The Sports Industry

This article is for athletes, coaches, managers,
attorneys, and other family members.

Sponsors/advertisers are attracted to talented athletes who are also market-savvy. Athletes that know how to attract viewers and accomplish their goals marvelously. They have a large fan following and sponsors are willing to pay millions of dollars to have access to their support base because that is a more effective way to create demand for new products/services and increase the demand and market share for existing products/services. If the athlete has plans to make it big in the sports industry and be financially independent, then the athlete's first priority would be to hire a business manager, an attorney, and a tax accountant who are familiar with the intricacies of the industry.

I recently met a former Olympic gold medallist who is broke and filing for bankruptcy. According to the 160-page court document, this Olympian was forced to sell several properties and the banks foreclosed on the other properties. The athlete is down to $2,000 in savings. The athlete used to earn over $80,000 per race and millions of dollars in fees for product endorsements. Please don't laugh if you do not have a good tax accountant. I rest my case.

Income
	Contract (PGA, NBA, soccer, tennis, NASCAR)
	Endorsements (products/merchandise & brand)
	Appearances (contractual & special)
	Books & publications
	Residuals

** It is important that the athlete makes recordkeeping details of handshake agreements. **

 

What can Barry's Accounting Services do for the athlete?

It is tough enough for you to maintain your dominance on the playing field over superior competitors like yourself and continue to earn trophies. That is why athletes like yourself leave the number crunching, taxation, and financial headaches to Barry's Accounting Services, the number one sports and entertainment accounting firm in Brooklyn and on the east coast. Some of these athletes were in high school when Clem Barry was preparing tax returns for their parents; hence trust has never been an issue.

Barry's Accounting Services has received worldwide exposure and it has become a household name during the 2008 Olympics. We are small enough to know you personally, appreciate your business, treat you as a valuable client, and ensure that you always benefit from our constant exchange of ideas and personal rapport, and we are diversified enough to provide you with an array of value-added services and cater to your needs quickly without having to go through red tape and board meetings. This is why we are way ahead of the competition.

Barry's Accounting Services will honor its agreement as stipulated in the contract with the athlete; calculate the athlete's earnings to ensure the athlete receives adequate compensation from his/her contract, sponsors, and merchandisers before the athlete signs a contract; establish a corporation to manage the athlete's business related income, expenses, and investments; design business strategies and articulate strategic plans that fit into aggressive marketing and public relations campaigns; communicate with sponsor's liaisons; prepare a personal financial/retirement plan for the athlete; connect the athlete to out-of-state sports and athletic accounting firms; prepare personal and corporation tax returns; assist the athlete with purchasing, renovating, and insuring real estate; coordinate special events and celebrations on behalf of the athlete. If an athlete wants to change careers, then Barry's Accounting Services strategic alliances in the sports and entertainment industries will allow the athlete to pursue interests in music, motion pictures, and race car driving.

Thanks for your time.

Click here for "Financial Planning & Wealth Management"

Click here for "The Culinary Industry"

Click here for "The Entertainment Industry"

Click here for "Tax Appeals/Representation"

 

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