Executive Coaching Worth the Money?

At what point does it make sense for a small company to turn to executive coaching?

In this video, Reporter Paul Lin looks at a Bronx drop-cloth manufacturer that uses a coaching service that could cost up to $7,500 a year for four workshops and phone support.

It’s paid off: The company credits coaching with helping it recover from losing its biggest client — a big-box retailer that made up more than half of its sales.

Coaching is still working to overcome the stigma that it’s about “career saves” — fixing problem executives. According to the 2008 Sherpa Executive Coaching Survey, about half of coaching now is used for leadership development and about a third is aimed at solving specific problems.

But coaches can be pricey. Their services average around $300 an hour, according to the survey.

What experiences have you had with executive coaching? Was it worth the money?