Music: Business Manager

If your personal manager, attorney, and agent do their jobs, you're going to be making money. Handling that money is your business manager's job.

Appallingly, in some states a person needs no credentials to be a business manager. That means you need to be doubly careful. Get references and check them. Ask what degrees the person has and from what schools. Find out if he's or she's a CPA and/or a CFP (certified financial planner). Finally, trust your gut reaction--even if everything checks out, pass if you don't trust someone.

Never trust your business manager unquestioningly with the investment of your money. Veto out-of-hand any "private" placements of your money. These will almost always mean she's cutting a deal with her friends, who are a) wacko b) crooked or c) both. Until you get very sophisticated about money matters, make sure your money is being placed in well-known financial instruements like CDs, treasury bills, major stocks, or mutual funds. And for heaven's sake, never let a personal friend be your business manager. Friendship and money rarely mix.

Discuss periodic audits. Even though you're probably not going to spend the money (more than $10,000) to run an audit, a potential manager's response can tell you a lot. If he or she blanches at an audit clause, keep looking.

Finally, whomever you sign with, keep your right to fire your business manager at any time.

However, if you're still at the starting stage and wondering how you get your first deal, consider other tactics.