One Company’s New Minimum Wage: $70,000 a Year

#78
#78
Two of Mr. Price’s most valued employees quit, spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises.
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Who in the hell could've possibly seen that coming?
 
#79
#79
Cdywolfe said:
Who in the hell could've possibly seen that coming?
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I wouldn't have foreseen this... paying your employees more is a political statement???
More troubling, a few customers, dismayed by what they viewed as a political statement, withdrew their business. Others, anticipating a fee increase — despite repeated assurances to the contrary — also left.
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Now I could see this happening...
Two of Mr. Price’s most valued employees quit, spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises.
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As far as these guys go... f'em
Some friends and associates in Seattle’s close-knit entrepreneurial network were also piqued that Mr. Price’s action made them look stingy in front of their own employees.
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#81
#81
I'm sure people had some of the same views when the money back guarantee was first introduced.
 
#82
#82
So some feelings got hurt and a few employees quit but otherwise his business went from signing up 200 customers per month to 350 per month.

Yep... Looks like abject failure to me.
 
#83
#83
burntorangeVOLffle said:
So some feelings got hurt and a few employees quit but otherwise his business went from signing up 200 customers per month to 350 per month.

Yep... Looks like abject failure to me.
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and he is renting out his house to make ends meet..

Yep SUCCESS!!
 
#85
#85
burntorangeVOLffle said:
So some feelings got hurt and a few employees quit but otherwise his business went from signing up 200 customers per month to 350 per month.

Yep... Looks like abject failure to me.
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LOL. That just means he has to hire more over-paid entry level employees unless he has some magic to drastically increase productivity.
 
#86
#86
txbo said:
LOL. That just means he has to hire more over-paid entry level employees unless he has some magic to drastically increase productivity.
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The worst thing going for him right now is his broher suing him which has nothing to do with his radical compensation plan.

Other than that he's hurt some people's feelings and expanded his business.

I like the story of the pizza place he picked up. Saved them money on processing fees so the owner, inspired by Price's actions, looked for ways to pass on those saving to his employees.
 
#87
#87
burntorangeVOLffle said:
So some feelings got hurt and a few employees quit but otherwise his business went from signing up 200 customers per month to 350 per month.

Yep... Looks like abject failure to me.
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He was forced to hire 12 new employees at 70k each.

The math isn't there. Btw I didn't read him going to 350 customers. I saw where he lost a bunch.
 
#88
#88
burntorangeVOLffle said:
The worst thing going for him right now is his broher suing him which has nothing to do with his radical compensation plan.

Other than that he's hurt some people's feelings and expanded his business.

I like the story of the pizza place he picked up. Saved them money on processing fees so the owner, inspired by Price's actions, looked for ways to pass on those saving to his employees.
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Ahh yes the illusion of income equality and paying people what they are not worth, it's the holy grail of socialism and has never worked anywhere at anytime but let's keep pretending it does because it sounds good to say and makes great political phrases. However, it's his business if he wants to pay his employees 600k he has that right, and he also has the right to pay them 20k something the Left hates.
 
#89
#89
Again this is nothing more than political bs in the form of a private company who "had" no political agenda in mind that is why he is allowing reporters to interview him. I will assert this challenge to the mindless dolts who fall for the income "inequality" bs spewed by the President and the dumbest woman on the planet wanting to replace him. Name another nation on the Earth that has had more sustained growth and widespread wealth over a sustained period of time than the US or Japan. Yet, the Left pretends that it does and we are the "backwards" nation preventing such greatness by sticking to that "evil" system known as Capitalism.
 
#90
#90
Obsessed said:
He was forced to hire 12 new employees at 70k each.

The math isn't there. Btw I didn't read him going to 350 customers. I saw where he lost a bunch.
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Guess you didn't read the whole article....
 

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#91
#91
burntorangeVOLffle said:
Guess you didn't read the whole article....
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More troubling, a few customers, dismayed by what they viewed as a political statement, withdrew their business. Others, anticipating a fee increase — despite repeated assurances to the contrary — also left. While dozens of new clients, inspired by Mr. Price’s announcement, were signing up, those accounts will not start paying off for at least another year. To handle the flood, he has already had to hire a dozen additional employees — now at a significantly higher cost — and is struggling to figure out whether more are needed without knowing for certain how long the bonanza will last.
 
#93
#93
Obsessed said:
More troubling, a few customers, dismayed by what they viewed as a political statement, withdrew their business. Others, anticipating a fee increase — despite repeated assurances to the contrary — also left. While dozens of new clients, inspired by Mr. Price’s announcement, were signing up, those accounts will not start paying off for at least another year. To handle the flood, he has already had to hire a dozen additional employees — now at a significantly higher cost — and is struggling to figure out whether more are needed without knowing for certain how long the bonanza will last.
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So he lost a FEW and gained DOZENS.

The problem is... deciding on how many employees he needs to handle more business?

I doubt he is bringing them in at the 70k. Probably in line with the current low end. 70k was a 3 year plan if you recall.
 
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#94
#94
burntorangeVOLffle said:
So he lost a FEW and gained DOZENS.

The problem is....?
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Over a year worth of salaries. (840,000) Over a year before he sees the first dime. Who says the lawsuit his brother has filed doesn't put him under.

I'll wager he's out of business by next summer.
 
#95
#95
Obsessed said:
Over a year worth of salaries. Over a year before he sees the first dime. Who says the lawsuit his brother has filed doesn't put him under.

I'll wager he's out of business by next summer.
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You, and others, want him to fail. I find that disturbingly sad.
 
#99
#99
burntorangeVOLffle said:
Did you overpay your employees causing you to shut down?
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I didn't shut down. I sold a prospering business.

My employees were paid based on merit and achievements. I carried federal contracts. Federal contracts require a employee in a particular job to be paid a certain amount. My guys made 30-50% more than fed requirements.

Granted I only had 12 full time guys.
 
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#100
#100
Obsessed said:
I didn't shut down. I sold a prospering business.

My employees were paid based on merit and achievements. I carried federal contracts. Federal contracts require a employee in a particular job to be paid a certain amount. My guys made 30-50% more than fed requirements.

Granted I only had 12 full time guys.
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Obsessed said:
I didn't shut down. I sold a prospering business.

My employees were paid based on merit and achievements. I carried federal contracts. Federal contracts require a employee in a particular job to be paid a certain amount. My guys made 30-50% more than fed requirements.

Granted I only had 12 full time guys.
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You were a landscaper right? I think I've seen you mention that before.

You're comparing apples to oranges as to what this guy does. He built a multi million dollar business by 25 years old. He's no dummy.

The whole merit and achievement thing is subjective. If he feels every employee in his company is worth 70k then they that what they are worth.

But yes... The "LOLs" over a semi negative article (which really just described how he is managing it and in no way sounded a death knell for the business) by those in this thread that see this as an assault on capitalism or some type of socialist statement WANT this guy to fail.

The law suit could he a fatal blow regardless of what he pays his employees.
 
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