Do people say you have the ability to juggle difficult people with grace and patience? Do you appreciate art and find the idea of helping emerging artists jumpstart their careers to be fun and intriguing? You could be the ideal candidate for a career in artist management. Not everyone can stand up to the 24/7 schedule successful managers keep, but if you have the constitution to tackle this line of work, check out these steps to see if joining the profession makes professional sense for you.
Instructions
1. Hire an attorney to draw up a general managerial contract or use an Internet legal site to draft one. Use language that covers your level of authorization to make deals on behalf of the artist, explicitly stating your responsibilities for negotiating licensing and other rights associated with an artist's work, image and appearances. Will you sign an exclusive contract with your artist or can you manage the careers of others?
2. Draft--or ask an attorney to draft--a job description that covers the gray areas your contract doesn't cover. Add language that describes your day-to-day business responsibilities. Will you handle your client's personal matters? What is the extent to which you will have authority to make decisions? Such questions seem simple, but the answers can make or break the client-manager relationship.
3. Include language that stipulates the length and terms of renegotiation of both your contract and job description from the get-go. Experts in contract law recommend short contracts--3 or 4 months at the onset of the partnership--so parties can fine-tune both documents at the same time. Use the skills you learn each time you negotiate one of these documents to drive and define future relationships with other artists.
4. State your compensation requirements clearly to avoid misunderstandings. Traditionally, managers are paid a commission established by the artist's industry. A fine artist may give his manager 20 percent of net proceeds or 10 percent of gross proceeds from agreed-upon transactions. Graphic artists compensate managers in the 25 to 35 percent range. Textile artists have been known to pay managers up to 50 percent. Find your industry standard before starting negotiations to make sure you're in the right ballpark. Agree also on the list of expenses for which you will be reimbursed when you travel on your client's behalf.
5. Draw up a separation agreement or build separation language into your agreements from day one. People aren't always what they seem when a relationship is new. Your client may step outside the philosophical, ethical or moral standards you have set for yourself. In such cases, ending the relationship before the contract expires is the wisest decision. Typically, 30-day-notice language applying to both parties will suffice. Once a successful partnership is established, new separation parameters, contract buy-outs and financial parachutes can be added to future contracts.
6. Expand your firm only when you're on steady ground with your first client. Consider signing other artists or hiring junior staff managers to free up your time. Grow your business wisely--without stretching yourself too thin. Look at your contracts, commissions and financials before deciding on office rentals or clerical help. Move toward professional success with caution and wisdom and you might be lucky enough to guide your first client to so much wealth and fame, you'll never have to seek another artist to represent!
