Dan Price: The CEO Who Slashed His Own Salary to Make His Employees Rich

Now here is an entrepreneur who really thought out of the box, and wow, the results are crazy.

(Also, we tried a new, shorter format tonight. I’d love to know what you think. Check out the poll at the bottom and let us know. And THANK YOU!)

In 2015, Dan Price, the CEO of Gravity Payments, did something that made corporate America’s jaw drop.

He slashed his own $1 million salary—not to pocket more profits, but to give every employee a minimum salary of $70,000.

At the time, the idea sounded insane.

His company, a credit card processing firm, was doing well, but not well enough to triple the salaries of some employees overnight. Investors were furious. Some clients left.

His own brother sued him over the decision.

But then, something incredible happened.

A Bold Bet Pays Off

Price’s employees, who had been scraping by on $35,000 or less, suddenly had financial breathing room. They could pay off debt. Buy homes. Save for the future. Morale skyrocketed.

And so did the company’s bottom line.

Within a few years:

• Revenue tripled

• Profits doubled Employee retention hit an all-time hig

• Applications to work at Gravity Payments surged by 4,500%

What looked like a reckless gamble turned Gravity Payments into one of the most admired companies in America—and made Dan Price a viral sensation.

The Takeaway

In there end, even in this crazy tech-centric world, business is still about relationships.

Lesson: When you bet big on your people, they bet big on you

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Steal This Strategy

📖 Book - Leaders Eat Last by Simon Sinek - How great leaders put people first—and why it pays off.

🎥 Video - Dan Price’s Aspen Institute chat - His radical experiment explained in his own words.

🌐 Website - Gravity Payments - See how the company is doing today.

Overnight Challenge

Dan Price made one radical decision that transformed his company overnight. What is a bold, game-changing move you could make in your business or career?

🔹 Could you raise your rates and position yourself as a premium service?
🔹 Could you offer something completely unexpected to your customers?
🔹 Could you eliminate a pain point for your team or clients in a dramatic way?

Your challenge, should you decide to accept: Identify one bold action you can take this week to differentiate yourself—and test it.

About Steve

Steve Strauss is the best-selling author of The Small Business Bible (and 17 other books), Inc.’s small business columnist, a lawyer (non-practicing), and an entrepreneur. He sold his last venture, TheSelfEmployed.com to Mark Cuban & Zen Business. Need a ghostwriter or a newsletter for your business? Contact Steve!

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