Your Entertainment Career Dream Team Part 4: Business Manager
Welcome, my name is Bob Celestin. This is another episode of my video series Legal Advice for DIY—Generation Hustle. Last episode we’ve been talking about putting together your Entertainment Career Dream Team. The four key members of any successful artist career is manager, an entertainment attorney, an agent and a business manager.
Today, we’re talking about a business manager. If you’re that successful artist, we all hope that you will soon be, you’re traveling all around the world touring, making a lot of money, making a lot of fans happy but you’ve got bills you’ve got to pay at home, you’ve got taxes you’ve got to file. Who’s going to handle it? You want to get credible and a reputable business manager.
A business manager’s job is going to be to pay your bills, to help you in terms of purchasing your home, assets that you want to purchase and they also file your taxes. They either have a CPA or will work with a CPA (a Certified Public Accountant). You want to make sure that you find a reputable and a great business manager. After all they’re going to be handling your money.
Don’t get confused between a business manager and a financial advisor. A financial advisor is a person who’s going to take the money that you have or the money that you have to invest and they’re going to advise you in what kind of stocks to buy, what kind of bonds to buy. They’re going to help you with wealth preservation for the short-term and the long-term.
Any key component of your Entertainment Career Dream Team is going to be a business manager and at some point you’ll get a financial advisor. Again, to reiterate, you’re going to need a great business manager to make sure that when you’re on the road and trying to make all this money that somebody’s helping you make sure that your bills are paid. More importantly, that you pay Uncle Sam, right? I’m sure you’ve heard of all the stories of all the different artist have problems with the IRS.
My name is Bob Celestin. For more information you can check out my web site, check out my newsletters, peace.