and create the list utilizing a unique mix of proprietary technology and human workplace excellence expertise. Participants will be notified of their results whether they are winners or non-winners. The collected data will be combined to produce a detailed set of data that determines the strengths and weaknesses of the participating companies. An optional BCG Employee Feedback Report will be available for purchase.

LegalShield Everyone deserves affordable legal and identity theft protection. With LegalShield on your side, you have the power to access legal and identity theft advice and services when you need them, all for one low monthly fee. A legal service plan can help with all sorts of planned and unplanned legal issues. As a LegalShield member, you can be assured that whether you’re facing a big or a small legal issue, you’ll have access to experienced attorneys for wills, health insurance legislation, home or car purchases, and more. Plans for gun owners are also available. In addition, LegalShield offers an identity theft protection plan. Services include access to your credit report (or consumer credit disclosure), consultations, expert restoration, and more. Recently, they helped members during natural disasters by: n R eviewing n

insurance claims W riting letters to maximize insurance settlements R eviewing contractor agreements to ensure members’ rights A ssisting with warranty claims when lack of response R eviewing and assisting with subcontractor and lien releases A ssisting with landlord disputes for renters

They can also help with rental car reimbursements and HOA issues, such as trash, repair, signage. Plans are available in both the U.S. and Canada. WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

business solutions

New Overtime Rule DEPARTMENT OF LABOR FINALIZES AND ISSUES NEW OVERTIME RULE, SETS MINIMUM ANNUAL SALARY AT $35,568 By Felice B. Ekelman, Jeffrey W. Brecher, Douglas J. Klein, Allison M. Benz Jackson Lewis P.C.

he U.S. Department of Labor (DOL) recently issued a new Final Rule updating the minimum salary requirements for the “white collar” (executive, administrative, and professional) overtime exemptions, which goes into effect on January 1, 2020. Under the Final Rule, the annual salary level for the executive, administrative, and professional exemptions will increase to $35,568, or $684 per week. The new minimum salary represents a 50% increase from the current level of $23,660 ($455 per week). Under the new Final Rule, the annual minimum compensation for highly compensated employees (HCEs) also

NATIONAL PAWNBROKERS ASSOCIATION

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will increase from $100,000 to $107,432. Notably, a less rigorous duties requirement applies to HCEs — they need only perform any one of the exempt duties of an executive, administrative, or professional employee to qualify for the exemption. Consistent with the 2016 rule published during the Obama administration, employers will be permitted to use nondiscretionary compensation, including commissions, to satisfy up to 10% of the new standard salary level. However, the new Final Rule provides that nondiscretionary compensation may be paid annually rather than quarterly, providing employers with more flexibility in paying exempt

employees nondiscretionary bonuses and commissions to satisfy the salary level requirement. The new Final Rule also permits a catch-up payment at years-end, up to 10% of the standard salary level (i.e., $3,556.80), if the employee has not earned sufficient nondiscretionary pay to satisfy the required salary. By contrast, for HCEs, the standard salary level ($35,568) must be met without including any nondiscretionary pay, although such pay can be included in meeting the annual compensation requirement of $107,432. The DOL has not made any changes to the duties test and has not provided for any automatic increases, although it anticipates updating the salary level every four years through notice-andcomment rulemaking. The DOL estimates that approximately 1.2 million currently exempt workers who earn more than $455, but less than $684, per week will be impacted by the new Final Rule, and that 102,000 current HCEs will be affected by the increase in the minimum HCE compensation. The new salary levels will not apply to employers in Puerto Rico, the Virgin Islands, Guam, and the Commonwealth of the Northern Mariana Islands, where the current $455 salary level will continue to apply. However, there are some states which have higher minimum salary requirements, so be sure to know what applies in your jurisdiction. For those employers with exempt workers who currently earn more than $455, but less than $684, per week, and who satisfy the duties requirements, they may comply with the new rule by: n i ncreasing employee salaries to the new level; n l imiting hours to preclude overtime work; and/or n r eclassifying employees as non-exempt.

Employers must also consider how the new rule interacts with the corresponding exemptions under the myriad of state laws for overtime, higher salary requirements, and statespecific exemptions. The DOL has formally rescinded the 2016 Obama Rule, ensuring that if the Final Rule is challenged, the only regulation in effect would be the 2004 regulations, which had far lower salary levels. The January 1, 2020, deadline for compliance may be a challenge for some employers. Employers need to identify any currently exempt employees who will not satisfy the new minimum salary threshold and then determine whether to either reclassify them as non-exempt or adjust their salaries. When adjusting salary levels, employers must consider the impact on other exempt employees who also may request an increase as the gap between their salary and other salaried workers diminishes.

©2019 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. Reproduction of this material in whole or in part is prohibited without the express prior written consent of Jackson Lewis P.C., a law firm with more than 900 attorneys in major cities nationwide serving clients across a wide range of practices and industries. Having built its reputation on providing premier workplace law representation to management, the firm has grown to include leading practices in the areas of government relations, healthcare and sports law. For more information, visit https://www.jacksonlewis.com.

WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

state news

State Association Updates NEW YORK David Kaminsky, President Collateral Loanbrokers Association of New York (CLANY) david@ezpawncorp.com

A lot is happening here in New York. CLANY continues to fight the New York City PD on their illegal use of LeadsOnline. While Judge Danzinger’s verdict was a clear victory for pawnbrokers and their customers, the city’s legal department continues to fight the battle going to the court of appeals to get a stay. So, it’s back to business as usual. CLANY’s annual fall networking event was held in New York City on October 15. All New York pawnbroker members and non-members were invited to attend, and it was a huge success. Long Island New York pawnbrokers have sued the Suffolk PD claiming that many items taken into police custody were stolen by the police and not returned. The suit seeks $30 million in damages. You can read the article at newsday.com; search for long island suffolk pawn shops. Westchester County has passed a LeadsOnline law so police can with work with pawn stores to track stolen goods. For more information, watch the video at nbcnewyork.com.

OREGON Beth Anundi, President Oregon Pawnbrokers Association CapitalPawn1@gmail.com

The Oregon Pawnbroker Association (OPA) held their first Sponsor to Pawnbroker Mix & Mingle this year during their annual association meeting. Both sponsors and pawnbrokers were pleasantly surprised at the turnout and look forward to doing it again in 2020. Thank you to our valuable sponsors. This was an election year for the OPA and Josh Oller of Silver Lining Jewelry and Loan completed his term as President. Beth Anundi of Capital Pawn was elected as OPA President; Josh Poling of Cash Connection remained Vice President; Tim Barnes of Tigard Loan 4 More was elected Treasurer; and Sarah Pearson of A-1 Hawk was elected Secretary. Our lobbyists worked hard to ensure our legislative session was fairly quiet. We are currently working with the Department of Consumer and Business Affairs to review their rule amendment proposal to define large items and the requirements of offsite locations in order to administer the changes made by House Bill 2463 (2019) to ORS 726.380 which will be effective January 1, 2020. We anticipate it being a smooth transition. 48

NATIONAL PAWNBROKERS ASSOCIATION

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government relations

What is the NPA Political Action Committee?

We ask each of our members to contribute to the PAC, so that we can work to protect and pass legislation that is positive for everyone.

THE NPA’S POLITICAL ACTION COMMITTEE (PAC) provides financial support to elected officials who influence legislation affecting pawn business. The PAC is voluntary and non-partisan, and encourages members to participate in the political process at all levels. Combining resources through the PAC and supporting individuals who are informed and supportive of the pawn industry is one of the most effective ways to make your voice heard – and it’s a convenient way for you to become involved in the political process.

federal elections laws, and they fall under the prohibitions and limitations of the Federal Election Campaign Act. Your participation is voluntary and you may chose not to participate in the program without reprisal. Some important information about contributions include: n Federal

law requires political action committees to report the name, mailing address, occupation, and name of employer of each individual who contributes in excess of $200 in a calendar year.

Why are PAC contributions important? Your PAC contribution allows NPA to combat legislation that could negatively affect the pawn industry. The PAC, combined with our government relations team, gives NPA the tools to support the pawn industry’s political goals and growth strategies. Decisions made by state and federal legislators strongly affect NPA members and their families. They influence the way pawnbrokers conduct their business which directly determines the success of our industry. We ask each of our members to contribute to the PAC, so that we can work to protect and pass legislation that is positive for everyone. Guidelines for PAC donations Contributions to the NPA PAC will be used in accordance with state and WINTER 2019

n PAC

contributions must be a personal check or personal credit card.

n Individual

contributions are limited to $5000 per year.

n Corporate

contributions or contributions by foreign nationals are prohibited.

n PAC

contributions are not tax deductible for federal tax purposes.

Learn who your state and federal congressional leaders are and get to know them. Contribute to the NPA PAC now, so that we have the resources in place when we need them the most. If you would like to contribute to the NPA PAC, you can easily do so online at NationalPawnbrokers.org/donations or by sending a personal check (payable to “NPA PAC”) to NPA, PO Box 508, Keller, TX 76244. NATIONAL PAWNBROKERS ASSOCIATION

pawnder this

Rating Sports Movies By Rudy Klancnik

I love Bull Durham. Who in their right mind wouldn’t love Bull Durham? With Kevin Costner, Susan Sarandon, and Tim Robbins in a movie about minor league baseball with a little romance mixed in, it’s considered a classic and, perhaps, Costner’s crowning achievement as an actor. Many also consider it one of the most realistic sports movies ever. And that’s where you lose me. While I confess to loving Bull Durham, there’s one sin the movie commits that’s simply unforgiveable. They should never ever have allowed Tim Hutton to throw a baseball. Nuke, the new kid on the block and supposed flamethrower on the mound, has the worst delivery in the history of baseball. This guy is going to make the Major Leagues? Fat chance. It’s a glaring weakness in an otherwise excellent and fun movie. 3 high-fives out of 5. Yeah, I’m a sports movie snob. While I get that it’s difficult to find actors – like Costner – who are actually athletic enough to pull off genuine sports motions in motion pictures, I just can’t put it out of my mind long enough to truly enjoy these movies. You may not agree with my grades below, but since this is my column and 50

NATIONAL PAWNBROKERS ASSOCIATION

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I can’t hear you because I’ve got my Air Pods in, I’ll just assume you love my list too. Let’s start with all of Costner’s sports movie library. The dude might just be the pre-eminent sports movie actor of all time. Sorry, Sly Stallone. From a realism standpoint, here’s my Costner rankings: 1 Tin Cup – Both he and Don Johnson look like bona fide golfers, and when you sprinkle in cameos by Phil Mickelson, Jim Nance, and Gary McCord, this movie gets 4 high-fives. 2 For Love of the Game – Underrated for its baseball, Costner throws a perfect game for the Tigers in his last-ever game, while Kelly Preston has to decide whether to walk away or rush back into his arms. Again, Costner looks the part, which he should since he played college baseball at Cal-State Fullerton. And although his catcher – played by John C. Reilly of Stepbrother fame – is a questionable casting choice, the movie stands up nicely. Even depicts Yankees fan with the appropriate amount of disgust and annoyance. 3 high-fives.

member news 3 F ield of Dreams – Yes, Joe Jackson batted from the left side and Ray Liotta (playing Joe Jackson) bats from the right side. At the end, Costner’s dad looks like he’s never seen a baseball before let alone played catch with another human being. But I still cry at the end every single time. 3 high-fives. 4 Draft Day – Just can’t take Jennifer Garner in the role of salary cap specialist and love interest. And Costner’s wheeling and dealing only works because his trading partner is clearly short on brain cells. Really bad. 1 regrettable high-five. Now that we’re through the Costner sports filmography, here are my high-five grades for sports movies based on how well they pull off, you know, sports:

AUGUST 1, 2019 – OCTOBER 31, 2019 PAWNBROKERS

GA Smyrna Pawn Brokers • Smyrna

n V ision

Quest (5 high fives) – You kidding me? Matthew Modine cutting weight to get in the ring with Kuch is a rite of passage for any ‘80s film student, and the high school wrestling is legit. A li (5 high fives) – Will Smith is amazing, the boxing looks real because it is real, and Jamie Foxx depicting Bundini Brown is out-of-this-world great. A ny Given Sunday (2 high fives) – My favorite part of what is a mindnumbingly dumb movie is Dennis Quaid playing the beat-up, on his way out the door QB. His take-no-prisoners wife, Lauren Holly, is underrated greatness, but Al Pacino as a head coach? Uh, what? F riday Night Lights (5 high fives) – A classic book and a classic movie. Love everything about it even though they did take some liberties with the facts at the end . . . Permian lost to Carter in the semi-finals, not the finals, and that was a harsh depiction of the Carter Cowboys. But, man, West Texas football definitely won the day. T he Rookie (4 high fives) – Dennis Quaid ranks second to Costner in making legit sports movies. This one is another tear jerker, and Quaid looks the part of a big-league pitcher. R emember the Titans (3 high fives) – Sunshine now is the nickname for any long-haired quarterback in the Southeast part of the country. See: Clemson’s super sophomore, Trevor Lawrence. R ocky I-II-III-IV (3 high fives) I don’t recognize any Rocky movie other than the first four, with Rocky III being the gold standard in my opinion. Mr. T as Clubber Lang is one of the all-time villains. T he Blind Side (3 high fives) – The story of Michael Oher is a great narrative, but his high school coach is cartoonish, and that’s hard to overcome. W hite Men Can’t Jump (1 high five) - I assume Rosie Perez could outplay either Woody Harrelson or Wesley Snipes, which is never a good sign for a basketball movie starring Woody and Wesley. M oneyball (5 high fives) – Amazing that they even made this movie since the book was filled with a bunch of spreadsheets and references to sports nerd, Bill James. Brad Pitt as Billy Beane was awesome, as was the eye for sports detail throughout this master class in sports movies.

NPA New Members

INDUSTRY PARTNERS Armslist.com • Jeannette, PA Franzen International • Midland Park, NJ Marketing Idea Exchange • Grosse Pointe Farms, MI PawnGuru • Southfield, MI Valorum Art Collection • Geneva, Switzerland

I’m sure I’ve missed a plethora of your favorite sports flicks, although if you say Chariots of Fire is a good sports movie, you’re no longer my friend. WINTER 2019

NATIONAL PAWNBROKERS ASSOCIATION

calendar of events

index of advertisers 3 CLiCk Media

FEBRUARY 2020

TEXAS ASSOCIATION OF PAWNBROKERS CONVENTION February 28-March 1, 2020 Embassy Suites by Hilton Houston Energy Corridor | Houston, TX Contact Tammi Springett: Texasap25@gmail.com Texasassociationofpawnbrokers.com

(212) 365-0691

MARCH 2020

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APRIL 2020

Bravopawnsystems.com

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

Podium 7 (833) 276-3486

Data Age Business Systems/ PawnMaster

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Rapaport Auctions

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MAY 2020

Flex Payment Solutions

CAPA SPRING CONFERENCE May 2-3, 2020 Pullman San Francisco Bay | Redwood City, CA Contact Kim Andosca: kandosca@amgroup.us Californiapawnbrokers.org

(636) 533-0140

Stuller, Inc

Flexpaymentsolutions.com

(800) 877-7777

Stuller.com Geib Refining

MIDWEST PAWN CONVENTION May 15-17, 2020 The Westin Hotel Downtown | Indianapolis, IN Contact Greg Engstrom: Gregengstrom@hotmail.com Midwestconvention.org

(800) 228-4653

United Precious Metal

Geibrefining.com

Refining, Inc.

(800) 999-FINE (3463) Gemological Institute of America

Unitedpmr.com 24

(800) 421-7250

Wexler Insurance

Gia.edu

Agency

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JUNE 2020

Mid-States Recycling & Refining 5

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

Wexlerinsurance.com

(847) 298-0010 Midstatesrecycling.com Midsouth PM

(800) 895-1874 Midsouthpm.com

OCTOBER 2020

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

NATIONAL PAWNBROKERS ASSOCIATION

NPA Magazine Digital

(212) 869-0544

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

(212) 944-1553

Company Inc

NPA Legislative Conference

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.

WINTER 2019

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CALL 1-800-432-1853 FOR AN IMMEDIATE QUOTE OR VISIT US AT WWW.WEXLERINSURANCE.COM

NATIONAL PAWNBROKERS ASSOCIATION

WINTER 2019