1st Cash Pawn & Gun Store
It was 1984. My father introduced me to
an abandon building on the corner of 6th South and State Street in the heart of
downtown Salt Lake City and told me of his plan and desire to start a pawn
A short time later, while in high school,
my father asked me to quit my job at the hardware store and work for him after
school. Together, along with the help of many others, the business grew to five
stores. Rothchilds Sales & Loan became Utah 's largest, most successful
pawn shop chain.
My father enjoyed the pawn business
almost as much as he enjoyed having his family, including five boys, working
with him. Being of one the oldest brothers, I managed the West Valley City
store from start-up to profitability. In the years that followed many events
transpired providing positive growth opportunities which were both challenging
Before my father passed away Rothchilds
Sales & Loan had already caught the attention of many large pawn shop
franchises outside of Utah . However, it wasn't until after his death that the
decision to sell the business was made.
After fifteen exciting years in the pawn
business I decided to look for a new challenge. However, it seemed like I was
continually drawn back to my experience in the pawn business. After a day of
snowmobiling in the Rocky Mountains, a couple of guys who knew of the success
of our former chain of pawn shops, and recognized the business potential of the
pawn business, provided me with the extra help and encouragement.
My partners and I introduced 1st Cash
Sales & Loan, based on the same principles and ideals of the former
Rothchilds. Incorporating cutting edge pawn broker philosophy 1st Cash quickly
gained momentum, even in an already competitive market.
It wouldn't be true to say I know of no
other business. I began a career as a stock trader and trader of mutual funds.
However, it is true that I personally know of no other business that is as much
fun and provides as much variety. Along with the ability to make loans to
people, a pawn broker has to be a good negotiator, an expert appraiser, a
jeweler, gun dealer, loan processor, retailer and among other things, a
As times change many things remain the
same. Honesty and integrity are fundamental and key ingredients to success.
Regardless of how pawn shops are perceived, they indeed fulfill a niche in the
community. Often called "the world's second oldest profession",
pawnbroking finds its roots as far back as three thousand years ago in ancient
China . The settlement of America began with pawnbroking as the only lending
system. Queen Elizabeth pawned her crowned jewels so as to pay for Columbus
voyage to the Americas.
The common misunderstanding of the pawn
business is understandable given many people's limited knowledge of the
business. Unless someone has been introduced to pawning at some point, the
tendency of many people is to believe the way the pawn industry has been
portrayed by the movie industry.
1st Cash Sales & Loan opened for
business May 22, 1989. The name 1st cash was chosen to represent the first
convenient and logical way to acquire cash for short-term monetary needs. The
average person has probably never considered pawning as a way to obtain needed
cash. However, people in all economic conditions need money from time to time -
some just require more than others.
Pawn shops have been around for a long
time and it isn't likely that they are going away. However, they have become
more user friendly. Still, many people are not concerned about that. They just
like to find bargains on quality one of a kind and often times unusual
Troy Thompson, Owner