(In reference to the article by Inc: “What the Evolving Labor Regulations Mean for Small Business Transactions“)
This minimum wage increase to $15/hour is a challenging issue – and no one really knows its true impact! Literally half of small business owners support it and half are against it. My view as a business owner is in support of higher wages. The higher minimum wage will impact small businesses because they have tight margins which may cause some businesses to close. Other businesses may have to cut back operating hours and/or days and increase prices in order to survive. Conversely, the additional disposal income in the marketplace may cause a significant impact on the sales of many businesses. At the end of the day, the businesses with a heavier labor burden will be hurt far more than others.