CEOs are not exempt from personal development
Deep down, everyone knows they are stronger in some skills than in others. But entrepreneurs and CEOs often believe that acknowledging shortcomings is a sign of weakness. Perhaps that’s one reason why many refuse to invest in their own continuing development.
Instead of hiring someone to “coach” them through make-or-break situations that they may be facing for the first time, some executives prefer a go-it-alone method. Sure, they may fail, but they expect to learn from their failures.
Me? I’m a big believer in executive coaching. I credit my executive coaches for helping me through some of the most challenging periods of my business life. Investing in executive development is a sign of strength, not weakness.
Three Good Reasons to Hire an Executive Coach
1. Everyone needs a coach.
Even elite athletes such as Tiger Woods hire coaches throughout their careers to help them continue to improve.
In baseball, a coach today is much more than a game manager. Today’s coaches help implement long-term player development strategies that can help each player extend the longevity of their careers and their value to the organization. Long-term player development is defined as a scientific model for athlete training that respects and utilizes the natural stages of physical, mental, and emotional growth in athletes.
So, whether it’s called “executive coaching” or “executive development,” seeking guidance from someone who has already navigated major business disruptions can be very useful. They can suggest approaches that might never have crossed your mind.
2. You’ll benefit from an outsider’s perspective.
Every business owner must take responsibility for their own development. When you operate as your own boss, it can be hard to get unbiased advice. The people around you may be so willing to please you that they hesitate to speak up when the decisions you make seem short-sighted.
When no one questions your judgement, your ego automatically assumes it’s because you already know it all. This type of thinking is dangerous, not just to your own career, but also to the success of your business and the livelihoods of your employees.
A good coach will challenge your thinking, broaden your perspective, nudge you out of your comfort zone, and hold you accountable for lapses in judgement or responsibility. The coach will help you become more aware of how your behaviors and actions are affecting the organization as a whole.
3. Coaching can help you avoid expensive mistakes during challenging times.
Yes, it’s true that we learn from our mistakes and our failures. But as a business owner, you can’t afford to learn every lesson “the hard way.”
Hiring an executive coach with relevant experience can save all the time, money, and growth opportunities you might waste trying to learn new skills on your own.
We Coach Entrepreneurs through M&A
When faced with the challenge of selling your business, nothing fully prepares you for the onslaught of critical decisions you must be prepared to make in rapid succession. This is especially true in an environment in which many deals involve private equity groups.
Selling a business is entirely different from selling your home, because when you sell a business, it’s the buyer who controls the timing of the process and all of the negotiations.
Because private equity groups make multiple deals throughout the year, they have developed super-efficient processes to quickly weed out the deals that are going nowhere from those deals most likely to cross the finish line.
At LaManna Consulting Group, we can teach you more about what to expect during the acquisition process. Our experts can provide specific advice on getting your business ready to sell, discreetly make the right connections with potential buyers, and help you make a positive impression with private equity groups. Call me at 561-543-2323 to learn how to get started.