The economy is tough for many people right now, but Brad Shain
says that's not why the largest local pawnshop company chose this year to make its biggest expansion move ever.He
says it's because 15-year-old Pawn X-Change waited until it fully developed the managerial know-how needed to lend money on everything from used DVDs to a $5,000 watch."To scale this business is tricky - it's got a lot of moving parts," says Shain, the president and CEO of MaXit Financial, which owns Pawn X-Change.
Nonetheless, there's a steady clientele of people who "just can't make that paycheck stretch," Shain
points out that financially strapped consumers are charged more at payday lenders.
A bag pulled out at random turns out to hold a Cartier watch - "probably a $5,000 watch," Shain
says - that has eight 90-day pawn tags on it.
To keep experienced employees, MaXit
pays full health insurance for those who've been there 11 months, and offers a 50 percent 401(k) match, Shain
The economy's current woes have not brought a huge burst of new business, according to Shain