This paper aims to investigate the relationship of stakeholder with the value flow of business model for sustainability. Specifically, it links the topic of stakeholder theory to the value flow perspective of a business model for sustainability, namely: value intention, value proposition, value creation, value delivery, and value capture. The research methodology is a multiple case study in three Italian B-corporations, where we analyse the stakeholder groups engaged by the company and how they relation with, interact or intervene in the value flow of business models for sustainability. Main findings are the following. The value intention of the entrepreneur is influenced by society and the environment. The stakeholder that influences value proposition are the employees that suggest innovations and the government by changing regulations. A sustainable value creation is a multi-stakeholder issue, whose aim is to stimulate the balanced exploitation of natural resources at the local level and to limit the social and environmental impacts. Other organizations as the members of the associations or networks to which the company belongs influence the promotional activities of the product or service that increase consumer awareness towards the company’s commitment to sustainable development. Companies are committed to having a positive impact on society and the natural environment, so that they as stakeholders could partially capture the value deriving from the business activity. The research aims at contributing to the knowledge on business models for sustainability by looking for relationships with stakeholders that could be replied by other companies. The paper contribution is a stakeholder value flow framework of business models for sustainability that categorizes the stakeholders in the specific value flow step. The framework can facilitate a systematic and deeper analysis of stakeholder influences. Moreover, the stakeholder value flow framework can be used to map from the company point of view the most significant relationship and to help companies to inspire and facilitate the stakeholder engagement for business models for sustainability in the future.