TLP241: Blueprint for Business: The B Corp Movement

Christopher Marquis is the author of Better Business: How the B Corp Movement Is Remaking Capitalism, which is the topic of today's discussion. He offers a compelling look into the B Corp Movement and why it's in everyone's best interest to be a socially and environmentally responsible company. A compelling look at the B Corp movement and why socially and environmentally responsible companies are vital for everyone's future—"a valuable guide to an important force" (Financial Times) "An important blueprint for how businesses can and should be both successful and a force for good."—Rose Marcario, President and CEO, Patagonia "Better Business is the book to read if you want to put values and purpose at the center of your company. It's an inspiring book with great insights to share."—Jerry Greenfield, co-founder, Ben & Jerry's Sponsored by... Cultivate Grit. Amplify Action. Get The Importance of Journaling We help YOU enjoy the success we've already enjoyed. Free downloads of Quick Reference Guides on Delegation, Time Management, Sales, and more. Key Takeaways [3:15] Better Business, was an idea that was originally born from his students. [5:15] Christopher explains what a B Corp is. [6:15] Patagonia is an excellent example of a B Corp. [10:15] Capitalism is a good thing, but its core message has shifted in the United States. [11:45] Christopher shares what some of the drawbacks are that make it difficult for people to register as a B Corp. [15:25] Christopher dives further into the legal components of a B Corp and why it's better to have this extra layer of protection. [16:50] More and more younger people want to be part of an organization where the values line up and companies with B Corp status highlight this purpose-driven message. [17:40] Retention and attraction of talent just go through the roof when you have a B Corp. [19:00] Jan once heard a CEO apologize that their company was "too profitable." The CEO was basically apologizing for being a capitalist. [19:40] Christopher highlights a French company that he respects a lot where they did something a little bit differently when COVID-19 hit. [23:20] Christopher is curious to see where the B Corp movement will go in the next couple of years, but from what he's seeing so far, things look very promising. [24:40] Some of the downsides of going down this path is that the certification is very, very hard. [29:15] Christopher shares what employees of a B Corp need to be aware of. [35:15] Christopher talks about Greyston Bakery and how they have an open hiring approach. This bypasses a lot of discrimination in their company. [38:10] There is a new job position out in the world now: The Social Engineer. Christopher explains why this role helps companies succeed. [42:05] Because B Corps are seen as having more of a "soul" and purpose, Jan wonders if this makes it difficult to find qualified buyers who can buy into the vision for when founders are ready to exit. Christopher thought the same at first, but the environment is changing. [45:50] Listener challenge: For leaders, take a look at the B Impact Assessment. For individuals, buy from companies with social missions. Quotable Quotes "Capitalism brings us amazing things. You see the amount of people who have been lifted out of poverty and it's because of markets and capitalism at its core." "The type of capitalism we've been practicing, particularly in the United States, has been focused on meeting shareholder needs... in the short term." "When people ask me about the main financial benefits of becoming a B Corp, it is on the HR side." "There's been so much research that has shown companies that are focused on environmental sustainability and delivering good employee benefits are much more sustainable over the long run." Resources Mentioned Sponsored by: Pass-life.com. Coupon Code: Duty. Websites: Chrismarquis.com & Christopher on LinkedIn Christopher's latest book: Better Business: How the B Corp Movement Is Remaking Capitalism The Responsible Company: What We've Learned from Patagonia's First 40 Years, by Vincent Stanley and Yvon Chouinard Danone Greyston.org Bimpactassessment.net