When Values Meet Reality: The Ben & Jerry’s Story I Wrote About in 2017 Continues to Unfold
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Today’s news that Jerry Greenfield is stepping away from Ben & Jerry’s, citing what he describes as Unilever’s silencing of their social mission, marks a pivotal moment in a story I’ve been following for years. In my 2017 book Values Count: Believing in What We Do, I examined what happens when values-driven companies are acquired by larger corporations. The Ben & Jerry’s case was particularly compelling then – and today’s development adds a sobering new chapter.
The Original Promise
When I wrote about Ben & Jerry’s acquisition by Unilever in 2001, I noted how the founders had worked to protect their company’s social conscience. They’d built a business that gave 7.5% of pre-tax revenues to charity, paid premium prices to farmers who didn’t use growth hormones, and created opportunities for disadvantaged communities. The acquisition deal supposedly included protections for these values.
In my research, I found Jerry Greenfield remarkably optimistic at the time, saying: “We get a lot of support – sometimes I’m a little surprised at how supportive Unilever is.” He acknowledged Ben & Jerry’s was “like a flea on the back of this giant thing” but seemed hopeful that doing good and doing business could coexist.
The Gradual Erosion
What’s striking about today’s news isn’t that it happened, but that it took 24 years. In Values Count, I explored similar trajectories with companies like Innocent Drinks (acquired by Coca-Cola) and Tom’s of Maine (acquired by Colgate-Palmolive). Each story revealed a pattern: initial promises to maintain values, gradual shifts in practice, and eventual tensions between social mission and corporate priorities.
The challenge isn’t necessarily malicious intent. Large corporations operate within systems that prioritise shareholder value and risk management. When a subsidiary takes strong positions on social issues, it creates complexity that corporate structures aren’t designed to handle.
Beyond Individual Companies
This isn’t just about ice cream or toothpaste. It’s about a fundamental question facing ethical businesses: Can you maintain authentic values within structures designed for different purposes?
In my book, I referenced the film “RV” where Robin Williams’ character warns a small values-driven drinks company against being acquired, knowing their ethos would be compromised. Fiction sometimes captures truths we’re reluctant to acknowledge in business discourse.
The Deeper Questions
Jerry Greenfield’s departure raises critical questions for the next generation of values-driven entrepreneurs:
- Is acquisition ever compatible with maintaining social mission? The evidence suggests it’s extraordinarily difficult, if not impossible, to maintain genuine activism within large corporate structures.
- What alternative growth models exist? Perhaps we need to reimagine success beyond the traditional exit strategy of acquisition.
- How do we measure success? If we only use financial metrics, we miss the broader impact these companies were founded to create.
Moving Forward
As I prepare a second edition of Values Count, I’m struck by how prescient these concerns have become. We’re seeing a generation of entrepreneurs who want to build businesses that stand for something. They deserve honest conversations about what happens when values meet venture capital, when mission meets merger.
The six core values I work with in my own practice – altruism, integrity, co-creation, inclusivity, humility, and optimism – feel more essential than ever. But they need to be protected by structures that support rather than suppress them.
Greenfield’s departure isn’t just the end of an era for Ben & Jerry’s. It’s a wake-up call for anyone who believes business can be a force for positive change. The question isn’t whether values matter – it’s how we build structures that protect them when they matter most.
Stuart Eglin is the author of “Values Count: Believing in What We Do” (2017) and has led work on values-based approaches in healthcare and coaching for 30+ years. He is currently working on a second edition that examines how values-driven companies have fared since his original research.