Monetary issues can strike anyone from all different backgrounds and career types. Countless musicians & artists have found themselves in financial turmoil due to improper planning, staffing, and a lack of information. Many public figures have had money troubles despite experiencing astronomical success. In the late 90s, country music legend Willie Nelson had sold over 50 million records with multiple achievements in both his musical as well as his humanitarian efforts. Unfortunately, the government seized his gold records, and a ranch in Texas to relieve the $16.7 million in back taxes he owed which did not include the court fines or legal fees associated with the debt.
Another example of poor organizing and planning is Meatloaf. He fired his entire staff in 1981 once he realized most of his staff was stealing money from him. In addition, his managers sought revenge by freezing his assets and taking him to court for his breach of contract for firing them. Meatloaf is one of the most successful artists of all time with over 70 million records sold. His “Bat Out Of Hell” album alone charted for over nine years making it one of the biggest selling albums of all time.
Other music stars such as Tom Petty, TLC, Isaac Hayes, have also experienced shorrific financial events at the height of their careers. Luckily, there are many ways to avoid this. At the 2012 California Music Industry Summit (CMIS) there are many workshops and discussion panels with leading experts within the music industry that can prevent such instances. Topics varying from effective legal representation to publishing royalties are covered throughout the entire conference that can help artists avoid some of the pitfalls of financial issues in music careers.
Register today at http://cmis2012-eorg.eventbrite.com/.
Story Contributed by CMIS 2012 Staff Writer N.M. Solomon