MANAGEMENT ou don ’ t have to look far to find a coach in contemporary American society . No longer relegated to sidelines and dugouts , professional coaches are available to help people conquer a wide variety of goals and tasks . Whether it ’ s personal fitness , parenting , singing or social media , paid counselors offer packages aimed at improving skills and performance .
So it ’ s no surprise that the practice has gained prominence in the world of business . A growing number of leading CEOs and executives credit leadership and executive coaches as key to their success . Former Google CEO Eric Schmidt and Microsoft cofounder Bill Gates have extolled the benefits of calling in the coaching cavalry .
“ Everyone needs a coach ,” Gates declares in one TedTalk . “ It doesn ’ t matter whether you ’ re a basketball player , a tennis player , a gymnast or a bridge player . … We all need people who will give us feedback .”
It ’ s not just Fortune 500 companies and Silicon Valley startups . Family-owned businesses in the Capital Region are also turning to outside help to build communication skills and navigate thorny management and personnel issues unique to the sector . “ There is definitely a need for our family-owned businesses to look for some additional resources and to look inward at their family in terms of succession and getting the next generation ready ,” says Stella Premo , executive director of the Capital Region Family Business Center .
Even when there is a need , comfortability , cost and finding the right fit can be barriers . And experts say it ’ s important to have clear ( and realistic ) goals and deliverables before you start in order to make the most of the experience . But navigating the process to find a coach who can help will pay dividends for years — even generations — to come .
Executive coaching is not a new concept . Leaders , including kings and queens , presidents and company founders , have long had advisers to set and keep them on a path to success . But in recent decades , amid a rapidly
“ There are some instances where one generation may not be open to any kind of outside feedback , and you might have the next generation completely open . Unless you have everyone on board to at least have the conversation , it ’ s going to be very difficult to make any productive changes .”
STELLA PREMO Executive director , Capital Region Family Business Center
changing economy and renewed focus on personal development , the practice has grown in popularity for leaders and companies of various sizes . Skyrocketing interest has fueled a $ 2.35 billion global industry of professional counselors advising everyone from top CEOs to midlevel managers to early career job seekers , according to a 2016 study commissioned by International Coach Federation , which has more than 36,000 members in 145 countries .
In the industry ’ s early days , coaches were often brought in to address poor performance by struggling managers .
That still happens . But today , coaches say much of the demand comes from introspective leaders looking to proactively build skills in an increasingly competitive environment .
“ Even with budgets being slashed , I think there ’ s been the realization that everybody has a lot of work to do individually and collectively ,” says Kurt Glassman , a founding partner with Sacramento-based LeadershipOne whose family owned a bed spring company for four generations . “ Instead of the parents saying , ‘ My kid needs help ,’ now it ’ s the best and the brightest saying , ‘ Hey , I need to learn more than I did in graduate school and working 10 years in tech in Silicon Valley .’”
Internal dynamics , new leaders
Many family businesses face unique challenges that make them prime candidates for an outside perspective : Succession planning looms large ; interpersonal dynamics can play a bigger role than at other workplaces ; and CEOs and executives from outside the family can crave help building and navigating relationships that date back to birth .
And the stakes are high , especially for companies that want to keep the business not only alive but in the family for years to come . A disconnect between the high rate of family owners who say they want to pass the company on versus the actual success rate , with just one-third making it to a second generation , drove coaches such as Glassman to expand programming for family-business clients . In early 2020 , the firm launched a six-month intensive program for emerging leaders in the sector .
48 comstocksmag . com | October 2020