Earlier this year, Dan Price, the CEO of Gravity Payments, made waves when he decided to reduce his own salary so that all his employees could earn a minimum of $70,000 a year. But that wasn’t the only significant move he made.
To support and strengthen his payment processing company, Price took out a mortgage on his home and sold all his personal investments. By doing this, he was able to create a $3 million buffer fund for Gravity Payments. This strategic move was aimed at helping the company handle the financial challenges that came with raising staff wages.
Price explained that he wanted a larger safety net, acknowledging that success isn’t guaranteed, but the current signs are promising.