[ad_1]
A few months ago, our company crossed a milestone that felt both deeply personal and professionally significant: We officially became a public benefit corporation (PBC). To many people outside the legal or investor world, that might sound like a branding move, or just alphabet soup. But for us, this change represented something much more intentional. It’s a line in the sand about who we are, how we operate, and the kind of capitalism we want to be part of.
We’ve been a Certified B Corporation for three years. But to maintain that certification, you eventually need to become a PBC: a legal designation that bakes your mission into the company’s corporate charter.
It means you’re no longer just beholden to shareholders and profits. You’re legally accountable for pursuing a public good. For us, that good includes eliminating paper in estate planning, expanding affordable access to families across the country, and creating more inclusive pathways to legacy and wealth.
Here’s what that evolution has taught me, and why I think more companies—especially startups—should consider it.
Capitalism is changing, and that’s a good thing
When we started Trust & Will in 2017, we wanted to modernize estate planning. We weren’t trying to start a revolution. We just wanted to make something that felt archaic, expensive, and intimidating feel a little more human. But as the company grew, we realized that we weren’t just fixing a product. We were taking aim at a broken system, one that left millions of families financially unprotected because the traditional estate planning model was built for the few, not the many.
That’s when the B Corp certification made sense. We were already making impact-driven decisions. This just gave us the framework and accountability. And now, as a PBC, those commitments aren’t optional—they’re foundational.
In the next 20 years, an estimated $124 trillion will pass from baby boomers to millennials and Gen Z. That wealth transfer has the power to shape the next generation of economic stability—or deepen inequality. Our bet is on the former, and we’re building infrastructure to support that.
You don’t have to sacrifice profit to do this
Let me say this clearly: You can absolutely be a mission-driven company and still build a successful, revenue-positive business.
This is a misconception I hear all the time from other founders. There’s this fear that committing to a PBC status will turn off investors or require you to “choose impact over income.” But in our experience, the opposite has been true.
- Our CFO, Ron Wangerin, joined us because we were a B Corp. His last two companies had the same designation.
- Several investors were drawn to us because we were committed to making estate planning more inclusive and modern.
- Customers notice it. Not every one, of course—but increasingly, today’s consumer wants to know what they’re buying into, who they’re buying from, and why it matters.
We’ve raised capital from strategic partners like AARP, UBS, and Amex. These aren’t mission-only investors—they’re looking for long-term value. They saw that a clear, measurable purpose didn’t dilute our business model—it strengthened it.
When you become a PBC, your purpose becomes part of your governance. You have to report on it. You have to track it. You have to prioritize it, just like revenue or market share. And to be honest, that level of accountability is energizing.
It forces clarity.
Our public benefit purpose is threefold:
- Eliminate paper in estate planning by advocating for digital execution laws across all 50 states.
- Expand affordable access by offering affordable plans that are at a fraction of the cost of working with a traditional attorney.
- Create a more inclusive legacy economy by making estate planning approachable for everyone, not just the wealthy.
These aren’t just values. They’re product decisions. Hiring priorities. Engineering roadmaps. Marketing campaigns. Investor updates. It’s all connected.
And that alignment becomes a competitive edge for attracting top talent, building partner trust, and scaling without mission drift.
If you’re thinking about becoming a B Corp or PBC, here’s the truth: It’s not for everyone. But if you’re already operating with a sense of mission, it might just be the natural next step.
Here’s what I’d recommend:
- Start with internal clarity. What’s your “why”? Could you write it into your business plan today?
- Align your board and investors early. Becoming a PBC requires amending your charter. Get buy-in from your stakeholders so the transition is smooth.
- Prepare for more transparency. You’ll be reporting on your impact publicly. But this also builds trust with the people you’re serving.
If you’re just in it for a quick exit, this probably isn’t the move. But if you’re building something lasting? Something meaningful? It might be one of the best decisions you ever make.
The future of business is personal
At the end of the day, our kids aren’t going to care how many ad impressions we served or what our Series D valuation was. They’re going to care about what we did: who we helped, what we changed, what legacy we left behind.
Being a public benefit corporation doesn’t change the fact that we’re a for-profit company. But it does change how we measure success. And for us, success means making estate planning more accessible, affordable, and equitable for every family, everywhere.
It means making business better. It means building something we can be proud of.
And if that’s not the future of capitalism, then maybe we need to reimagine what capitalism could be.
[ad_2]
Cody Barbo
Source link