Jeff’s Takeaway:
Today’s guest is a longtime friend Les Gold about business execution who has always been hardcore. He runs an enormous pawn shop in the heart of Detroit, buying and selling anything and everything to a slew of eager customers. On any given day, he’s dealing in custom jewelry, taxidermy, sailboats, and television sets – and he’s doing it alongside his children Ashley and Seth. If you run a family business or want to learn how he did it, I’d buy his tell-all book, For What It’s Worth – Business Wisdom From A Pawnbroker – available at amazon.com
- It’s not where you’re from, it’s how bad you want it. Les is the grandson of a onetime rag-picker, and he’s become a quintessential example of building a business, brand, and fortune through initiative, drive, and an unwavering commitment to build something worthwhile and valuable. He’s not afraid to take risks. Les believes it’s important to get out of your comfort zone and push yourself to do things for which you may have some trepidation to do. He says, it’s important to “face your fears” head on. He’s pulled himself up by his bootstraps and applauds others – like you – doing the same.
- Sales success starts from within. We’ve all had moments of self-doubt but as he puts it, “you have to project confidence in order to win over your customer”. In order to get to this point, you have to believe in yourself, your product, and your ability to determine what it’s worth.
- Reinvention is key. Les started in a tiny store where he could barely turn around – years later he has a warehouse and is expanding to multiple locations. He started as a pawnbroker – now, he’s a television star and author. He shares my same belief of “Carpe Diem” (seize the day). . . on the show he shares how a random call rejected by his son became a multi-million dollar opportunity to turn his family’s success into a internationally top rated TV show.
- Knowing how to negotiate is crucial. Les made it clear you must do three things:
- Manage your emotion
- Know your bottom line and stick to it
- Know when to walk away
- Every aspect matters. You should experience everything your customer does, as soon as they walks through your door. Who greets her? How is she treated at every step of the process? In similar fashion, what happens when she walks through your competitor’s door? What are you doing differently from that?
Les Gold is a pawnbroker. Chances are good that you’re not – but there’s wisdom behind every corner. You just have to be hardcore enough to look for it. Hope you enjoy this week’s show!
