You’ve been the CEO of a $60 million manufacturing concern for five years. Lately the ride has been bumpy, and upcoming earnings forecasts aren’t encouraging. Your Board has discussed downsizing. You have concerns about losing key people and their know-how and about the dip in employee morale that downsizing would bring. You have problems.

A colleague, aware of your dilemma, suggests using an executive mentor. The idea has merit and you wonder, could an executive mentor be right for you? It means you would gain a confidant , someone to listen, brainstorm, guide and assist you.

Mentoring Is Not New

Mentoring has been around since the time of the ancient Greeks. As Homer tells in The Odyssey, when Ulysses went to war he asked his friend, Mentor, the son of Alcimus, to give advice to his wife and son. Hence, a mentor , one who gives advice and assistance.

One of the first American businessmen to use mentoring was J.C. Penney. In 1901 he started using a system whereby the manager-partner of a Penney store would choose and train another man who could go on to build another store. Penney felt a manager who successfully trained others would benefit practically and spiritually from the experience of guiding another along a path of good and useful living. This gives embodiment to the accepted idea of mentoring , an older, experienced individual providing information and advice to help in the growth and development of someone who is younger and less experienced.

While the J.C. Penney example reflects a part of executive mentoring, there are some key differences. Like any other mentor, an executive mentor is an advisor or coach who meets with an executive on a regular basis to discuss issues and problems. The difference with an executive mentor is that he/she is usually someone outside the company, working on a consulting basis. This distinction is drawn because the individual must be prepared to raise issues that may be difficult to hear or face. As well-known presidential speechwriter Theodore Sorenson notes, “Consistently wise decisions can only be made by someone whose judgment is constantly being challenged.”

Principles of Executive Mentoring

Executive mentoring is different from other management acquisition skills and strategies in some important ways. It is very time-efficient. You ask a question and get an answer , not only the “what” and “why,” but some philosophy too if you want it. It helps an executive develop general management skills and philosophy in a direct and disciplined way, partially because one is dealing with real-life, street-level problems and challenges as opposed to theories.

The strength or weakness, success or failure of any mentoring relationship can be found in the approach of executive and mentor and the bond that is formed. In order to build a strong relationship, both must be open-minded, interested in learning and open to growth. Any executive who views the mentoring process with this mindset will usually benefit. The relationship should be strictly confidential – what ‘s discussed remains strictly between the executive and mentor/consultant.

In addition to an open, objective approach and attitude, the mentor/consultant needs to have requisite skills in the field of endeavor, in-depth experience as well as an ability to generalize. With these elements in place, the cornerstone for a successful mentoring relationship is established.

Is Mentoring Right For You?

Determining if a mentoring relationship is a good fit is a matter of self-assessment. When an executive knows he/she needs help and is ready for the open, frank input that happens in an effective executive-mentor/consultant relationship, the relationship and outcome can be very positive.

Assigning a mentor/consultant to a subordinate is a different matter. It is not dependent on self-assessment. Today mentors are often provided to managers and subordinate executives because more senior executives recognize how well mentoring works in producing enhanced results. You can always learn from your own mistakes, but it’s easier and cheaper to learn from another’s mistakes. In any case, mentor relationships need to be entered into with the understanding the mentor/consultant will not be reporting back to senior management. Efforts can be wasted if the prot & #233;g & #233; thinks the mentor is just a watchdog for senior management.

Finding and Working with Your Mentor

Most executives find a mentor/consultant through personal reference or recommendation of a trusted friend. A list of possible mentor/consultant candidates with appropriate experience can also be developed by contacting professional associations, colleges and universities and management consultants knowledgeable about mentoring.

Personal chemistry has a lot to do with finding the right relationship as well. The executive’s gut feeling that he or she can work with a particular mentor/consultant is worth serious consideration.

Through frequent meetings and open discussions the parties can get to know each other and learn how they can work together to help the executive. The importance of free, open discussion cannot be over emphasized. When seeking advice on a decision or course of action, the executive should be prepared to explain to the mentor all of his/her concerns, biases and preferences. Only with such openness and honesty can the mentor/consultant give the best possible advice and build the relationship.

Similar to other advisory roles, mentoring relationships tend to be long-term, but they are not permanent. If the arrangement is not producing the desired results, it can be easily terminated, as should be the case with all consultants.

Into the Future

Considering the constant changes taking place in the business environment, an executive-mentor/consultant relationship can be very important. Demands on CEOs and senior executives are severe, as attested by the great number of stress and burnout cases. Those whose corporate success is determined by their measurable and intangible effectiveness are seriously seeking new resources. For many, the decision to establish a healthy executive-mentor/consultant relationship represents one of the most important decisions an executive can make.

Sumner Alpert is a Certified Management Consultant (CMC) and a member of the Institute of Management Consultants, the nation’s premier professional association for consultants. Alpert has advanced degrees in business and engineering and 50 years experience as an engineer, manager and company president. Alpert’s expertise includes strategic planning, product development, program management, competitive analysis, and mentoring. He can be reached at (818) 788-1707 or at [email protected] or check out the Institute of Management Consultants web site at imcusa.org.