Scott Fuhrman, CEO of Lakewood Organic Juice, and an advocate of a higher minimum wage, joins Yahoo Finance's Kristin Myers to discuss how the raise will impact his Florida-based company.

Video Transcript

KRISTIN MYERS: Our next guest says that businesses need to increase their workers minimum wage to $15. We're joined now by Scott Fuhrman, CEO of Lakewood Organic Juice. So Scott, the fight for 15 isn't just good for workers. As you see it, it's also good for you as the business owner, correct?

SCOTT FUHRMAN: That's absolutely right. And thanks for having me on today and giving me an opportunity to talk about an issue that I feel strongly about.

KRISTIN MYERS: Absolutely. So talk us through how it would be beneficial for your company to start shelling out more money, at least in terms of salaries, because I think most folks at home would actually say that you're just really increasing one of your line items of money going out instead of money coming in.

SCOTT FUHRMAN: It-- it sure can be counterintuitive to some people. But we have found that by raising our lowest-- our lowest workers to a $15 an hour, which we did about four years ago, it actually improves our own workers' productivity. We've seen a reduction in errors. They have a greater ability to focus on their job. And also it makes sense from a business owner's perspective in that when your employees have more money in their pocket, then they can go out and buy your products.

So obviously, we believe, you know-- I can only sell so much juice to the 1%. So let's try and grow the middle class. And one way to do that is by raising the minimum wage.

KRISTIN MYERS: So I think the obvious question that we have here is that you made this move several years ago, four years ago, you said. But this is 2020. And this has been a hell of a year for a lot of businesses out there that are struggling to keep some of their workers that are making the federal minimum wage right now, which is half of $15. So are you still advocating businesses make this move, even still in the midst of a pandemic, even despite the fact that so many businesses are still struggling right now?

SCOTT FUHRMAN: Well, first off, it's a gradual raise of the minimum wage. So it doesn't go up all the way to $15 in Florida until, I believe, 2025. So it gives businesses a chance to move on. And I believe once you've established a level playing field, other businesses will find it more-- other businesses will be more able to meet that meet that as well. Right now when you have some businesses who are able to get workers for a much lower cost, it puts workers-- it puts employers like us in a bit of a difficult spot. But that's one of the reasons I'm so-- so strongly behind this particular provision.