In a recent comment, Jessica asked two excellent questions about establishing a relationship with a business mentor. She asks:
1. "...What is the general amount one should expect to allocate to hiring a mentor? ..."
2. "...Are there any steps one should take to make sure information remains confidential?"
Let's address the issue of payment first. For the most part, a mentor is someone who either formally agrees to meet with you on a set schedule to discuss business issues or someone whom you happen to "hit it off" with and end up in such discussions with. Under most circumstances, even a formal mentoring relationship will be cost-free, or close to it. While you would (and should) expect to pay a certain hourly rate or flat fee for the services of a consultant or hired business adviser (an attorney or CPA, for instance), the mentoring relationship is usually based on the willingness to serve and encourage others on the part of the mentor. I would, however, plan on picking up the tab if you meet over lunch or dinner, or even just get together for a more informal meeting over coffee and a danish. No reason to use and abuse your mentor! Again, this is normally a business relationship, not a friendship (to start) so treat your mentor as you would any other colleague you wish to network with. At the very least, I would personally say that it would be polite (and fun) to surprise a mentor who refuses payment, even for meals, with a gift card or tickets to an event they enjoy when you send them the thank-you note you'll send (hint hint, folks! Our moms taught us right, right?) for their efforts.
As for the second question, pertaining to confidentiality...again, this comes down to how formal the relationship is. In some cases, you may know the mentor quite well and already have a personal relationship which makes you feel less concern about confidentiality issues. However, should you select a mentor you are not already fairly comfortable with on a personal level, you may wish to bring up the matter along with any other agreements, such as frequency and location of meetings, issues discussed, etc. This agreement would naturally pertain to both participants in the relationship; after all, your mentor may share insights about his or her company or industry that they don't want you spreading all over town as well! Confidentiality and nondisclosure agreements can be purchased through your company counsel or online at sites like AllBusiness.com and Nolo.com.
If your chosen mentor participates in a formal mentoring program or is affiliated with a professional network such as SCORE, s/he may already have nondisclosure/confidentiality agreements available that can be adjusted to meet your partnership's needs. As with any other business deal, remember to cover all your bases and try as much as possible to protect any trade secrets you might have (or create) while still retaining an openness that allows the creative process to flow. This can be a grey area for some individuals, but it is usually a matter easily handled when both people involved in the relationship truly wish to help each other. At every turn, you should feel comfortable asking your mentor for such an agreement; should they refuse, it may well be a sign that this is not, after all, the person best suited to help with the growth of your small business efforts.
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