1032: How One Small Business is Avoiding Layoffs, Gravity CEO Dan Price

So Money with Farnoosh Torabi

Farnoosh Torabi

Business, Entrepreneurship

4.7 • 2K Ratings

🗓️ 20 April 2020

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

As CEO of his company, Dan Price went from earning $1 million a year to $70,000 to now $0…as his business Gravity Payments struggles to stay afloat amidst the current economic crisis

You may remember Dan who joined us on the show back in 2015 to share news of how he'd raised the minimum salary at his company to $70,000 and he, himself taking a massive pay cut to $70,000.

Now, facing a 55% drop in revenue in a matter of weeks, Gravity Payments, like so many businesses, had to make quick financial decisions to avoid bankruptcy…rather than layoff his employees, as many businesses do and have done…Dan has managed to keep everyone on staff…with a unique strategy, he’s here to talk about…and something I think can be a lesson for many employers.

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Transcript

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0:00.0	So Money Episode 1,032,
0:02.8	How One Small Business is curbing layoffs in the pandemic.
0:06.3	An interview with Dan Price, founder and CEO of Gravity Payments.
0:12.1	You're listening to So Money
0:13.0	with award-winning Money Guru Farnu Farnu
0:15.7	Tarabi.
0:16.7	Each day get a 30 minute dose of financial inspiration from the world's top business
0:21.2	minds, authors, influencers, and from Farnus yourself.
0:26.0	Looking for ways to save on gas or double your double coupons?
0:29.7	Sorry, you're in the wrong place.
0:31.8	Seeking profound ways to live a richer, happier life.
0:35.0	Welcome to So Money.
0:38.0	We were able to quickly come together and save a million dollars total through all those things and that
0:44.0	doesn't count the extra hours that people want to work in the extra projects
0:47.6	that they want to take on. Welcome back to So Money everybody. I'm your
0:50.8	host Pharnoosh Tarabi as CEO of his company Dan Price whom you just heard
0:56.4	went from earning a million dollars a year to 70,000 dollars back in 2015 and
1:02.0	today his salary is zero dollars as his business gravity
1:06.6	payments struggles to stay afloat amidst the current economic crisis you might
1:11.8	remember Dan who joined us here on the show back five years ago
1:15.0	to share news of how he was raising the minimum salary at his company to $70,000 and he himself
1:21.4	took a massive pay cut to that amount.
	...

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