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Capability over Currency: Strategic Coaching Insights

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October 22, 2018 / by Ben Cohen, FSA, MAAA

I attend an entrepreneurial coaching seminar every quarter where our “coach” leads a group of entrepreneurs through course materials with the goal of developing their businesses into self managing companies, ultimately improving the quality of time spent both in your business and personal life.

At a recent seminar, the founder of the program showed up as a guest speaker and told us an interesting story that went something like this:

He recently encountered an opportunity where he was discussing a potential publishing deal. Partnering with a writer, they had a discussion about the writer using his material as a source for a book. They approached the writer’s agent who suggested a publisher and they were off. To complete the partnership, he suggested they strike the following deal:  “How about we use your publisher and agent, you use my ideas for the writing, and you know what...why don't you just keep all the money?" Rather shocked, the writer asked, “What's the catch?” He said that there's no catch, I just want commitment and capability. The money hadn't been made, so he felt like it wasn't his anyway. However, access to the writer's broader audience will provide a capability to reach many more people for his core coaching business. The one catch was commitment—he wanted this project to be a 25-year partnership.

Have you ever thought about taking money out of certain situations? How would you structure a deal if money wasn't an issue? What would you want to come from the deal?

Getting paid with capability instead of currency could be the key to making the best deal for the future of your business.

Check out Dan Sullivan's program, strategic coach at strategiccoach.com. He elaborates further on what it means to expand ourselves through capability, also know as capableism.

 

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Topics: Insights

Ben Cohen, FSA, MAAA

Written by Ben Cohen, FSA, MAAA

Ben serves as Wakely Actuarial’s President & Consulting Actuary. He joined Wakely in 2002 and enjoys the variety in the day-to-day of his current role.