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Building a Legacy: How Showplace Rent-to-Own Stood the Test of Time
Manage episode 483650173 series 3390181
What does it take to build a sustainable rental business that thrives for over four decades? Gary Ferman, who recently stepped back after 44 years at the helm of Showplace Rent-to-Own, shares the wisdom earned from growing a single location into a 15-store operation across multiple states.
Gary's journey began in 1982 during economic hardship with interest rates at 18.5%. With remarkable candor, he reveals how determination and financial discipline propelled him forward despite challenging circumstances. "My wife drove a 1964 Mercury Comet station wagon in the 80s for nine years with no air conditioning, no automatic transmission," he recalls, illustrating the sacrifices made to reinvest in the business. This bootstrap mentality laid the foundation for sustainable growth.
The conversation explores Showplace's evolution, including its expansion to 25 locations before Gary made the strategic decision to sell 10 stores to Aaron's in 2003. This pivotal moment highlights one of his most valuable insights: discovering your operational "sweet spot." For Showplace, that meant about 125 employees—a size that allowed Gary to maintain personal relationships while ensuring quality operations. As he puts it, "Big was never as important to me as good."
Perhaps most compelling is Gary's approach to succession planning, as his son Keith now serves as president and majority owner. Rather than forcing a legacy, Gary supported his children's individual passions, creating space for Keith to naturally develop his leadership within the company. Their complementary strengths created a partnership reminiscent of Gary's relationship with his wife Marianne, who managed their cash advance business while he focused on RTO.
For aspiring entrepreneurs, Gary offers actionable advice drawn from Stephen Covey's principles: "Dream big, write it down, bust it into bite-sized pieces, keep the main thing the main thing." This methodical approach to goal-setting and prioritization forms the cornerstone of his success philosophy.
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Chapters
1. Meet Gary Ferman of Showplace (00:00:00)
2. Starting in Rent-to-Own During Tough Times (00:04:48)
3. Growing and Scaling: Finding Your Sweet Spot (00:09:24)
4. Side Businesses and Multiple Income Streams (00:14:59)
5. Family Business and Succession Planning (00:19:52)
6. Building Culture and Recognition (00:29:16)
7. Stepping Back After 44 Years (00:38:59)
8. Keys to Success and Final Advice (00:47:12)
89 episodes
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