EP 9 — Pawn Stars’ Rick Harrison on Leveraging Media to Build a Business Empire and Smarter Sourcing Strategies

In this episode of Smarter Sourcing, John speaks with Rick Harrison, founder and host of the TV series Pawn Stars and the founder of the Gold & Silver Pawn Shop. Rick shares his journey from humble beginnings to becoming a household name in the pawn industry thanks to his international hit show Pawn Stars. 

He discusses the importance of media strategy in elevating his business and how leveraging media appearances led to the success of his TV show. Rick also emphasizes the importance of honesty and reputation in building a long-lasting business. Additionally, he provides insights into the role of strategic marketing in gaining public trust and the necessity of adapting to new technologies to stay competitive. 

Topics discussed:

• The hurdles Rick overcame in obtaining the necessary licenses to open a pawn shop and the legal battles involved.
• Insights into working with his father and the challenges they faced in establishing their first pawn shop.
• How Rick used media appearances to generate publicity and boost his business, eventually leading to the creation of Pawn Stars.
• The importance of maintaining honesty and a good reputation in transactions to build long-term business relationships and success.
• How the Internet and AI have transformed the pawnbroking business, making it easier to source items and stay informed on market trends.
• The extensive training programs for employees, including specialized courses on various valuable items like watches and collectibles.
• Rick’s stories of some of the most memorable and profitable transactions he has made over the years.