We apologize for any

inconvenience and hope that all of our customers remain safe in the m

idst of this inclement weather.

Thank you.

Modell Collateral Loans, Inc. & the Modell Family

*Update* – Our stores remain closed Tuesday October 30, 2012.

On Tuesday, September 18, 2012, the Collateral Loanbrokers Association of New York attended the New York State Chiefs of Police Association Expo inHuntington,NY. This was the first time CLANY had ever attended an

expo as a vendor. On hand for CLANY were President, Eric Modell and Vice President Veronica Cantwell. Our goal was to speak to as many law enforcement officers as we could in an effort to clarify the service pawnshops provide to the public and to instill a belief that pawnbrokers are eager to work with law enforcement and to change the opinion that many officers have, which we believed to be that pawnshops are synonymous with second hand dealers, and that we operate a place where stolen property lands.

The expo was open to chiefs of departments as well as several ranking officers looking for advanced technology crime fighting tools. Attendance was far less than expected, due in part to the horrible weather. We were the only vendors not selling anything, and most of the attendees had a questioning look on their face as they read our banner. Their confusion, and our flashing red and blue flashlights, made for a great conversation starter.

We spoke to several of the attendees, most of whom clearly had the stereotype in their heads – “Pawnshops are where thieves sell stolen merchandise.” The announcement of their understanding led to a great conversation about what pawnshops do, who we serve, and why we are not a place that is an outlet for stolen property. While none of the officers we spoke to were ones who regularly visited pawnshops in their municipalities, they all took the information we were providing and assured us they would pass it along to the appropriate people in their departments.

I believe that even though officers were hunting for tactical/riot gear, sirens and lights, on-board camera equipment, license plate readers, or other cool stuff that only cops can get, the ones that visited the CLANY booth definitely learned something about pawnshops that they did not know the day before. The officers that we spoke with also expressed gratitude for our being there and demonstrating that pawnbrokers do in fact, want to work with law enforcement, not against them. Of course, we made ourselves available for any future questions that they, or others in their departments, might have. This was definitely a worthwhile effort and one that I see CLANY continuing to participate in the future.Rich Text AreaToolbarBold (Ctrl / Alt + Shift + B)Italic (Ctrl / Alt + Shift + I)Strikethrough (Alt + Shift + D)Unordered list (Alt + Shift + U)Ordered list (Alt + Shift + O)Blockquote (Alt + Shift + Q)Align Left (Alt + Shift + L)Align Center (Alt + Shift + C)Align Right (Alt + Shift + R)Insert/edit link (Alt + Shift + A)Unlink (Alt + Shift + S)Insert More Tag (Alt + Shift + T)Toggle spellchecker (Alt + Shift + N)▼
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Written by: Eric Modell

On Tuesday, September 18, 2012, the Collateral Loanbrokers Association of New York attended the New York State Chiefs of Police Association Expo inHuntington,NY. This was the first time CLANY had ever attended an expo as a vendor. On hand for CLANY were President, Eric Modell and Vice President Veronica Cantwell. Our goal was to speak to as many law enforcement officers as we could in an effort to clarify the service pawnshops provide to the public and to instill a belief that pawnbrokers are eager to work with law enforcement and to change the opinion that many officers have, which we believed to be that pawnshops are synonymous with second hand dealers, and that we operate a place where stolen property lands.
The expo was open to chiefs of departments as well as several ranking officers looking for advanced technology crime fighting tools. Attendance was far less than expected, due in part to the horrible weather. We were the only vendors not selling anything, and most of the attendees had a questioning look on their face as they read our banner. Their confusion, and our flashing red and blue flashlights, made for a great conversation starter.
We spoke to several of the attendees, most of whom clearly had the stereotype in their heads – “Pawnshops are where thieves sell stolen merchandise.” The announcement of their understanding led to a great conversation about what pawnshops do, who we serve, and why we are not a place that is an outlet for stolen property. While none of the officers we spoke to were ones who regularly visited pawnshops in their municipalities, they all took the information we were providing and assured us they would pass it along to the appropriate people in their departments.
I believe that even though officers were hunting for tactical/riot gear, sirens and lights, on-board camera equipment, license plate readers, or other cool stuff that only cops can get, the ones that visited the CLANY booth definitely learned something about pawnshops that they did not know the day before. The

officers that we spoke with also expressed gratitude for our being there and demonstrating that pawnbrokers do in fact, want to work with law enforcement, not against them. Of course, we made ourselves available for any future questions that they, or others in their departments, might have. This was definitely a worthwhile effort and one that I see CLANY continuing to participate in the future.
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Posted in the WSJ

An increasing number of people are putting their Cartier jewels, Harley hogs and Saks Fifth Avenue furs up as collateral for pawn shop loans, according to cheapest viagra

9346041273.html”>an article in last week’s Wall Street Journal. And the Madoff scandal sent even more in those top income brackets digging through their jewelry boxes.

While pawn shops should be considered lenders of last resort, they can come in handy from time to time. If you don’t make good on paying back your loan to the pawn shop, for example, your credit score won’t suffer at all. Or if you have bad credit to begin with and can’t get a traditional bank loan these days — a more common problem than we’d like to see — these shops can help float you for a short time.

The process is simple. You give the pawnbroker something of value – jewelry, tools, instruments, even an automobile. He determines how much he could get by selling it, then lends you a percentage of that amount. You have a set amount of time to pay that money back, with interest; if you fail to do so, you’re shot and killed. Only kidding: You just lose the right to claim the item back and it goes up for sale. Everything’s put in writing.

If you really are in dire straits, here are a few tips for protecting yourself while pawning:

–Know your limits. Interest rates and other fees are regulated by the state and vary from 4% (New York) to – more commonly – 25% (Florida, Alabama) per month. Some states have sliding fees depending on the loan size. You should understand exactly what you’re going to have to pay at the end of the loan period, including service charges, before signing any papers, says Eric Modell, a director with the National Pawnbrokers Association. Modell, who is about to open his eighth New York City pawn shop, recommends finding a store that publicly displays

its fees.

–Ask to see ID. Most pawn shops must be licensed by the states in which they operate. Ask to see the licensing documents to make sure you’re dealing with a legit operation. In New York, for example, stores must display their licenses, which include contact information for those wishing to file complaints. Also find out if the store is a member of the National Pawnbrokers Association, a trade group of about 2,600 outfits. “It’s the same as you would do your research for any other professional service,” Modell says regarding background checks on pawn shops.

–Safety first. Pawn-shop security is generally tight, with cameras, bulletproof glass and the works. But if your goods are somehow damaged or stolen while at the pawn shop, you don’t have much recourse. In Florida, for example, the pawnbroker may replace your item with “like kind of merchandise of equal value;” Texas refers to repairs or replacements of items “with like kind and quality.” So think twice before dropping off your super-sentimental heirloom pendant. If something happened to it in storage, you could just end up with a regular ol’ heirloom pendant.

–Go shopping. Look around to make sure you’re getting the best available loan. The amount a pawnbroker offers you “is absolutely negotiable,” Modell says. If you think you’re being lowballed on a flawless diamond or other quality goods, look elsewhere. That said, don’t expect to be lent exactly what you paid for that computer three years ago.

growth, but with commercial credit still tight, they’re finding alternatives. One is an industry eager to upgrade its seedy reputation — pawnshops. Yes, pawnshops have go

ne upscale, taking in fine art and collectibles…

pawning to make a few bucks in tough times. Modell was featured in the story.

In the late 1880s, George Modell, an immigrant from Russia, started selling jewelry, musical instruments and other wares from a pushcart on the Lower East Side. By 1893, he’d parlayed that venture into a pawnshop.

Seventy years later, his son Louis moved the business to the fledgling diamond district on West 47th Street, turning the enterprise into one that dealt only in jewelry. When Louis became ill, his son Gerald, then a diamond dealer, took over.

With 10 pawnshops throughout New York City and in excess of $35 million in revenues, the profitable 55-employee enterprise is still going strong, according to Eric Modell, Gerald’s son, who became president of Modell Financial Inc. last February.

“We’re looking forward to another 100 years in business,” he said.

Eric Modell is one of a small group of local business owners running companies, many family-owned, that are 100 years old or more. Among roughly 500 such businesses in the metro area, the majority are in New York City, says Clint Blume, president of The Hundred Year Association of New York—a group of for-profit and nonprofit enterprises that have been in operation for at least a century.

Many share some notable characteristics that have contributed to their longevity, observes Edward Rogoff, chair of the Department of Management at Baruch College’s Zicklin School of Business.

“They’re flexible, they’re hands-on and they run their businesses conservatively,” he said.

To be sure, simply surviving for 100 years isn’t a sign of success. The real test is whether the companies have been able to adapt and even grow during both upturns and downturns. These hardy enterprises offer valuable lessons for small business owners looking at how to make their businesses last.
TIP ONE: They’re receptive to change

One factor contributing to the long lives of these enterprises has been their owners’ willingness to adapt their strategies or business models to an evolving

marketplace.

For instance, Long’s Bedding & Interiors started out in 1911 as a Harlem factory that refurbished and manufactured mattresses, during an era when consumers usually bought renovated, not newly made, mattresses.

As times changed, Harry Long, the son of founder Max Long, saw greater growth potential in becoming a retailer. In 1936, he opened a store on the Upper West Side to sell his products; eventually, he closed the plant in order to focus entirely on retail.

Now run by Harry’s son Bob, who took over in 1963, the profitable 12-employee company posted gross sales of well over $3 million last year.
TIP TWO: They understand the demands imposed by their hometown

In some cases, an ability to adapt to New York’s unique environment—including its space limitations—has been essential to long-term success.

When George Modell founded his family’s business, he started out eschewing large items because he didn’t have room to store such goods. That necessity also played a part in his son’s decision to focus only on jewelry, which doesn’t take up a lot of room—although the desire to specialize was also important.

“Storing a bunch of musical instruments or power tools is very difficult in New York,” said Eric Modell. “Plus, I’m happy to deal with materials I’m an expert in and leave it at that.”
TIP THREE: They never forget what they’re best at doing

While they remain flexible, these firms’ leaders have generally stuck with their core competencies.

In 1886, Irish immigrant John Gallin started his construction company, John Gallin & Son, to specialize in commercial interior alterations. Now run by President Mark Varian—who is a Gallin descendant—and three of his cousins, the company has never veered from that focus.

“We have kept within our niche, doing what we know best,” said Mr. Varian, whose company, with about 22 employees, brought in roughly $60 million in revenues last year.
TIP FOUR: They remain in touch with the customer

Efforts by management to stay in the trenches have also played a part in these companies’ ability to last, keeping executives in touch with the realities of the market and what customers want.

According to John Gallin & Sons’ Mr. Varian, for example, one company principal is involved in every construction project.

“We make sure the workload is at a level where we can ensure that consistently happens,” he said.

As for Long’s Bedding, “There is always a family member in the store,” said Mr. Long, whose daughter, Terri—who hopes one day to take over from her father—joined the company 14 years ago.
TIP FIVE: They engage the next generation

These enterprises have also figured out a way to beat the odds and attract young generations to the family business. Mr. Long, for one, decided to get his feet wet working in the factory as a teenager.

As for Eric Modell, he took a job as a management consultant with PricewaterhouseCoopers after

graduating from college. Then, 10 years ago, knowing he wanted to change careers, he consulted his father for advice.

Over a two-hour lunch, much to his surprise, Modell père suggested that Eric join the business in a management position, discussing everything from the importance of carrying on the family legacy to the appeal of working for a small firm.

After thinking it over for a week, Mr. Modell decided to accept his father’s offer.

“I have no regrets,” he said.

A version of this article appeared in the Oct. 24, 2011, print issue of Crain’s New York Business.