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Most of us have had teachers, coaches, or mentors who had a phenomenal impact on our lives. Think about them. What did they have in common? Was your English teacher a Booker Prize winner? Did your tennis coach win Grand Slam titles? Probably not.
More likely, they impacted our lives because they exercised 100 percent focus on doing what they know best. They connected with us and helped us develop and grow. They sought, first and foremost, to understand us and to bring out the best in us. Their knowledge or skills were tools they used to help us learn something new.
The same applies to advisory services, too. We conducted survey research asking business owners to suggest what they want and expect from their advisors. The findings were eye-opening. Most business owners want their advisors to understand their business and empathize with their problems. They want the advisors to be present in their specific situation in real time, not just check in when it’s convenient for them.
So, how do expert advisors actually behave? Our survey results revealed a huge gap between expectations and reality. Most expert advisors behave like surgeons rather than coaches. They focus narrowly on the problem at hand rather than adopt a holistic approach to the business.
Business owners expect their value advisors to keep them focused on their goals. They not only want advisors to help them identify the levers they need to pull to achieve those goals, but also to guide them on that journey. In short, clients want advisors to act as coaches, teachers, or mentors.
A value creation advisor’s work makes a world of difference to their client’s future. The quality of the advice we give impacts everything from the direction, path, and ultimate goal of the business owner. To effectively help our clients as coaches, we need to:
Value Scout is built on the recognition that we, as value creation advisors and exit planners, have a unique and rare opportunity to help our clients achieve something they’ve only dreamed about – a successful transition on their terms. To achieve that mission we have to hold ourselves accountable to a high standard; a set of indelible beliefs that guide our work and everything we do. We call them the 8 Proclamations of the Value Advisor.
To read all eight download the Exit Planning 2.0 Manifesto.
Interested in learning more about Value Scout?