![]() ![]() All told, it's difficult to say which of these two roles is higher on the career ladder or provides greater privileges. Additionally, personal business managers tend to handle more holistic and daily business support for their clients in comparison with accountants, who may meet with clients infrequently. Tax associates advise clients regarding taxation issues and provide workable solutions within legal bounds. They ensure that all tax-related filings are compliant with federal, state, and local tax regulations. However, business managers are not required to be certified as accountants, although many are. Tax associates prepare tax returns for individuals, partnerships, and institutions. Once a business manager proves capable of helping clients save and make money, advancement comes in the form of more prestigious, higher-earning clients, usually by word-of-mouth referral. Business managers can also come to work for large arts-oriented organizations, such as theater and orchestra companies.īusiness managers share similar career paths, required skills, and clientele with entertainment industry accountants. Some business managers learn the ropes as administrative assistants to established business managers, who may work at agencies or as independent contractors. While day-to-day contact with artists is usually limited, clients can expect to receive monthly reports from their business managers.īusiness managers are typically well educated, possessing some form of business credentials, often an MBA degree. When certain types of problems arise-a contractual dispute, for example-the business manager is often the one to resolve the issue. A business manager also may be called upon to negotiate with record companies, merchandising firms, and publishing companies seek out endorsements and sponsors participate in the planning of recording and tour budgets and counsel the artist on investment strategies. ![]() ![]() Cooperating with each member of this team, personal business managers work to put in place a cohesive financial plan that maximizes their client's earning potential.Īlthough specific duties will vary depending on the scope of a particular client ’s career, business managers are certain to file taxes, monitor income and pay bills, oversee royalties, and follow up with third parties to ensure timely payments. In addition to the personal business manager, this team is likely to include an entertainment attorney, an agent, and a general purpose manager. Typically, a personal business manager is one part of a team of support workers who help their client-often a successful performer or performing group-to navigate difficult legal and financial decisions that arise in the course of working in show business. While an artist's manager is involved in every aspect of the artist’s professional life, personal business managers are concerned exclusively with their clients' monetary success. ![]()
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