Lauren Kaminsky, president of EZ Pawn Corp, is one of the very few women, and youngest, in the business of pawning. We asked Kaminsky how she succeeded in partnering with nightlife giant TAO Group and how she handles negotiations in a male-dominated industry.
“I am a third generation pawnbroker. [I] would say it’s just in my blood! The partnership with Beauty & Essex occurred right when I had graduated from Boston University, I was living in the city and looking to do “more” with my time — I was never one to sit still and this seemed like a great opportunity! That was back in 2010. Now we have expanded to the Beauty & Essex ‘pawn-shop’ inspired retail stores. Although the Beauty & Essex locations do not pawn anything, we try to keep the aesthetic and vibe similar to my ‘real’ New York City pawnshops. I oversee [a total of] 15 EZ Pawn Corp locations with my dad and brother.
My partnership with TAO Group was the perfect fit for their first Beauty & Essex location in New York’s Lower East Side. With the store at Beauty & Essex being my space to display items from our real pawnshops, it acts as the ultimate ‘treasure hunt.’ I love that our stores are set up with Cartier rings and vintage Rolex watches next to costume and other non-designer pieces, which may also be casually next to a book signed by Michael Jackson. To me, that is the pawnshop aesthetic and experience. We have the great merchandise, you just need to find what speaks to you and gravitate towards it.
“At first, being one of the few women and youngest in the pawn industry was intimidating but I am a firm believer in that you do not ask for respect– you earn it.”
Four years ago I was asked to sit on the board of directors for the National Pawn Association and felt that I had earned my place. Having my father and family by my side in this industry also has helped a lot. I never envisioned working in my family business and the day my dad asked me for help, which he seldom asks anyone, was a big day for me. TAO Group also believed in partnering with me my first year out of college. It’s the people that lift you up and support you from the beginning that gives you the confidence to move forward in business and power to negotiate without ever doubting yourself.
A lot of people don’t realize that pawnshops sell their jewelry wholesale to vendors within the industry. When I first started working with my dad, I was in charge of one of his largest vendor accounts for our vintage jewelry sales. This vendor taught me a quick lesson— to always negotiate in advance and upfront. If you wait until the end, you lose bargaining power and price control. He taught me the hard way and I will never negotiate after a price is set.
“Always ask yourself ‘how much is this really worth to me?’ Once you come up with your number be firm and be fair.”
I never ‘low-ball’ and think if the price and ‘value-added’ are fair, then it’s not worth haggling over. I may not be your typical pawnbroker, specifically for this reason though!
Although once a negotiation fails, I see it as a learning experience versus a defeat. I am still young in my career and cant over analyze every decision and mistake with regret. You get up, move forward, and try to get any return you can get back from it. I think a lot of people, without setting women aside, think negotiation is like the movies. You come in low, the seller comes in high, and you meet in the middle– perfect world scenario, right? However, businesses today are competing with e-commerce and large players.
“Speaking for my own business, we price to sell and if we can negotiate we will but the offer has to be valid and fair for me to even entertain it. Always play fair and ask to speak to an owner if possible.”
Yes. Although my dad is the pawnbroker, my mom is the true CEO of the family. She taught me everything I know when it comes to dealing with other people and vendors. Growing up my mom would take me to consignment stores and flea markets, always looking for the best deals. She would “hunt” to find things on sale and would get a thrill on a great buy. From a young age I was taught by her – if you don’t ask, you don’t get. I always see no downside in asking for what you want and have always been pleasantly surprised when I do.
I think it’s important to do what you love. I am guilty of doing this I but would say my life actually has inspired my work. By taking great vacations, spending time with my family, enjoying everything I can. I appreciate and work that much harder to always do more, experience more, [and] get to more places. Taking risks and adventures inspires what I do everyday. Also, after having a baby and understanding the importance of motherhood and parenting, my corporate goals have shifted. Learning first hand what it’s like to raise a family, and have a (few) full-time jobs, has made me a more empathetic and caring owner and CEO.
I believe it was Chef Chris Santos that told me this when we were discussing having the pawnshop open with the Las Vegas location: I wasn’t sure if I was capable and he told me that “although it’s across the country, it just needs to be done like everything else we do. moving forward with one foot in front of the other. One day at a time in the right direction, gets you more than jumping in or not going forward at all. He is one of the hardest workers I know and inspired me to just keep going!”
— As told to Ajolla Cole
Photo Courtesy: Beauty & Essex
