This is a “free, online platform that evaluates how your company interacts with your workers, customers, community, and environment.”
You need to score at least 80 out of 200 points to be certified.
2. Meet the legal requirements.
As the B Corp website says…
“Certified B Corporations are legally required to consider the impact of their decisions on all their stakeholders. B Corps make this legal change by updating their articles of incorporation, reincorporating as benefit companies, or making other structural changes. The B Corp legal framework helps companies protect mission through capital raises and leadership changes and gives entrepreneurs and directors more flexibility when evaluating potential sale and liquidity options.”
Enter your state at this website and learn what your legal requirements would be.
3. Get verified by the B Lab staff
B Lab, which administers the certification, will review your B Impact Assessment, and shine a giant flashlight on your face, as you sit sweating in an abandoned warehouse, surrounded by total darkness, a full moon, and the growling of hungry werewolves.
Actually, it’s more like a phone call with people who share your vision of the world, sometimes followed by an audit on site to verify some information.
4. Pay the fees
Below are the fees you would pay, based on your company’s annual revenue.
$0 - <$150,000 = $1,000 $150,000 - $499,999 = $1,100 $700,000 - $999,999 = $1,300 $1 MM - <$1.4 MM = $1,400 $1.5 MM - <$1.9 MM = $1,600 $2 MM - <$2.9 MM = $1,800 $3 MM - $4.9 MM = $2,000 $5 MM - $7.4 MM = $2,500 $7.5 MM - $9.9 MM = $3,750 $10 MM - $14.9 MM = $6,000 $15 MM - $19.9 MM = $8,500 $20MM - <$29.9 MM = $12,000 $30 MM - <$49.9 MM = $16,000 $50 MM - $74.9 MM = $20,000 $75 MM - $99.9 MM = $25,500 $100 MM - <$174.9 MM = $30,000 $175 MM - 249.9 MM = $35,000 $250 MM - $499.9 MM = $40,000 $500 MM - $749.9 MM = $45,000 $750MM - $999.9 MM = $50,000 $1B+ Based on size and complexity of your business
Is that a lot?
Is it the only cost?
No. You also need to consider the following costs:
Opportunity cost — What else would your employees be doing (to increase revenue or impacts) if they weren’t collecting and analyzing data for B Corp certification?
Consultant’s costs — Will any outside expertise be required?
Legal costs — How much time will be required to amend corporate documents and filing with the secretary of state?
Alright, Entrepreneurs for Impact, is B Corp certification for you?
Probably no, if you are…
A super lean, very small team (e.g., 3-6 peeps)
A public company
Otherwise, if you have a team driven by impact and profit, it’s likely worth your time to at least take the B Impact Assessment (BIA) and see how you’d score and what you might learn to improve your company’s positive impacts.
If you want some validation, I can tell you that over 50,000 companies have already taken the BIA. So, you know, peer pressure and such...