Capital Hacking E365: Lessons from Leading a 105-year-old Family Business with Philadelphia Legend, Stanton Myerson
In this episode of Capital Hacking, we had the pleasure of welcoming Stanton Myerson, a renowned figure in the pawn industry and a close friend of mine for over 20 years. Stanton, known as the "Philly Pawn Boss," shared his fascinating journey and insights from running a pawn shop that has been in his family for generations.
We kicked off the conversation by diving into Stanton's unique upbringing in Chester, Pennsylvania, where he was influenced by a family legacy that dates back to the early 1900s. He dispelled common misconceptions about the pawn business, explaining that it primarily involves making loans on collateral, much like a bank does with mortgages, but with a wider range of items beyond real estate.
Stanton's energy and humor made this one of the funniest episodes we've recorded. He shared stories about his successful ventures in the pawn industry, including high-value items like jewelry and collectibles, and how he has diversified into real estate and community service. His commitment to self-promotion and community engagement has helped reshape the perception of pawn shops, especially after the popularity of shows like "Pawn Stars."
We also explored Stanton's impressive work ethic and daily routines, which have contributed to his success. He emphasized the importance of building trust with clients and treating everyone with respect, regardless of their background. His dedication to his work is evident in the way he interacts with customers and employees alike.
Ultimate Show Notes:
00:01:08 - Stanton's Background and Family History
00:02:20 - Misconceptions About the Pawn Industry
00:03:40 - Understanding the Pawn Business Model
00:05:55 - Diversification Beyond Pawnbroking
00:08:02 - Most Profitable Items in the Pawn Business
00:09:29 - Building Trust with Clients
00:11:27 - The Role of Pawn Shops in Financial Emergencies
00:12:09 - Fun Anecdote: Stanton's Video with John Edwin
00:14:40 - Unique Items in Stanton's Collection: The Lombardi Trophy
00:17:00 - The Pope's Chair and Community Engagement
00:22:43 - The Importance of Dressing for Success
00:28:33 - Stanton's Responsibility as a Business Owner
00:29:29 - How to Connect with Stanton Myerson
Follow Stanton Myerson on Socials:
https://www.facebook.com/Lousjewelrypawn
https://www.youtube.com/channel/UCOWlSYFPpCYfd6IakLLBUaA
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