Brian Olson was promoted to head of finance early in his career and at the age of 30 was promoted to an international, publicly traded company. He was still green and had to learn some basics about public company finance as he grew up. Later, when he took the CEO position, he “grew as an executive out of necessity,” mostly because he loved his job and wanted to be better at it, he says. .
At the time, Mr. Olson was able to succeed with the help of several board leaders and business partners, he said. Executive coaching was less well known and less available. Today, it's hard to see how a CFO can succeed without a CFO. Especially if you have all the leadership intangibles required for this job, such as resilience, empathy, emotional intelligence, and the ability to inspire. “Make no mistake about it, CFOs are expected to be rock stars,” Olson says.
As a coach with Chief Executive Coaching, Mr. Olson guides CFOs through the process of developing their brand and self-awareness, providing insights you can't get from a book.
In the first of a two-part Q&A, we asked Olson (who also serves as a golf coach) about his approach to coaching CFOs and how current and emerging CFOs can benefit from a coaching relationship. I asked about it.
How do we equip CFOs with the tools and behaviors to develop them into top-level executives? What is your approach to coaching CFOs?
Despite the growing popularity of coaching, there is no recipe for it, and each coaching situation requires a different approach, methodology, assessment, and a bit of creativity and commitment. For executives, coaching is not about imitating others, and for coaches, it is not about trying to lead executives like others. That's dangerous. It's about executives who humbly accept and own their leadership style, strengths and weaknesses, and leverage who they are. That's where the magic comes from.
I also coach golf, so I love using the golf analogy when explaining executive coaching. They share many principles and mechanics. Whether you're a golfer or a business owner, it all starts with the reality that your swing is yours. A coach can hone and improve a golfer's swing, but they coach based on who the golfer is, rather than trying to make them into another golfer and make them swing like Tiger Woods. It would be better. Or maybe a leader like Elon Musk. Coaching will not work if this continues. We are all unique. No two leadership styles or golf swings are the same.
Executives don't have to feel like they have to be different people. There is freedom in becoming a better version of yourself rather than a new version of yourself. It taps into who you are as a business owner, what the situation demands, and what fundamental changes can occur that also tap into the underlying makeup of who you are. It becomes a delicate dance and art.
Can any CFO become a better leader with the right coaching?
yes. Coaching is powerful. The same goes for golf, sports, and entertainment. The business world is waking up to the power of coaching. And just to be clear, executive coaching is not business consulting. There is a clear difference between the two. Consulting typically solves business or financial problems and supports corporate initiatives. Executive coaching speaks to executives on a personal level. It's intimate and enlightening. It is transcendent and transformative. It requires openness, vulnerability, honesty, and will. But it's a process, and we're seeing executives of all types make great strides under the coaching model.
But let's be clear: Business owners should want to be better leaders. I mean, I really want to be a better leader. That’s not Leadership 101 in action. Instead, the coach asks what behaviors, traits, and traits they can leverage. Where does management believe progress can be made?
We break down the similarities between coaching and golf. Golf follows physics and learning is linear. Despite the many innovative possibilities for practice facilities and courses, improvements and changes take time. I wish I hadn't. Alternatively, human behavior can and usually does change quickly once an individual makes a firm but simple decision. If you really decide to change, it usually happens quickly. This is human nature, and executives can and should exploit this to their advantage.
Executive coaching is not easy and I feel there is no recipe. Therefore, not just any coach is good.
Let's be honest: Business, in general, is not easy. Golf is not easy. None of this is easy. But that's what makes it so rewarding. The coach must be very aware of who the business owners are, their situation and needs. They must have intuition, smarts, strong listening skills, and a perspective to seize opportunities. Coaching also requires a unique approach and individual game plan to deal with each situation.
Coaching isn't about throwing executives in the oven, baking them at 400 degrees, and expecting them to become better leaders. We can talk all day long about how CFOs are more forward-thinking and innovative, or are better company-wide leaders. But what does it mean?
Coaching can be scary for any business owner. That's probably the biggest challenge. And it's made worse by fancy language that makes it seem less simple than appealing.
So from a CFO perspective, why hire a coach?
It's very simple. It's about becoming the best CFO you can be. Humans no longer introspect and think as much as they used to. None of us are. Coaches can help executives gain perspective—create space to step back, breathe, and reflect on the problem and themselves as leaders. And if a coach can do that and be a vehicle for that, that's very powerful.
