National Pawnbroker Spring 2017

Official Publication of the National Pawnbrokers Association

Celebrating 30 Years

SPRING 2017

New President, New Congress What Can Business Expect?

plus:

NPA Turns

30!

ALSO: Valuing Certified Diamonds

Get POWERED UP for Pawn Expo 2017

message business from the sense president

A Team Effort

Larry Nuckols NPA President

For the past 30 years, it has been the goal of the NPA to protect the pawn industry and educate its members in best practices that have been designed to enhance their livelihoods and safeguard their businesses. Toward this goal, we have engaged the best government relations team possible to formulate policy, educate lawmakers, and influence legislation in Washington, DC. In Keller, TX, under the direction of Dana Meinecke, we have assembled another talented team to develop some of the best programs possible.

Our government relations committee has years of experience and a record of success in protecting the industry. We were able to hold off Senator Dick Durbin’s 36 percent rate cap, Dodd-Frank’s attempt to limit many lending industries, direct supervision by the CFPB, and national charters that would have given corporate shops unfair advantage over independent pawnbrokers.

We also worked to contain bank discontinuance and Operation Choke Point.

The NPA will continue to protect your interests before elected public officials, government agencies, media, and others who can shape the future of our businesses and industry in one way or another. We have been, and will continue to be, the best resource available to protect our industry.

You have told us many times that advocacy is a fundamental reason you are a member of NPA. We know it is important, not only to protect your business interests, but also to keep you informed about important issues as they evolve and as new issues arise. We are committed to doing exactly that.

NPA, in conjunction with pawnbroker members from across the country, has developed a Certified Pawn Professional (CPP) program to elevate professional standards and be the recognized mark of distinction among those in the pawn business. Participants gain a better understanding of employment laws and regulations, compliance with state and federal laws, running better operations, and more.

We have also put together a great many member benefits, such as no-cost access to SESCO human resource specialists and Paysouth’s guaranteed lowcost merchant services processing. We have provided many seminars teaching best practices over a wide range of topics and presented them to our members at Pawn Expo.

It is our goal to ensure that the NPA is your single best resource for business solutions. The best way to achieve this is to develop custom-tailored business services that are designed from the ground up with you and your business in mind.

NPA’s direction is taken from you, the member. Everything we do on your behalf must reflect this. NPA’s activities and programs must enhance and support your business success and promote the value of the pawnbroking industry. As we celebrate the past 30 years, know that we are committed to continuing to serve and protect our members.

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Table of Contents

SPring 2017

Cover Story New President, New Congress What Can Business Expect?

30

Page 19

Contributors for this issue of National Pawnbroker

highlights Celebrating 30 Years 14 Pawn Expo 2017: Powered Up 30 Valuing Uncertified Diamonds 40

Fran Bishop Dollar Pawn

In this Issue Message from the President Message from the Executive Director Business Solutions

Ric Blum Ohio Loan Co

1 4

Greg Engstrom AmeriPawn of Valparaiso

40

Rapaport Diamond Insights Product Knowledge:

23

Coins & Bullion Social Media:

34

4 Tips for Instagram Beginners Make the Grade:

36

Young Pawnbroker to Watch:

Cathy Gish Behind the Scenes

43

Rudy Klancnik

44

with Margie Swoyer Member Benefits

51

Avi Krawitz The Rapaport Group

Educational Resources Community Involvement

2016 Gift Day Recap

Make Your Impact Compliance

AML Compliance Course Government Relations

It’s A New Year Combating Unwanted

9 46 13 6

Legislation – Part 3 26 Member Spotlights

Pawnbroker: Worldwide Pawn & Jewelry/

Facet Music, Jewelry and Pawn

Industry Partner: Stuller, Inc

12 16

Bill Ford SESCO Management Consultants

NPA Annual Awards

10

NPA Member Forum

39

Indeed.com

49

Get on Board Member News

50

New NPA Members

54

State Association News Book Corner Pawnder This Calendar of Events Advertiser Index

56 39 58 60 60

Jamie Smith Allied Pawn & Jewelry, Inc

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 Helen@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. © 2007-17 National Pawnbrokers Association: PO Box 508, Keller, TX 76244 • (817) 337-8830 • NationalPawnbrokers.org EDITOR: Margie Swoyer, Director of Communications & Marketing, Margie@NationalPawnbrokers.org DESIGNED BY: SPARK Publications

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message from the executive director

30 Years And Counting

Dana Meinecke Executive Director Dana@NationalPawnbrokers.org

2017 is a very special year for NPA.

30 years ago, a group of pawnbrokers assembled to bring order to an unorganized industry. Because of their foresight, we are now preparing to celebrate NPA’s 30th anniversary.

Look for old photos, new stories, and fun trivia throughout the year as we honor the organization’s three decades of service to the pawn industry.

Thank you to everyone who has renewed Dana Meinecke, their NPA membership. This organization NPA Executive cannot survive without your support. The more Director members we have, the more services we can provide. It also provides us with the financial backing to help fight anti-pawn legislation.

See your money at work when you join us in Washington, DC, on April 25-26 at the annual NPA Legislative Conference. We’ll “head to the Hill” to meet with our members of Congress and educate them on the pawn industry and the need it fills for the unbanked and underbanked. See page 17 for more information.

Late in 2016, we added Indeed to our list of business solutions for members. Indeed is the #1 website for job seekers and employers.

With a database of 70 million resumes and 200 million people visiting every month, you’re bound to find a match. As an NPA member, you have a $50 credit that can be used toward any sponsored job posting.

Try it and see if you can find that perfect candidate. For more information, see page 39.

According to Collegeboard.org, 66 percent of full-time college students paid for their college with the help of financial aid. The NPA Future Business Leaders scholarship program offers funding to help students in need. As a member of NPA, you can lighten the load of these students through a sponsorship or by donating money to the fund. Qualifying students can earn $1000 toward their tuition.

Visit NationalPawnbrokers.org/community-outreach for more information. The deadline for applications is April 21.

Pawn Expo is July 11-13 this year in Las Vegas, NV. Be sure to make a note of the new dates. We’re “powering up” for a full schedule of speakers, education, and trade show vendors all ready to impart their expertise to you. Sign up by May 26 to get the early bird rate and save $170!

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NPA STAFF

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Helen Moore Director of Membership Helen@NationalPawnbrokers.org

Robbie Ellis Director of Meetings and Events Robbie@NationalPawnbrokers.org

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

Marliss Allen Communication and Education Administrator Marliss@NationalPawnbrokers.org

Mailing Address: PO Box 508, Keller, TX 76244 Physical Address: 891 Keller Pkwy, Ste 220 Keller, TX 76248 Phone: (817) 337-8830 Fax: (817) 337-8875 NationalPawnbrokers.org

18 More Stores Sold

Stallcup Group facilitates the sale of 2 separate companies in Arizona and North & South Dakota!

December 2016 – Stallcup Group, Inc., an Exit Strategy Consulting firm, announced its successful facilitation of the sale of Pawn 1st, LLC and First National Pawn.

Both are independently-owned business that comprised 18 pawn shops located in Phoenix and North and South Dakota. Stallcup Group served as the exclusive financial advisor to the sellers in these highly successful transactions.

Stallcup Group’s thorough analyses of the sellers’ financial data, and the unique attributes and characteristics of both companies and individual stores helped ensure their clients achieved all of their selling goals.

Here is what other clients of Stallcup Group have to say about their successes: “Stallcup Group’s dedication to the sale of my company resulted in a 12%-15% higher closing price than the initial offer letters from various buyers. To my surprise there were multiple facets of negotiations above and beyond the final purchase price that the Stallcup Group handled with expertise. These results were tangible and financially beneficial. There is no doubt the results would not have been nearly as profitable without Stallcup Group.”

– Mike Fisher, Regent Jewelry & Loan, 4 stores in TX “Ultimately, I was most impressed with Stallcup Group’s financial modeling, which is extremely sophisticated, and their ability to package information in a way that buyers want to see.”

– Craig McCall, 12 stores AZ/NV

Why Stallcup Group?

We have more than 30 years of experience in the pawn shop industry and have closed almost $205M in transactions since founding the business in 2009. We are the leader in Exit Strategy Consulting, and solely represent pawn shop owners. All Stallcup Group’s clients have realized a purchase price increase of 10-50% from initial offer to final closing price.

Contact us directly, and let us evaluate the true value of your pawn business:

Steve Stallcup

steve@stallcupgroup.com

817.479.3880

STALLCUPGROUP.COM

Government Relations

It’s a New Year

Fran Bishop NPA Past President & Government Relations Liaison

The first session of the 115th Congress

was called to order on January 3, 2017, followed by a prayer and the Pledge of Allegiance. Upon taking the Roll Call, a quorum was declared in both the House and the Senate. Maybe it’s just me, but as much and often as ‘times they are a changing’, I take some comfort in the tradition that Congress still opens with a prayer and a recitation of the Pledge of Allegiance. I don’t think that is even allowed in public schools any more. What happened to accepting our differences and having respect for the opinions and beliefs of others?

But wait…then Congress takes this Oath of Office: “Do you solemnly swear or affirm that you will support and defend the Constitution of the United States against all enemies, foreign and domestic; that you will bear true faith and allegiance to the same; that you take this obligation freely, without any mental reservation or purpose of evasion; and that you will well and faithfully discharge the duties of the office on which you are about to enter, so help you God?” Okay, so now they have all vowed to work together and will preserve, protect, defend, cooperate, go along, get along, and move this country and its citizenry in a progressive and positive direction.

Then my alarm went off and I woke up to the beginning of inauguration week.

It is also the beginning of a new year for the NPA and its members. Now is the time to take inventory of more than what is on the shelves in our stores.

What outreach did you do in your community and where did you see the most positive outcome? Did you work on a political campaign – school board,

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The last couple of years have been very frustrating for pawnbrokers as we worked to leave no stone unturned in our efforts to remind the Department of Defense (DoD) and show the Consumer Financial Protection Bureau (CFPB) the tremendous difference between non-recourse pawn transactions and other types of credit products. city council, county commissioner, state legislator, or Member of Congress? Were you involved with any fundraising events? Did you refresh old acquaintances, renew friendships, and make some new ones? Along the way, how many did you educate about the pawn industry, your store(s),

Government Relations employees, families, and the numerous services you provide to the community on a daily basis?

What does your grassroots inventory for the pawn industry total now?

The last couple of years have been very frustrating for pawnbrokers as we worked to leave no stone unturned in our efforts to remind the Department of Defense (DoD) and show the Consumer Financial Protection Bureau (CFPB) the tremendous difference between non-recourse pawn transactions and other types of credit products. The NPA was given no reason for their decision to not continue the nearly 10-year exclusion of the pawn industry from the expanded regulations of the Military Lending Act and the 36 percent MAPR. We proposed several alternative methods for the pawn industry to comply and achieve a “safe harbor” without requiring us to gather additional non-public personal information from our customers, but with no results. Over the years, and in so many different areas of representing the pawn industry, the NPA and its

members have met with numerous successes. It has been disheartening for the door to basically be shut in our faces by the DoD and the CFPB. But as I already mentioned, it is a new year – a new Congress and a new administration. So we pick ourselves up, brush ourselves and the industry off, and get ready to take to the Hill once again during NPA’s annual Legislative Conference on April 25-26, 2017, in Washington, DC. Many of you are annual attendees and we so appreciate and need those seasoned veterans. If this will be your first time, I think it a safe bet that it will not be your last. The important information and schedule is on the NPA website (NationalPawnbrokers.org) under the Government Relations tab.

Please get your calendar out, mark these dates, and make your travel plans now to join your pawnbroker brothers and sisters in Washington for the 2017 NPA Legislative Conference. The NPA’s Team GRC and Board of Directors will be there to offer support and guidance every step of the way, but no one can tell your story better than you!

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WE BUY DIAMONDS! WE WILL OFFER ON ALL YOUR DIAMONDS,

JEWELRY AND COLORED GEMSTONES! FREE QUICK QUOTES!

FREE DIAMOND EXTRACTIONS!

Contact Lisa or Bob!

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Los Angeles, Ca 90014

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wwdiamond@earthlink.net

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213-622-2191

wwdiamond.com

Community business involvement sense

2016 Gift Day Recap Pawnbrokers Give Back Nationwide

On December 6, 2016, the NPA

celebrated its eighth annual Musical Instrument Gift Day, where pawnbrokers from around the country made donations to those in need. Donations were made by members of the NPA to the Mr. Holland’s Opus Foundation and to various community and student organizations.

They included monetary donations as well as new and gently-used musical instruments.

The Mr. Holland’s Opus Foundation, which donates musical instruments to under-funded schools across the country, has helped NPA members contribute to multiple schools and put instruments into the hands of young musicians since 2012. Felice Mancini, the daughter of famed composer and educator Henry Mancini, notes, “We know that music heals and helps

children cope.”

As well as Gift Day, December 6 is the celebration of National Pawnbrokers Day and St. Nicholas Day. Saint Nicholas of Myra is famed for his generosity to the poor and for his penchant for secretly leaving gifts for people in need. St. Nicholas, recognized in America as Santa Claus, was canonized as the patron saint of pawnbroking, and his three bags of gold soon became the international symbol of pawnbrokers.

We would like to thank the members of the NPA for supporting this cause and for helping under-privileged children be able to express themselves through music.

To learn more about Musical Instrument Gift Day, visit GiftDay.org.

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member benEfits

The Best of the Best Since 1996, the National Pawnbrokers Association has been giving out awards to those who have made

an everlasting impression on the pawn industry. These hard working, dedicated individuals and companies, not only paint a picture of success for themselves, but for the industry as a whole. They are leaders, innovators, and an inspiration to others in the business.

The following awards are given out at the Annual Awards Luncheon held at Pawn Expo in Las Vegas, NV: Pawnbroker of the Year Award

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

Industry Partner of the Year Award

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

Outstanding Community Relations Award

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

Young Professional of the Year Award

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

Outstanding Pawn Industry Image Award

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

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Charles R. Jones Lifetime Achievement Award

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

by NPA and is awarded only to individuals who have demonstrated a lifetime commitment to the association and to the success of the pawn industry.

Nomination forms and a list of past award winners can be found at NationalPawnbrokers.org under the Membership tab/NPA Annual Awards.

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Pawnbroker Spotlight

Worldwide Jewelry and Pawn; Facet Music, Jewelry and Pawn The Accidental Pawnbroker Frank Massa is the president of Worldwide

Jewelry and Pawn and Facet Music, Jewelry and Pawn. In business since 2002, his company has 10 stores located in Indiana, Ohio, and Florida.

Nick Massa, Frank Massa, and Roy Miltenberger

National Pawnbroker (NP): How did you

NP: What are the biggest challenges facing

get started in the pawn industry?

Frank Massa (FM): My entry into the pawn business was quite accidental. While I was traveling as a fine jewelry salesman, an acquaintance introduced me to a pawnbroker who had a pawn shop that was just beginning to grow and needed capital for expansion and improvement.

My experience and knowledge of the fine jewelry business and my misconceptions of the pawn business made me hesitant to loan money to this type of establishment. I ended up loaning the money and wound up owning the store. Luckily, a young man by the name of Roy Miltenberger was in place at the time and taught me about the business. Roy and I are still together, and he is still teaching me the business!

NP: What makes your stores different from other

pawn stores in the area?

FM: We sincerely try to put ourselves in our

customers’ shoes. It is important that we understand our place in the community and our importance to our customers. They may come in with what can seem like an item of little value. If we turn them away, we destroy their hope of getting what they may vitally need. It is important that we never forget that, and have made this an integral part of our company’s mission statement.

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pawnbrokers today?

FM: The biggest challenges are the misconceptions

that surround the pawn business by those who have never used its services. These misconceptions have caused our industry to suffer the wrath of politicians, law enforcement officials, professional business people, and the average citizen.

NP: How has the new Military Lending Act

(MLA) rate cap affected your company?

FM: Because of the MLA, we have developed

a comprehensive procedure to address and implement it. It is important we support our men and women in the armed forces; however, this regulation has certainly slowed down the loaning process. Our stores have always offered special rates to military and law enforcement as a sign of our appreciation for their service. In addition, we offer special retail pricing for this same group of individuals.

NP: What is the best advice you have ever received?

FM: My mom and dad raised my sister and me by being living examples of what it means to have faith in God, work hard, live within your means, and give of your time, talent, and treasure. I find those four attributes to be invaluable, not only in the

Pawnbroker Spotlight

running of our companies, but also at home where my wife, Lori, and I have raised our eight children.

NP: What is your favorite thing about being

a pawnbroker?

FM: My favorite part is helping people. I am an

absentee owner and I know that our managers cringe whenever I come into a busy store and start waiting on the customers. It is inevitable that I end up over loaning on items. I love the tremendous feeling I get when I help that pawn customer, and that’s what keeps me excited about this business.

NP: How does your company give back to the community?

FM: When we first started Worldwide Jewelry and Pawn, our slogan was “Spend money wisely and live within your means.” The message has always been important to me, and one way we help to convey the message is by teaching the Dave Ramsey Financial Peace University course for

free to those in the community who have interest.

We even provide childcare and an evening meal to attendees, so all who need access to the course can attend. We also contribute to many outreach programs within our communities as they pertain to mother and child health, child safety, food for the less fortunate, law enforcement, and a variety of religious organizations.

NP: Why are you a member of NPA? FM: We are members of NPA because it has

allowed our industry to come together and share our successes and pains. I have been able to meet fellow pawnbrokers from all over the country, have learned from them, and have tried to teach what little I know. The voices of our nation’s pawnbrokers are louder and more in sync because of the NPA, and I am hopeful that more organizations and individuals will learn the value of what the pawn industry offers because of our unity.

COMPLIANCE NEW NPA ONLINE COMPLIANCE PROGRAM For Pawnbrokers and Dealers in Precious Metals

Follow the Rules Enroll in NPA’s Online Anti-Money Laundering Compliance Program Do you know when, why, and how to fill out Form 8300? Did you know federal law mandates that training be provided and documented if you are a dealer in precious metals?

Now you can get all your compliance training requirements with NPA’s new online compliance program “AML for Pawnbrokers and Dealers in Precious Metals”. Designed by Certified AntiMoney Laundering Specialist Bob Frimet, this self-paced course has been created specifically for the pawn and dealers in precious metals industries.

Ensure compliance, avoid fines, and be proactive. For more information, visit NationalPawnbrokers.org/compliance.

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MEMBERSHIP business sense

NPA Celebrates 30 Years!

Dave Adelman (NPA President 2007-2009) and Edward Bean (NPA President 2003-2005, current GRC chair)

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Popular in THE YEAR 1987

New York Giants: Super Bowl XXI Champs

Minnesota Twins: World Series Champs

Year NPA was established

Dirty Dancing

Married With Children

Walk Like An Egyptian

President Ronald Reagan

The year was 1987 and there was a lot going on in the world. Unemployment was over 6 percent, the average interest rate was 8.75 percent, and Prozac had just made its U.S. debut. On October 19 (also known as Black Friday), the stock market dropped 508 points in one day.

In Fort Lauderdale, FL, a group of pawnbrokers assembled together to establish the first-ever organization for owners of pawn stores – the National Pawnbrokers Association. Their objective was to bring the industry together and present a united front in Washington, DC. Today, that goal still holds true and the NPA continues to educate lawmakers on the positive aspects of pawn.

This year, the NPA is celebrating 30 years of serving the industry. We have a new tagline added to our logo, a special display in the works for the NPA booth at Pawn Expo, and lots of “guess who this is” photos and trivia contests. If you have a special memory or piece of memorabilia you would like to share with us, email Margie@ NationalPawnbrokers.org. Help us celebrate the past as we look to the future of pawn!

Jessica McClure

Nancy Cejudo, Ben’s Loans, Inc, Renton, WA

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Industry Partner Spotlight

Stuller, Inc. A Gem in the Jewelry Industry

Tammy Kidder Vice President of Tools, Metals, and Findings, Stuller, Inc.

Stuller, Inc., located in Lafayette, LA, is one of the largest jewelry manufacturing and distribution facilities in the United States.

The company has over 1100 employees (called “associates”) and is an industry leader in the domestic and international wholesale jewelry sectors.

National Pawnbroker (NP): Tell us about

Stuller, Inc.

Tammy Kidder (TK): Stuller was founded in

1970 and has now been in business for 47 years.

At 19, Matt Stuller began traveling the southern United States selling findings and mountings out of the trunk of his Nissan 240Z. From there, frustrated with the jewelry industry’s slow delivery and dismal customer service, he developed a business philosophy and program of supplying quality merchandise and service with next day delivery. Today, Matthew is founder and chairman of Stuller, Inc. From our manufacturing and administrative headquarters in Lafayette, Stuller provides nextday delivery of more than 200,000 different items to over 40,000 jewelry professionals worldwide.

Our core product categories include: bridal jewelry, mountings, jewelry, diamonds, gemstones, findings, metals, tools, supplies, and digital solutions.

NP: What new trends are you seeing in the

jewelry industry?

TK: Currently, it’s less about new trends and

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more about the staying power and evolution of existing trends in the market. While white metal, particularly in bridal and diamond-intensive fashion, is still the metal of choice, we’re seeing continual increases in two-tone and rose gold metal. Floral, geometrics, asymmetry, linear bars, layering/stacking, and negative space maintain a strong presence in the fashion categories.

NP: What are your biggest challenges as a jewelry manufacturer?

TK: One of the biggest challenges facing jewelry manufacturers is finding and retaining talent.

Skilled jewelers are getting harder to find. Another challenge that we face is ensuring that we continue to get our jewelers what they need when they need it – regardless of whether or not we have it in our inventory.

NP: What makes your company different from your competitors?

TK: Stuller is the one-stop-shop for all of a jeweler’s needs. From the bench or vault to the web or sales floor, Stuller offers products and solutions to help jewelers take their business in the direction they want it to go.

NP: How does Stuller keep up with changing technology in the industry?

TK: It’s no easy task. Here at Stuller, we are constantly on the lookout for ways we can improve (Continued on page 59)

2017 NPA Legislative Conference April 25-26, 2017

Hamilton Crowne Plaza, Washington, DC

Help NPA advocate for the pawn industry.

NationalPawnbrokers.org/legislative-conference

Meet the New Congress Do you want to learn how to become an active pawn industry advocate? Join the NPA and many other pawnbroker members as we head to Washington, DC, April 25-26, 2017, for the NPA Legislative Conference.

Whether you’re new to the industry or a veteran pawnbroker, this year’s conference will give you the opportunity to make an impact on a new Congress.

Why should you attend?

1. Become versed on issues facing your business and what you need to do to stay compliant.

2. Meet your elected officials. Share your intimate knowledge of the pawn industry and

let them know your stance on current and proposed bills.

3. Learn how the legislative process works and how your participation can make an impact.

4. G et to know the NPA Board members, Cliff Andrews, NPA lobbyist, and members of your government relations committee.

5. Network with other pawnbrokers from across the country who feel as strongly as you do about regulations affecting your livelihood.

Register by April 14 at NationalPawnbrokers. org/legislative-conference.

Save travel time and take the Certified Pawn Professional (CPP) course “Security, Risk, and Crisis Management” that will be offered on April 27, the day after the Legislative Conference. Registration must be received by April 20. For more information, visit NationalPawnbrokers.org and click on the CPP tab.

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BUSINESS SOLUTIONS

New President, New Congress What Can Business Expect?

by Bill Ford, President and CEO, Sesco Management Consultants

For the past eight years, businesses have had to operate in a

challenging environment. These challenges range from stifling regulations, high taxes, and a cloudy immigration system to escalating healthcare costs, free trade, and many other challenges. Although it is left to be seen how a Trump presidency will affect the U.S. economy, the following are some of the major economic policies that have been discussed and/or promised by President Trump.

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BUSINESS SOLUTIONS

Healthcare (Affordable Care Act)

Trump’s election virtually assures major changes to the Affordable Care Act, or Obamacare. Likely targets for elimination include the requirement that individuals buy health insurance and that employers with 50 or more employees be required to offer it. Look for the Trump administration to work toward allowing insurers to sell across state lines which creates more competition. The Trump administration is also likely to create a federal high-risk insurance pool for people who are ill and unable to obtain private insurance, and to give grants to states for Medicaid. Certain popular provisions in Obamacare would be retained, such as allowing children to stay on their parents’ health plans until the age of 26 and guaranteeing coverage to people with pre-existing medical conditions.

Tax Reform

There is a good chance for a broad tax reform deal, featuring acrossthe-board tax cuts, if legislation can be moved through the Senate via the reconciliation process, which allows Congress to bypass procedural hurdles. Odds appear favorable to such an approach.

Trump has vowed to slash taxes and compress the tax code to three brackets from its current seven. Under his proposed plan, top earners will pay taxes of 33 percent, as opposed to the current top individual rate of 39.6 percent. He’d also decrease corporate taxes to 15 percent.

S-corporations and other pass-through entities, like LLCs, would have a top tax rate of 15 percent.

Trump would also go easy on companies that have been stashing cash overseas. Owners would be allowed to repay trade earnings, which would be subject to a one-time 10 percent tax. He would also

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close inversion loopholes that allow corporations to defer taxes by banking funds overseas. Instead, companies would pay taxes on income at the time it is earned.

Illegal Immigration

Trump will take immediate steps to suspend immigration from Syria, pending more controls.

Other action on stemming immigration will need cooperation from Congress; moderate Republicans there will take a cautious approach. But if Congress balks, look for Trump to take executive action. As for Trump’s plan to build a wall along the border between the U.S. and Mexico, it will run into opposition in Congress. Moreover, such a wall would have to traverse private lands and tribal lands as well as public property - a significant hurdle.

The chances are good for additional spending to go for more electronic surveillance along the border. Also, watch for more movement toward mandating E-verify either across more individual states or from federal action.

Due to Trump’s immigration promises, we expect to see a ramp-up in workplace enforcement actions, including both I-9 audits and raids by the U.S. Immigrations and Customs Enforcement Agency. We also anticipate that Trump will move to cancel the work authorization granted under DACA (Deferred Action for Childhood Arrivals) and counteract any immigration reform measures put in place by the Obama administration.

Trump promised that he will mandate E-verify to check the employment eligibility of all workers in the country, if elected. He also stated that he would alter temporary work Visa programs (such as H1-Bs) which allow employers to bring on highly-skilled foreign workers.

BUSINESS SOLUTIONS

Financial Reform

Trump has previously criticized the DoddFrank Act for suppressing economic growth and permitting banks from giving loans and supporting businesses. Look for this next administration and Congress to tweak financial regulations to help small banks and to deregulate certain types of businesses.

Business Regulations

Trump has proposed a moratorium on all new regulations. Small business groups, such as the National Federation of Independent Business, say 45 percent of business owners consider regulations a very serious problem in today’s market. That is up from 17 percent in 2001. With that in mind, expect our participation in things like the Paris Agreement, to limit emission greenhouse gasses worldwide, to go out the window. We can also expect a thorough review of President Obama’s Executive Order revising the Department of Labor’s guaranteed salary threshold from $23,660 to $47,476. As communicated by SESCO, this increase was due to be effective December 1 and has been delayed via an injunction by a federal judge. This injunction will carry us into the Trump administration and we fully expect significant changes and/or a full repeal of this Executive Order pushing the decision making back into Congress.

Supreme Court

By all appearances, Trump will have the opportunity to fill at least one vacancy on the Supreme Court

Trump has proposed a moratorium on all new regulations. Small business groups, such as the National Federation of Independent Business, say 45 percent of business owners consider regulations a very serious problem in today’s market.

(the seat previously held by deceased justice Antonin Scalia). If Trump has the opportunity to nominate a replacement, it is fair to assume that the conservative status quo will be restored to the Supreme Court, especially if he nominates one of the nominees he has already touted as Scalia’s possible replacement. This would move conservative Anthony Kennedy back to his former role as serving as the fifth swing vote in tight cases.

Future vacancies cannot be predicted but it is worth noting that the three oldest justices, Ginsburg (83), Kennedy (80), and Breyer (78), are liberal. Statistical models suggest a 40 percent chance that there will be one vacancy before 2020 and a 20 percent chance that Trump will be able to appoint two additional justices besides the current vacancy.

This reality is extremely important when you consider the innumerable workplace law issues that could come before the Supreme Court over the next four years. Arbitration provisions, class action litigation, union agency shop fees, the overreach of Title VII, immigration programs, Wage and Hour law, and administrative

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BUSINESS SOLUTIONS

agency powers are just some of the issues likely to confront the Supreme Court in the very near future.

Workplace Safety

Based on comments made during the campaign, President Trump will likely streamline the Occupational Safety and Health Administration (OSHA), repeal some, or all, of its recent rules on increases, penalties, and reporting requirements, and refocus the agency on highhazard enforcement.

SESCO believes that it is likely Trump will reverse course on OSHA’s penalty increases, which in some cases, recently saw penalty amounts rise by 80 percent. Even if he decides not to appeal the penalty increase rule in its entirety, look for Trump to at least remove the rules requirement that OSHA’s maximum penalties increase each year to account for inflation.

Second, we will likely see an illumination of the electronic reporting rule slated to take effect on July 1, 2017. This rule will require certain employers to report injury and illness information to OSHA, which will then post this information online for public viewing on its website.

SESCO also believes that Trump will take several other steps to reduce the role of OSHA. He may seek to create more state plans or provide existing state plans more jurisdiction.

Trump may find expansion of state OSHA plan jurisdiction as an opportunity to shrink the federal agency and save taxpayer dollars. Trump may also scale back the federal whistleblower oversight of OSHA, which currently enforces the whistleblower provision of approximately 22 statutes.

Under a Trump administration, these changes would allow OSHA to focus on a high-hazard

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Based on comments made during the campaign, President Trump will likely streamline the Occupational Safety and Health Administration (OSHA), repeal some, or all, of its recent rules on increases, penalties, and reporting requirements, and refocus the agency on highhazard enforcement.

industry enforcement, accident and fatality inspections, and safety outreach consultations with employers.

Non-Competes and Other Post-Restrictive Covenants

Recently, the Obama administration issued a “call to action” to gut the power of non-competes.

However, we predict that the Trump administration will no longer be exhorting the states to legislate in this area.

Given his business background, it seems unlikely that President Trump will support legislation (Continued on page 52)

BUSINESS business SOLUTIONS sense

Rapaport Diamond Insights Melee Diamond Demand Softens

By Avi Krawitz

The holiday season gave dealers an

opportunity to take stock of the year and assess inventory levels required for the first quarter.

Few thought a policy decision made in New Delhi, India, would impact diamond businesses in Atlanta, New York, and Florida. But as the Indian government implemented its demonetization program to immediately eliminate 500 and 1,000 rupee notes in early November, liquidity dried up in the domestic jewelry market, affecting diamond trading across the globe.

The move, which aimed at clamping down on money laundering and the high volume of fake currency in India, influenced a slump in demand for small and lower-quality diamonds which are popular in the country. Demand for both rough and polished melee consequently fell and prices softened during the fourth quarter.

“Trading in lower value rough diamonds is experiencing a temporary slowdown as a result of the demonetization program in India,” said De Beers CEO Bruce Cleaver after the company’s December rough diamond sale.

Other major miners, including ALROSA and Dominion Diamond Corporation, expressed similar sentiment, while trading of polished melee declined by similar proportions. Declines in the Rapaport Melee Index (RMI) reflected a softening of the market even before the November demonetization decision (see figure 1).

As demand dropped, melee inventory levels rose and availability increased for international buyers,

such as U.S. pawnbrokers. Indian manufacturers subsequently reduced their production of smaller diamonds as they sought to cope with the oversupply and liquidity squeeze.

Polished Prices Decline

While demand for small diamonds is expected to stay weak through the first half of 2017, sales across other categories remained steady and were in line with seasonal expectations in December, Cleaver reported.

There was stable demand for 0.70-carat to 2-carat, G to I, VS2 to SI2 polished diamonds, while sales of larger sizes were relatively slow.

The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded diamonds fell 1.3 percent in December. RAPI for 0.30-carat diamonds edged up 0.2 percent, while RAPI for 0.50-carat stones fell 2.2 percent. RAPI for 3-carat diamonds slid 1 percent.

RAPI for 1-carat diamonds declined 3 percent in the fourth quarter and fell 5 percent for the full year (see figure 2).

Figure 2

Figure 1

Election Fever

Sentiment in the diamond trade improved in the fourth quarter despite the declines. The conclusion of the U.S. presidential election raised confidence while dealers spent their time filling last-minute orders before the busy Christmas shopping season.

There was some optimism that consumer (Continued on page 25)

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BUSINESS SOLUTIONS

(From page 23)

Rapaport Diamond Insights

spending on discretionary items, such as jewelry, would rise if the Trump administration delivered on its promise to lower taxes and create jobs. The Federal Reserve’s decision to raise interest rates by 0.25 percent in December signaled improving economic conditions, with particularly solid gains in the job market.

The stock market rally and strengthening of the dollar following the election also raised hope consumers would be empowered to spend more freely during the holiday season.

Sluggish Holiday

However, initial sales data was disappointing with brick-and-mortar retailers struggling to cope with a drop in mall traffic as shoppers shifted to purchasing online.

Signet Jewelers, which owns the Kay Jewelers, Zale, and Jared brands, reported group sales declined five percent during the November-to-December holiday period. CEO Mark Light said the company’s performance was in line with the overall U.S. market, and that the jewelry category was broadly flat to modestly down during the season. Overall in-store sales fell by mid-single digits, while ecommerce sales rose by double digits, he estimated.

Other retailers were more positive, with Macy’s and J.C. Penney ranking jewelry among their stronger performers in an otherwise lackluster season for the department stores. Light suggested the department stores increased their jewelry sales due to the deep discounts they offered, whereas the average price at Signet increased.

The diamond industry watched retail trends from the sidelines. The hope among dealers was that steady jewelry sales would stimulate stronger diamond trading in the first quarter as retailers replenish inventory that was sold during the season.

The first three months is traditionally a stronger period for the diamond market as renewed demand from retailers after the Christmas and Chinese New Year seasons is expected to stimulate sales of rough and polished diamonds.

Shortages Developing

Meanwhile, polished supply was cautious at the beginning of January since Indian manufacturers closed their factories for the whole of November during the Diwali festival. Rough trading slowed with

Tips for Pawnbrokers Operating in the Diamond Market

• Understand your merchandise and break it down by shape, size, color, and clarity before selling.

• Grade your larger and fine-quality diamonds at the GIA to achieve higher sales prices.

• Sell your diamonds to reputable firms and get multiple offers.

• Monitor your prices throughout the year.

For more information about the diamond industry, visit Diamonds.net.

De Beers recording its lowest sale of the year, realizing $418 million worth in its December sales cycle.

Consequently, the volume of new polished supply declined toward the end of the year. The number of diamonds listed on RapNet, Rapaport’s diamond trading network, fell four percent in the fourth quarter with some shortage becoming apparent for betterquality diamonds.

As the diamond trade kept a cautious outlook for the market in the coming year, inventory levels were tight at the beginning of January. Analysts were still monitoring retail jewelry demand before making predictions for 2017. As Bain & Company cautioned, midstream inventories could swell if retail demand does not strengthen.

“While the outcome of the retail period remains uncertain, abundant inventories and the prospect of increasing rough supplies in 2017 are likely to limit any significant [diamond] price appreciation near term,” added Kieron Hodgson, an analyst at Panmure Gordon & Co.

The Rapaport Group is an international network of companies providing added value services that support the development of fair, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the Rapaport Price List is the primary source of diamond price and market information. Group activities include Rapaport Information Services, Rapaport Magazine, and Diamonds.net, providing research, analysis and news; RapNet – the world’s largest diamond trading network; Rapaport Laboratory Services provides GIA gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services specializing in recycled diamonds and jewelry.

The Group supports over 20,000 clients in 121 countries and has offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai, and Hong Kong. Additional information is available at www.Diamonds.net.

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Government Relations

Part 3

Combating Unwanted Legislation

by Ric Blum

thousand dollars; they lose their means to obtain financial independence — their vehicles.

While officials with title loan companies assure the CPI that repossessing vehicles is a “last resort,” records show that in New Mexico, Missouri, Virginia, and Tennessee, lenders reported a total of 50,055 repossessions in 2013. The following year, 42,905 repossessions occurred, but that figure doesn’t include Tennessee seizures, as the state won’t release those numbers until next year.

Lawmakers, regulators, and consumer advocates have worked to protect consumers from losing their vehicles by fighting for reform in the title loan industry. However, most of those attempts have been rebuffed, according to the CPI. That’s because the title lending industry has strong roots with both state and national lawmakers. In fact, since 2011, about 150 bills to cap interest rates, essentially putting an end to title loans as they operate now, died in 20 state legislatures thanks to millions of dollars in campaign contributions.

According to the CPI, three title lenders combined to provide $9.1 million in campaign contributions during the past decade. Of those companies, the biggest donor, providing $4

Each year, thousands of consumers lose their

vehicles – often their largest asset – after taking out small-dollar, high-interest auto title loans to cover expenses. Despite hundreds of attempts by lawmakers to rein in the auto title market, generous campaign donations from the industry’s leaders have created a cycle in which consumers are plunged deeper into debt while title lenders continue lining their pocketbooks.

A new report from the Center for Public Integrity (CPI) highlights the struggle lawmakers and regulators encounter in their attempts to reform the often-predatory title lending industry. Title lending, legal in nearly half of U.S. states, allows consumers to put up their car title as collateral for a short-term, small-dollar loan. Like payday loans, borrowers are required to repay their debt in just a few weeks which increases dramatically thanks to three-digit interest rates.

When borrowers repay the loans, they are often persuaded to simply take out a second loan.

In some instances, when they can’t repay their loans, they can elect to roll over the debt for a fee. Although lenders claim their loans provide a needed financial service, borrowers who can’t repay their obligations often lose more than just a few

Top Interest Groups Giving to Members of Congress 2015-2016 Rank

Interest Group

Total

Dem Pct

GOP Pct

1

Retired

2 3

$62,936,432

27%

73%

Ted Cruz (R-Texas)

Lawyers/Law Firms

$37,244,768

54%

46%

Marco Rubio (R-Fla)

Securities/Invest

$34,558,070

35%

65%

Marco Rubio (R-Fla)

4

Real Estate

$31,459,643

36%

64%

Marco Rubio (R-Fla)

5

Health Professionals

$26,995,461

37%

63%

Bernie Sanders (D)

6

Insurance

$24,190,172

33%

67%

Ted Cruz (R-Texas)

7

Leadership PACs

$20,409,616

29%

71%

Kelly Ayotte (R-NH)

8

Oil & Gas

$15,535,734

10%

90%

Ted Cruz (R-Texas)

9

Lobbyists

$14,075,643

36%

64%

Charles E Schumer (D-NY)

10

Pharm/Health Prod

$14,034,720

36%

64%

Kevin McCarthy (R-Calif)

Reprinted from https://www.opensecrets.org/industries/mems.php

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Government Relations

Top Contributors, 2015-2016 Finance / Credit Companies Contributor

Amount

First Data Corp

$816,094 $642,055

Capital One Financial American Financial Services Assn

$561,475 $516,757

American Express

$438,725

College Loan Corp

$334,536

Visa USA

$295,650

CIT Group

$288,050

Mastercard Inc

$181,599

Discover Financial Services Amscot Financial General Electric Advance America Cash Advance Centers Navient Corp Cottonwood Financial Verizon Communications Cash Express LLC

$138,700 $130,500 $129,550 $104,950 $102,730 $93,600 Contributions to:

$86,250

Financial Service Centers of America

$84,175

Democrats

NelNet Inc

$84,175

Republicans

Cash America International

$81,800

Liberal Groups

General Motors

$81,000

Conservative Groups

Reprinted from https://www.opensecrets.org/industries/mems.php

million, was the operator of stores like LoanMax, Midwest Title Loans, and others. TitleMax was the second largest contributor providing $3.8 million in donations, followed by Community Loans of America, the operator of Fast Auto Loans, with $1.3 million in donations.

In Virginia, three title lending companies issued $1.5 million in campaign contributions in the past decade. In just the last year, five bills to reform the industry have failed. Similar contributions and failed bills have occurred in other states, including Tennessee, where more than two dozen pieces of legislation never saw the light of day.

In New Mexico, Senator William P. Soules introduced a measure in 2014 that would cap title loan interest rates at 36 percent. The effort quickly lost steam, in part, he says, because of the intense industry lobbying in the state. “There’s big

money being made off the very poorest and most vulnerable people in our state,” he tells the CPI. Because such contributions generally keep legislation that could protect consumers from passing, the only option states have to rein in predatory title lending is through regulators related to consumer lending laws. And while regulators have gone after title loan companies with fines and penalties for their unscrupulous behavior, the action does little to change the lending landscape.

For example, in Illinois, regulators issued 230 fines totaling $1.1 million between January 2014 and August 2014.

According to the CPI, in at least 46 states, title lenders were cited for making a loan with a “scheduled monthly payment exceeding 50 percent of the obligor’s gross monthly income.”

When fines don’t work, states have turned to

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Government Relations

Top Contributors, 2015-2016 Payday Lenders Contributor

Amount $138,700

Amscot Financial Advance America Cash Advance Centers

$129,550

Cash Express LLC

$93,600

Financial Service Centers of America

$86,250

QC Holdings

$80,200

Community Financial Services Assn

$78,500

Check Into Cash

$75,700

Ace Cash Express

$68,640

Checksmart Financial

$66,500

Select Management Resources

$57,800

Dmp Investments

$51,750

Ohio Consumer Lenders Assn

$50,000

Online Lenders Alliance

$44,000

PLS Financial Services

$34,767

Jones Management Services

$31,450

Moneytree Inc

$12,500

Think Finance

$10,211

Community Loans of America

$9,579

Contributions to: Democrats Republicans

Rebs Inc

$7,700

Liberal Groups

Check City

$6,500

Conservative Groups

J&J Management Services

$6,500

Reprinted from https://www.opensecrets.org/industries/mems.php

the courts, but that option often drags on, leaving consumers struggling. For example, a suit against Wisconsin Auto Title Loans lasted for nearly a decade before being settled in September 2013 with the company declining to admit fault and paying $2.27 million in restitution and fines.

The same situation occurred in 2011 in West Virginia, where the attorney general’s office investigated Fast Auto Loans’ debt collection tactics – repossessing more than 200 cars from West Virginia residents who had crossed into Virginia to get a loan, the CPI reports. That case dragged on for three years before being settled for $1.2 million.

Despite the long, drawn-out lawsuits many states file against title lenders for a slew of unscrupulous tactics, the real change won’t come until legislation

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is passed in states, many advocates say.

Change is unlikely with such large campaign contributions, but not all legislators have given up trying. “It’s disgusting,” Tracy Creery, a Missouri Representative, who introduced a bill this year to limit interest rates on auto title loans to 36 percent, tells the Center for Public Integrity. “The vast majority of the legislature is willing to look the other way on the need for reform.”

Ric Blum is Vice-President of Ohio Loan Co., Inc. in Dayton, OH. He has served as President of the Ohio Pawnbrokers Association, Secretary/Treasurer of the National Pawnbrokers Association, and as a member of the Board of Directors and the Board of Governors of the National Pawnbrokers Association. He was named the National Pawnbrokers Association Pawnbroker of the Year in 2014 and the Ohio Pawnbrokers Association 2015 Ohio Pawnbroker of the Year.

Stuller Supports Pawnbrokers From the most efficient cleaning equipment to the best tools for testing and inspection, Stuller has what you need. We get it to you fast, on time, and at a competitive price. Every tool we sell is tried and tested by our own in-house jewelers. We don’t want you to buy anything we wouldn’t use ourselves.

See how we can help you today at Stuller.com.

Stuller.com

800 877 7777

PAWN EXPO

POWERED UP July 11-13, 2017

Save $170

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by May rly a e h wit s te ra d ir b

THE MIRAGE • LAS VEGAS, NV What is Pawn Expo?

Pawn Expo is the only national convention and trade show for the pawn industry. Attendees learn new ways to strengthen their company, connect with fellow pawnbrokers, and do business at the trade show featuring over 120 different companies. Leave energized and equipped with the latest industry knowledge.

NPA’s 30th Anniversary Take a trip down memory lane as NPA celebrates thirty years of service to the pawn industry!

Celebrating 30 Years

What’s New in 2017?

Pawn Expo Highlights

• Keynote Speaker Retired NASA

• Networking Reception

• Trade Show

• Opening Session Keynote

• Closing Reception

• Two sessions by Corporate Strategies

• Welcome Reception

• Awards Luncheon

• New Product Knowledge Topics

• Annual Membership Meeting

Astronaut, Colonel Eileen Collins

Why Should I Attend?

500+

pawnbrokers to connect with and learn from

30

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120

170

exhibitors with products and services to improve your business

National Pawnbrokers Association

dollars in savings when you register

by May 26

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25

education sessions

16

expert speakers

1

can’t-miss convention for the pawn industry

PAWN EXPO

Monday, July 10

Tuesday, July 11

MONDAY SCHEDULE

TUESDAY SCHEDULE

8:30 am - 4:30 pm CPP Courses Additional Registration Required

7:30 am – 5:00 pm Convention Registration

2:00 pm – 7:00 pm Convention Registration Pick up your registration packet on Monday and avoid the rush 6:00 pm – 7:30 pm Networking Reception

8:00 am – 9:00 am Annual Membership Meeting and Breakfast (Members only) 9:15 am – 10:30 am Opening Session Keynote 9:30 am – 5:30 pm The Marketplace (formerly Diamond District)

The Certified Pawn Professional (CPP) designation program was launched in 2015 and now has over 100 candidates pursing their CPP certification. The designation will elevate professional standards and be the recognized mark of distinction among those in the pawn business. All courses will be offered at Pawn Expo 2017. Additional registration required.

10:45 am – 11:45 am Education Sessions

• Federal Regulations • Human Resources • Marketing, Advertising, and Public Relations • Product Knowledge • Security, Risk, and Crisis Management • Store Operations

6:30 pm – 8:30 pm Welcome Reception

12:00 pm – 1:30 pm Annual Awards Luncheon 1:45 pm – 4:15 pm Education Sessions

OPENING SESSION:

Keynote Speaker Retired NASA Astronaut, Colonel Eileen Collins Breaking Barriers to Become a Successful Pioneer in Your Field Tuesday, July 11 9:15 am – 10:30 am Drawing from her career experiences, Col. Collins reveals valuable insights learned from both her successes and her failures. From the importance of working with others to achieve lofty goals, to successful leadership in dynamic environments, her perspective inspires you to embark on your own original journey.

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PAWN EXPO

How to Persuade, Motivate, and Influence Your Peers

Pawnbroker Succession Planning Geralyn M. Miller, Ph.D., Purdue University Tuesday, July 11, 3:15 pm – 4:15 pm

David Lyons, Corporate Strategies Tuesday, July 11, 10:45 am - 11:45 am

The ability to persuade, motivate, and influence is critical when you are working with the public and community. You must communicate in a way that garners respect and motivates others to take action. This one-hour session will equip you with the essential tools to gain and maintain credibility.

Training and Development 101: Educational techniques to improve your human capital Justin Barbee, Insta-Cash Assets Management L.P. Tuesday, July 11, 10:45 am – 11:45 am One of the most difficult challenges facing any growing business is onboarding and training future leaders. Utilizing educational techniques, clearly aligned objectives, and consistent accountability, this seminar will show you how to plan your training with purpose.

Participate in an open discussion geared toward better preparation for the succession of your pawnbroking business.

Secrets of Successful Critical Thinking & Creative Problem Solving David Lyons, Corporate Strategies Tuesday, July 11, 3:15 pm - 4:15 pm Think of this training like looking at your world in high definition. This one-hour session will help you see things more clearly and from a very different perspective that will lead to new ideas and new solutions.

Wednesday, July 12 WEDNESDAY SCHEDULE 7:30 am – 5:00 pm Convention Registration

Your Way Or the Right Way – The importance of being in compliance!

8:00 am – 9:30 am Education Sessions

Robert Frimet, CAMS, President, RMF Consulting Group Inc; Cory Brown, owner of Pawn USA, Woodbridge, VA; and Larry Dunn, IRS Revenue Agent (Ret.) Tuesday, July 11, 1:45 pm – 3:00 pm Learn the reality of non-compliance, including what happens when you don’t comply and how that action can lead to potential devastation.

9:45 am – 11:00 am General Session 11:15 am – 12:15 pm Pawnbroker Networking Luncheon (Pawnbrokers only) 11:15 am – 12:15 pm Young Professionals Luncheon 12:30 pm – 5:30 pm Trade Show 4:00 pm – 5:00 pm Trade Show Reception

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PAWN EXPO

Smartphone Social Media 101 Lab Emmett Murphy, 3 Click Media Wednesday, July 12, 8:30 am – 9:30 am Grab your smartphones and join this hands-on session to learn how to get started on Facebook, Instagram, and Twitter. This beginner-level seminar is presented in an informal lab format intended to allow each participant to actively post, tweet, upload, and receive one-on-one guidance.

(Attendees must have a smartphone with Facebook, Twitter, and Instagram apps already installed.)

Leadership: A Balance Between Business and Life Yigal Adato, Leaderato Wednesday, July 12, 9:45 am – 11:00 am After working 15 years in the pawnshop, Yigal, a third generation pawnbroker, learned about leadership in the trenches managing employees and his business. He will take you through the impact that your leadership skills have on your business, your team, and your life.

PRODUCT KNOWLEDGE SESSIONS All sessions will be held once on Wednesday and once on Thursday.

Wednesday, July 12 8:00 am – 9:30 am Thursday, July 13 2:15 pm – 3:45 pm

• Gemstones 101 • Hallmark Research Institute’s Marks or Melt • Sports Memorabilia ATION

HOTEL INFORM

, TEL AND CASINO THE MIRAGE HO LAS VEGAS 17 Room Rate Pawn Expo 20 taxes plus applicable $123 per night, t gh ni of $22 per and resort fee

Thursday, July 13 THURSDAY SCHEDULE 8:00 am – 12:00 pm Convention Registration

9:00 am – 10:00 am Trade Show Continental Breakfast 9:00 am – 1:00 pm Trade Show 1:15 pm – 4:00 pm Pawnbroker Peer Roundtables 2:15 pm – 3:45 pm Education Sessions 5:30 pm – 7:00 pm Closing Reception

PAWNBROKER PEER ROUNDTABLES The pawnbroker sitting next to you may be one of your greatest resources. At the roundtables, attendees have the opportunity to discuss current pawn topics with their peers and learn best practices from one another. Pawnbrokers only.

Thursday, July 13, 1:15 pm – 2:00 pm

• Gift Cards • Police Confiscations 2:15 pm – 3:00 pm

• Starting a Grassroots Campaign in Your Community • Making Money with Jewelry Repairs 3:15 pm – 4:00 pm

• E-Commerce • How to Survive When Values Decline Sponsors

line .com to make on by e Visit PawnExpo on ph via e reserv reservations, or Reservations at (800) 627p ou Gr contacting receive the code NPA17A to able through 6667. Give the ail av is te ra p ou gr y. group rate. The sed on availabilit June 16, 2017, ba

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Product Knowledge

Coins and Bullion A pretty penny for your penny While pawnbrokers must deal with

almost anything that walks in the door, few are as rewarding and fun as rare coins, gold bullion, and silver bullion. What makes these items different is that there is a robust and very liquid market for nearly all coins as well as gold and silver bullion.

Dealing in coins is easy. The most reliable source, and sometimes the best market for rare coins, is eBay. You can buy wheat pennies for two or three cents and sell them for four or five cents. While making a few pennies doesn’t sound exciting, doing it by the thousands starts adding up to real money.

The same theory holds true for the gold and silver bullion business. Buy a one-ounce gold Eagle for $1200, retail it for $1250, and just like that, a $50 profit. While the percentage of profit on this deal may not seem worth it, the average store that deals in gold Eagles turns their money (inventory) more than 50 times a year. This equals 250 percent - not a bad return.

The key to the bullion business is turnovers, low margins, and not getting burned by the market.

The market will make or break a dealer. The most successful dealers maintain a certain inventory at all times riding the market up and down, thus making money on transactions and not trying to make it on the market.

The coins and bullion business attracts a different

type of customer – one with real money to spend.

Someone who buys a dozen gold Eagles is exactly the person you want to wander in to your store as they are buyers. There are some downfalls in this business – namely counterfeits – which are not very difficult to spot if you are knowledgeable and are working the business regularly.

Basic Rules for Running a Successful Gold and Silver Bullion Department in a Pawn Store

• Keep accurate track of your inventory as it can be a lot of money and temptation.

• When you get “heavy” in inventory, unload the overage to a wholesaler. When you run low, replenish from wholesalers. The margins with wholesalers are thin enough to make this work profitably.

• Do not take credit cards. Cash, debit card, or wire transfers are a must.

• Establish a great working relationship with a few wholesalers; remember that money moves at the speed of light in the bullion business.

• Be very aware of counterfeits. Know what you are dealing in, start small, and grow.

• Use standardized pricing as bullion buyers are very tuned in with the market. They will let you make a bit of profit, but shooting from the hip will not work with them.

• There are some very large online dealers and it is nearly impossible to “beat” their prices. However, you can beat their service as you are right there with the gold (or cash) in hand.

• This is a very large market as there are customers in your town with hundreds of thousands invested in gold and silver bullion.

Tips for Authenticating Coins and Bullion

1. Be knowledgeable! Attend a coin grading and authentication class offered at major coin shows

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Product Knowledge

by the American Numismatic Association (money.org).

2. S tudy up. Below is a list of recommended books, most of which can be purchased at Amazon.com. Rely on these for information only as the pricing is usually not accurate.

• The Coin Collector’s Survival Manual by Scott Travers • PCGS Official Guide to Coin Grading and Counterfeit Detection

by John Dannreuther • The Official Red Book of Coins for 2017 by RS Yeoman • All the Standard Catalogs of World Coins by Krause Publishing • Books written by coin expert Q. David Bowers 3. Buy a Sigma Metalytics Analyzer. The Sigma machine is an indispensable tool for authenticating coins and bullion. It can be purchased from most of the major metals refiners or online at sigmametalytics.com.

4. Get the Fisch System. The Fisch is another tool used to authenticate coins, rounds, and bars. Find more information at thefisch.com.

5. Fakebullion.com has thousands of images of fake bars, coins, and rounds.

6. Google is your friend. If someone comes into your store with a rare 1893 S Morgan Dollar, you should be searching for the “Die Characteristics of an 1893 S Morgan Dollar” on Google. Compare the coin in front of you with what you see online to see how it should look. There is also a wealth of information on numismatic forums. If the coin doesn’t possess all the right die characteristics, pass on it.

7. Lastly, if it seems too good to be true, it probably is! Don’t let greed cloud your judgment. When someone shows up at your door from out of town and wants to sell an extremely rare coin or pile of gold bars that Grandma left them, your instincts should kick in and say, “I should pass on this deal!”

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(Continued on page 54)

Visit garrett.com to find your nearest dealer SPRING 2017

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social media

4 Tips for Instagram Beginners How to Share Your Business Through PHOTOS Just as the old saying goes, “a picture is worth a thousand words.” So why not use pictures to tell the story of your business? Welcome to Instagram – the fun, quick, and easy-to-navigate platform for sharing your life, or in this case, business, with the world.

Instagram can be quite overwhelming at first.

There are millions of people sharing their stories, selling things, etc. So how can you make your company stand out from the rest? Here are 4 tips to help you use Instagram to its full potential and secure free publicity for your business: Create a Show-Stopping Profile

Your Instagram profile should include things such as your logo, company name, website URL, and a little about your business. Instagram has also recently added Business Profiles. Using these,

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you can add a phone number to your bio and you will also have access to analytics like you would on Twitter and Facebook.

Attract a Following

Posting pictures to “the Gram” will get you nowhere if no one is seeing them. Here are some helpful tips for getting more followers: • Be creative with your posts.

• Use relevant hashtags (but don’t be excessive). #pawnshop #nationalpawnbrokers • Interact with your audience – like and/or respond to comments on your posts.

• Make sure your photos aren’t blurry, dark, offcenter, or just plain “bad”.

• Follow other people – people are more likely to follow you if you follow them first.

social media

Take Good, Creative Photos

Make Your Followers Feel like Family

This platform is based purely on pictures; your followers don’t want to see a blurry photo with a two-paragraph-long description written under it. They came to Instagram to be aesthetically pleased. Don’t just take a picture of a diamond ring; experiment with angles, backdrops, and lighting.

Take pictures with the camera app on your phone instead of your Instagram camera for a clearer shot and the ability to go back and edit the photo later. Make sure you have the photo size set to square (the size of the frame on Instagram). Your goal should be to take your followers on a journey through your pictures. You want them to see your picture of the ring, and be able to imagine it on their own finger.

Show your followers (and potential customers) around your business a little bit. Now this doesn’t mean that you should literally just take pictures of random things around your store, but you should try and show them what goes on regularly – allow them into your “home”. You can take pictures of your employees making loans and write a little blurb on how a pawn store works or, if you have a particularly neat item in your store, give a little background story on it. Your audience is curious about what goes on behind the scenes, so feed their curiosity bite by bite. Just make sure you do not show faces of your customers. They may not want their financial dealings shared with the public.

Instagram can be an amazing resource for your company; all you need to do is make an effort.

After all, you can’t achieve what you don’t try. Social media is here to stay, so you may as well start taking advantage!

A special thank you goes to Gold N Connection Pawn Shop for allowing us to use images taken from their Instagram account, gcpawn.

Item for Sale: This clear, angled image is enough to leave the customer wondering what the watch would look like on their own arm.

Showing your employees working on-site is a good way to send the message that you are ready to help fulfill their needs.

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1

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Medium

3

Strong

4

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member benefits

Show and Tell Getting the right information right now Gone are the days of using Google Search to find information about the pawn industry.

No more searching endlessly for sources that may (or may not) be credible. Welcome to the NPA Member Forum, where members have access to hundreds of experienced pawnbrokers across the country, and even around the world. Ask questions, receive advice, share tips, and connect with your fellow industry peers. Current members have called it “the best resource available” for pawnbrokers.

“I want to add LED lighting inside my showcases. Have any of you done so? What would you recommend; product/vendor?”

“Just wanted to let everyone know about this scam. These are professional looking bars, but are not real.”

“Who do you guys use for employee background checks that are safe/ accurate to use?”

“The Google group. It is priceless. I find myself sharing as well as learning from other pawnbroker’s experiences. I have gone back and read every post and had many “Aha” moments after reading how our fellow pawnbrokers have approached difficult situations.” —Jamie Smith, Allied Pawn and Jewelry

Book Corner

The Effective Executive

by Peter Drucker

The definitive guide to getting the right things done Throughout this book, Peter Drucker, an Austrian-born educator, management consultant, and author, identifies practices that are essential to effectively managing your business.

Managing Time

This can be cut into three sections: recording, consolidating, and managing. Record your time spent on tasks, then consolidate your list to cut down on things that aren’t as important to manage your time more effectively.

Choosing What to Contribute

Always strive to offer something that can improve the operations of the company you work for. Know that you are responsible for delivering results and do everything you can to achieve them.

Building on Strength

Effective executives see strength in their companies,

and build on it. They also see weakness, but consider it irrelevant. Building on your own strengths, and the strengths of your colleagues, will allow you to reach the company’s maximum potential.

Setting the Right Priorities

As a higher-up, you will always be pressed for time, sometimes requiring you to do multiple things at once; therefore, it is important to prioritize what you want to accomplish.

Effective Decision-Making

As a top company employee, understand that every decision you make has a profound effect on the company as a whole. Having facts is important, but collecting opinions is what an executive should focus on. Listen to varying opinions, and then make your decision.

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BUSINESS SOLUTIONS

Valuing Uncertified Diamonds Going beyond the 4 Cs

When dealing with diamonds, buyers

and sellers alike are quick to reference the Four Cs: Color, Cut, Clarity, and Carat. After all, these make up the standard guidelines used when certifying a single stone in the traditional sense.

However, professionals often tend to overlook the variety of other aspects that play a substantial role in the value of a diamond, especially one that is uncertified. By incorporating just three of the lesser-known characteristics into the evaluation of an uncertified diamond, you can ensure a more comprehensive value assessment, in turn minimizing your risk of paying too much for or loaning too much on, a diamond and, therefore, maximizing your revenue.

Fluorescence

The first characteristic you should pay close attention to is fluorescence. Fluorescence is the

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degree to which a diamond glows when subjected to ultraviolet (UV) light. Fluorescence will most often result in the stone glowing blue, though other colors are possible as well, such as yellow and white, but these are rare. Fluorescence is measured on a scale made up of benchmarks including Very Strong, Strong, Medium, and Faint.

Approximately 30 percent of diamonds fluoresce to some degree when using a special UV light source, but the degree to which they glow is significant. The greater the level of fluorescence, the greater the discount. For example, a very strong blue diamond could be worth 25-30 percent less than a similar diamond with no fluorescence.

Fluorescence is viewed as a negative quality, particularly in higher colors and more expensive diamonds. Most importantly, medium to very strong fluorescence can make a diamond appear cloudy, reducing the price significantly more and

BUSINESS SOLUTIONS

sometimes making it almost unsalable. Always use a UV light to see how intensely a diamond glows blue before buying or loaning on it. This will help confirm that the diamond you’re working with is as valuable as its Four Cs may lead you to believe.

Depth Percentage

Another great characteristic to keep in mind is depth percentage, or the distance between the culet and the table of a diamond (expressed in millimeters), divided by the width of that diamond.

The lower the depth percentage, the larger the diamond will appear when face up. Adversely, the higher the depth percentage, the more weight is lost in the depth of the diamond and the smaller that stone may appear to the customer, despite its actual carat weight. A depth percentage greater than 63 percent or less than 57.5 percent will impact cut grade on a GIA report, and result in a cut grade of less than Excellent. This stone will, therefore, have a lower value than a similar stone that has a depth percentage under 63 percent. By using a millimeter gauge to take a diamond’s measurements and dividing the height by the width, you can find the depth percentage and better evaluate the value of that stone. For a chart that details depth percentages in relation to cut grade, visit whitepinediamonds.com/academy/diamond-value/.

Inclusions

Lastly, inclusions can play a significant role in the assessment of a diamond’s worth. Inclusions are small, naturally occurring imperfections (typically black carbon), within a diamond that are often most noticeable in the table of the stone.

Most diamonds have inclusions; what matters in diamond evaluation is the quantity and visibility.

Inclusions can affect a diamond’s clarity grade and are typically marked in the plot of a grading report. These small imperfections come in a broad range of types including the most common: Crystal, Needle, Pinpoint, and Cloud. A Crystal inclusion is a mineral crystal contained within a diamond.

Needle inclusions are thin, elongated crystals that look like tiny rods under 10x magnification. Under that same magnification, Pinpoint inclusions appear as tiny dots given their very small nature. Finally, Clouds are clusters of tightly grouped Pinpoints that may be too small to distinguish individually,

but together, have a hazy appearance, affecting the overall clarity of the stone.

Though it is not often noted when discussing how to assess a diamond’s value, the type of inclusions seen on a stone can have a high impact on its price tag. For example, an SI1 clarity diamond with a center black inclusion that is visible to the eye can be worth as much as 10 percent less than a similar stone with a white inclusion on the side of the diamond and will take a lot longer to sell. Furthermore, you should always look at the “Comments” section of the GIA report as this can contain vital information, such as “clarity grade based on clouds not shown on plot”. An SI2 with such a comment can have the top half of a diamond looking nice, clean, and bright, but the bottom half is totally cloudy and dead (without luster), making it almost unsalable. While the diamond’s clarity grade may be the same, the varying inclusions seen from one to the other can greatly change the way a buyer views the stone. When buying or loaning on a diamond, it is always critical to use a loupe with a 10x magnification to closely examine it for inclusions. If inclusions are found, be sure to consider the quantity and their visibility as you formulate your offer.

When evaluating diamonds, it is extremely important not to limit your inspection to the Four Cs (Color, Cut, Clarity, and Carat). Buy better and loan smarter by incorporating these three key characteristics into each and every assessment.

Diamond buyers and gemologists should understand these measures well and take each into consideration when assessing a diamond for purchase. Arm yourself with this knowledge and improve your skills with each diamond you evaluate.

White Pine Trading buys all sizes, shapes, and qualities of diamonds, including broken and chipped stones.

The company’s team of experts is well versed in the characteristics described, along with other important elements used to evaluate any type of diamond. For additional tips on working with diamonds in the smartest and most profitable way possible, contact their team at services@whitepinediamonds.com.

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Young Pawnbroker to watch

Cathy Gish

Years in the Pawn Industry 16

Human Resource Director Brittex Financial, Inc. San Antonio, TX

My Greatest Career Accomplishment I started in the business as a pawnbroker and have grown from there. It gives me perspective and respect for the day-to-day operations of the business.

The Best Advice I’ve Ever Received “Don’t wait for your embossed invitation; just go for it.”

“Don’t do the same thing and expect a different result.”

My Role Models My dad, Charles Whitaker, who taught me that hard work and determination will take you a long way.

Larry Nuckols, who taught me that luck is not really luck, but rather the meeting of determination, preparation, and opportunity.

Chris Upton, who taught me never to do the same dull task twice, but rather to automate everything I can!

My Media Mix Musical Artists: Nirvana, Otis Redding Social Media Platform: Facebook

My Advice to the New Pawnbroker Never get comfortable or complacent. We can always be improving!

Start every day with a plan.

People May Be Surprised to Know That…

I was really shy once upon a time!

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BUSINESS SOLUTIONS

Make the Grade Educational resources for pawnbrokers

Pawnbrokers are expected to know a lot of things – how to merchandise their retail store, how to keep accurate accounting records, how to fix a Citizen watch, and the value of Aunt Bessie’s 80-yearold brooch from Zimbabwe. But where does the pawnbroker get his information when it’s not something he or she sees every day, when technology is changing at the speed of light, and lawmakers are enacting new legislation annually?

Many of NPA’s Industry Partner members offer classes, training sessions, workshops, and events. Whether you want to design jewelry, identify genuine watches, or ensure compliance with federal gun regulations, there are many resources available to you.

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Stuller, Inc.

Stuller’s Events and Education offerings reach out to jewelers as a community of likeminded individuals intent on both celebrating the world of jewelry and pursuing excellence in the jewelry trade. We know you need more than just products. That’s why we offer you the most powerful tools of all: knowledge, professional skill, and community through our Bench Jeweler Workshop, Bridge, and Transform events, and numerous laser welder and software training courses. Your success is our success.

And our goal is to help you make that success happen. See our complete line up of educational opportunities at stuller.com/events.

BUSINESS business SOLUTIONS sense

National Association of Watch and Clock Collectors, Inc (NAWCC)

NAWCC offers a number of workshops, events, and online programs about clock and watch care and maintenance. Two that may be of specific interest to pawnbrokers include “Evaluating Time – Research, Identify, and Value Wrist and Pocket Watches” and “Luxury or Lie?”. Both of these courses are presented by watch specialist Adam Harris at the NAWCC education facilities in Columbia, PA. For more information, visit nawcc.org.

National Shooting Sports Foundation (NSSF)

The National Shooting Sports Foundation (NSSF), the trade association for the firearms industry, has a wealth of resources to help pawnbrokers licensed to deal in firearm transactions stay compliant and improve their businesses. A quick trip to nssf.org and a click on the “Retailer” heading at the top of the page will lead FFLs to their home page. Once there, viewers can select from Compliance Topics, Retailing Strategies, and Security & Technology categories where they can find a vast library of free blog posts, webinars, and videos. NSSF also offers its all-day SHOT Show University (shotshow.org/shotshow-university) and week of Retailer Seminars (shotshow.org/retailer-seminars) that take place during January’s annual SHOT Show, both of which cover a wide range of topics from compliance to best business practices. Already an NSSF member and have questions? Contact Patrick Shay, NSSF Director, Retail Development at pshay@nssf.org.

Gemological Institute of America (GIA)

GIA Distance Education lets you learn the science of gemology from the convenience of your computer. Study anywhere, anytime with online classes. Then come to GIA to take lab classes. The result of your hard work is a respected diploma that prepares you for many

rewarding careers in the gem and jewelry industry.

See eLearning in action by viewing a demo of all GIA eLearning courses at GIA.edu/tryelearning.

Manufacturing Jewelers & Suppliers of America (MJSA)

MJSA, the trade association dedicated to professional excellence in jewelry making and design, provides several informational/educational resources ranging from technical and sourcing publications to the seminars it sponsors at industry shows.

MJSA Expo, which this year will take place March 12-14 at the Javits Center in New York City, always features a robust educational program. The 2017 program includes sessions on responsible sourcing, the effects of synthetic diamonds on the diamond trade, achieving excellence in custom design, and online marketing practices. The program also includes several demonstrations of bench techniques.

MJSA also sponsors its annual ConFab conference, which offers a full day of “profit lessons” for designers, as well as At the Bench and Beyond, a seminar program at AGTA GemFair Tucson that offers insights into bench techniques and business practices.

Through its BEaJEWELER program (beajeweler.com), MJSA strives to bring “new blood” into the industry and provide a foundation for professional success and satisfaction. The BEaJEWELER program partners with MJSA member schools to promote the benefits of a career in jewelry making and design, connects students with industry mentors, and facilitates students’ entry into rewarding careers.

More information about MJSA and its educational initiatives can be found at MJSA.org.

NPA

NPA also offers education and training through its Certified Pawn Professional (CPP) designation program; Pawn Expo, the annual convention and trade show; and the NPA online AML Compliance program. Visit NationalPawnbrokers.org for more information.

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Community involvement

Make Your Impact Help Build the Next Generation of Workers “The NPA scholarship has helped me immensely because I am able to keep furthering my education and to get one step closer to graduating without any outstanding debt. Rich Clousing and Highland Jewelry and Loan really took the initiative to put me under their wing and encouraged me to apply for the scholarship. After receiving the scholarship, I felt as though it gave me an even greater drive to pursue my career in the journalism field and make my town, family, and friends back home proud.”

– Dallas Milligan, 2016 FBL scholarship recipient

Would you like to do something that would make an impact in your community? Consider donating to NPA’s Future Business Leaders (FBL) scholarship fund. FBL was established by the NPA in 2003 and has since awarded approximately $140,000 to deserving students.

Donating your money for educational purposes is one of the smartest ways to make an impact, and here’s why: It Helps a Student – Studies have shown that those who have a college degree will not only receive more opportunities, but will also make more money. Many students will come out of college with thousands of dollars of debt to their name, and some will not even be able to finish their education due to their financial situation. Your donation, no

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matter how big or small, will help lighten the load for these students.

It Helps You – Not only do you have the opportunity to donate to a great cause, but it’s also tax deductible! More importantly, you’ll get personal satisfaction knowing you’re helping someone else.

It Helps the Community – You may not reap the benefits right away, but by helping a student complete their education, a company (maybe even yours!) will land a new employee. And who knows? You may have just found the next Mark Zuckerberg!

If you don’t want to donate money, NPA members in good standing can also sponsor a student from their community whether it is a child, customer, employee, or other individual, through the Future Business Leaders scholarship fund.

Scholarship winners are chosen based on academic performance, community leadership, and written essay submissions.

Join us in helping the next generation succeed.

To sponsor a student:

Download the guidelines and application form from the NPA website, NationalPawnbrokers. org, under the Community Relations tab. The deadline for applications is April 21, 2017.

To make a financial contribution:

Send your check to NPA, PO Box 508, Keller, TX 76244

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member benefits

Indeed.com Find the Right Candidates Today The National Pawnbrokers Association

has teamed up with Indeed, the world’s #1 job site, to provide members with a special offer. When you create an account, you can get $50 to be used toward a “Sponsored Job” posting. Sponsored jobs are the first jobs people see in relevant Indeed search results, receiving greater visibility than the free job listings. Make finding the right candidate easier - get started with Indeed!

• • • •

“Setting up an account with Indeed was so easy. Within minutes, I started receiving good, qualified candidates!”

2 00 million visitors each month All listings mobile optimized #1 external source of hires Provides 5x more hires than any other job site

To get started with NPA’s exclusive special, visit NationalPawnbrokers.org and search for the Indeed ad on the right hand side of the homepage.

–Dana Meinecke, NPA Executive Director

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MEMBERSHIP

Get On Board

Join the NPA Board of Directors Being on the Board of Directors for an

association can yield a lot of benefits; not only for you personally, but for your business and even the industry as a whole. Below are some of the ways joining your Board of Directors can be beneficial: 1. T he Association – You, as a board member, have the opportunity to improve the association you belong to by volunteering your time, skills, and industry knowledge.

2. Your Business – Being on a board has the potential to elevate your business on several fronts. It’s good marketing, can elevate your personal and professional reputation, and allows you to network with industry leaders.

3. You – According to health studies at Harvard University, volunteering is good for your body and mind. Being on a board can also introduce you to industry leaders in which you can learn new

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professional skills and business practices.

Being on the Board of Directors may take time and effort, but, in the end, it may just be worth it.

NPA Board of Directors Candidate Requirements: • Must be a member in good standing • M ust attend an NPA Legislative Conference in Washington, DC, and the accompanying Board of Directors meeting held in conjunction with the Legislative Conference OR attend two consecutive Board of Directors meetings prior to being considered as a candidate for the NPA Board of Directors All newly elected Board members will be installed at the Annual Membership Meeting and Breakfast at Pawn Expo on July 11, 2017, and will serve a two-year term.

For more information about the requirements, commitments, and the nomination process, email Dana@NationalPawnbrokers.org. Two important dates to note: March 10, 2017 – NPA must be notified of your interest March 31, 2017 – Board of Directors application due

Behind the scenes

Margie Swoyer Communicating For You, the Members

Margie Swoyer is NPA’s Director of

Communications & Marketing. Before joining the NPA, Margie worked in circulation management and decided that she wanted to use her experience with subscription marketing in a non-profit setting. She joined the NPA as the Director of Membership in 2010 and moved to her current position in 2014.

As the Director of Communications & Marketing, Margie’s role is to successfully communicate the vision and mission of the NPA to its members. She does so by directing the editorial, advertising, and production functions of the quarterly member magazine, National Pawnbroker, managing all email blasts, and developing all of the marketing pieces sent out by the organization. Margie says that her favorite aspect of her role is putting everything together.

“I am a planner by nature and like the idea of gathering the information, packaging it in an appealing way, and disseminating it by a certain deadline. Then it’s on to the next project,” she explains. Margie also admits there are difficult aspects to her job such as keeping all of the moving pieces on track so that deadlines are met. “Whether it’s conferring with contributors on article ideas, finding advertisers, or working with the printer on a new marketing piece, there are always a number of projects going on at the same time.”

When asked about her greatest accomplishment in her time with the NPA, Margie replied, “I’m very happy about the changes we have made in the look and feel of the magazine in the last few years as well as the content. I’m always looking for new ideas for articles that may be helpful to our members. I’m also very proud to have begun the NPA Mentor Program back in 2013.”

Margie originally hails from a small town in Iowa and graduated from Iowa State University in Ames with a marketing degree. Her first job out of college was with a customer data management

company in Des Moines. Six years later, she moved to Texas where she worked with the Boy Scouts of America as the Director of Fulfillment for Boys’ Life and Scouting magazines.

Since then, she has worked for several other publications, including the Beckett sports card price guides, Designs in Machine Embroidery, Success, and Live Happy.

Outside of work, Margie likes to sew; she even publishes her own sewing magazine, Too Cute Doll Designs. She also likes to read and states that the best book that she has ever read was “Coach Yourself to Success” by Talane Miedaner.

If you would like to contact Margie for anything regarding communications or marketing, you can reach her by email, Margie@NationalPawnbrokers.org or by phone, (817) 337-8830.

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(From page 22)

What Can Business Expect?

that is designed to take a tool out of the hands of business owners. Employer restrictive covenants, including non-compete agreements, are enforceable in most states throughout the country so long as they are reasonably tailored to the specific threats posed by the employee, and are not overly broad or unduly lengthy in their duration. As a successful business person, Trump not only seems unlikely to continue pushing states to dial back on the use of non-competes, we also suspect that he would veto Congressional efforts to limit the use of noncompete agreements against low-wage workers.

While Trump did not specifically address this issue during his campaign, he required his campaign staffers and even volunteers to sign confidentiality and non-compete agreements.

Of course, the future is difficult to predict.

However, we do know that the Trump administration views business and industry, and their impact on the U.S. and global economy, quite differently than the Obama administration. Thus, many are breathing a “sigh of relief� in hopes and in expecting a more pro-business, pro-growth business environment which will ultimately benefit business owners and managers, their employees and their families, and the overall U.S. economy.

SESCO’s role will be to provide updates and guidance as employers navigate through potential changes in labor law regulations. At this point, if

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At this point, if we had one piece of advice, it would be for those who are so inclined to continue to communicate with their U.S., state, and local elected officials as changing the culture and attitude (regardless of political party) will be difficult.

we had one piece of advice, it would be for those who are so inclined to continue to communicate with their U.S., state, and local elected officials as changing the culture and attitude (regardless of political party) will be difficult. Thus, continued communication of your expectations, wants, and needs as business owners and managers must continue to help transform our political landscape.

For more information, visit sescomgt.com.

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Registration Fee

EXHIBITORS

The FINEST vendors to the trade will be exhibiting all their best goods and services.

Come spend time with the companies you will WANT to do business with.

SCHEDULE OF EVENTS FRIDAY P.M. • WELCOME COCKTAIL PARTY There will be a complimentary cocktail party at 5:00 p.m.

A time to make new friends and renew old acquaintances.

SATURDAY 5-6-17

SUNDAY 5-7-17

8:00 a.m. - 9:00 a.m.

SEMINAR 9:00 a.m. - 10:00 a.m. SEMINAR 10:00 a.m. - 11:00 a.m. SEMINAR 11:00 a.m. - 12:00 p.m. SEMINAR 12:00 p.m. - 4:00 p.m. Exhibit Hall Hours 12:00 p.m. - 1:30 p.m. Lunch (IN/NEAR EXHIBIT HALL) 4:00 p.m. - 5:00 p.m. SEMINAR 6:00 p.m. Cocktail Reception/banquet 7:00 P.m. Keynote Speaker 8:00 P.m. Live Auction To Benefit State Associations

8:00 a.m. - 9:00 a.m. SEMINAR 8:00 a.m. BREAKFAST (EXHIBIT HALL OPENS) 11:30 A.m. $1,000 Drawing 11:30 A.m. Exhibit Hall Closes 11:30 A.m. State Association Meetings

LOWEST PAWN CONVENTION REGISTRATION FEE OF

99

$

INCLUDES:

1. Friday Welcome Cocktail Party 2. Saturday Lunch, Evening Cocktail Party, Banquet, Keynote Speaker, and Auction 3. Sunday Breakfast 4. Admittance to All Seminars, Exhibit Hall, State Association Meetings, and Other Surprises

CONVENTION HOTEL

Franklin Marriott Cool Springs 700 Cool Springs Blvd.

Franklin, TN 37067 For Reservations: 615-261-6100 • Convention Room Rate $129.00 For More Information and Registration Form Contact Ron Stempkowski • (219) 261-3173 • email 1IPA@comcast.net ALL CONVENTION ATTENDEES SUBJECT TO APPROVAL BY MANAGEMENT

MEMBER NEWS

National Pawnbrokers Association New Members November 1, 2016 – January 31, 2017 Pawnbrokers California Atascadero Jewelry & Loan • Atascadero Florida Queen of Pawns • Orlando Queen of Pawns • West Palm Beach Dan’s Discount Jewelry • Crestview

Nebraska Sol’s Jewelry & Loan • Omaha New Mexico Broadway Pawn • Farmington Oregon All That Glitters Jewelry & Loans • Tigard Texas Pronto Pawn • San Antonio

Georgia Smyrna Pawn Brokers • Smyrna

Washington Cash Northwest, Inc • Centralia E-Z Pawn Inc • Port Angeles

Indiana Pawn King • East Chicago The Gold Nugget Pawn Shop, Inc • Hope Michigan American Jewelry & Loan • Hazel Park

(From page 35)

Coins and Bullion Online Resources

Your

Full Service

Consulting Company

Pawn and Precious Metals Compliance IRS Compliance Audit Guidance Check Cashing and Payday Loan Turnkeys

Serving the pawn community since 2005

1-866-204-7209

www.checkconsultants.com 54

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kitco.com/market markets coininfo.com markets and prices for

common bullion items dillongage.com market maker in bullion upstatecoin.com market maker in common

bulk coins and bullion apmex.com market maker in gold

and silver monex.com retail market maker for

gold and silver fakebullion.com resource for reference ccpm.com market maker in bullion jackhuntgoldsilver.com market maker in bullion aliexpress.com source of counterfeit

gold and silver ha.com auction house with over

a million price records pcgs.com slabbing company

with retail values ngc.com slabbing company

Contributors to this column include Greg Engstrom, AmeriPawn of Valparaiso, and Jamie Smith, Allied Pawn and Jewelry.

LIQUIDATE YOUR SILVER INVENTORY Clear out your silver now with Dillon Gage Refinery.

Flatware, jewelry, scrap - Time to turn it into Cash.

Need 2-day processing?

Call Dillon Gage for a shipping label.

888.436.3489 REFINING: 888.436.3489 TRADING: 800.375.4653 DillonGage.com TRADING

STONE REMOVAL

TECHNOLOGY

STORAGE

state news

State Association Updates State pawn news across the nation

ILLINOIS

INDIANA

Illinois Pawnbrokers Association arlingtonloan@sbcglobal.net

Indiana Pawnbrokers Association gregengstrom@hotmail.com

In December, Chris Stone, Indiana Pawnbrokers Association lobbyist, and I met with the Illinois Department of Financial and Professional Regulation (IDFPR) in Springfield to discuss the advancement of their requested changes to the Pawnbroker Act. We were informed that IDFPR, after just a minor change to the wording, does not oppose any of the requested changes pertaining to transfer of title. In addition to the issues of title transfer discussed at our last several meetings, the change will clarify that in the event of a pawner’s death, that person’s estate will be able to maintain the pawn and redeem it if desired. We are now ready to move forward with lawmakers to implement these changes.

IDFPR, like most other departments in the state of Illinois, is trying to become paperless as much as possible. This will include new applications and licensing renewals. As explained to us, this will not only be beneficial for the IDFPR, but will simplify the process for pawnbrokers by moving most, if not all, of the processes online. This change, if approved, will take place this year.

Lastly, we have seen more fake gold scams circulating in the last three months than during the height of the gold rush. Be extremely careful.

The Indiana Pawnbrokers Association has been working to remove the ban on handgun pawn loans for nearly 20 years. The ban, for no reason anyone can remember, dates back to the end of the Great Depression. As of this writing, Senate Bill #13, with a large group of supporters, including the NRA, is in the legislature to remove the ban. We are expecting that it will be removed, but this is politics, and anything can happen.

Another bill was also introduced in the Senate that the association opposes. This bill, which requires pawnbrokers to record the race of every customer selling us items, simply doesn’t make sense in today’s world.

We are proud to announce that Indiana boasts more than 50 percent membership again in 2016, a tradition that has been in place nearly every year since Steve Krupnik founded the association in 1990.

Another milestone we are proud of is the Midwest Pawn Convention. Now celebrating its 26th consecutive year, it will be held May 5-7 in Greater Nashville. For more information, visit MidwestPawnConvention.org.

Kelly Swisher, President

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Greg Engstrom, President

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state news NEW YORK

Eric Modell, President Collateral Loanbrokers Association of New York eric@modellfinancial.com

Over the years, we have shared with you the events coming out of New York. First, there was the introduction of a law that required us to upload data to LeadsOnline. Second, city officials tried to circumvent our challenge to the new law by issuing subpoenas to pawn shops demanding the production of all business records for a year.

As you have been reading, the Collateral Loanbrokers Association of New York (CLANY)

has been successful on all fronts!

But the war is not over yet. A positive ruling for CLANY was appealed, and at the time of this writing, we are eagerly awaiting a decision. In the matter of the subpoenas, after the City put forth frivolous arguments, they decided to withdraw their subpoenas. This was likely to avoid a decision against them, which would have set a wonderful precedent for our industry.

Throughout this ordeal, the NPA has been supportive of our efforts and we are greatly appreciative of all the assistance that has been provided. We remain confident that our decision will be upheld and the industry will be victorious!

OHIO

Lou Tansky, President Ohio Pawnbrokers Association lou@unclebenspawnshop.com

As you know, the Ohio Pawnbrokers Association (OPA) has been involved in working on some changes to the Ohio Pawn Act. On December 27, 2016, Governor John Kasich signed sections of HB235 which, in part, updates and modifies certain sections of the Ohio Pawn Act. The effective date will be around March 28, 2017. We have been in discussions with the Division of Financial Institutions as to the best way to notify pawn licensees of these changes and implementation of same. We will advise with more details as we get closer to the implementation date.

Specifically, the changes are: • An increase of the interest percentage rate from five (5) percent per month or fraction of a month to six (6) percent per month or fraction of a month • An increase of the storage fee from four dollars ($4.00) per a month or fraction of a month to six dollars ($6.00) per month or fraction of a month • An increase from two dollars ($2.00) to five dollars ($5.00) for the cost of notifying a pledger by mail that the pledged articles may be forfeited • An increase from two dollars ($2.00) to ten

• • •

•

• • •

dollars ($10.00) for licensees who comply with the requirements or procedures of the Brady Handgun Violence Protection Act (NICS background check) • A pawnbroker may accept a portion of the outstanding principal loan amount at any time.

Pawn terms change from three (3) months (2 months plus 30-day notice) to four (4) months (3 months plus 30-day notice).

A pledger may now prepay interest and storage charges for the current month of the loan.

Pawns may be redeemed at any time after the pledge has been made (elimination of the 72-hour hold period) although the retention of all purchased articles for fifteen (15) days remains intact.

Effective with the two-year period beginning June 30, 2017, licensees need to have one person per location to receive eight (8) hours of continuing education per two-year period.

Increase in liquid asset maintenance of seventyfive thousand dollars Increase of the surety bond in place of required liquid assets to fifty thousand dollars Elimination of the two dollars ($2.00) lost ticket charge

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pawnder this

Throw Backs

By Rudy Klancnik

I’m all for advancements. For instance, I’m so happy that the iPhone replaced my flip phone and the iPod replaced my Sony Walkman.

I’m thrilled to no longer have to carry a beeper, and the digital video recorder might just be my favorite invention next to the annual Sports Illustrated swimsuit issue. I also adore my back-up camera, my graphite driver, and my drone, although I’m really not sure what to do with the drone now that I’ve become bored spying on my neighbors.

But the world is moving so fast that I think we all need to tap the brakes and appreciate a few items that quickly are going the way of the T-Rex. Cases in point: The Shopping Mall

By the time my 12-year-old graduates from high school, every mall in America, including the Mall of America, will be a parking lot, a public school, or a Wal-Mart. They just aren’t standing the test of time.

Look, I get it. You can order everything – and I mean EVERYTHING – on Amazon Prime, and it will be hand-delivered to your door the very next day. My wife is more addicted to this service than Johnny Football is to Vegas nightclubs. And

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it’s costing us nearly as much. So, yes, the mall is suffering. They’ve basically become sad ghost towns where anchor stores such as Macy’s, J.C. Penney, and Sears hang on for dear life.

The Baseball Card

My son watches SportsCenter with breakfast, scans Bleacher Report throughout the day, and finishes the evening watching whatever live sporting event happens to be on TV. Yet he doesn’t devote one single shoe box to his baseball card collection. That’s right, I’m a terrible dad. I’m failing my own son by not mandating that he understand the glory of busting open packs of Topps cards to find doubles of every meaningless player imaginable.

Again, I get it. Playing a video game that looks more like the real thing than the real thing is pretty darn cool. And maybe I wouldn’t have collected baseball cards had I grown up in his technologycrazy era. But baseball cards taught me so much about the world – how to negotiate a good deal, to be fixated on profit, and that the stick of gum that used to come in each pack tastes as good as eating aluminum foil.

Industry Partner Spotlight

(From page 16)

Stuller, Inc.

processes and product through technology, whether we’re using it for manufacturing or passing on the technology to customers through digital software.

Talent also plays an important role in ensuring we’re always ahead of the game.

NP: What is Stuller’s key to success?

TK: Passion. At Stuller, we firmly believe that

each associate leads to our success in the jewelry industry. With a solid 40-year history, our success is a direct result of the contributions and work ethic of all associates. We are committed to recruiting the best talent for every facet of our business and are passionate about serving our customers.

ourselves on offering careers, not simply jobs.

NP: How do you give back to your community?

TK: Stuller is one of the largest providers of employment in our area. In addition, Stuller regularly gives back to the community through service, food drives, fundraisers, charity walks, etc. We also sponsor various community events throughout the year.

NP: Why are you a member of NPA? TK: The pawn customer is an important customer

segment for Stuller, and we are grateful for their partnership. We want to continue to provide the best quality products, tools, and services to help grow their profit.

NP: How can our members learn more about

Stuller’s products and services?

NP: What do you look for when hiring

new employees?

TK: We look for the potential a person has, not only what experience they possess. At Stuller, we pride

TK: Members can learn more about our products and

services by going to Stuller.com or calling our call center at (800) 877-7777.

pawnder this The Newspaper & News Magazine

You hold in your hand something of an heirloom. It’s called a magazine. I’m as guilty as the rest of you in no longer subscribing to my local newspaper. About the only time I pick up a newspaper is when I’m traveling or sitting at the oil change place.

But you know who loves the newspapers, even though he won’t admit it on Twitter? President Donald J. Trump. He adores the newspaper. And although he seems to hate everything said by The New York Times and Washington Post, the fact that he’s reading every word should say something to all of us. Newspaper and magazine journalism, in my humble opinion, is going to make a big comeback over the next four years.

Golf

Yes, the golf displays at Academy Sports & Outdoors and Dick’s Sporting Goods are shrinking while the yoga pants displays are expanding faster than a mom driving an SUV en route to

Starbucks. But I continue to have faith we won’t lose the greatest – and most frustrating – game on the planet.

As much as I love hoops, baseball, and football, what 50-year-old can play any of those without having his orthopedic on speed dial? But I can play golf until they toss dirt on my grave. And while I don’t want to be too redundant, President Trump could very well make golf our new national pastime – if for nothing else than to feed his branded golf courses.

Cursive Writing

Other than signing your name when paying your bar tab, when else do you utilize that amazing skill we learned way back in grade school? It’s such a beautiful writing style yet we ignore it for boring block letters that have the personality of a pet rock. Let’s all make an effort to bring cursive writing back.

Rudy J. Klancnik writes for fun, sells stuff for a living, and cheers for any team playing Ohio State or the Yankees.

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calendar of events

Index of Advertisers

March 2017

DIXIE CONFERENCE AND TRADE SHOW March 10-12, 2017 Perdido Beach Resort Orange Beach, AL Contact Rosemary Hipps: Larrysjp@comcast.net

Midwest Pawnbrokers Convention 53 (219) 261-3173 midwestpawnconvention.org

Bravo Pawn Systems (888) 407-6287 bravopawnsystems.com

May 2017

50

13

15

The Buyers (562) 945-7276 thebuyers.com

7

Dillon Gage (888) 436-3489 dillongage.com

55

Firerox 42 (213) 624-1111 firerox.com

MIDWEST PAWNBROKERS CONVENTION May 5-7, 2017 Franklin Marriott Cool Springs Franklin, TN Contact Ron Stempkowski: 1ipa@comcast.net

July 2017

Rapaport Auctions (212) 354-9800 rapaportauctions.com

24

RMF Consulting Group (866) 204-7209 checkconsultants.com

54

Geib Refining (800) 228-4653 geibrefining.com

42

Stuller, Inc (800) 877-7777 stuller.com

8

United Precious Metal Refining Co (800) 999-FINE (3463) unitedpmr.com

47

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

48

White Pine Trading (646) 666-7588 whitepinediamonds.com

International Gemological Institute Inside Front Cover igionline.com

11

Paysouth Merchant Services 18 (617) 578-9444 paysouth.com/partners/npa

35

Hoover & Strong (800) 759-9997, ext 164 hooverandstrong.com

CALIFORNIA PAWNBROKERS ASSOCIATION CONVENTION October 27-29, 2017 Paradise Point Resort San Diego, CA Contact Kim Andosca: KAndosca@amgroup.us

Padmavati Exports (212) 869-0544 padmavatiexportsinc.com

Garrett Metal Detectors (800) 527-4011 garrett.com

Hi-Tech Precious Metals & Refinery (866) 950-7528 hitechPMR.com

October 2017

North American Metals 50 (800) 773-1626 northamericanmetals.com

Stallcup Group (817) 479-3880 stallcupgroup.com

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

PAWN EXPO 2017 July 11-13, 2017 NEW DATES! The Mirage Hotel and Casino Las Vegas, NV Contact Robbie Ellis: PawnExpo@ NationalPawnbrokers.org

National Pawnbrokers Association

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

Bluestone Trading Company Inc Back Cover (888) 800-BLUE (2583) bluestone-trading.com

2017 NPA LEGISLATIVE CONFERENCE April 25-26, 2017 The Hamilton Crowne Plaza Washington, DC Contact Dana Meinecke: Dana@NationalPawnbrokers.org

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ADVERTISER Page

Aagam Creation LLC (248) 961-0506

April 2017

60

ADVERTISER Page

Worldwide Diamond (213) 622-2191 wwwdiamond.com

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3

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The NPA does not specifically endorse any entity including but not limited to exhibitors and advertisers; makes no representations, warranties, or guarantees; and assumes no responsibility for the products or services provided by these entities.

The NPA expressly disclaims all liability for damages of any kind arising from the use or the performance of the products or services provided by these entities.

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SPRING 2017

WEXLER INSURANCE AGENCY, INC.

INSURING

PAWNBROKERS

SINCE 1968

The Best Coverage at Competitive Prices Available Coverages: v Pawned & Owned Jewelry & Guns

No Coinsurance for: v Pawned & Owned Guns & Jewelry or Other Stock

v Pawned & Owned Other Stock

v Business Personal Property

v Memo

We pay based on your choice of the following:

v Products Liability for Guns & Ammunition

v Actual cost of the loan plus legally accrued interest

v And many more see back page

v 2 or 3 times pawn value

Wexler Insurance Agency, Inc. 1120 Ponce de Leon Blvd.

Coral Gables, FL 33134 Tel: 305-445-5050 Fax: 305-448-8189 Nationwide: 1-888-4-WEXLER 1-800-432-1853 E-mail: info@wexlerinsurance.com

v Replacement Cost

New York Office 580 Fifth Avenue Suite 715A New York, NY 10036 Tel: 212-391-5211 Fax: 212-391-5212 California Office 2711 East Coast Hwy. Suite 106 Corona del Mar, CA 92625 Tel: 949-723-3835 Fax: 949-723-3839

Ohio Office 7363 E. Kemper Rd. Suite C & D Cincinnati, OH 45249 Tel: 513-891-2131 Fax: 513-891-2132

Ask about our exclusive Workers Comp program for Pawnshops which is available in all 50 states.

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

Something this exciting shouldn’t be kept a secret!

It’s no secret that Bluestone Trading Company is known for its top-dollar offers.

From one piece to entire estates, family trusts and more – we buy it ALL! We’re a company with Midwestern values that treats our customers the way we want to be treated – since 1978.

• Free Overnight Shipping

• Same Day Wire Payment /Overnight Check • Huge Inventory

BUY • SELL • MEMO • 888 800-BLUE (2583) • www.bluestone-trading.com • webinfo@bluestone-trading.com