You’re a young performer who’s suddenly seeing the cash roll in, after years of toil and struggle. Or maybe you’re an experienced director or screenwriter, still smarting over bad choices in spending or investments. As nerve-wracking as maintaining an entertainment career can be, worries about the state of one’s finances must dial the pressure up to 11.
An exceptional business manager does much more than get the bills paid. “If there’s a contract for a film or TV show,” says Siegel, “it’s our job to make sure that that money comes in when it’s supposed to, and to pursue that cash if it doesn’t.” A firm will advise on major purchases, from homes to airplanes. It can advise on the client’s charitable giving and, of course, help with estate planning.
With so much at stake, handing over control of one’s affairs is not to be undertaken lightly. McAnuff recommends extensive research into a manager’s track record, in search of “forthrightness and honesty.” Siegel and team conduct what he calls “a good-fit interview” with each potential client. Business management is labor-intensive, with as much as 50% of a firm’s annual gross revenue applicable to labor costs. Therefore, “we need to be very careful about which development artists we bring in. And even on established artists: How much time will they take? We need to make that decision,” he says.