Earlier this year, Dan Price, the CEO of Gravity Payments, made headlines by cutting his own salary so that his employees could earn a minimum of $70,000 a year. But that’s not the only significant sacrifice he has made.
To strengthen his payment processing company, Price took out a mortgage on his home and sold all his personal investments. These moves helped him gather a $3 million buffer fund for Gravity Payments. This strategic decision was aimed at helping the company cope with the financial impact of the increased staff wages.
Price explained his actions by stating he wanted a bigger safety net, acknowledging that success isn’t guaranteed, but the current trends are promising.