Putting a Price Tag on the Value of Coaching
For $2 million, the food had better be good.
Recently, Andy Chua of Singapore bid over $2 million for the honor of having lunch with Warren Buffett, an Omaha investor who is one of the world's wealthiest people. The money goes to charity, but Chua, according to news reports, noted that he has followed Buffett's investment philosophies for years and wants to thank him in person.
So, although Chua never officially employed Buffett as a business coach, Buffett was, in essence, a pseudo-coach.
And a coach is a very beneficial person in the quest for success.
I coach attorneys on how to increase their revenue and their profits, providing advice based on years of experience and years "in the field" as a practicing lawyer.
So, what factors should you consider in engaging a coach? Given my experience, these are some of the traits I suggest you look for in any coach you consider:
What is your gut feeling about the person? Do you have a good rapport with him, even without personal contact? Do you respect the person's reputation and experience? Is or was this person a lawyer (a person who not only has a law degree but who is or was an honest-to-goodness practicing lawyer)? If your coach was but is not now a lawyer, why did he leave the practice of law? What has been the experience of the person as a coach, not just as a lawyer? If you're looking for a particular area of experience (e.g., business/life balance, marketing, etc.), what has been the track record of the coach in this area?
Finally, a coaching fee should give you a return on your money. You should never hire someone whose bill will bankrupt you. What is a reasonable fee? That varies, but it's probably safe to say that you shouldn't be paying $2 million.
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