101: Dan Price, CEO of Gravity Payments

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 2K Ratings

🗓️ 22 April 2015

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

I'm very honored and elated to welcome today's guest, Dan Price. He is the man of the moment. I'm sure you've read about him and his incredible decision. As the founder and CEO of Gravity Payments, a credit card processing firm, he recently announced raising his company minimum wage to $70,000 per year and himself taking a $930,000 pay cut · from 1 MM to $70K. Dan is not your typical CEO. His leadership has earned him multiple awards, including the 2014 Seattle Business CEO Excellence Award, 2013 Entrepreneur Magazine·s Entrepreneur Of 2014 and 2010 SBA National Young Entrepreneur Of The Year Award! He was also featured in countless media, including Forbes, Business Week, and CNBC, among others. Dan started his company almost a decade ago when he was 19 years old out of his dorm room at the Seattle Pacific University with the seed money from his brother. Three takeaways from our interview: ·What he says to some skeptics that his pay raise is short-sighted and won·t necessarily lead to more productivity. ·How this salary shift will impact Dan·s life·remember his salary is going from 1MM to $70k.

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Transcript

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0:00.0	So Money episode 101, Dan Price.
0:04.0	You're listening to So Money
0:07.0	with award-winning money guru Farno Shorabi.
0:10.0	Each day get a 30 minute dose of financial inspiration from the world's top business minds,
0:15.6	authors, influencers, and from Farnus herself.
0:19.9	Looking for ways to save on gas or double your double coupons?
0:23.6	Sorry, you're in the wrong place.
0:25.6	Seeking profound ways to live a richer, happier life.
0:29.1	Welcome to So Money. money.
0:36.0	Hello everyone, welcome back to So Money.
0:39.0	How are you?
0:40.0	I'm your host Farnoosh Terabi.
0:41.0	What a joy to host this show and to have you join me for
0:44.4	today's incredible guest. His name is Dan Price, CEO of Gravity Payments.
0:50.0	You know who I'm talking about. This man made headlines and he continues to be in the
0:55.2	spotlight for good reason. He announced last week that he will be raising the
1:00.2	minimum wage at his company to $70,000 per year.
1:04.2	He is changing lives.
1:06.3	And so for all those good reasons,
1:08.4	he is a public role model these days,
1:11.0	one for all of us to see, and learn from and today he is here to
1:14.9	teach us all and what's more he is actually taking a pay cut and reducing his
	...

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