FROM DOING GOOD TO DOING “GREATER GOOD” AT THE B LAB
While preparing for the October issue of The Introducer Magazine, I had a conversation with a businessman who shared the philosophy around his work that lead him to become a B Corporation (B Corp). Fred Wellman is the founder and CEO of ScoutComms, Inc., an award-winning certified B Corp business wrapped around advocacy for supporting veterans, military families, and the organizations that serve them.
I think the story of how Fred founded his business is pretty compelling. During a job-hunting campaign several years ago, Fred kept knocking on the door of one particular company to the point that a contact there told him that he should start his own business. He did, and the company that didn’t give him a job…ended up giving him a contract. The contract was to help the company speak the language of the military in order to be more effective in their efforts for that unique community. Fred found his niche, and his fast-growing PR/Communications business moved closer to B Corp status with each contract.
What Fred was doing for business was creating greater-good impact by helping companies and nonprofits develop stronger corporate social responsibility efforts and impact programs, and he did so with true passion for those veterans and families.
Over the last several months, I have spoken with many B Corp entities, but, Fred’s story made me want to check details. I started with B Lab (www.bcorporation.net), the nonprofit that is home base and the certifying organization for this movement of doing well by doing good. The “B” in B Corp stands for “benefit,” and the premise is that a company can structure itself so that its mission is aligned with global concerns, such as environment, public transparency, and social standards. B Lab gives you tools for business structure and also for measuring and tracking your company’s impact. The focus is truly on the long-term wellbeing of those that are benefit corporations and certified B Corps. There are a few differences between the two, like fees (state filing and certification), as well as reporting tasks. Certification is a rigorous standards-based process that can be engaged in any state by any company. Registration is available where the legislation for such has been passed. A registered agent in those states can help with understanding the legal structure and application hurdles. The B Lab site can help you find an agent. The benefits to certification range from increasing investor interest in your company to hiring, attracting mission-driven talent, and becoming a respected member of a growing community of companies who care.
There’s a saying that “nothing worthwhile is easy,” but, if you are a company that has already established some benefit to others through work and mission, B Corp status might be the right structure for you. If you need another reason, check out this June 2017 story entitled “Why we Became a B Corp – Our Most Important Story", by Brains on Fire Lead Design Thinker, Benjamin Hart. Or, you can always ask Fred.
Article by Mary Kurek, Editor-in-Chief, The Introducer Magazine