After his brief stint in the NBA, Colone migrated to Woodbury, New Jersey to teach. He taught at Woodbury Junior-Senior High School from 1954 to 1986. He was an assistant coach for the football and basketball teams there. Colone mentored rising basketball star Dave Budd, who later went on to play at Wake Forest University and then, coincidentally, the New York Knicks. Budd is still the only Woodbury High School graduate to ever reach the NBA. Budd's career lasted five seasons and he was also responsible in sharing the duty of guarding Wilt Chamberlain during his 100–point game. Budd and Colone stayed friends throughout the rest of Colone's life.