List member Philip “Yes, he also spells his name the *right* way” Yurchuk wrote with this interesting tidbit regarding the value of advice (shared with permission):
I assume you know the story of the Ivy Lee method? If not, it’s doubly relevant, as it is one of the greatest successes in consulting history. On the off chance you haven’t heard it, I’ll summarize:
Ivy Lee was an early 20th century management consultant. In 1918, he consulted for steel magnate Charles Schwab (no relation to the stock market titan). He spent about 15 minutes with each of his executives and taught them the secret to prioritization:_
- Every night, write down your top 6 tasks by priority.
- Next day, start at the top and don’t do anything else until it’s complete.
- Repeat #2 until you’re done for the day.
- Repeat #1._Here’s the kicker. Before the engagement, when Schwab asked him what he charged, Lee said, “Just follow the advice for 3 months and pay me what you think it was worth.” Schwab paid him $25,000 for a few days work. Today, it’s the equivalent of over $400K. If you know of better for a consulting gig, please share.
Granted, Charles Schwab was a notorious spendthrift who died penniless because of stuff like that. But what a client to have!
Thanks for sharing, Philip!