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Client Update - quarterly newsletter |
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Overview
Sponsors/advertisers
are attracted to talented athletes who are 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.
| Income | |
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Contract (PGA, NBA, soccer, tennis, Formula One, Indy 500 & 300, NASCAR, etc.) |
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Endorsements (products/merchandise & brand) |
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Appearances (contractual & special) |
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Books & publications |
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Residuals/ancillary (TV documentary, etc.) |
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 the east coast. The firm has been in business for over 25 years. We also cater to clients in the music, fashion, and film industries.
Barry's Accounting Services has received worldwide exposure and it became a household name in the sports industry during the 2008 Olympics. It received more exposure and opportunities during the 2009 Penn Relay and 2009 Reebok Grand Prix. 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.
What would Barry's Accounting Services do for me?
Barry's Accounting Services will honor its agreement as stipulated in the contract it signs with the sports professional or his/her manager; 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"