Purpose: The goal of this qualitative study is to explore how different elements of the coach–coachee setting can affect the perceived outcome from coaching sessions by the coachee. Design/methodology/approach: Using thematic analysis on 197 semi-structured interviews of bank executives, the authors suggest an evidence-based sequential model on how the perceived value of the coaching process might be contingent on four elements. Findings: As a result of the exploratory analysis, the authors’ suggest that the coach's guidance, coach's reliableness, coachee's willingness and coachee's self-awareness can determine the coachees' perceived effectiveness or usefulness from their coaching sessions. Originality/value: There is little empirical data regarding the coachee's perceived value. The current study attempts to fill the gap in the existing literature by considering the coaching outcomes with particular regard to the executive's perceived value of coaching. This research adds to the literature on how to deliver effective coaching in organizations and provides empirical evidence to practitioners on how coachees perceive value from coaching.