Nolan Painting Becomes One of Pennsylvania’s First Benefit Corporations
Havertown, PA (January, 2013) – On Tuesday, January 22, 2013, Nolan Painting, Inc. joined Secretary of the Commonwealth Carol Aichele, Representative Gordon Denlinger, B Lab co-founder Jay Coen Gilbert and 14 local companies at the Independence Visitor’s Center in Philadelphia to officially register as one of the state’s first benefit corporations.
In the state of Pennsylvania, businesses register themselves as either limited liability companies, or general partnerships, or sole proprietorships. But now, under new legislation, businesses can be registered as a benefit corporation.
Caption: Steve Nafranowicz, Nolan’s CFO, registers Nolan Painting as one of Pennsylvania’s first benefit corporations.
A benefit corporation is a type of corporate agreement for socially conscious for-profit companies — similar to what LEED certification is to energy conservation and sustainability or what fair trade certification is to companies importing crafts or coffee from developing nations. It is a set of higher standards, practices and promises that a company provides to its employees, the environment and its community. Becoming a benefit corporation offers businesses more freedom in defining success and provides legal protection for those looking to pursue a corporate purpose other than maximizing profits for shareholders.
“Today, on the day after our country celebrates the life of Martin Luther King, we celebrate the leaders who embody the highest aspirations of Dr. King — business leaders who aspire to be not just the best in the world, but to be the best for the world,” said Jay Coen Gilbert, B Lab Co-Founder.
“Nolan Painting is committed to creating value for people, place and planet. Our mission is to provide the highest standards and promises to our customers, employees and the community. For Nolan, becoming a Benefit Corporation combines purpose and profit and further defines our identity as a top-rated leader in the community,” said Kevin Nolan, President, Nolan Painting, Inc.
“Nolan Painting continues to demonstrate leadership, even with the sustainable business community. Whether it’s through their commitment to paying a living wage, their involvement in charitable events, their use of low impact paints, and hundreds of other practices, every day Nolan works to create benefit for their employees, community, and environment. Today they turn that existing commitment into a legal responsibility so that Nolan will continue to be driven by its mission, not just its bottom line,” said Jay Coen Gilbert, Co-founder, B Lab.
Pennsylvania joins eleven other states, including two of the nation’s largest economies, California and New York in enacting benefit corporation legislation. Similar legislation has passed in Massachusetts, New Jersey, Virginia, Illinois, Louisiana, South Carolina, Hawaii, Vermont and Maryland with strong bipartisan support. Fifteen other states are moving forward for 2013.
A Benefit Corporation is a new corporate entity that allows businesses to meet higher standards of corporate purpose, accountability and transparency. In a traditional corporation, fiduciary duty focuses almost exclusively on increasing shareholder profits. Organizing as a Benefit Corporation allows companies like Nolan Painting to consider public benefit in addition to profits.
Nolan Painting, Inc. is a full service, interior and exterior painting company that has been serving the Main Line and Chester, Delaware, Montgomery and Philadelphia counties for over 30 years. It is a business founded on the basic principles of honesty, quality and customer service. It is a certified B Corporation.
Nolan Painting reimburses its employees 100% for continued education. All its employees get paid a living wage and 80% are offered individual health premiums and retirement savings plans.
Nolan Painting donated 40% of its net profits to charity in 2012. It offers its employees 20+ hrs/yr paid time off to volunteer and 75% of its employees participate in companywide service days.
Nolan Painting does more than beautify people’s homes; it helps protect it so people can breathe easy. It uses low VOC paint for a healthier environment and it also responsibly cleans up and recycles.
In 2012, Nolan Painting sponsored over 100 community events, donated over 1,350 hours of volunteer service and invested over $60,000 towards sponsorships. As Race Director of the Haverford Twilight Run, the Main Line Run and the Reindeer Romp, Kevin Nolan helps annually raise $100,000 for the causes these three races support.