Pick the best: Don’t let the bad drive out the good
It may be the same with every industry. Likely the scam artists and hucksters and skimmers and those just in it for the buck are pervasive. We all see them and have to deal with them (or try to ignore them).
I know that in business coaching, there are those who purport to be serious business coaches but aren’t. There are those who call life coaching or motivational coaching or something other than business coaching “business coaching.” There are those whose coaching credentials are hollow, missing, or misrepresented, who don’t know net margin from a fishing net.
And then there are those who charge exorbitant fees or who are recruiting others to coach in a Ponzi-type scheme or who make over-the-moon promises of riches and idle luxury produced by their coaching programs.
Can you hear me banging my head against the wall? These people and their companies are tarnishing what is a wonderful service if offered properly using best practices. They are crowding out the good.
Gresham’s Law in Action
According to our modern day Oracle of Delphi, ChatGPT, “The concept of ‘crowding out the good’ is often referred to as Gresham's Law in economics, which states that ‘bad money drives out good.’ The principle can be applied more broadly to describe situations where inferior or undesirable elements replace superior or desirable ones, often due to systemic issues, incentives, or policies.”
In applying this law to a situation such as the business coaching marketplace, we see:
Negative selection: A process where lower-quality or less desirable traits or elements dominate.
Opportunity cost inversion: When focusing on the inferior reduces the ability to focus on the superior.
Misaligned incentives: When systems encourage behaviors or choices that favor the bad over the good.
Flashy Promises and Quick Fixes
In other words, the flashy promises and claims of quick fixes dominate. The Insistent messaging and persistent marketing overwhelm. The enticing offers pull in the unsuspecting and unaware, diverting them from coaching programs that offer real value and results.
If you don’t yet have a business coach but potentially might want to engage with a business coach (which, of course, I think you should do because engaging with a legitimate business coach who uses best practices very likely will bring you significantly greater success), you might want to heed the following table that I have constructed just for business people like you.
The left column identifies frequent claims made by the bottom feeders, skimmers, and scam artists of business coaching. I asked five AI engines - ChatGPT, Gemini, Claude, Perplexity, and my new favorite, DeepSeek - for help in compiling these claims. These are what you should look out for when you are considering a business coaching service.
Of course, I took this as an opportunity to respond in the right column with how our Strategic Business Leader coaching program differs (and I think is much better).
Note: While I did not limit the AI results to Maryland (where the bulk of our coaching clients live and work), these sorts of claims are being made right here in my Annapolis backyard. Here are zingers pulled from the websites of five local coaching options:
“You’re interested in skyrocketing your personal and professional development beyond what you ever thought possible (without having to sacrifice your personal life, time, or freedom!).”
“Are excited by the prospect of growing their business while still being able to take guilt-free vacations and work-free weekends to spend with friends and family.”
“Whether it's managing school runs or travelling, free yourself from the demands of running your business. Allow it to flourish on its own, so you can concentrate on what truly matters.”
“Transform your business in 3 easy steps”
“Enjoy living your dream lifestyle.”
“Supercharge Your Efficiency.”
“Proudly watch your team produce up to 22% more profits.”
I hope I have sensitized you to look through specious claims and to seek real value when you are assessing a business coach. Talk to us at Forrest Consulting or to our credible competitors (whom I will happily identify if you ask). The benefit from working with a great business coach is too valuable. Don’t fall prey to opportunity cost inversion and waste your time and money dancing with a scammer.
