10 STAR MUSIC - Claudia Sommer
- Dec 10, 2018

Business Manager

Usually, the business manager is the one who handles all your money. He or she collects the money, keeps track of it, pays your bills, invests it and makes sure you file your tax returns. That’s why you should be extremely careful in picking the right person! So…. How to pick a business manager? Claudia Sommer made a short, but detailed checklist for us!

* You should get monthly financial reports! Make sure they are clear and you understand them!

* Is your business manager a "Certified Public Accountant"? Make sure he or she is a true professional!

* What kind of security system does your business manager have in place to safeguard your money? Does he or she have "Errors & Omissions" insurance?

* If you live outside the U.S., ask if he or she has any international experience!

* How much does your business manager charge?

* Does your business manager want a written agreement? Some of them request written agreements, some of them don’t. I think, it is definitely a good idea, because it spells out exactly what is going on.

* Never accede to a contract that locks you in to them for any period of time. You should always be free to leave whenever you want!

* Does your business manager get referral fees from any place they put your money?

* Always be sure your business manager wants to educate you, because you should make all the crucial decisions yourself!

Let me say this one more time. Be very careful in picking your business manager! More careful than you are with anyone else on your team!

Best, Claudia