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V O L . X X V I I I N O. X X I I O C T O B E R 3 , 2 0 2 2 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E of Hallowell and Old Town to partici- pate in our Downtown Revitalization Roadmap project to give new life to historic downtowns, broaden their lo- cal economy and engage people and businesses in new ways. The Professional Logging Contractors of Maine in Augusta said its 26th annual Log A Load for Maine Kids Northern Maine Golf Tournament raised $72,767 for Northern Light Eastern Maine Health System's Children's Miracle Network Hospital. Main Street Skowhegan announced the launch of the inaugural Business Lab & Pitch Competition, designed to assist new and current entrepreneurs with starting or expanding their business. Kennebec Valley Community Action Program announced at its Campaign Kickoff for an Early Learning Center to be built in Skowhegan that it has al- ready raised $1.6 million. Early major contributors included Hight Family and The Bill and Joan Alfond Foundation who each pledged $500,000; Skowhegan Savings Foundation, $250,000; Ware Butler, $100,000; and Don Skillings State Farm and the Damon Family, $50,000 each. OTTO Pizza opened its 10th outlet in Maine, this time in Auburn. The opera- tion at 730 Center St., was made pos- sible in part through assistance from the city's revolving loan fund, which supports businesses hoping to relocate, expand and grow in Auburn. The Center Street location is a 90-seat restaurant in Auburn Plaza. OTTO Pizza now has 10 lo- cations in Maine, 10 in Massachusetts and one in New Hampshire. Bath Housing Development Corp. announced that it was awarded a notice to proceed for funding from MaineHousing to support the develop- ment of 18 new apartments, walkable to downtown. Bar Harbor Bank & Trust launched Bar Harbor Mortgage, an app for iOS and Android mobile devices that makes it possible for customers to apply for home financing directly from their smartphones. The Orono Economic Development Corp. said it received a donation of ma- terials valued at $10,750 from Ware- Butler Building Supply to renovate the former Taylor Bait buildings and repur- pose it as the Caribou Bog Trail Center, a four-season outdoor center. As a business leader, you know that the hardest climb isn't Denali or even Everest. It's the CEO's life long leadership journey. But you don't have to go it alone. You can travel with an experienced guide who knows the lay of the land and an elite team of peers who've got your back. And with that kind of support, the sky's the limit. When you're ready for the climb of a lifetime, the path starts here. Learn more • Contact George Casey • Vistage Chair 207-869-5491 • george.casey@vistagechair.com • vistage.com/chairs/george.casey Find out how you can go further and higher. A S K AC E A n s w e r e d b y D e b o r a h M i l l s - S c o f i e l d o f M i l l s - S c o f i e l d L L C The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: I've decided I don't want to be in business unless my business is a good corporate citizen. I'm willing to make the necessary sacrifices to the bottom line. What can you tell me about B Corp certification? ACE Advises: B Corporation certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials. Maine companies like Luke's Lobster, Tom's of Maine and Coffee By Design have secured B Corp certifica- tion. It is considered an important proof of commitment and accountability. But while B Corps are committed and account- able businesses, your business can be both committed and accountable without becoming a B Corp. Let me place this unapologetic capitalist bug in your ear: businesses that pay attention to environmental impact, social responsibility, and good governance simply do better than oth- ers. According to BlackRock founder, Larry Fink, "purposeful companies, with better environmental, social, and governance (ESG) profiles, …outperform(ed) their peers." Fink terms this a "sustainability premium." You need to think carefully about whether certification serves your business. Are you trying to attract a specific type of investor? Would certification help drive sales, more than, say, including compelling examples of your environmental, social and governance commitments in your marketing materials? Or are you making B Corp certification an end in itself? Operationally, high ESG profile companies manage their resources better, such as water, electricity, gas, and reduce waste. They mitigate risk through regulatory compli- ance and understand when regulatory change is on the horizon, reducing insurance and litigation risk. If the market perceives that a company is a good corpo- rate citizen, the company's market value typically increases by 10% to 65%. Customers will pay a premium for "good" products, leading to increased sales, customer loyalty, and lower customer acquisition costs; these contribute to larger top and bottom lines. These companies have an easier time getting capital, at lower cost because they are a low financial risk. No wonder BlackRock pays attention. Deborah Mills-Scofield, an ACE member and principal at Mills-Scofield LLC, helps companies create and implement actionable, adaptable, measurable and profitable innovation-based strategic plans. She is Brown University's Mentoring Maven, serving students, alumni and start- ups. Deborah can be reached at dms@mills-scofield.com. N O T E W O R T H Y M I D C O A S T & D O W N E A S T M I D C O A S T & D O W N E A S T N O T E W O R T H Y N O R T H E R N & E A S T E R N N O R T H E R N & E A S T E R N

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