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Greedy people who already have enough but want everything you have will try to squeeze you tighter to get a few more pennies. Greed drives those decisions, they're not written in stone. Prices don't "have to" go up. They go up because people are greedy. They want way more than they need or deserve.
This is a good read about the min wage hike in relation to 3 small actual businesses in SF.
Please read the article and tell me if you think these business owners are greedy
OWNER #1 This guy brings in $3million...but lives in a houseboat and only pays himself $40,000
"Philip DeAndrade, 72, runs Goat Hill Pizza, which has three locations, 60 employees and revenue of more than $3 million last year, according to DeAndrade. He has an even thinner profit margin than Karp’s, just 2.7%, which means he has little room to maneuver on profits of around $81,000. He pays himself $40,000 and lives on a houseboat near the AT&T baseball stadium. "
OWNER #2 The math just didn’t work for Beatts’ store, where payroll was his biggest expense. In 2014, it accounted for 42% of his overhead, followed by the good deal he has on rent, which made up 26%. Beatts employed five people in the bookstore beside himself, and only one worked full-time. Four made minimum wage or slightly higher. He didn’t earn much more, at $28,000.
OWNER #3
But it’s going to be very tough to continue to be so generous, he says. Last year, profits were 3% to 4% of sales, he says. If he stays ahead of the $15 minimum, he could wind up erasing his profits,
This is a good read about the min wage hike in relation to 3 small actual businesses in SF.
Please read the article and tell me if you think these business owners are greedy
OWNER #1 This guy brings in $3million...but lives in a houseboat and only pays himself $40,000
"Philip DeAndrade, 72, runs Goat Hill Pizza, which has three locations, 60 employees and revenue of more than $3 million last year, according to DeAndrade. He has an even thinner profit margin than Karp’s, just 2.7%, which means he has little room to maneuver on profits of around $81,000. He pays himself $40,000 and lives on a houseboat near the AT&T baseball stadium. "
OWNER #2 The math just didn’t work for Beatts’ store, where payroll was his biggest expense. In 2014, it accounted for 42% of his overhead, followed by the good deal he has on rent, which made up 26%. Beatts employed five people in the bookstore beside himself, and only one worked full-time. Four made minimum wage or slightly higher. He didn’t earn much more, at $28,000.
OWNER #3
But it’s going to be very tough to continue to be so generous, he says. Last year, profits were 3% to 4% of sales, he says. If he stays ahead of the $15 minimum, he could wind up erasing his profits,
As owners, those people are already living in poverty in SF!!!!
My neighbor insists that every time they raise the minimum wage here in the US the cost of living goes up too so that nothing ever improves financially for anyone and often they are worse off then before . He said he has seen it happen over and over again in his life and if they raise the minimum wage again to $15 dollars and hour all over the US the same thing will happen again things will become more expensive.
Is that true ? Does the cost of living always go up when the minimum wage increases?
Those on a fixed income get screwed. Prices go up for the consumer. That's common sense.
This is a good read about the min wage hike in relation to 3 small actual businesses in SF.
Please read the article and tell me if you think these business owners are greedy
OWNER #1 This guy brings in $3million...but lives in a houseboat and only pays himself $40,000
"Philip DeAndrade, 72, runs Goat Hill Pizza, which has three locations, 60 employees and revenue of more than $3 million last year, according to DeAndrade. He has an even thinner profit margin than Karp’s, just 2.7%, which means he has little room to maneuver on profits of around $81,000. He pays himself $40,000 and lives on a houseboat near the AT&T baseball stadium. "
OWNER #2 The math just didn’t work for Beatts’ store, where payroll was his biggest expense. In 2014, it accounted for 42% of his overhead, followed by the good deal he has on rent, which made up 26%. Beatts employed five people in the bookstore beside himself, and only one worked full-time. Four made minimum wage or slightly higher. He didn’t earn much more, at $28,000.
OWNER #3
But it’s going to be very tough to continue to be so generous, he says. Last year, profits were 3% to 4% of sales, he says. If he stays ahead of the $15 minimum, he could wind up erasing his profits,
Business owners are pretty much like everyone else; SOME are greedy and SOME are overly generous.
This is a good read about the min wage hike in relation to 3 small actual businesses in SF.
Please read the article and tell me if you think these business owners are greedy
OWNER #1 This guy brings in $3million...but lives in a houseboat and only pays himself $40,000
"Philip DeAndrade, 72, runs Goat Hill Pizza, which has three locations, 60 employees and revenue of more than $3 million last year, according to DeAndrade. He has an even thinner profit margin than Karp’s, just 2.7%, which means he has little room to maneuver on profits of around $81,000. He pays himself $40,000 and lives on a houseboat near the AT&T baseball stadium. "
OWNER #2 The math just didn’t work for Beatts’ store, where payroll was his biggest expense. In 2014, it accounted for 42% of his overhead, followed by the good deal he has on rent, which made up 26%. Beatts employed five people in the bookstore beside himself, and only one worked full-time. Four made minimum wage or slightly higher. He didn’t earn much more, at $28,000.
OWNER #3
But it’s going to be very tough to continue to be so generous, he says. Last year, profits were 3% to 4% of sales, he says. If he stays ahead of the $15 minimum, he could wind up erasing his profits,
Seems you purposely left some things out that were in the article.The Deandre guy says he has been raising prices and the customers do not care. Also many of his workers are part time so they are paid less. If you make a profit of 3 million a year and you can not pay your employees better you are doing something wrong. It seems the bookstore closed because of people being able to buy online. The store profits in 2013 were $3,000 which tells me he is not doing a good job running the store. The store had only 5 employees seems you really can not blame it on employees.
Greedy people who already have enough but want everything you have will try to squeeze you tighter to get a few more pennies. Greed drives those decisions, they're not written in stone. Prices don't "have to" go up. They go up because people are greedy. They want way more than they need or deserve.
Naturalist John Muir gave one of the wealthiest railroad tycoons food for thought when he said to the wealthy man that Muir's wealth exceeded the wealthy man.
Muir said I have everything I need and desire... you still want more...
Last edited by Ultrarunner; 04-25-2016 at 12:01 AM..
None of them made a profit , it was gross. He was only making $80k net paying himself $40k salary.
His MINIMUM WAGE employees will be making about the same as him...which is just nuts.
But I guess business owners are supposed to not make a profit at all. That's the goal I guess..
Seems you purposely left some things out that were in the article.The Deandre guy says he has been raising prices and the customers do not care. Also many of his workers are part time so they are paid less. If you make a profit of 3 million a year and you can not pay your employees better you are doing something wrong. It seems the bookstore closed because of people being able to buy online. The store profits in 2013 were $3,000 which tells me he is not doing a good job running the store. The store had only 5 employees seems you really can not blame it on employees.
I summarized it because I knew a lot of people wouldn't bother opening the link..didn't want to copy and paste the entire article.
It wasn't a profit of $3million that was gross, he was netting only 80k and paying himself 40k..which will be around what he's going to be paying his min wage employees including the 'health care' surcharge.
I know of a few small businesses that folded when the employees were doing better than the boss.
The most recent was a small contractor that hadn't taken time off in 11 years... he went back to working as a HVAC Tech and life is simpler... he gets overtime and paid vacation...
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