By Kristen Card
RTOHQ: The Magazine Summer 2024
They’re RTO newbies committed to developing six new stores across Las Vegas – but for Jon & Nicole Ozark, hitting the rent-to-own jackpot isn’t a matter of luck
Here’s the thing about Jon and Nicole Ozark: They’re not gamblers.
Calculated risk-takers, maybe. Numbers junkies, definitely. But – despite long careers in the gambling industry – not really gamblers, per se.
The Ozarks did, however, take a leap involving at least a little faith as they signed with Buddy’s Newco LLC dba Buddy’s Home Furnishings mid-last year to build, open, and run a half-dozen Buddy’s stores throughout their adopted hometown of Las Vegas, Nevada. No rent-to-own experience, a little faith, and a whole lot of work later, and the couple opened their first location on January 2, 2024.
“It’s been tiring, but it’s been good,” Jon notes. “January is historically a very slow month for the industry, with the Christmas spending hangover, so there were some challenges the first few weeks. But since then, we’ve definitely seen just solid performance with consistent growth.”
That growth manifested in the Ozarks’ second store launching in April, with plans to open store #3 sometime next year. Beyond that, they intend to expand one store at a time based upon performance of the existing stores.
If all that comes across as positively pragmatic, it’s because that’s who Jon and Nicole Ozark are – two lovely, analytical people who are interested in rolling the RTO dice only because they know the odds are in their favor.
“What we liked about Buddy’s was, first of all, the brand had a track record of success and impressive growth. But the biggest green flag for us was when we spoke to other Buddy’s franchisees and all of them said they wanted more stores.“
Jon Ozark
Jonathan Ozark grew up in Los Angeles, California, a math and science whiz who also loved playing soccer and doing musical theater. He earned dual bachelor’s degrees – in finance and electrical engineering – across the country at the University of Pennsylvania, while also serving as President of the historic Penn Glee Club. So yeah, some serious right brain-left brain balance happening with Jon.
Following graduation, Jon returned to LA to work on a family friend’s political campaign, then in 2004, moved to Las Vegas to be a financial analyst for the Planning & Analysis Department at Caesars Entertainment.
So, what does a such a department do for a hotel and casino entertainment company?
“A combination of three things,” explains Jon. “One, analyzing business operations to see how it might be done better – which games should we offer? how should we price our games? Two, analyzing marketing efforts – are the things we’re giving customers creating extra value? how can we change the offerings to make the business more profitable? And three, finance and budgeting – how are we planning for the next year to make sure we’re establishing accurate and attainable budgets? what does our roadmap look like to achieving our overall profitability goals?”
Nicole grew up in New Orleans, Louisiana, also a math kid who enjoyed swimming, served on the student council, and was passionate (and still is) about dance. Again, some significant creativity-logic brain balance going on.
Nicole earned her Bachelor of Science in Business with a concentration in Finance at Indiana University Bloomington, then moved cross-country to do operations and financial analysis at Intel in California’s Silicon Valley. She ultimately quit to go backpacking through Australia and New Zealand for two years, then returned to New Orleans to work for Harrah’s Entertainment doing database marketing. After Hurricane Katrina hit in August 2005, Harrah’s parent company – Caesars Entertainment – transferred Nicole to Las Vegas to work in – you guessed it – the Planning & Analysis Department.
And this is where our analysts fell in love.
Well, after a year of working together and dating for a while, they did. A few years later, they wed, and a few years after that, they had their daughter, Emily. Meanwhile, Jon moved up at Caesars to Vice President of Revenue Management & Gaming Analysis, then Senior Vice President of Marketing Strategy and Regional Chief Marketing Officer. Then, the Ozarks moved to Macau, China, where Jon took a position as Chief Strategy & Analytics Officer for Melco Resorts & Entertainment for about two-and-a-half years. And finally, the couple returned to Las Vegas, just before COVID-19 hit, where Jon became Senior Vice President of iGaming for Caesars Sportsbook and Casino.
The Ozarks’ metaphorical journey from internet gaming to rent-to-own began a couple of years ago with a rather common dream: being their own boss.
“We were tired of working for other people, and we wanted to have our own business,” Jon remembers. “So we explored both existing businesses here in Las Vegas, as well as start-up franchises. What we liked about Buddy’s was, first of all, the brand had a track record of success and impressive growth. But the biggest green flag for us was when we spoke to other Buddy’s franchisees and all of them said they wanted more stores. Franchisors can talk about how great the business is, but if their franchisees don’t like it, then they’re not going to want more stores. That was definitely not the case with Buddy’s. Everyone wanted more stores.”
“This is a people-oriented business – not only for the customers, but also for the franchisees and employees. It’s an ecosystem where if we work together, then everyone wins.”
Nicole Ozark
Other Buddy’s selling points for the Ozarks were the company’s team-focused mentality and strong support structure.
“My impression of Buddy’s was, ‘Wow, these people really want us to be successful!’” recalls Nicole. “It was key for me, that enthusiasm behind the corporate team, their willingness to pick up the phone anytime we have a question or concern. And truly, whenever we’ve had a question, they’ve given us an answer, a response for our concern, they’ve offered training, sent us resources. So my impression is that this is a people-oriented business – not only for the customers, but also for the franchisees and employees. It’s an ecosystem where if we work together, then everyone wins.”
So naturally, the Ozarks are following the extremely successful Buddy’s “playbook,” including how to take care of customers, what products to order, and the (high) level of quality to provide in every element of their business. But they also bring their own extensive experience, acumen, and approachability.
“I have a robust marketing background,” Jon attests. “I’m used to trying lots of things, failing quickly, and moving on. So as we think about communicating with and attracting customers, one thing we plan to do is just be willing to try tons of different things – understanding that if you try 20 things and 19 aren’t’ successful, then that’s okay, as long as you discover the one thing that works. Then you can replicate that and grow it. I think that’s a rather unique approach we’re bringing to the rent-to-own space.”
“And we’re local franchise owners,” adds Nicole. “As with any other local business you might go to, it makes a difference when the owner is close-by or on-site. Some others in the RTO space may be more decentralized, with a far-away corporate office. So they might not see the day-to-day things the way we can; we can make changes and improvements more nimbly, more quickly. And having us around also lends the business a little more personal feel for customers, which people tend to like.”
Truth be told, customers will be much more likely to interact with Jon at the Ozarks’ Buddy’s stores, at least for the time being. He’s spearheading daily business operations while Nicole homeschools Emily – teaching her some subjects, taking her to independent courses for others, and ensuring she has plenty of opportunities for extracurricular and social activities.
“It just makes sense to kind of divide and conquer at this stage of our lives,” Jon affirms. “But all the big decisions for the business – like strategic direction and larger investments – we make together and work together on them. And Nicole helps with specific tasks here and there as needed, like sourcing trucks or uploading photos. As Emily grows older, we expect Nicole’s role with the business will evolve. We’re excited for where the future goes.”
No, the Ozarks don’t seem too worried about what’s in the cards for them business-wise. They’ve analyzed, they’ve planned, they’ve partnered with Buddy’s, and despite being only a few months in to the rent-to-own realm, their success is looking like a pretty safe bet.
“What I like about rent-to-own as a concept is we’re helping customers the rest of the marketplace doesn’t have an interest in helping. We can connect with them as individuals, rather than as a number from a multi-zillion-dollar credit bureau.”
Jon Ozark
“The RTO customer base is similar to what you find in the casino – it’s a big mix of people,” notes Jon. “What I like about rent-to-own as a concept is we’re helping customers the rest of the marketplace doesn’t have an interest in helping. We can connect with them as individuals, rather than as a number from a multi-zillion-dollar credit bureau. We can say, yeah, we think this is someone who will pay us back, and we can set them up for success with payments they can handle.
“For example, we had a nice gentleman come in who needed a reclining sofa because he was about to have knee surgery, and he needed to be able to elevate his leg during recovery,” Jon continues. “His surgery was the next day, and we were able to help him and have that sofa waiting for him at home post-surgery.
“So that’s what I’ve enjoyed already in this business – helping people who the marketplace just isn’t paying attention to,” concludes Jon. “I’m proud of the fact that we’re providing value to customers, helping them get things they might not otherwise be able to have, and improving the quality of their lives.”
