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W W W. M A I N E B I Z . B I Z 15 A P R I L 6 , 2 0 2 0 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E that conscious firms fare better in hard economic times than those focused only on profit. Suppliers, for example, will allow later payments or different pricing structures, as they don't want their business partners to go under, and communities will want to see busi- nesses they love alive. She also points to numerous stud- ies showing that conscious businesses outperform their peers in terms of earn- ings, revenue and stock market per- formance. One metric, in a 2016 study by LinkedIn and Imperative, shows revenue growth in 85% of purpose-led companies. At the other end of the spectrum, 42% of non-purpose led com- panies showed a drop in revenue. "In the Conscious Business move- ment, we often talk about a reckoning for profit-maximizing businesses where they will have to change how they oper- ate or go out of business," she says. "We might see that reckoning play out during this economic downturn, where the companies that operate in the traditional profit-maximizing model don't survive and the new definition of 'survival of the fittest' points to conscious businesses." From Wall Street to Maine Street Conscious capitalism was popularized by John Mackey, founder and CEO of grocery chain Whole Foods Market, and business educator Raj Sisoda, in a 2013 book entitled "Conscious Capitalism: Liberating the Heroic Spirit of Business." Arguing that business and capital- ism are inherently good, they show how firms from Whole Foods to outdoor apparel-retailer Patagonia driven by a higher purpose and other values are thriving. ey also have a national non- profit, called Conscious Capitalism Inc., with chapters in 26 U.S. cities and some foreign countries, and a three-day online annual conference this month. ough financial services providers are not traditionally known as do-good- ers, an increasing number of banks are latching on to conscious capitalism, with JP Morgan Chase & Co. Chairman and CEO Jamie Dimon and BlackRock Inc. CEO Larry Fink among its big- gest cheerleaders. As chairman of Washington, D.C.-based nonprofit Business Roundtable, Dimon led a pledge signed by 181 CEOs last August redefin- ing the purpose of a corporation "to pro- mote an economy to serve all Americans." In Maine, that same spirit was in evidence on a rainy Friday the 13th — March 13 to be exact, the same week the World Health Organization deemed coronavirus as a global pandemic, Maine reported its first case of COVID-19 and employers began taking precautions. at morning, around 50 business people gathered in a conference room at Rising Tide Brewing in Portland's East Bayside neighborhood to hear Kevin Hancock, chairman and CEO of Hancock Lumber Co., talk about his leadership journey and his latest book, "e Seventh Power." Broadening his inspirational mes- sage to the crisis at hand, Hancock said the response to the pandemic requires the participation of "everybody on earth, on a global scale." Find a Maine credit union near you at mainecreditunions.org Maine's credit unions are here for you. Having a strong financial partner is important. We realize everyone's situation is different, and we treat each member individually. With conveniences like mobile and online banking, remote deposit, online loan applications and shared branching, we have the products and services to help you achieve a successful future. C O N T I N U E D O N F O L L OW I N G PA G E » P H O T O / C O U R T E S Y O F A N D RO S C O G G I N B A N K Neil Kiely Neil Kiely, president and , president and CEO of Lewiston-based CEO of Lewiston-based Androscoggin Bank Androscoggin Bank, says: , says: "You cannot fake caring "You cannot fake caring about your stakeholders about your stakeholders to try to leverage the long- to try to leverage the long- term results." term results."

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