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Small businesses turn to coaches for guidance Entrepreneurs benefit from expert advice

Posted on October 18, 2009 - Filed Under General Posts

Thousands of coaches work in non-sports businesses, selling their services to mom-and-pop entrepreneurs as well as to corporate executives. Techniques and business backgrounds vary widely; however, almost all business coaches claim niches more personal and distinct from consulting. And, although some coaches found it tough going early in the recession, most report getting steady work in recent months as the nation and region struggle toward recovery. “We’re getting two or three new clients a day,” said Bill Dueease, a former coach and the Fort Myers-based president and co-founder of The Coach Connection, a matchmaker for people and member-coaches. “People are taking control rather than letting the economy take over.” Coaches say they serve as sounding boards and confidants for often-lonely business owners and executives. Some coaches have expertise in several business fields; others do not. It isn’t crucial that a coach be a business expert; the coach must have prowess in pulling out of clients their values, goals and expertise, Dueease said. Many coaches do this by using the Socratic method of learning, asking clients a series of questions that aid clients to learn more about themselves and what they want out of life and business. Small businesses often fail because, although the owners have marketable skills, they don’t know how to run every aspect of a business. Professional business coaches can help owners to assess the knowledge gaps and make changes swiftly, said Bob Smoot, partner in Fort Myers-based RoLin Solutions. Donn Rardin, a Smoot client who lives in Cape Coral, agreed. He recently sold a home-oriented water systems business, and redirected his energies into launching Acquasolve-Florida LLC, specializing in institutional water treatment. Smoot “allowed me to see things before I discovered them the hard way,” Rardin said. Laurel Egan, partner in Cape Coral-based Habitat Restoration Resources, shopped for a coach through The Coach Connection’s 130-member roster. She discovered her best fit happened to live in New Mexico. That was no problem, because The Coach Connection system centers on telephone-based coaching. Dueease said this eliminates biases and other distractions. (2 of 2) Egan said it’s worked for her: “Coaching really helps you figure out where you need to put your efforts, and where you need to let go.” Since being coached, Egan has let go of keeping the books. She and husband Rob hired a chief financial officer. That allows her to focus more on her family, and on advertising and marketing of their firm, which specializes in invasive-plant control. Coaching has become big business since former financial planner and Arizona resident Thomas J. Leonard popularized the field in the early 1990s, by founding Coach University and the International Coach Federation and by writing such books as “The Portable Coach.” A 2007 study for the coach federation pegged annual revenue worldwide for the industry, which includes life, career and executive coaches, at $1.5 billion, with about half the study’s 5,415 respondents in the United States. Compensation varies considerably. Many coaches work on retainer. Smoot estimated custom business-coaching services cost an average of $75-$100 an hour in Southwest Florida. A global client survey last year for the International Coach Federation found average spending of $171 an hour or $4,353 for the duration of coaching. Executive coach earnings averaged just over $300 an hour, according to the 2008 Sherpa Executive Coaching Survey. Sherpa is an Ohio-based training and certification organization with ties to Texas Christian University in Fort Worth. Tim Garmager, Sanibel resident and former senior partner for Deloitte & Touche Consulting LLP, specializes in executive coaching, working mostly for Fortune 500 companies. He’ll speak at the Sanibel & Captiva Islands Chamber of Commerce luncheon meeting on Tuesday, Oct. 13. Garmager sees a common thread in the field, regardless of whether it is called business, life or executive coaching. Coaches “listen well. You find your clients’ strengths by letting them talk, and then helping them to set goals.” And, goal-setting isn’t just about earning a bigger profit or gaining market share, Dueease said. Quality-of-life priorities aren’t ignored, according to Dueease: “They might want to work only six hours a day or make time to take their kids on vacation.” Heather Christie, Fort Myers-based CEO of an ActionCOACH franchise, cautioned against confusing coaches with consultants: “A consultant will come in, and do the work for you. They don’t teach you how to make the changes.” Being coached, Christie said, “Is only for those who are truly committed to make changes.” Egan said it’s worked for her: “Coaching really helps you figure out where you need to put your efforts, and where you need to let go.” Since being coached, Egan has let go of keeping the books. She and husband Rob hired a chief financial officer. That allows her to focus more on her family, and on advertising and marketing of their firm, which specializes in invasive-plant control. Coaching has become big business since former financial planner and Arizona resident Thomas J. Leonard popularized the field in the early 1990s, by founding Coach University and the International Coach Federation and by writing such books as “The Portable Coach.” A 2007 study for the coach federation pegged annual revenue worldwide for the industry, which includes life, career and executive coaches, at $1.5 billion, with about half the study’s 5,415 respondents in the United States. Compensation varies considerably. Many coaches work on retainer. Smoot estimated custom business-coaching services cost an average of $75-$100 an hour in Southwest Florida. A global client survey last year for the International Coach Federation found average spending of $171 an hour or $4,353 for the duration of coaching. Executive coach earnings averaged just over $300 an hour, according to the 2008 Sherpa Executive Coaching Survey. Sherpa is an Ohio-based training and certification organization with ties to Texas Christian University in Fort Worth. Tim Garmager, Sanibel resident and former senior partner for Deloitte & Touche Consulting LLP, specializes in executive coaching, working mostly for Fortune 500 companies. He’ll speak at the Sanibel & Captiva Islands Chamber of Commerce luncheon meeting on Tuesday, Oct. 13. Garmager sees a common thread in the field, regardless of whether it is called business, life or executive coaching. Coaches “listen well. You find your clients’ strengths by letting them talk, and then helping them to set goals.” And, goal-setting isn’t just about earning a bigger profit or gaining market share, Dueease said. Quality-of-life priorities aren’t ignored, according to Dueease: “They might want to work only six hours a day or make time to take their kids on vacation.” Heather Christie, Fort Myers-based CEO of an ActionCOACH franchise, cautioned against confusing coaches with consultants: “A consultant will come in, and do the work for you. They don’t teach you how to make the changes.” Being coached, Christie said, “Is only for those who are truly committed to make changes.”

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