F. 11 business hacks for Michigan from stars of 'Hardcore Pawn'

Everybody's selling something at the Mackinac Policy Conference this year.

So it may be no surprise that there's a place for the owners of Detroit's largest pawn store at the Grand Hotel.

Business expansion, legislative debate, and employee retention are all top of mind for Detroit's regional leaders as they gather for the annual conference sponsored by the Detroit Regional Chamber.

And, I learned today, that those are the same issues that brought Les Gold and Seth Gold to the island.

The pair own American Jewelry and Loan on Greenfield on the city's northwest side. That's a four-generation business in the city, but they may be more widely known as the stars of the "Hardcore Pawn" reality TV show.

Here are 11 business lessons gleaned from the pair:

* Look for expansion opportunities: American Jewelry and Loan opened in Pontiac a couple of weeks ago. And soon it will operate at John R and Eight Mile in Hazel Park. It's been based in the city for decades, but the owners chose not to grow. Now, the time seemed right to finally open new stores, going from 3,500 square feet to 10,000.

But do it cautiously - and make sure your partner is on board: "If it was up to me, we'd have 10 locations within 18 months," Les Gold said. But that's not how it will work for Seth, his son. "Having three so far" is a better pace, he said.

Recognize who's visionary in your organization: Les and Seth clearly work together as partners, aside from the family connections. And Seth, said Les, is developing into a national pawnbroker industry leader. But Seth notes that Les is anticipating their next steps in a different way. "He's big-picture," Seth said.

* Step out of your bubble: American Jewelry and Loan is a hub of activity, as we know from the TV show. It attracts about 1,000 customers per day. And with 50 employees, Les and Seth have a lot to keep them busy. But they drove to Mackinac Island to be a part of the conference so they could be a part of a bigger movement: Furthering business in the region. As city business owners, participating in the policy conference is an example of the pair "being responsible," Seth said. "... We need to keep up with the pulse of the climate of Michigan (business)."

* Don't make assumptions: This was my bad. I asked about business, since I thought the pawn business would decline as employment rises. Les set me straight: "When times are good, people come in to buy things."

* Know your market: Those of us with bank accounts and access to credit may not get this. But Les and Seth are working with people who don't. They say they're performing a service through the loan aspect of their pawn business. "There are 25 million people in the United States without access to a traditional bank," Seth said. "... There's always going to be a need for (pawn stores) in any economy."

• Change is coming, so be ready. Pawn stores have been around for 3,000 years and they'll be around for 3,000 more, Les said. But within that, store owners need to be ready for anything. Les and Seth said they are. Seth offers a more blunt assessment of why: "You can be a part of change or be subject to change."

* Fame doesn't have to change a person: I know about Les and Seth from TV - and I was excited to see them. In fact, I had to wait a minute to talk to them while Flint Mayor Karen Weaver got a photo with the pair. They gained notoriety from television. Their business existed before that and they're working for its survival after their run on TV ends. But they're making the most of it: "It's cool to have a TV show, since it's a platform for people to recognize us," Seth said.

Believe in Michigan: The state gave Les and Seth their business opportunities, they said.

• Believe in yourself: But it's not all up to the state. Les, for example, wears his drive. He's intense, even when just chatting casually. He says he knew with what he brought to the opportunities he found, he was going to be successful.
• * And believe in Detroit: "Right now in Detroit, things are changing quick," Les said. He's based closer to Southfield than downtown, but the overall changes in the city impress him. He mentioned downtown and Midtown. And his message to others in Michigan is to give the city another chance: "It's a good idea to come to the city," he said.