(10-27-2015 10:58 AM)Redwingtom Wrote:  Well...well...well...whatdaya know?

Quote:In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

The move sparked not just a firestorm of media attention, but also a lawsuit from Price’s brother and co-founder Lucas, claiming that the pay raise violated his rights as a minority shareholder.

But six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

On top of that, while it lost a few customers in the kerfuffle, the company’s customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.

After Company Raises Minimum Salary To $70,000, Revenue And Profits Double

Here's What Really Happened at That Company That Set a $70,000 Minimum Wage

I guess I was wrong...maybe the CEO wasn't such a moron after all.

Cons? Your turn. And oh...Fox News has not yet provided an update to the story, but I won't hold my breath waiting for it.

*crickets*

But , but, Obama is the devil. LMFAO

I submit it is way too early in this experiment to call it a success. The CEO cut his salary by 1,130,000...sold all his stock and added other capital into the business to make this work so far. He has gambled everything here on this experiment. Id like to see where this stands after 18 months in. It will be interesting to find out what happens.

(10-27-2015 10:58 AM)Redwingtom Wrote:  Cons? Your turn.

Good for him. It's his company and it will sink or float based on business decisions made by himself and his executives.

Just like every. single. other. company on the planet.

I think there is still more to this example. Here we have a coastal, wealthy technology company dealing in 1s and 0s and customer service, which gives it a fair number of advantages over, say, and interior located manufacturing company with physical inventory in a poor area. I'd be very interested in seeing if an ABC Widgets in Walla Walla Washington can make the same promises.

(10-27-2015 10:58 AM)Redwingtom Wrote:  And oh...Fox News has not yet provided an update to the story, but I won't hold my breath waiting for it.

You can probably reach them at info@foxnews.com because I am not really sure conservative posters in the Spin Room are really THAT influential.

(10-27-2015 10:58 AM)Redwingtom Wrote:  Well...well...well...whatdaya know?

Quote:In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

The move sparked not just a firestorm of media attention, but also a lawsuit from Price’s brother and co-founder Lucas, claiming that the pay raise violated his rights as a minority shareholder.

But six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

On top of that, while it lost a few customers in the kerfuffle, the company’s customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.

After Company Raises Minimum Salary To $70,000, Revenue And Profits Double

Here's What Really Happened at That Company That Set a $70,000 Minimum Wage

I guess I was wrong...maybe the CEO wasn't such a moron after all.

Cons? Your turn. And oh...Fox News has not yet provided an update to the story, but I won't hold my breath waiting for it.

It's his company and therefore can do what he wants. As its data processing, the overhead requirements aren't nearly as great as say, an auto manufacturer. I wouldn't invest in it personally because I don't think the current structure is capable of meeting all of those requirements in a fluctuating market. But I give him props for at least trying to live his ideals instead of making vapid suggestions about what others should do.

(10-27-2015 11:37 AM)Fo Shizzle Wrote:  I submit it is way too early in this experiment to call it a success. The CEO cut his salary by 1,130,000...sold all his stock and added other capital into the business to make this work so far. He has gambled everything here on this experiment. Id like to see where this stands after 18 months in. It will be interesting to find out what happens.

But it wasn't too early for you to say this back in August?
http://csnbbs.com/thread-744138-post-122...id12247925

But yes...I agree...it's still too early to know for certain whether this will be seen as a success.

(10-27-2015 12:03 PM)Redwingtom Wrote:  

(10-27-2015 11:37 AM)Fo Shizzle Wrote:  I submit it is way too early in this experiment to call it a success. The CEO cut his salary by 1,130,000...sold all his stock and added other capital into the business to make this work so far. He has gambled everything here on this experiment. Id like to see where this stands after 18 months in. It will be interesting to find out what happens.

But it wasn't too early for you to say this back in August?
http://csnbbs.com/thread-744138-post-122...id12247925

But yes...I agree...it's still too early to know for certain whether this will be seen as a success.

Yet here you are doing your best Billy "White Shoes" Johnson.

(10-27-2015 11:38 AM)Lord Stanley Wrote:  

(10-27-2015 10:58 AM)Redwingtom Wrote:  Cons? Your turn.

Good for him. It's his company and it will sink or float based on business decisions made by himself and his executives.

Just like every. single. other. company on the planet.

I think there is still more to this example. Here we have a coastal, wealthy technology company dealing in 1s and 0s and customer service, which gives it a fair number of advantages over, say, and interior located manufacturing company with physical inventory in a poor area. I'd be very interested in seeing if an ABC Widgets in Walla Walla Washington can make the same promises.

(10-27-2015 10:58 AM)Redwingtom Wrote:  And oh...Fox News has not yet provided an update to the story, but I won't hold my breath waiting for it.

You can probably reach them at info@foxnews.com because I am not really sure conservative posters in the Spin Room are really THAT influential.

I would agree with all the above as a way to describe an isolated situation....which I hardly ever think about.....I dislike micro to macro comparisons.....this is hardly worthy of a case study....

at this moment, I still think he still resembles this guy.....that's my macro to micro

So what? He got a ton of free, largely unworthy, publicity. Let's see how this works out over time, and if it does for him and his company, great. Means zippity-do-dads in a macro environment, nor any other business model.

We'll see how it works out for business's # 3, 4, or 5 that pull a stunt like this and don't get the fawning press and publicity from the lapdog socialists out there. Talk about crickets, the next ones to do this, which predictably won't be many, won't garner 1/10th of the free press, and thus none of the eyeballs or inquiries.

(10-27-2015 11:01 AM)dmacfour Wrote:  

(10-27-2015 10:58 AM)Redwingtom Wrote:  Well...well...well...whatdaya know?

Quote:In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

The move sparked not just a firestorm of media attention, but also a lawsuit from Price’s brother and co-founder Lucas, claiming that the pay raise violated his rights as a minority shareholder.

But six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

On top of that, while it lost a few customers in the kerfuffle, the company’s customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.

After Company Raises Minimum Salary To $70,000, Revenue And Profits Double

Here's What Really Happened at That Company That Set a $70,000 Minimum Wage

I guess I was wrong...maybe the CEO wasn't such a moron after all.

Cons? Your turn. And oh...Fox News has not yet provided an update to the story, but I won't hold my breath waiting for it.

*crickets*

Sorry, some of us actually work during the day.

I want you to prepare yourself for some butthurt. Go grab some Vaseline, cause reality is going to chap your ass real bad.


First off, anyone who understand business understands how what was reported in this article is fluff numbers, and does not show the expenses related to paying all employees at least 70,000 per year.



1. The income being reported is not income generated from the business model. The guy went out and liquidated property and holdings. He is counting that $3million as business "income". It's not. This is a number that hits the balance sheet, not the profit and loss statement.

2. He is not taking a salary now, saving at least 1.2million dollars. While this is a real savings, this does not have anything to do with increased business due to paying everyone $70000 per year. He would have saved that money any year he did this.

3. No one is receiving that $70,000 minimum yet. salaries were to be increased over time, at least a year. That means, as of his latest quarter, the payroll expense increases have yet to even be realized.


4. Only a clown ass buffoon would believe that a business is seeing profits "double" while the owner is being forced to liquidate his property and is having to rent out his house.

5. Let me know when this jack hole releases audited financials that back up his claims. Think progress is not audited financials.

(10-27-2015 09:49 PM)UofMstateU Wrote:  

(10-27-2015 11:01 AM)dmacfour Wrote:  

(10-27-2015 10:58 AM)Redwingtom Wrote:  Well...well...well...whatdaya know?

Quote:In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

The move sparked not just a firestorm of media attention, but also a lawsuit from Price’s brother and co-founder Lucas, claiming that the pay raise violated his rights as a minority shareholder.

But six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

On top of that, while it lost a few customers in the kerfuffle, the company’s customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.

After Company Raises Minimum Salary To $70,000, Revenue And Profits Double

Here's What Really Happened at That Company That Set a $70,000 Minimum Wage

I guess I was wrong...maybe the CEO wasn't such a moron after all.

Cons? Your turn. And oh...Fox News has not yet provided an update to the story, but I won't hold my breath waiting for it.

*crickets*

Sorry, some of us actually work during the day.

I want you to prepare yourself for some butthurt. Go grab some Vaseline, cause reality is going to chap your ass real bad.


First off, anyone who understand business understands how what was reported in this article is fluff numbers, and does not show the expenses related to paying all employees at least 70,000 per year.



1. The income being reported is not income generated from the business model. The guy went out and liquidated property and holdings. He is counting that $3million as business "income". It's not. This is a number that hits the balance sheet, not the profit and loss statement.

2. He is not taking a salary now, saving at least 1.2million dollars. While this is a real savings, this does not have anything to do with increased business due to paying everyone $70000 per year. He would have saved that money any year he did this.

3. No one is receiving that $70,000 minimum yet. salaries were to be increased over time, at least a year. That means, as of his latest quarter, the payroll expense increases have yet to even be realized.


4. Only a clown ass buffoon would believe that a business is seeing profits "double" while the owner is being forced to liquidate his property and is having to rent out his house.

5. Let me know when this jack hole releases audited financials that back up his claims. Think progress is not audited financials.

did you describe a cookin' of the bookin' to achieve an agenda so an article could be poo-blished w/o repercussion?

I lubb the libber media mogul wannabes.....

mantra? "I say it, it happens"

bawahahahahahaha.....the irony between the right and left is shockingly amazing as it wanders as ignored......

(10-27-2015 12:03 PM)Redwingtom Wrote:  

(10-27-2015 11:37 AM)Fo Shizzle Wrote:  I submit it is way too early in this experiment to call it a success. The CEO cut his salary by 1,130,000...sold all his stock and added other capital into the business to make this work so far. He has gambled everything here on this experiment. Id like to see where this stands after 18 months in. It will be interesting to find out what happens.

But it wasn't too early for you to say this back in August?
http://csnbbs.com/thread-744138-post-122...id12247925

But yes...I agree...it's still too early to know for certain whether this will be seen as a success.

Both of my comments were based upon the information of the time. I still believe the consequences of this will not be positive for this organization. Nothing at this point indicates that competition has even entered this paradigm. It will. Id be shocked if a competitor does not take advantage of this. All it would take is a competitor to offer the same service at a cheaper cost and market share could dwindle quickly. Maybe he has additional margin to lower prices to meet that threat..but.. This is a very risky gamble IMO. I wonder BTW how he came up with the 7Ok. figure? That seems a bit over the top to me.

The plot thickens....

http://hotair.com/archives/2016/02/03/ce...questions/

The twisted tale of Gravity Payments CEO Dan Price continues to grow more and more convoluted as time goes by. There was a time when the public – particularly the heavily progressive, SJW segment of it – were carrying Price on their shoulders like the second coming of Jesus. (And with that wild mane of hair and made for Hollywood looks it’s probably not all that surprising.) When Price “sacrificed” his own vast wealth to give all of his employees a pay bump to $70K per year he may as well have been handing out fishes and loaves to the masses. But since that time one question after another has arisen over both his moves and his motives.

...

What Price is being accused of doing is charging a lot of the restaurants at the lower fee normally assigned to bars (since the restaurant generally has a liquor license as well) allowing them to charge a lower price to their customers. This gives them a leg up in a very competitive market and saves the business owners money. That would be a pretty sweet deal except for the inconvenient fact that it’s also illegal. If this proves true and the long arm of the law gets involved, Gravity may be on the hook for the difference between the fee rates for millions of transactions. Even worse, their customers could be held liable as well.

There is a girl from California in the Disney College Program with me and she admitted how expensive California is and that earning 70,000 is similar to earning 50,000-60,000 in the South. Cost of living and all. Minimum wage goes up, other products go up.

(02-04-2016 02:55 AM)Bull_In_Exile Wrote:  The plot thickens....

http://hotair.com/archives/2016/02/03/ce...questions/

The twisted tale of Gravity Payments CEO Dan Price continues to grow more and more convoluted as time goes by. There was a time when the public – particularly the heavily progressive, SJW segment of it – were carrying Price on their shoulders like the second coming of Jesus. (And with that wild mane of hair and made for Hollywood looks it’s probably not all that surprising.) When Price “sacrificed” his own vast wealth to give all of his employees a pay bump to $70K per year he may as well have been handing out fishes and loaves to the masses. But since that time one question after another has arisen over both his moves and his motives.

...

What Price is being accused of doing is charging a lot of the restaurants at the lower fee normally assigned to bars (since the restaurant generally has a liquor license as well) allowing them to charge a lower price to their customers. This gives them a leg up in a very competitive market and saves the business owners money. That would be a pretty sweet deal except for the inconvenient fact that it’s also illegal. If this proves true and the long arm of the law gets involved, Gravity may be on the hook for the difference between the fee rates for millions of transactions. Even worse, their customers could be held liable as well.

so some rag tag hag states the illegality w/o supplying supporting documentation to prove the illegality?

that puts the reader in the postion to 'do that due'....

ummmmmmmmmmmkay.....rag tag media tards and the internutz....just gotta love 'em....

I have zero clue what the legalities consist of, but it sounds to me like he's winning the game and the losers are not too happy about that....one may think he's an idiot with ideology, but he's kicking somebody's arse...

jfc....just take me now buddy christ/baby jesus and warm up my bosom for eastbound and down....load it up.....

Still no audited financials, but it seems to have worked for them. Not really scaleable to all industries though.

https://www.bbc.com/news/stories-51332811