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Les Gold Discusses How to Negotiate Your Way to the Top
Les Gold knows the value of thoroughly learning your profession before open- ing your own shop. Star of the hit cable TV show "Hardcore Pawn," which quickly catapulted him to nat ional fame, he i s any- thing but an overnight sensation when it comes to business.
Gold began working in his grand- father's Detroit-based pawnshop, Sam's Loans, as a child and made his first sale at just 7 years old. He spent 24 years learning the pawnbroker business before he stepped out and opened his own shop.
His business, American Jew- elry and Loan, fist opened in a 1,500-square-foot store in Oak Park, Mich., a suburb of Detroit, in 1978. Gold built his business to where he could move into a 50,000-square- foot store in Detroit in 1993, which currently employs over 50 people. Gold's continued success allowed him to open a second store in Pon- tiac, Mich., in 2011.
The "Hardcore Pawn" TV pilot aired in 2009 and the series began in 2010. Now seven seasons in, the show touts nearly 4 m illion view- ers and is considered a rem ark- able success for a n iche network (TruTV). Season eight premiered on Dec. 17, 2013.
Building a Small Business
In discussing his top tips for build- ing and running a suc cessful small business, Gold said, "It's important to know your product inside and out. Don't look at your competition, as losing that focus will cause you to make mistakes. If you keep your eye on the competition, you'll have your eye in the rearview mirror and lose sight of what's in front of you."
In selling, he said, it's essential to remember the three most impor- tant keys to successful negotiation:
1. Manage the emotion -...