In my business, out of every dollar in sales, 70 cents is divided up among goods, utilities, etc. Of the remaining 30 cents, 20 cents goes to my employees, 5 cents to the bank and lastly, 5 cents to my wife and me.
If minimum wage goes up to $15 an hour, my payroll would increase to over 30 cents on the dollar, which means my business would show a yearly deficit and I, the owner, wouldn’t get paid.
So, what changes would I be forced to make in order to keep my 50-plus-year business sustainable?
First, I would cut operating hours from 46 hours each day among three locations to the most profitable 30 to 36 hours each day.
Second, I would have cut three to four employees at each location so that only the most efficient people are on my staff.
Lastly, I would increase prices on all of my products.
Ed Anania
Portland
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