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Boss Who Took Cut To Pay Staff $70k Each Is Sad Other Companies Haven’t Followed Suit

A tech boss who took a huge pay cut to give all of his 120 staff a minimum salary of $70,000 per year has revealed his unusual business model has payed off. Dan Price reduced his own salary by $1 million and gave himself the minimum wage of $70,000 after he came to a shocking

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Boss Who Took Cut To Pay Staff $70k Each Is Sad Other Companies Haven't Followed SuitCTV/Pexels

A tech boss who took a huge pay cut to give all of his 120 staff a minimum salary of $70,000 per year has revealed his unusual business model has payed off.

Dan Price reduced his own salary by $1 million and gave himself the minimum wage of $70,000 after he came to a shocking realisation.

He was hiking with a friend, Valarie, in 2015, when she told him her landlord had decided to up her rent by $200 a month and was struggling to cover her bills.

Dan was frustrated to think that hardworking Valarie, who had served for 11 years in the military going two tours in Iraq, and was now working 50 hours a week in two jobs to make ends meet.

At the time she was earning around $40,000 a year, which wasn’t enough to afford a decent home in Seattle, US.

Dan became frustrated that the world had become such an unequal place, and he realised that he – a millionaire – was part of the problem.

The then-31-year-old decided to make a change, starting with his own company, Gravity Payments.

Boss Who Took Cut To Pay Staff $70k Each Is Sad Other Companies Haven't Followed SuitGravity Payments

At the time he said, as per BBC:

People are starving or being laid off or being taken advantage of, so that somebody can have a penthouse at the top of a tower in New York with gold chairs.

We’re glorifying greed all the time as a society, in our culture. And, you know, the Forbes list is the worst example – ‘Bill Gates has passed Jeff Bezos as the richest man.’ Who cares!?

Five years on, Dan’s gamble has paid off, as Gravity Payments has gone from processing $3.8 billion a year to $10.2 billion.

But it’s not just financial growth Dan is proud of.

Boss Who Took Cut To Pay Staff $70k Each Is Sad Other Companies Haven't Followed SuitGravity Payments

‘Before the $70,000 minimum wage, we were having between zero and two babies born per year amongst the team,’ he said.

‘And since the announcement – and it’s been only about four-and-a-half years – we’ve had more than 40 babies.’

Dan had hoped that other businesses would follow suit however he was left disappointed that very few did.

He had hoped for widespread, structural change, but has since said:

Boy, was I wrong. I’ve really failed in that regard. And it’s changed my perspective on things because I really believed that through the actions that I did and that other people could do, that we could turn the tide on runaway income inequality.

There’s still time, big businesses. Take note.

If you have a story you want to tell send it to UNILAD via story@unilad.com

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Billionaire Status

Kylie Jenner ‘Could Face Jail’ After Forbes Strips Her Of Billionaire Status

Kylie Jenner could face ‘jail time’ over accusations she forged tax returns to give off the impression she was a billionaire, a lawyer has warned. It comes after Forbes accused the makeup mogul of spinning a ‘web of lies’ to give off the impression her business Kylie Cosmetics was bigger than it actually was. The

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Kylie Jenner ‘Could Face Jail’ After Forbes Strips Her Of Billionaire StatusPA Images

Kylie Jenner could face ‘jail time’ over accusations she forged tax returns to give off the impression she was a billionaire, a lawyer has warned.

It comes after Forbes accused the makeup mogul of spinning a ‘web of lies’ to give off the impression her business Kylie Cosmetics was bigger than it actually was.

The prestigious magazine stripped her of her billionaire status, and even accused her of ‘creating tax returns that were likely forged’.

Kylie responded by saying the publication had made ‘a number of inaccurate statements and unproven assumptions’ in the article, which claimed the Jenner camp had set out on a mission to get Kylie to the top of the celebrity rich list.

‘What am I even waking up to? I thought this was a reputable site..’ Kylie tweeted. ‘All I see are a number of inaccurate statements and unproven assumptions lol. I’ve never asked for any title or tried to lie my way there EVER. Period.’

She added:

“Even creating tax returns that were likely forged” That’s your proof? So you just THOUGHT they were forged? Like actually what am I reading?

Now, a high profile lawyer has said reality star Kylie could be in serious legal trouble if there is found to be any truth in the accusations made by Forbes.

‘My guess is that at a minimum the SEC will begin what they call an informal inquiry and then perhaps elevate that to a formal investigation, which gives them subpoena power,’ Jan Handzlik told the MailOnline.

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in love with a fantasy ☁🤍🤍👼🏼🦋

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Handzlik, who previously worked as a federal prosecutor in the US, said he wouldn’t be surprised if the US Attorney’s office jumped in, adding that he could see a criminal investigation by the Department of Justice.

He also explained how Kylie could be handed some hefty fines in a bid to ‘make Coty whole again’, after the beauty giant bought 51% of Kylie Cosmetics for an eye-watering $600 million, after the company as valued at $1.2 billion.

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once upon a time two scorpios made a leo 🔥🖤🖤

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He explained:

If the Department of Justice decides to make this a criminal case… if there were to be a conviction, that could include jail time for any individuals who were responsible.

We don’t know if there’s something here that doesn’t meet the eye. But taking the allegations at face value, there is certainly a basis to conduct an investigation and maybe move ahead with an enforcement action or a criminal prosecution.

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new monday, new week, new goals..💗

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‘In fact if the court rules that the Jenners or Jenner companies have received ill-gotten gains, profited from a financial statement fraud or financial misdeed, then these rather staggering sums of money that were paid or distributed within the Jenner orbit, the SEC could order those be returned. In other words they would seek to make Coty whole again,’ Handzlik added.

The accusations come after Kylie was hailed as the youngest self-made billionaire at the age of just 21 in July 2019. Although Forbes can’t prove that the documents were false, they say it’s very likely Jenners have been lying to inflate their business the entire time.

If you have a story you want to tell, send it to UNILAD via story@unilad.com

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Business

The Big Issue Will Deliver Magazines To Your Door So You Can Help During Quarantine

More than eight weeks ago, Paul McNamee and his team at The Big Issue had to make a difficult choice: fold or reinvent their entire business model. The current public health crisis meant all of the magazine’s vendors had to be taken off the streets even before the government-imposed lockdown, effectively putting an end to

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The Big Issue Will Deliver Magazines To Your Door So You Can Help During QuarantineThe Big Issue/Instagram

More than eight weeks ago, Paul McNamee and his team at The Big Issue had to make a difficult choice: fold or reinvent their entire business model.

The current public health crisis meant all of the magazine’s vendors had to be taken off the streets even before the government-imposed lockdown, effectively putting an end to business as they knew it.

With approximately 1,500 vendors now out of work for the foreseeable future, the team knew they had to do something drastic to turn the situation around. So that’s exactly what they did.

the big issuePA Images

Paul McNamee, the editor of The Big Issue – a magazine that offers homeless people, or those at risk of homelessness, the opportunity to earn a legitimate income – told UNILAD the team decided there and then to change their business model.

With a lot of the magazine’s vendors having underlying health problems, it was necessary to protect them above anything else. ‘We knew immediately we had to act to stop them selling the magazines on the streets, it just wasn’t safe,’ Paul said.

In ‘one fell swoop’, thousands of people who relied on the magazine to make a living now had nowhere to turn, with Paul saying they ‘very very quickly’ had to make ‘very tough decisions’.

‘So you think, right, what do you do here when you’re hit with a crisis like that?’, the editor said. ‘Do you fold or do you stand up? And so we stood up and we thought, right, here’s what we’re going to do.’

The first thing the team did was build a subscription, something they’d never done before because all of their sales – over 70,000 magazines a week – typically come through their vendors.

Paul told UNILAD:

The Big Issue traditionally is a hand-up not a hand-out. We offer people who are right on the edges of society a means to make a living. They buy the magazine, they sell it on. We realised that until this is over, we had to be a hand-out.

Starting with a three-month subscription offer, in which a magazine will be sent to your door each week, the team then created an ‘increasingly successful’ app, before going on to launch a podcast, The Big Miss You. The magazine can also now be found in a range of shops.

Paul McNamee The Big IssueSupplied

In effect, the magazine went from a successful commercial paper sale – ‘really the only paper sale on the street because there were so many others that were free’ – to a subscription model in a short matter of weeks. Eight, to be precise.

Not only that, but the team has managed to do all of this with a reduced staff. ‘If we’d have sat down 10 weeks ago and someone had said, “right, by the middle of May you’ll have done these things”, we’d have gone “no way, you’re out of your mind”,’ Paul said. ‘And yet here we are.’

And while this will certainly go a long way in helping those employed by The Big Issue, with the vendors being provided with financial support during quarantine, Paul says the most important thing is making sure they have someone to talk to.

He explained:

I think loneliness is a big aspect for them because such a key part of selling the magazine is interaction. Financially it’s vital – they make a living, they make money – but also there’s the social interaction and there’s a relationship between vendor and customer.

That can be quite a long, burning, sophisticated, deep friendship that grows over time. And when that stops, for people that have health problems and who have perhaps struggled with mental health issues, when that stops that’s a big, big thing to overcome.

So while a lot of the work for the frontline Big Issue staff has been making sure vendors have money, or supermarket vouchers, or whatever it may be, they also just need someone to talk to. So we’ve had to be able to provide that.

As a result, the team look to provide their vendors with whatever it is they may need at that time – whether that’s some company, money, or even exercise equipment. ‘They get in touch with us [and] we just provide them with the assistance they require,’ Paul said.

One example of this is what the team did to help one woman, who had started selling The Big Issue after suffering an industrial accident that damaged her spine and prevented her from doing her previous job.

She was really struggling with lockdown and the inability to exercise regularly. As Paul said, she felt like she was ‘just becoming sedentary’ and her back problems were just getting worse.

So what did they do? They delivered a rowing machine straight to her apartment. ‘She used to row… it’s changing her life in lockdown,’ Paul said. ‘It’s not just a matter of saying, here’s some money, off you go. We’re trying to make sure that we’re providing where there is need.’

You might be reading this and thinking, but what can I do to help? And the answer is simple, really. First of all, head to the magazine’s website and follow the instructions to subscribe. If you do that, you’ll have The Big Issue delivered straight to your door.

If you’d rather not have a physical copy, you can subscribe to the app – available on Apple Store and Google Play – and receive a digital copy of the magazine each week instead.

Alternatively, the magazine is now available to buy in a host of supermarkets and other shops, including Sainsbury’s, Co-op, Morrisons, Asda, and McColl’s.

‘I know it’s hard,’ Paul said. ‘I know when people go into shops now… they don’t want to spend too long, but if I could ask them that they just take a look and pick up The Big Issue.’

Lastly, if you want to make a one-off donation there’s the possibility to do this too. ‘All of this money goes into a pot, a fund, and we then hand it out to as many vendors as we can get to,’ Paul said.

If you do decide to help out in any way, Paul wants you to know it won’t go unnoticed:

I want to thank people, because in that moment eight weeks ago, when we decided to stop the press… when that hit, you go cold and you think, ‘How are we going to get through this? We produce product every week, what do we do?’

And the response from the British public and beyond has been remarkable, it’s been so emotional at times when I see people tweeting about getting their subscription copy of The Big Issue, or how they are delighted that they are able to give money that we can then give to vendors.

The good will that The Big Issue has clearly built up over 29 years is flooding through, and I just don’t know how to thank people enough. I find myself getting emotional thinking about it and I just want to pass that on, that so many people have done so much. I know I’m continuously asking for more, because sadly we do just keep needing more. But thank you to everybody, you’ve just been fucking remarkable.

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If you’re looking for something to do where you get a nice thing in return, may I recommend getting a subscription to @bigissueuk ? “Yes, you can Aisling” ”Thank you” Obviously most of their vendors have not been able to work & still need support. You can get a a month, 3 months, a year. Try it out, but it is a wonderful way to support homelessness & their journalists & articles are wonderful & cover so many things. It’s good, ethical & responsible journalism. And you may not know it but their ONLINE SHOP @thebigissueshop is STILL selling with minor postal delays. It sells ECO THINGS! Homeware, dog leads, tee shirts, gifts & art & coffee. SO MANY COOL THINGS! All supporting people effected by homelessness. Products like @_thesoapco are on there which have amazing products – all made in Britain by people who often have been left out of the workplace owing to troubles or disability. This week’s Big Issue has my brilliant friend @kiri_pritchard_mclean as one if its cover stars – she set up The Covid Arms comedy gig which i did a couple of weeks ago. It is SO much fun for acts and viewers alike & has managed to maintain the sort of madness of a live gig. It’s Saturdays, live & £2 to watch or a £10 for a “front row” seat where you might get spoken to & the money goes to the @trusselltrust food bank & supporting out of work comedians who need it. Also big shout out to our comedian song bird @gracepetriemusic and the work she is doing. #aislingrecommendsecoorsociallyconsciousbrandseverydayuntilxmas #ahandupnotahandout🤝

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Paul doesn’t know what the future holds for the magazine, only that this whole experience will change their ‘means of existence, means of trading, [and] means of being the organisation that [they] are’.

‘Exactly how, it’s impossible to say,’ the editor said. Despite the uncertainty, hopefully our support can help them keep doing what they do best; helping those who need it the most.

Due to the coronavirus outbreak, vendors aren’t able to sell on the streets. You can support The Big Issue by downloading the app – available on Apple Store and Google Play – subscribing online or buying the magazine from leading retailers, with half of proceeds going directly to vendors.

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Anxiety

North Yorkshire Woman Overcame Agoraphobia And Anxieties To Become An Entrepreneur And Mental Health Advocate

A young entrepreneur managed to overcome mental health struggles and anxiety to set up her own business through which she now shares her story, encouraging others to open up about their issues.  When you struggle with your mental health, it can be so debilitating that the prospect of achieving even the smallest goal seems insurmountable.

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North Yorkshire Woman Overcame Agoraphobia And Anxieties To Become An Entrepreneur And Mental Health AdvocateTeri Ellington/Ellington Timepiece/Instagram

A young entrepreneur managed to overcome mental health struggles and anxiety to set up her own business through which she now shares her story, encouraging others to open up about their issues. 

When you struggle with your mental health, it can be so debilitating that the prospect of achieving even the smallest goal seems insurmountable.

Teri Ellington, from North Yorkshire, is now the director of watch brand Ellington Timepiece Limited. At 24 years old, she has developed the brand from nothing more than an idea to selling limited edition, luxurious and affordable watches – but it hasn’t been an easy journey.

Teri showing off watch designsTeri Ellington

Teri experienced her first panic attack when she was just 16 years old, after she finished filming one night for a BBC children’s TV show on which she worked as an actor.

The acting opportunity had been her dream, but the panic attack changed her so much that she felt ‘almost like a different person’. From that point Teri constantly felt anxious, going on to develop agoraphobia, meaning she struggled to ever leave the house.

She sat her GCSE exams at home and missed out on prom due to her anxieties, and after spending the following summer at home she started to struggle with depression and developed an eating disorder from the fear of choking on food.

Teri Ellington posing with watchTeri Ellington

Teri spoke to doctors about her struggles, but they told her she ‘was young and would get over it’. For the next two years, Teri would take each day as it came and focused on developing her own coping mechanisms.

When she was 17, Teri’s family welcomed a German Shepherd puppy named Sheba, who helped Teri get out of the house and, with the help of medication, overcome her agoraphobia.

Teri told UNILAD:

When Sheba came in to my life I had no routine, I was struggling with my anxiety and mental health. Sheba helped me be able to have the confidence to leave the house again.

Teri Ellington and dog ShebaTeri Ellington

Teri also received help from her family, including her father, who has struggled with mental health himself in the past, and her grandfather – a collector of watches.

In 2017, Teri was looking to buy a watch, but she struggled to find anything affordable she liked. After growing up around watches thanks to her grandfather, she toyed with the idea of designing her own – something ‘unique and special’.

Towards the end of 2017, Teri lost her job and decided she had ‘nothing left to lose’. She used her remaining £80 to purchase her first watch sample, despite having no experience in retail, design or business.

Teri creating watchesTeri Ellington

After managing to overcome her agoraphobia, the young entrepreneur used the fact she’d been able to combat her fears as a driving force. She contacted factories and started designing her first collection, and took her business plan and design to a local company that helped start up small businesses.

Teri was able to secure funding, and the following month she created the Sheba Collection, named in honour of the dog who ‘practically helped [her] get [her] life back’.

She told UNILAD:

Not only do I love her name, but when I started my business I never thought it would be where it was today, and I named it as a personal way of saying thank you to her. The Sheba Collection was a three-different-colour-design, and I thought [her name] fit perfectly.

Teri Ellington celebrating birthday with dog ShebaTeri Ellington

Teri designed a website for her business, and within months started selling to neighbours and advertising by knocking on doors and posting leaflets.

Before long she was able to secure a pop-up stand at a department store, but Teri continued to struggle with social anxiety and was worried about how she would try to convince strangers to buy her product.

She recalled:

I started my brand in my bedroom with no knowledge or experience… You see the likes of Dragons Den and Lord Sugar and it becomes very daunting, and I was worried I wasn’t cut out for the business world – given I struggle with anxiety, I had lot of self-doubt.

I wasn’t sure how I was going to speak to people, let alone show and sell my watches.

I would walk up to complete strangers and ask if they would like to see my watches. Some did, some didn’t, but I was standing next to other brands who were so established and it was extremely daunting.

Teri stood in front of Ellington Timepiece billboardTeri Ellington

Though she was nervous at first, within a matter of hours Teri sold her entire stock. She had a line of people wanting to buy her watches, and she started telling people about her mental health struggles.

Teri continued:

The people I spoke to also opened up about their own struggles or told me a loved one struggled. It made me realise just how important it is to talk about mental health.

Over the course of a few months I started receiving emails, comments and messages from people telling me they were purchasing my watches as a gift for a loved one.

Ellington Timepiece watchesEllington Timepiece

Once the Sheba Collection sold out, Teri went on to create new designs for the current Amare Collection, which means ‘to love’ in Latin. The Amare Collection is made up of 600 watches, each with its own certificate of authenticity.

Teri further shared her story online, with a post in which she spoke about the struggles that come with running a businesses: the cashflows, the marketing, and struggling with mental health. Within three days the post reached almost two million people, and she received messages from people all over the world talking about their own struggles in business and with mental health.

The journey hasn’t been straightforward, and Teri had to sacrifice a lot to get her business off the ground. She sold her belongings to help fund Ellington Timepiece, and would stay in and save rather than seeing friends, which made her feel lonely and depressed and brought on panic attacks. Just over two years on, however, and Teri has moved in to her own offices and taken on members of staff.

She recalled:

I slept on the sofa for a number of months because my bed broke, and rather than buying a new one I used the money I had to put back into the business.

My strength has come from remembering how far I have come, from struggling to leave the house to starting the business and going out of my comfort zone.

Teri Ellington showing off watchTeri Ellington

There have been people who didn’t believe in Teri along the way, and those kinds of reactions would knock her confidence. She questioned whether she was capable, but eventually she stopped trying to prove herself to others.

She described her dad as the main supporter of her business, and when she was first starting out he came to meetings and taught her what it meant to run a company.

From being at a point where she couldn’t leave the house or even eat without fear, Teri believes creating her brand has allowed her to show herself what she is capable of and helped her deal with her anxieties.

Teri explained:

It’s given me confidence that I never knew existed. I went from a shy, reserved person that couldn’t even pick up the phone to make an appointment for myself, to now being a mental health advocate and business speaker, speaking at events and doing interviews.

I’m only human, I still struggle from time to time and sometimes need to take a moment to slow down. I think a lot of entrepreneurs and businesses owners will agree with me on this, we can burn ourselves out if we push ourselves too much – it’s finding that balance.

I still struggle with social anxiety; going to events and meetings are still are daunting but I’ve learned to manage.

Through Ellington Timepiece, Teri began sending out little notes of inspiration to her customers and started the hashtag ‘YourStoryETP’ (Ellington Timepiece) to encourage others to share their own stories.

The brand has gone on to work with charities such as the Redcar Lifeboat Station, and Teri hopes to expand with a second Sheba collection to continue to raise awareness for mental health and give proceeds to the mental health charity MIND.

Discussing the response she’s had to opening up about her own struggles, Teri said:

When I first started my brand, I was extremely nervous talking about my own story with mental health and what I went through. I was worried about what others thought of me. I kept my mental health struggles to myself for a long time…

Once I had opened up about my story and more people started to see it, the more messages I was receiving about how my story has helped others to open up. It was, and still is, an amazing feeling to know that I could be potentially helping someone.

Teri at RNLI lifeboat charityTeri Ellington

Teri continued:

As the brand and story became more known I received emails, messages and comments from both men and women of different ages.

Some people ask for advice, some people tell me their story, and some people tell me of loved ones who have struggled. Most of the time I receive messages from a lot of people in the entrepreneur and self-employed community talking about mental health.

She hopes her story will be a source of inspiration for anyone struggling with mental health, as she knows how restricting it can feel. She pointed out that although ‘some days are better than others’, it is possible to achieve your dreams ‘despite where you come from or what you’ve been through’.

Hopefully Teri’s brand will continue to grow and raise awareness for the importance of opening up about mental health, and for the fact that overcoming struggles can be used as motivation for success.

If you’re experiencing distressing thoughts and feelings, the Campaign Against Living Miserably (CALM) is there to support you. They’re open from 5pm–midnight, 365 days a year. Their national number is 0800 58 58 58 and they also have a webchat service if you’re not comfortable talking on the phone.

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