Money Shack
954 S. Oliver • Wichita, KS 67218

Mike Strong & Fred Hermann, Owners

The Money Shack opened in Wichita October of 2003. We offer check cashing services, Payday Loans, home phone service, and electronic tax filing. The business is a family-owned and operated affair. Mike Strong, Inc., the parent company, began operation in Hutchinson almost 25 years ago.

The company began in the rent-to-own store in May of 1981 in Hutchinson. Owned and operated by Mike Strong and Fred Hermann, they built up the business on the premise of treating the customer right, and doing everything they could to create repeat business. Still to this day, many of their first customers from the early 80s can be seen in the store shopping for something they need.

In 1987, the rent-to-own business began to change rapidly, steering away from electronics and movie rentals and becoming more associated with furniture and appliances. As many savvy business operators know, you have to be ahead of the curve, and continually work to change and improve your business; otherwise you will be left behind. As big companies like Wal-Mart and Best Buy began to take over the electronics market by cutting profit margins and buying in huge numbers, Mike Strong Inc. began to move toward furniture, appliances, and bedding. The result of this was increase in profit margin and more repeat business.

In 1993, the company took on another store in Lyons, Kansas. Following the same ideas that worked in the Hutchinson store, we began to win over market share by treating the customer right, getting them back into the store and staying in front of the curve. In the late 90s, we began offering Payday Lending in the two stores.

Payday Loans quickly took off in both the Hutchinson and Lyons stores. It offered help to the customer and it took little or no additional labor cost. Any time we can give the customer something they want and make money at it, we are happy. Payday Loans fit this to a tee.

With the growth of the Payday Loan business in the company, we looked to add another location. In August of 2002, we opened a store in El Dorado. It was at this time that we took on a wireless product to complement the Payday Lending. Prepaid wireless seemed to fit well, as it was something the customer wanted, and another product that was easy to add to our business. From here, we quickly moved on to opening a store in Parklane - the Money Shack - and finally the Newton store in mid-March.

From here, who knows where we will go. One thing we do know, though, is that we will continue to look for ways to grow our business by helping the customer, treating them right so they will come back, and by being prepared to change our business as the climate around it changes.