PORTLAND, Ore. -- Jaws dropped. And then people started screaming.

In April, Dan Price walked into his Seattle-based company, Gravity Payments, and announced to his employees there would be a brand new pay structure. Everyone at the credit card processing business would now make at least $70,000. And that wasn't all. Price would lose $930,000 in his salary, so his base compensation would match the lowest-paid worker.

Naturally, when I met him at Pioneer Courthouse Square in downtown Portland, I wanted to know if he felt sick to his stomach the moment he revealed his plan. Nope. He was elated.

"It was the best million dollars I could ever spend," Price said.

Actually, it will cost him a lot more than that. Once fully implemented, Price estimates the new $70K minimum wage will reduce his profits from $2.2 million to $400,000.

Still, Price has not regrets.

"A lot of people who were creating our success weren't benefiting enough and I was probably benefiting a little too much," he said.

In fact, he's in Portland for a business summit at Wieden & Kennedy to discuss how other companies can emulate his model.

Watch the video above to hear him explain why he believes profit-centered businesses are in need of a revamp, and what it would take to work for the man some see as the best boss ever.

Other local headlines:

'Black' NAACP leader in Wash. outed as white woman

Watch: Clark County judge injured during courtroom fight

New evidence gives hope to family of missing man in 2012 case