Business management services are so critical to those who have the income sources and lack the skill to manage the revenue streams on their own. It is also critical that the person or enterprise select a qualified, diligent and honest service provider. In recent news we see another example of a professional athlete filing for bankruptcy. Vince Young is less than a year removed from football, reportedly earned in excess of eighty million dollars since entering the NFL in 2006, and is now broke. How can this happen? Unfortunately, this is an all too frequent occurrence with professional athletes, entertainers and other high income producing individuals. I have seen reports stating that as high as eighty percent of former NFL players are broke within five years of retirement or leaving the league. This is not only sad, it is tragic. I heard a local radio personality once state on the air that he credits his business manager with saving his financial life. Because he utilized the services of a top flight business manager, when he retired he was set-up to live comfortably for the rest of his life as long as he stuck to the plan. This is what business management services can offer to high income producers who lack the skill set to manage their revenue streams on their own.
We at Fragnoli & Company, CPAs believe strongly in working closely with our business management clients to make sure they have a financial structure that satisfies their current life style while providing for a secure future. This service requires a strong team of professionals working closely in the best interest of the client. Business management services is not just accounting for the income and expenses and setting up projections and budgets, it is a highly complex, all encompassing and flexible plan with many moving parts. Investment advisors, insurance experts, legal counsel, mortgage bankers, and of course, the CPA, are just part of the advisory team. It is tragic to think that an individual can make eighty million dollars in a span of seven or eight years and be broke. This only happens for one reason, the person did not utilize or follow the advice of a quality business management firm. Unfortunately we are seeing the entry into the business management field of unqualified advisors as well as celebrities taking on this process on their own thinking they can handle their own money. In some cases this may be true. However, business management and financial planning take a lot of education and training as well has possessing certain skill sets. Failure to have the background can result in disastrous results.
We at Fragnoli & Company, CPAs hope that this most recent case spreads the concern throughout the sports and entertainment world as well as raises the consciousness of other high revenue producing individuals the need for business management services. If you require this service or know someone who does, please refer them to a qualified business management firm, you may save a person’s financial life.