In my last company we realized something very quickly. If the standup meeting is only 15 minutes long, then anyone who is 5 minutes late probably causes the meeting to extend by 30% while we repeat stuff. If we aren't repeating stuff for the late person, then you have to question how engaged that person is in the team.
With that in mind, we started complaining about lateness over 1 or 2 individuals... one of which was the PO. His initial solution was to start without him. We poked at this and it became "meet without me". This turned into our marginalization of his input, which degraded to major problems during sprint review because the customer (PO) wasn't on the same page as the team.
So, we agreed to make this marriage work and the PO said he'd make an effort.
The cycle started over. He always had excuses. This meant that other people started riding his coat-tails and coming late too. Eventually the standup was a mess because it wasn't predictable. People who were on time got punished by those who were late (and didn't respect the team).
How did we solve it? We added a fine. Now, Foo wrote a great blog post about how this will backfire. Once you put a price on something, it's valued a different way. Sure enough, our PO threw $50 in the goldfish bowl and stated "That will cover me for the month and buy pizza for the team" as if he was doing something good.
New rule... $1 / day for being late, fee doubles for consecutive days.
Outcome: PO is present every other day and buys pizza for the team every month or so. This was a compromise everyone could live with.