Cool Careers - Executive Coach

Interview with Karen Wright: Executive Coach and President, Parachute Executive Coaching, Toronto, ON

1. How would you describe what you do?

I work with senior level business people to help them be their best. That’s a very simple description – but what it involves is helping them understand their strengths and how to bring those strengths to the workplace. Sometimes that involves career change – but most times I am hired by companies to work with high potential employees to help them succeed in their existing jobs and careers and to accelerate their progress to the next career milestone or level of responsibility.

I also run an associate-based coaching company – if I don’t have the skills or expertise my clients need I will refer them to an associate who can assist.

2. How did you get started?

By accident! I was in my own career transition... I had been moved with my corporate marketing job to the US which was a disaster! I left and was at a crossroads trying to figure out what to do. I came across coaching which was just starting to take off in the US and was non-existent in Canada. I did some research, found that it was a perfect fit and I never looked back! That was 15 years ago.

3. What do you like and dislike about what you do?

I love the fact that I am helping people every single day to be more connected to their work, to be better leaders, to be happier. Everyone that I work with gets something that they can use. I love that it’s all about people. I love that there is business impact – I work almost exclusively with business people and they are changing what they do and having positive business impact. I love that I am a trailblazer and get to put my own stamp on this – to do it my way. I love that there is personal flexibility.

There is not much I dislike. I don’t like the paperwork and administration. I am not a bad accountant – but if I wanted to do accounting I would have gone into that profession. I dislike the stuff that is “necessary” – meaning the things that you need to do to be a successful business - and I get others to help me with those activities.

4. How do you make money/or how are you compensated?

95% of my work is paid by corporate customers. I am paid by the engagement – I get paid to work for a certain number of months with a specific person. I don’t get paid by the hour – although this is a common way coaches are paid. In my case, the customer is paying me for the achievement of an outcome over time.

5. What education or skills are needed to do this?

 In the coaching space this is a loaded question. Technically, you can hang a shingle as a coach having never gone to school or taken a course. However, the coaches that do well have invested in their education. My answer is that I do well in this job is because I have senior level corporate experience, graduate level business education and a Master Certified Coach credential - the top certification in the field. Top level experience and education matter to me and are a big part of what makes a coach successful.

6. What is most challenging about what you do?

Time! If I am only working 1:1 with people then my time is limited in terms of what I can accomplish, because my practice is typically full and there’s not much down time. I need to “codify” what I do into programs so I can make better use of my time. But it is a totally different skill set to develop products than it is to coach. I am really good 1:1 – but the creation of “stuff” – the development of resources when I am not interacting directly with people is really hard. It is not where my skills lie – and I have to get people to help me.

7. What is most rewarding?

My clients get happier and better. I take immense satisfaction from someone sending a note saying that what I did affected their business, or team or life. I have two kids – when they were younger, I didn’t feel like I could work outside of the home unless I knew I was making a difference in the world – and I really do feel that my work makes a positive difference.

The bonus is that I leave work with more energy than when I came in. If I have a few amazing client meetings – I leave the day on a high. In fact, if I feel like I am dragging I know I am doing the wrong work with the wrong clients. It’s a good reality check.

8. What advice would you offer someone considering this career?

Be patient with it. Plan for a couple of years of building and learning what you do really well. Don’t assume that it will come easily. Like any business, you have to build it and it takes time. Also, this work is very personal. It is tied to your beliefs and state of development. It requires a lot of personal honesty and an ongoing commitment to do your own personal development work. . I find it interesting that if I am struggling with something I tend to see that same issue reflected in my clients, and by the same token if I notice several clients showing up with similar issues I know I need to reflect on what’s going on with me – there’s always a connection.

A lot of coaches struggle with the business side. Many come into this work because they love people... but if you are going to do well you also have to like running a business.

9. What is a common misconception people have about what you do?

That it’s easy. There are a lot of people who think they can do this type of work because they were good with people in their corporate job and many people approach it this way. They’ll say “I was always good with people – so I think I’d be a good coach.” Look, lots of people can do this at an ok level – but few can be great at it.

Another misconception is that training is not necessary. Legally that’s true – but it sure makes a difference!

10. What are your goals/dreams for the future?

This year I would like to buy an office building and create a coaching hot spot – a place in Toronto where coaches who work from home can come and grab office space for an hour, a day or a few days. They can also have access to me for mentoring. Also, I would like to sell 1 thing that I don’t have a conversation about. Right now, all of my sales are because of conversations that I am having. If I sell 1 thing this year because someone found something on my website, liked it and hit “buy” without talking to me, then I will have started a significant shift in my business. The value doesn’t matter. It means that I have done all of the things necessary to make the transaction happen.

Long term, I think that I can create a bigger, stronger coaching organization than other people can – and I think I can model something for others who want to do this work and be great at it! I’d like to be working with 6 C-level clients that have me on retainer and have the rest of the business going to the amazing team of coaches that I have working with me. This would reduce the amount of 1:1 work I am doing and pass that work to other people so they can suceed.

11. What else would you like people to know about what you do?

I love what I do. LOVE it! I think that is a big part of the reason why I am successful – because it comes through. I think a lot of the time loving coaching is associated with new age-y, spacey type stuff. That’s not me. With my clients I am crystal clear about what I do, my fees, and my value. I think you can love coaching and be very businesslike. I am really proud of the people I have around me and the business we are building. I love that we have fun everyday!

Thanks so much, Karen for sharing your career with Challenge Factory! If people want more information about you how can they reach you?

My website is at www.parachuteexecutivecoaching.com.

Karen is also available to be a Challenge Factory Expert for clients looking to experience a day in the life of this career.

Interested in learning about other careers?  Check out our other Cool Careers interviews!