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He constantly asks himself what kind of profit margin can he make on an item Naturally, few people who wander into his pawn shop are going to fork over $10,000.
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Rick Harrison knows this and naturally considers how to make a profit on an item that only niche buyers would be able to afford. (Consider the price of BP sharesnow and three months ago). The real value of an asset is not what the price tag says or what an expert recommended but is always what the market dictates. From the buyers point of view, the value of an asset should always be fluid. The expert pronounces a value of about $10,000 in front of the customer and Rick.įrom the customers point of view, the medallions are now worth $10,000 and not a penny less.
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Suddenly, these dingy bits of metal on the pawn shop counter are important pieces of Americana.
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Rick brings in a coin appraiser who identifies one of the medallions as an inaugural button commemorating George Washington. Damn the expense, get the right person for the right job.) Whether it is an expert in forensic accounting, web design or importing from foreign locales, get an expert on the staff. Few of us have the acumen to just wing it and the results could cost you your business. (Note to business leaders: if you dont have expertise in an area, get some. Like his customer, Rick has no idea what the medallions are worth so, instead of guessing, he brings in an expert. Despite the shop bursting with coins, jewelry, guns, watches and a miscellany of trinkets, Rick is focused on dollar signs. The man with the medallions is met by Rick Harrison whose father founded the family business and whose son, Cory, works with him. Whether you are buying a business, selling a home, or entering into any kind of contract, knowledge of the present and future value of your assets is crucial.īack to the pawn shop. If you are conducting a business transaction, you have to know the value of the assets you are dealing with pluswhat value the other guy in the room puts on your assets. Its like hes raising the ante in a poker game without actually looking at his cards. Right off the top, you deal-makers out there see that the customer is walking into a negotiation with a severe handicap he has no idea what his medallions are worth. One of the Harrisons begins negotiating and a price is determined and offered.įor instance, in one recent episode a customer came in with what looked liked three medallions he wanted to sell. It could be an old coin, an item owned by a celebrity or something totally off the wall like a hand crank corn-shucker. A typical transaction goes like this: a customer comes in off the street and brings in an item they found in their basement or that belonged to grandma.
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It is a Petri dish of distilled financial behaviour that any business professional (or anyone for that matter) should examine closely. Naturally, the sleaze factor is very high its actually hard not to be sleazy in a pawnshop in Las Vegas but what fascinates me about Pawn Stars is that it gives stripped down, unpretentious lessons of how the business world works.Ĭustomers bring in their treasures (or otherwise) to the Harrison clan and minute evaluations begin, personalities are sized up and profit margins are squeezed and inflated. The show chronicles the real life business dealings of three generations of the Harrison family and the wacky and weird stuff people try to pawn. I hate reality TV, but some of the reality show stars you should spend time with are the owners of Gold and Silver Pawn in Las Vegas, otherwise known as the Pawn Stars.
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Would you want to spend quality time in a room with a totalitarian chef? Or shrieking junkies and alcoholics? Or thunder-thighed brides-to-be? Naturally, no.īut put them on their own TV shows in the form of The Cake Boss, Celebrity Addictsand The Last Ten Pounds Bootcampand suddenly these people are not human dregs but stars.