Players

2021 Top Business Managers TOURING INCOME PLUMMETED. THE VALUE OF SONG CATALOGS SOARED. GOVERNMENT LOANS FLOWED FAST. AND THESE MONEY MEN AND WOMEN HELD IT ALL TOGETHER FOR THEIR SUPERSTAR CLIENTS

HE MUSIC INDUSTRY’S LEADING BUSINESS drill,” says veteran money manager Bill Vuylsteke. managers serve as financial advisers, tax Other events of the past year, including protests against racial accountants and fiscal therapists for artists and injustice, have prompted some to review their investment T executives alike — and they have long preached choices. (Widely popular index funds invest in publicly traded the importance of saving for a rainy day. But companies, including private prison firms linked to mass what if the storm lasts for a year? incarceration and systemic racism.) Funds guided instead In 2020, as revenue from live touring halted, traditional by environmental, social and governance principles drew recording sessions ceased and marketing meetings moved to record investments in 2020, according to the financial firm Zoom, the roles of business managers became more crucial Morningstar. “Our clients have definitely taken an increased than ever. “This year has been a bit of a roller coaster,” says role in deciding how their monies are invested,” says Peggy Sally Velazquez, owner of Empower Business Management. Stephens of Tri Star Sports & Entertainment Group. What Business managers helped their clients financially survive hasn’t changed is the essential need for constant connection the pandemic by revising cash flow projections, focusing between artists or executive clients and those who manage on long-term plans and exploring new revenue sources, their money. Says Belva Anakwenze of Abacus Financial including song catalog sales in a red-hot market. When Business Management: “We shifted our client-facing approach necessary, they applied for government aid available under and communicated with clients in new ways — even having the CARES Act and subsequent legislation — “a gigantic fire meetings in my home driveway.” —THOM DUFFY

ILLUSTRATION BY KLAWE RZECZY FEBRUARY 20, 2021 • WWW.BILLBOARD.COM 5 5 THE PLAYERS

Iván Alarcón discussions” about fnancial planning. business and look for possible strategic Larry Tyler CO-FOUNDER/CEO And, she says, “we were able to alliances among diferent brands.” PARTNERS Vibras Lab successfully assist our live-events- Best advice in an economic downturn NKSFB As the business manager for Rimas heavy clients in securing the SBA “There is nothing 100% sure in this indus- The frm — with six locations nationwide, Music and some of Colombia’s biggest [Small Business Administration], PPP try. Everything can suddenly change. That some 550 employees and a client roster stars — including J BALVIN and Karol G [Paycheck Protection Program] and EIDL is why it is so important to diversify.” that includes Drake, Pharrell Williams, — Alarcón, 42, has increased his staf [Economic Injury Disaster Loan funding]. Post Malone, The Cure, Culture Club and to 30 during the pandemic. The frm We have also helped prepare our clients Sam Smith — moved its Sherman Oaks, sought alternative revenue sources for its for the Save Our Stages Act and are Angie Barajas Calif., ofce to new quarters in Encino clients, from “documentaries, livestreams positioned to be frst in line” for funds. Louis Barajas despite the pandemic. Bolno notes the and merchandise” to “partnerships or Most important lesson learned from CO-FOUNDERS/BUSINESS MANAGERS company went to substantial expense to endorsements in rising markets, such as the pandemic “The pandemic taught us Business Management LAB make its ofce COVID-19-safe — “our the gaming industry,” he says. “All artists all the importance of adaptability. Our Louis Barajas, 59, and Angie Barajas, 57, employees felt protected,” he says — but should have very clear and accurate business had to be nimble in how we became essential fnancial counselors to NKSFB also gave staf the option to work knowledge of their cash fow, and just communicate internally and externally. their clients — Yandel, Nicky Jam, Ca- from home. “It has been a challenging as any other business, their source of More importantly, we had to be readily milo and Gerardo Ortiz, among others time,” says Brown, “where it has been income should be diversifed.” Alarcón available to all of our clients — all facing — who relied on the husband-and-wife very important to provide the support says Vibras also invested in new technol- fnancial changes and challenges — at team to help outline cash fow strategies system that clients have required. They ogy that allows clients access to their the same time.” to survive the pandemic. “Our team of are artists, and their emotional, creative fnancial information in real time. over 20 employees worked ferociously nature needs encouragement, which is Best advice in an economic downturn all year to get our clients PPP loans what [we’ve been] able to provide.” “Diversify your business and sources of Claudia Arcay and work on new budgets,” says Louis. New income sources clients tapped income, and understand your cash fow. INDEPENDENT BUSINESS MANAGER Knowing that clients weren’t touring, his “We have been looking at selling their Organize your catalogs, look for possible Carcay Global Entertainment team also used the time to “tie fnancial publishing catalogs or royalty income pending income, and search for new Arcay, 43, who recently parted amicably loose ends,” he adds, working on estate streams to take the beneft of the [cur- royalty sources.” from WK Management, has been the and retirement plans and getting life and rent] capital gains tax [rate] on these business manager for Carlos Vives and health insurance in place. types of sales and get substantial lump was “ready to pivot and adapt” when the New income sources clients tapped sums from the companies” buying Belva Anakwenze Colombian singer released his album “Advances on publishing deals, catalog music assets. —Brown PRINCIPAL/BUSINESS MANAGER Cumbiana last May. By helping to create sales and business/marketing opportu- Abacus Financial Business Management 10 virtual events, along with a short flm nities. A lot of our clients, with a lot of For her music clients during the titled The Last World of Cumbiana, she time on their hands, were very entrepre- Julie Boos pandemic, Anakwenze made “new generated momentum for Vives after neurial and did a lot of investing in real OWNER/BUSINESS MANAGER/ normal” money moves, upgrading his three-year hiatus. “My advice for the estate and the stock market. We saw CHAIRMAN technology for easier access to fnancial artist,” says Arcay, “is to try to stay as some of their investment portfolios grow Jamie Cheek information and “having authentic conservative as possible, diversify the 20% to 60%.” —Louis Barajas OWNER/BUSINESS MANAGER/ PRESIDENT David Boyer J Balvin Marius Bercovici OWNER/BUSINESS MANAGER/VP Justin Kobay Carmen Romano Bruce Seckendorf OWNER/BUSINESS MANAGER/VP PARTNERS Duane Clark LL Business Management OWNER/BUSINESS MANAGER/VICE The New Hyde Park, N.Y.-based man- CHAIRMAN agement partnership helped clients Lil Chris Hughes X, Timbaland, T-Pain and Boots BUSINESS MANAGER Riley create new revenue in catalog FBMM sales and streaming, which will “sustain FBMM, with ofces in Nashville, New [them even] when touring recovers,” says York and Los Angeles, went into over- Kobay, 31. “Clients are seeing frsthand drive helping clients stay ahead of the the value of owning their intellectual massive music business disruption. On property.” As always, they continue to the short list: helping artists navigate the teach clients the basics: “Build up that CARES Act and guiding those inter- emergency fund,” says Bercovici, and, if ested in launching or accelerating their necessary, “downsize your cost of living.” livestreaming business. “Livestreaming is Best advice in an economic downturn a newer source of income that appears “Health and your family are most to be here to stay,” says Hughes, 46. important.” —Bercovici “The pandemic simply presented an opportunity for some artists to look at it sooner than they may have otherwise.” David Bolno Most important lesson learned during Nicholas Brown the pandemic “The rainy day we all talk Bernie Gudvi about can happen on a grand scale. Michael Karlin Preparation and communication, in any

Michael Oppenheim scenario, always pay of.” —Romano IMAGES ALEXANDER TAMARGO/GETTY

56 BILLBOARD • FEBRUARY 20, 2021 NOTE: Executives whose ages do not appear declined to provide them. THE PLAYERS

Mark Carter the pandemic “Hopefully, we can all Lipa PRINCIPAL recognize the devastation and ruin to Prager Metis our lives, families, communities and Bruce Kolbrenner businesses from an unhealthy world MANAGING PARTNER [and fnd] greater respect for the impor- Prager Metis tance of science, institutions, govern- Joseph Callaghan ments and individuals working col- Lahteefah Parramore lectively toward maintaining a healthy Thomas Smith planet. Also, the inspiration and healing Simon Winters powers of art, nurturing the essence of PARTNERS our souls.” —Hagaman Prager Metis To make up for lost touring revenue, Prager Metis helped clients fnd alterna- Lester Dales tive sources of income, says Kolbrenner DIRECTOR — coming up with valuations for Dales Evans & Co. potential catalog sales, auditing royalties Despite the one-two punch of the pan- to identify underpayments and fguring demic and Brexit in the United Kingdom, out how to monetize virtual concerts. London-based Dales Evans celebrated Clients worried more about their the success of client DUA LIPA, whose “long-term fnancial futures,” he says, so record-breaking livestream event, Studio business managers for the 8-year-old, 2054, reached 5 million viewers for its 700-employee accounting frm helped debut, according to her management them talk through pension plans, estates company. The show featured Elton and trusts. “Clients in the music and en- John, Kylie Minogue, Bad Bunny and tertainment industries are by their very Miley Cyrus. Dales says his 25-year-old nature creative people,” says Kolbrenner. frm’s focus was to help all clients — “We assisted our clients and their teams which include Coldplay, Queen and in tapping into this creativity to help Bush — to “revise their business plans seek out alternative revenue sources.” and projections” while also preparing Most important lesson learned during them for business to return to “a hoped the pandemic “Financial planning for normal when restrictions are eased.” our clients is and always has been a The impact of Brexit “Touring costs will team efort. Actively involving attor- increase due to the need for work visas neys, managers, agents and investment for onstage musicians and support crew, advisers is exceedingly important so carnets for equipment and increased red Pinnacle Bank and Studio Bank stepped “The year had an unusual amount of real that everyone understands the fnancial tape. Changes in social security regula- up to help facilitate the PPP process, estate activity, both buying and selling condition of their client and how we tions will afect U.K. artists working in and we also utilized the EIDL and the houses and converting some of the cata- can best maintain their fnancial life the European Union, and [value-added Employer Retention Credit, as well as log sale monies into diversifed income now and into the future.” —Kolbrenner tax] and duty issues will afect artists the State of Tennessee grants from the streams that included rental real estate.” who have traditionally sold their own CARES Act.” —Farris merchandise on the road.” Legina Chaudoin Stan Flowers Alvin G. Hagaman Jr. Tina Fasbender CFO Cheryl Harris Kella Farris FOUNDER/PRESIDENT Zac Brown Collective Kerry O’Neil Stephanie Self Fasbender Financial Management Being “disciplined fnancially” was the Lillian Williams Catherine Moore While Fasbender declines to name her foundation of the Zac Brown Collec- PARTNERS PARTNERS clients, “I will tell you that the frm is 90% tive well before 2020, says Flowers, O’Neil Hagaman Farris, Self & Moore music-centric. Songwriters were my frst which allowed the company to maintain The partners at Nashville-based O’Neil Farris, Self & Moore helped their clients focus, and we have three who are in the its equilibrium amid the pandemic. Hagaman advised clients in the past year secure PPP loans while navigating the Songwriters Hall of Fame.” Her client The organization used PPP loans to to “leverage strengths where needed pause in touring for their artists alongside base also includes solo artists, bands, mitigate touring losses and staged three and minimize risk where avoidable,” says management and booking agencies. labels, mixers, actors and flm and music livestream performances that drew Hagaman, 68. “A lot of our artists have Alternative revenue sources identifed producers. In the ongoing catalog ac- over 1.5 million views. Two of those been able to expand their platforms and by the boutique Nashville-based frm quisition craze, recent deals have netted events raised nearly $1.6 million for creativity during this time of nontour- included developing “creative and mean- “beautiful windfalls for clients for whom Zac Brown’s Camp Southern Ground, ing. They have been very active with ingful merchandise” as well as the rise of a sale matched their life goals.” But the benefting veterans and their families, livestreaming shows — some have been song catalog sales, largely due to “un- greatest accomplishment for Fasbender’s according to Flowers. “The lesson here using a subscription model with very certainty regarding the capital gains tax frm in 2020 was simply “survival,” she is to stick to strong fnancial practices cool, interesting places to livestream. rate, low interest rates for investors and says. Her Los Angeles-based company even in the good times so you can be While the return on these shows has copyrights,” says Farris, 41. “Taking money secured “maximum allowable” PPP and prepared for anything.” been higher than expected,” says Haga- of the table during a pandemic year for SBA loans for all clients who needed Best advice in an economic downturn man, “the overall profts have been less artists and songwriters was appealing.” them, while retaining her own 12 employ- “We tightened our belts, employed than from a strong touring season.” Reaction to federal aid programs “Our ees without salary cuts. careful spending and shaved unneces-

Most important lesson learned during banking partners City National Bank, New income sources clients tapped sary costs.” GARETH CATTERMOLE/GETTY IMAGES

58 BILLBOARD • FEBRUARY 20, 2021 THE PLAYERS

Todd Gelfand Union countries. Hopefully, the visa-free ing able to deduct the forgivable loans Mark Kaplan CEO scheme for musicians that has been has amplifed the benefts.” PARTNER/WEST COAST MUSIC LEADER Gelfand Rennert & Feldman proposed will become a reality.” —Skeet Citrin Cooperman Rick Mozenter Victor Wlodinguer Ronald Nash Sean Granat PARTNER/EAST COAST MUSIC LEADER David Phillips W. Shane Glass CPA/TAX PARTNER Citrin Cooperman Mike Skeet PRESIDENT CohnReznick Maria Del Pilar Lopez Todd Kamelhar Colony Business Management/ In a year when touring was impossible, DIRECTOR, BUSINESS MANAGEMENT MANAGING DIRECTORS The Colony Group Granat, 39, says securing loans or grants AND FAMILY OFFICE Gelfand Rennert & Feldman When the coronavirus struck, Glass through the CARES Act — critically, Citrin Cooperman Gelfand Rennert & Feldman, a division immediately went into risk management PPP funding — allowed artists to keep Kaplan reports that most of Citrin of Focus Financial Partners since 2017, mode. “It was important that we main- paying their employees. His clients Cooperman’s clients — including Father has grown signifcantly, with over 500 tained our clients’ fnancial infrastructures also remained solvent by performing John Misty, The Strokes, The Beach employees in fve ofces across New and provided them the comfort that we livestreamed concerts, chasing royalties Boys, Q Prime and Max Martin and his York, Los Angeles, Nashville, Delaware are still operational and able to [deliver] owed to them, investing in residential MXM Music — were able to navigate and London. The company merged with our services,” says Glass, who provides real estate and exploring sales of their pandemic downturns with “reserves WG&S in 2019 and acquired London- tax advisory and accounting services to music catalogs, which he says “may built through years of following our based frm Skeet Kaye Hopkins (where executives and Grammy Award-winning be more highly valued right now than advice.” Hull joined the frm in March, clients include Josh Groban) last May. artists. His strategy included helping they have ever been.” Above all, “cash bringing with him over two decades of Amid the pandemic, many of GRF’s cli- clients tap new sources of income, like is king,” he adds. “It’s important to have experience in royalty audits and helping ents secured increased royalty streams catalog sales and livestreamed concerts, some liquidity and cash in the bank drive further growth. Del Pilar Lopez by selling or negotiating advances on as well as accessing PPP loans to help saved for a rainy day.” moved to the frm earlier this year. “We their catalog. For those who collected support employees. “Be conscious of The impact of Brexit “I work with are problem solvers,” says Kaplan. The PPP loans, “in the beginning, the rules spending,” he advises clients in this several U.K.-based artists who are upset pandemic “brought to light that no mat- seemed to change every day,” says downturn. “Take advantage of PPP mon- with the negative impact Brexit will have ter how well you think things are going, Kamelhar, “but due to our strong bank- ies and consider forbearance agreements on them. From a logistics standpoint, something completely unexpected can ing relationships, we were able to assist with banks and lenders.” they will need to contend with new happen, so if you learned the lesson of our clients who needed loans through Reaction to federal aid programs “It challenges, such as customs and travel living below your means, you can ride this process.” was complex to keep up with the dy- delays. Brexit could lead to a reduction out anything.” The impact of Brexit “There will be namic set of rules. We read the actual of live tour dates throughout Europe New income sources clients tapped increased costs of visas and carnets, regulations ourselves, as there was once this world pause ends.” “The multiples ofered in catalog sales and a lot more paperwork. There may often conficting advice [in] published made them very hard to refuse. So the be new withholding tax implications information. We believe the PPP pro- key was to make sure our clients still on royalties, which already exist on vided an overall beneft to clients, and Becky Harris had upside potential after the transac- touring income, from certain European the recent rule changes regarding be- PARTNER tion and to make sure it was the right Huskins-Harris partner.” —Kaplan Harris, 59, helped her star clients Kane Brown navigate short-term budget cuts while achieving new career highs: Riley Green Jordan L. Josephs won new male artist of the year at DIRECTOR OF BUSINESS MANAGEMENT the 2020 Academy of Country Music AND FAMILY OFFICE GROUP Awards, KANE BROWN won favorite SingerLewak male artist at the American Music Working with artists and producers in Awards, and Chris Young won perfor- hip-hop, rock, pop, dance and jazz, mance of the year at the CMT Music SingerLewak saw business growth in Awards. Harris is also thankful that her 2020 despite the pandemic. “We were roster “tried to take as much care of positioned perfectly with our software their bands and crews” as possible. and IT capabilities to go to remote “We did all we could to help them meet working without missing a beat,” says those goals and to stay above water in Josephs of the 61-year-old frm’s fore- a situation they had never foreseen.” sight. The company extends the same Most important lesson learned during provisions to its clients, helping them the pandemic “Patience — and that my prepare for income downturns: “With clients are all family. When my husband sound fnancial planning, entrepre- and I had COVID-19, several of them neurship and the right investment mix, checked in daily and ofered to bring us clients should have enough passive anything we needed. I feel fortunate to income to pay the bills on a monthly work for people who care so much for basis, even without their core business.” their team.” How social concerns have infuenced investing “We’ve always had clients in green types of investments. One client J. Christopher Hull who is an activist has an incredible non- PARTNER/ROYALTY AUDIT, COMPLIANCE proft in Chicago. He invests capital, as AND CONSULTING PRACTICE LEADER well as leverages his brand to get other Citrin Cooperman donors and artists involved.” JASON KEMPIN/GETTY IMAGES

60 BILLBOARD • FEBRUARY 20, 2021 62 in the insurance space that “added new a partner welcomed also family rm f from real estate to private equity. The portfolio allocations amid the pandemic, and R&Bsinger Quincy monitor their Kaskade, Tierra Whack, DJ duo VAVO Klarberg, 36, helpedclients including Management Wealth & Business Monarch Klarberg Matt waiting for the corporations to catch up.” movements, it’s really more amatter of the forefront of these types of cultural entertainment industry tends to beon ing steadily over time. But since the governance principleshasbeenincreas ated with environmental, socialand investing uenced f in have concerns social How safe studiospacein which to create.” sometimes leaning on me to secure a on writing and recording new music — have been able to use this time to focus boosting creativity: “Many of my clients opportunities, from cuttingexpenses to artists that the pandemic has created between,” he says. He has also reminded apps to buyingcatalogs andeverything in in investing “from ofbusiness, avenues successfully guidedclients into new Since touring shut down, Kaplan has Miller Kaplan Michael Kaplan one placeandmonitor itover time.” our clients to see their entire net worth in capabilities of the Leftbrain app to enable portals. We are building on the existing confusing, outdated statements or online and company values remained siloed in ally, investment balances,bankbalances mulating generational wealth. Tradition artists are increasingly interested inaccu “While cash fow remains aconcern,our New income sources clients tapped Grammy Awards inMarch. he notes that three of them are up for company declines to nameitsclients, cial habits,” says Judd. Although the fnances andreinforces good fnan have their fnger on the pulse of their liquidity. “The appempowers them to missing royalties to maximize their data — while the frm tracked down their clients to accessreal-time fnancial royalty tracking tool in2020, allowing Kaplan, launched the Leftbrain appand Judd, 35, with businesspartner Josh Leftbrain Nicholas Judd MANAGING DIRECTOR MANAGING PARTNER FOUNDER/CEO - CO

BILLBOARD • FEBRUARY 20, 2021 “The interest to beassoci THE PLAYERS -

- - - - to beopenandaccepting.” happen to good people — you just have in anything in life, even when bad things pandemic the from learned lesson important Most Biden’s inauguration. America Legend performed at the on her bestsellingmemoir, projects at Amazon Studios, onebased deal with Amazon that includes two TV Simpson signedamultimediarights and livestreaming. InDecember, income from endorsements, publishing and speakingengagements, as well as his clients have pursued virtual coaching that this too shallpass.” This past year, related ofers that resonate andknow advice: “Explore allpotential income- to “stay true to your craft,” hesays. His by “staying positive” andadvising them difcult 2020, heguided their af airs Radin and Jessica Simpson. During a Madison Beer, Wyclef Jean, Joshua Live, Lake Street Dive, The O’Jays, with clients including John Legend, Levin’s frm, founded in 1997, works Management DLBusiness Levin David second round will bemuchsmoother.” banks, employers, employees. I think the in. It was a frst for everyone — the SBA, staf for a period with no income coming they were able to continue paying their CARES Act benefted my clients because aid to programs federal Reaction anymore.” or writing recording Klein. “One day, they won’t be touring, about passive income streams,” says more thinking “Start term. long the for Bazzi — fundamental investment advice ers, Logic, Kelly Rowland, Normani and Chainsmok The includes which — roster to money management. He has given his clients a personal, hands-on approach based frm TKG last year to ofer his Klein establishedBeverly Hills,Calif.- TKG BusinessManagement Klein Joshua in the space for years now.” Many of my clients have heavily invested consumer products to renewable energy. investments for quite some time, from a growing focus on environmental inuencedf investing have concerns environmental How our clients hasbeen very benefcial.” “Having the expertise at our fngertips for signifcant value to our business,” he says. BUSINESS MANAGER MANAGING PARTNER concertafter President Joe “There can be a silver lining “There has been Celebrating Open Book “The . - ‘This Has Been The Most t s o M e h T n e e B s a H s i Challenging Year h Ever’ T ‘ Sweet (business management). (business Sweet (royalty compliance), Gula (tax) and area of expertise, include Cyrana partners, each with a speci fc RZO’s others. among Bowie, David the estates of John Lennon and Shania Twain, , Yoko and Ono Dan, David Byrne, Luis Miguel, Steely U2, Gaga, Stones, of the frm manages the fnancial afairs the stature of those clients. The focus solely on artists, but also management not only for its out amongitspeersinbusiness Joe Rascof, in 1988. RZO stands with his late business partner, decades, he co-founded RZO four nearly for CPA practicing A pandemic and its impact is unique. seen anything like it.” shut down. None of ushave ever a year where the industry allbut Zysblat. “There hasnever been co-founder/managing partner Bill challenging year ever,” says RZO has been,“fnancially, the most of President Joe Biden on Jan. 20. important event: the inauguration client, performed at amassively March. a massive stadium tour last longest-running clients, halted The Rolling Stones, oneof RZO’s RZO Bill Zysblat RZO Lia Sweet Gula John Cyrana Tom PARTNER FOUNDER/MANAGING - CO DIRECTORS PARTNERS/MANAGING INSURANCE BILLS AND SUPERSTAR FRUGALITY SHUTDOWNS, STADIUMTOUR ON ZYSBLAT BILL RZO’S Gaga Zysblat’s perspective on the Between those milestones, this LADY GAGA , another pretty grateful.” the country wasn’t. So we’re all time,” addsZysblat. “Muchof were able to make it through this are privileged enough that they frugal. reasonably became automatically and aware everyone was because hard that down.’ it wasn’t end, in the But be a tough year talking everybody myself, to man. going This‘Oh, is to said orI March “In April, belts? their to tighten income touring of loss sudden a with clients higher ticket prices. more modestproduction —or by with bands absorbed be either can costs Higher health. public can threaten risks unprecedented now, and, at occur venues attacks shows, terrorist outdoor threatens extreme weather perform, to continue artists aging as notes, getting more expensive, he Insurance for tours hasbeen forward,”going saysZysblat. policy every in coverage] [from exclusion pandemic a be will “clearly, and there cancellations, against insurance without staged devastating.” absolutely are isn’t Theworking. numbers aren’t working. The cleanupstaf unemployed. The ticket takers bydirectly become — who us thousands — who are not paid to the “as opposed ceases, touring when working stop crew 250 members 200 to that Zysblat tours, estimates stadium “I have to say that entertainers counsel to need RZO Did be cannot tours Concert numerous overseen Having

—T.D.

CREDITSSAUL LOEB/GETTY HERE AND IMAGES HERE TKTKTKTKTKTKTK THE PLAYERS

Matt Lichtenberg like LVRN Records as clients. for various clients through the sales of fnancial headwind once the pandemic PARTNER Best advice in an economic downturn publishing and master rights. All of his is under control.” Level Four Business Management “Stay the course. Remember the cash clients — including Demi Lovato, the “Our clients have stayed the course,” says reserves we set aside for you? This is Jonas Brothers, Rosanne Cash and Grace Lichtenberg of the principles that have what they’re for.” Potter — received 15-month operating Michelle Richburg informed investment decisions over the budgets and cash fow forecasts for their PRESIDENT/CEO past year. This is not to say there hasn’t businesses and personal fnances. He Richburg Enterprises been upheaval, as Level Four transi- Harley Neuman says the frm also had “great success” When the pandemic slashed touring tioned to remote work “while navigating PARTNER applying for PPP loans, working mostly income, many artists and industry our clients’ unforeseeable challenges.” Neuman + Associates (a division of with City National Bank. professionals “were not eligible for Lichtenberg counseled his clients strug- NKSFB) How environmental concerns have traditional unemployment benefts gling with the impact of the pandemic Newman says 2020 can be summed infuenced investing “Many artists are because they are self-employed,” says to reduce overhead and seek out new up by the bromide “Health is more given the opportunity to make early Richburg, 54. So she and her team revenue sources, such as livestreaming important than wealth.” And, if you ask investments in startup companies, and sought relief for clients through PPP or creating video messages on Cameo. In the adviser, who guides the fnances of the ones focused on environmentally and EIDL funding and other grants. addition, “we did catalog sales,” he says, such clients as , Cee friendly products are very appealing to During the pandemic, she has also “as the multiples were unprecedented.” Lo Green, Dave Koz, Brian Culbertson our clients.” channeled energy into helping her roster and Pete Yorn, about his top accom- of clients — which includes SAINt plishment of the past year, he responds JHN, A BOOGIE WIT DA HOODIE and Mike Merriman with a laugh and says, “Surviving.” Tony Peyrot RCA Records president Mark Pitts — PRESIDENT Although some of his clients benefted MANAGING PARTNER navigate charitable spending directed at Parr3 from the CARES Act, Newman found Dunn Pariser & Peyrot COVID-19 relief. Merriman, 40, like many of his peers, the process “disorganized.” Peyrot juggles several roles, includ- Most important lesson learned from took on new responsibilities during the Best advice in an economic downturn ing providing fnancial guidance with a the pandemic “Realizing that self-care pandemic, like mastering the CARES “Control discretionary spending and focus on the mental and fscal health comes in many diferent forms. Putting Act to maximize government aid for cli- look for alternative income sources, of his clients. And while advising such your mental health frst, setting bound- ents, while also unearthing new royalty like livestreaming.” acts as DJ Shadow, Faith No More and aries and taking a break is productive. streams and performing desk audits for Draco Rosa, he says one of his proudest And not taking anything for granted, client catalogs. The frm assisted song- moments in 2020 was helping producer especially spending more time with writer Louis Bell and his team in analyz- Glenn Nordlinger Mark Batson (Beyoncé, ) family and loved ones.” ing the value of his catalog, which CEO release his motivational hip-hop album, Universal Music Publishing Group The Nordlinger Group I Want To See You Shining. Says Peyrot: purchased in January, ahead of his new After a year that taught him “the “It is an afrmation album that captured Murray Richman deal with UMPG. In addition to Bell, the importance of fnancial forecasting and the essence of meditation, social justice Nathan Richman company counts , 6LACK, Ali- maximizing savings,” Nordlinger says and peace and love for all, at a time PARTNERS son Wonderland, Clairo and companies he and his team raised over $25 million when it was needed most.” Richman Business Management Best advice in an economic downturn A laser focus on cash fow and expense “Focus on what is under your control. management was more important than A Boogie Wit Also, clean out that old storage unit.” ever for the Richmans’ clients last year Da Hoodie “as we helped our artists navigate a very tough fnancial landscape,” says Robert Polay Nathan Richman, 46, who has worked MANAGING MEMBER with his 74-year-old father, Murray, for Polay Clark & Co. over a decade. The Richmans stressed The Atlanta-based accounting and short-term revenue forecasting in tan- business management frm Polay dem with fnancial assistance from the Clark guides the fnances of a roster CARES Act, ofering “a safety net for that includes TV host Steve Harvey, our artists until we have more visibility rapper-activist Killer Mike, singer India. on the resumption of touring. We love Arie, producers Mike WiLL Made-It and to work with new, developing artists Tricky Stewart, and rock band Manches- who we can help grow into the stars ter Orchestra. Polay credits cloud-based they have the potential to become. This systems and collaboration tools with was even more relevant in 2020.” helping his team establish a “successful New income sources clients tapped mobile workforce” during the past year, “The trend of the past few years has only while he encouraged his roster to utilize been enhanced: providing consistent new sources of income, he says, noting content to your fan base and owning “production, flm scoring, catalog sales as much of it as possible. This includes and direct-to-fan experiences.” videos, songwriting and of course Most important lesson learned from the master ownership of recordings. Many pandemic “The pipeline of developing artists spent the pandemic writing and musical artists and new music fans may recording new music and then releasing be in jeopardy. Artists depending on it on diferent platforms. This can allow the club circuit and festivals to garner for immediate return of investment and

new fans will experience extreme income generation.” —Nathan Richman JEROD HARRIS/GETTY IMAGES

64 BILLBOARD • FEBRUARY 20, 2021 THE PLAYERS

Eilish

Steves Rodriguez clients — including management frm FOUNDING PARTNER The Revels Group, independent label Freemark Financial Soulection, producer Kenny Beats and Rodriguez, 50, has helped his music Clue/Warner Records rapper IDK — clients — including Jesse & Joy, Andrés he outlined how to streamline their Torres and Mauricio Rengifo — weather businesses and reduce overhead. His the pandemic by “reducing costs bottom-line advice was to “pivot, create wherever we can,” he says. Though and generate new income sources.” Cli- some of his clients had an extra source ent George Watsky, aka Watsky, raised of income through catalog sales and funds for his band, crew and musicians livestreaming, Rodriguez says his big- in need through the charity Sweet Relief gest accomplishment was getting all of with a rap marathon, livestreaming for Freemark Financial’s clients through the 33 hours, 33 minutes and 19 seconds, health crisis with “cash in the bank at a an achievement recognized by Guinness time when cash fow was limited.” World Records. Reaction to federal aid programs Most important lesson learned during “The SBA PPP loan was invaluable to the pandemic “You’ve got to keep your multiple clients. We are also utilizing head up.” the Shuttered Venue Operators grant program” from federal aid legislation passed in December. Thomas St. John CEO Thomas St. John Phil Sarna St. John’s company “was able to meet SENIOR MANAGING DIRECTOR the challenges of 2020 head on,” he PS Business Management says, “in a year which saw live music, Patrick Templeman sporting events, flm and television MANAGING DIRECTOR production halted. We launched three PS Business Management new ofces in Stockholm, Sydney and Tara Moore Melbourne [Australia], further expand- DIRECTOR ing our international expertise across PS Business Management seven locations and growing to over Peggy Stephens opportunities while taking advantage PS Business Management retained 150 talented professionals.” While the DIRECTOR OF BUSINESS MANAGEMENT of alternative revenue streams.” Those its entire staf without furloughs while frm’s client list is confdential, it advised Tri Star Sports & Entertainment Group alternative sources of revenue included continuing to advise clients including Calvin Harris on his sale of publishing The pandemic threw clients a curveball, streaming through concert subscription BILLIE EILISH, Lizzo, Halsey, Arcade rights to Vine Alternative Investments in says Stephens, but she’s proud “we did services, consulting and sponsorship Fire and Maggie Rogers. The frm October. Inspired by star golfer and cli- not panic at Tri Star.” The frm provides deals. “Last year was mostly a year of helped artists diversify their revenue ent Garrick Higgo, St. John says his frm management and fnancial planning ser- maintaining and fnding revenue rather streams through livestreaming, mer- has created a $1 million scholarship “for vices for a roster that includes Mary J. than exploring new investments.” chandising, brand partnerships and aspiring artists and athletes.” Blige, Florida Georgia Line, Reba McEn- Most important lesson learned from the catalog sales. It has also helped clients tire, Jason Derulo, Charlie Puth and pandemic “Always work with a solid plan, support their communities, including Meghan Trainor (and, previously, Britney then adjust and adapt as necessary. Cash Eilish, whose mother established the Charles Sussman Spears). To help inspire new business reserves are always important.” nonproft Support and Feed to provide PRESIDENT ventures, advisers encouraged clients to meals for families in need. “In all of Sussman & Associates go “back to the basics,” says Stephens. these endeavors,” says Sarna, “we stand Sussman, 67, who founded his frm in “We asked the question, ‘What originally Sally Velazquez in full support of our artists — heart, 1994, has been helping a client list that drove you to a career in entertainment?’ FOUNDING PARTNER/OWNER mind, body and wallet.” includes Bon Jovi, Miley Cyrus, Olivia This became the springboard for explor- Empower Business Management New income sources clients tapped Newton-John and Megadeth “fnan- ing new passion projects, leading to new Empower “took on a lot of new clients “One of our clients had the year’s most cially handle the pandemic” by fnding streams of income.” and hired new employees” amid the successful streaming event, and many new revenue streams, from intellectual Most important lesson learned from the pandemic, says Velazquez, 37, noting clients were able to sell large catalogs of property sales and music licensing to pandemic “Flexibility, fuidity and lots of that remote communication made copyrights as part of a bigger fnancial catalog repackaging and livestreaming. hard work allowed our frm to continue operations easier and — “eliminating plan or part of a retirement strategy. The “We advised clients to use this time to lead in an industry that saw massive L.A. trafc” — more efcient. “I am a strength of the fnancial markets high- in quarantine to plan for the future,” shutdowns and changes to our clients’ Puerto Rican female business owner, lighted the fact that savings is a bufer in he says, “both creatively in their art revenue streams.” and my clients are mainly minorities,” uncertain times.” —Sarna and fnancially.” she says, citing iann dior, whose “Mood” with 24kGoldn peaked at Michael Vaden No. 1 on the Billboard Hot 100, and John Shaheen Lou Taylor PRINCIPAL 21 Savage, whose hit “Mr. Right Now” PARTNER FOUNDER/CEO Vaden Group/Elliott Davis with Drake and Metro Boomin reached Business Wealth & Tax Management Tri Star Sports & Entertainment Group Amid the challenges of the past year, No. 10, both in October. “The increase Shaheen counts “no layofs” at his com- Lauren Cooper says Vaden, 67, “we collaborated with in communication for clients was pany as one highlight in a year turned BUSINESS MANAGER our clients, agencies, bankers, managers crucial, as we were able to discuss Tri Star Sports & Entertainment Group upside down by COVID-19. To help his and other advisers to maximize fnancial new budgets, decreasing spending and GARETH CATTERMOLE/GETTY IMAGES

66 BILLBOARD • FEBRUARY 20, 2021 THE PLAYERS

reallocating these funds to investments better back-end fnancial terms rather Reaction to federal aid programs “No employers and their employees time to and savings.” than getting the most money upfront. one really knew what to do at frst. Once fgure out how to bridge the gap until Most important lesson learned from the That has allowed clients to keep their we fgured it out for our clients, many further income arrived. The experience pandemic “Every smart business man- nontouring revenue streams unlever- took advantage of the provisions, which with the platform, in application and ager is going to say, ‘Save for the future aged and for revenue to fow despite helped tremendously, mainly for keeping distribution, was seamless.” and plan for the unexpected,’ which is all the pandemic. Livestreaming has been crew on salary.” true. However, I think everyone should a good way for clients to connect with check in on their clients’ mental health.” their fans and generate some cash fow. Colin Young However, the economic model just isn’t David Weiss FOUNDER really there yet to be truly supportive.” Jaime Masuda C.C. Young & Co. Rit Venerus Beth Sabbagh London-based C.C. Young, which FOUNDER/SENIOR MANAGING DIRECTOR Rob Salzman represents an international roster of over Cal Financial Group Bill Vuylsteke PARTNERS 250 artists, takes an analytical approach Cal Financial’s client base includes top- SENIOR MANAGING DIRECTOR DWA (a division of NKSFB) to protecting its clients’ interests, says tier live acts Band and Provident Financial Management “The pandemic’s impact on live per- founder Young, who opened a new of- Dead & Company, but Venerus, 49, says Vuylsteke prides himself on his frm’s formance has created unprecedented fce in Sweden last year. In September, he’s grateful that the roster is diverse “family attitude” and the ability to retain circumstances for musicians, support the British music trade journal Music enough — Bon Iver and The Lumineers all 120 employees “at full pay, even staf and professionals alike,” says Salz- Week named the company accountancy are also clients — to enable the frm though our touring income completely man at DWA, a frm that works with frm of the year. “We have remained “to not only retain all of our employ- went away.” While most of his clients — THE WEEKND, Marshmello, deadmau5, under independent ownership,” says ees through this difcult time, but to which include such superstars as Shakira, Coldplay, Carole King and Vampire Young. “This ensures our objectivity in continue to grow our team.” He adds: Red Hot Chili Peppers, Green Day and Weekend, among others. “While nobody always working in the artist’s best inter- “I am very proud of how the Cal family Weezer, as well as artist manager Guy saw this pandemic coming, my mantra est.” In November, Young gave evidence came together despite challenging Oseary — saw income fall year over year, of always advising clients to reserve 18 at a U.K. Parliament inquiry into the circumstances and were able to carry on a combination of catalog monetizations, to 24 months of operating reserves for economics of music streaming, where operations without missing a beat.” virtual corporate and public performanc- unforeseen events has paid substantial he argued for a more equitable royalty New income sources clients tapped es, and “various COVID-19 investment dividends for many.” Masuda joined his split between artists and labels. “During “When it comes to record and publish- strategies” helped keep everyone afoat. colleagues in focusing on budgeting and this past year, we also have focused on ing deals, we’ve always encouraged our “Luckily,” he quips, “they had great busi- cash fow analysis, reducing unneces- royalty audits, with a particular emphasis clients to bet on themselves and take ness management going in.” sary tour insurance, applying for PPP and on streaming,” says Young. “This has EIDL funds, refnancing mortgages for been a revelation.” clients and, he says, “having a positive The impact of Brexit “As a nation, The Weeknd outlook but also being realistic.” the U.K. has not yet secured the easy Best advice in an economic downturn transfer of equipment and personnel be- “We are all in this together and will get tween the U.K. and the European Union through this together.” —Salzman member states. Visas for personnel and carnets for equipment will be steeped in bureaucracy. This will result in cost Kris Wiatr delays and missed opportunities.” PRESIDENT Wiatr & Associates Nashville-based Wiatr handles the Contributors Megan Armstrong, Chuck fnances of some of country music’s Arnold, Katie Bain, Steve Baltin, Dean biggest stars, but his focus goes beyond Budnick, Anna Chan, Ed Christman, their hits. “Maren Morris, Chris Stapleton Tatiana Cirisano, Leila Cobo, Jonathan and Lee Brice have all seen incredible Cohen, Mariel Concepcion, Stephen success in the past 18 months, but what Daw, Frank DiGiacomo, Thom Dufy, we’re really proud of is that they are help- Griselda Flores, Glen Francis, Adrienne ing shape the future of country music,” Gafney, Gab Ginsberg, Josh Glicksman, says Wiatr. To assist his clients during Gary Graf, Lyndsey Havens, Cherie Hu, “this unprecedented touring drought,” he Gil Kaufman, Steve Knopper, Juliana prepared them with fnancial planning. Koranteng, Carl Lamarre, Joe Levy, Joe “We worked with each client on where Lynch, Heran Mamo, Geof Mayfeld, to save and how to keep business going Taylor Mims, Gail Mitchell, Melinda in innovative ways, like livestreaming and Newman, Cathy Applefeld Olson, merch bundles.” Glenn Peoples, Jessica Roiz, Dan Rys, Reaction to federal aid programs “The Richard Smirke, Natelegé Whaley, Jewel CARES Act was a huge help for so Wicker, Deborah Wilker, Nick Williams,

many of our clients because it gave Stereo Williams MIKE EHRMANN/GETTY IMAGES

METHODOLOGY Billboard power lists are selective with honorees chosen by Billboard editors. Nominations for each power list open not less than 120 days in advance of publication. (For a contact for our editorial calendar listing publication dates, please email [email protected].) The online nomination link is sent to press representatives and/or honorees of companies previously featured on any Billboard power list, as well as those who send a request before the nomination period to thom.duffy@ billboard.com. Nominations close and lists are locked not less than 90 days before publication. Billboard’s Top Business Managers for 2021 were chosen by editors based on factors including, but not limited to, nominations by peers, colleagues and superiors. In addition to nominations, editors weigh the success of each executive’s company or affiliated artists as measured by chart, sales and streaming performance. To offer feedback on this feature, please email [email protected].

BILLBOARD MAGAZINE, Vol. 133 Issue 3 (ISSN 0006-2510; USPS 056-100). Billboard magazine is published monthly except for two issues in January, March, June, August, October and December; a total of 18 issues, by Billboard Media LLC. Postmaster: Please send all UAA to CFS. Send non-postal and military facilities changes of address to Billboard, P.O. Box 45, Congers, NY 10920-0045. Under Canadian Publication Mail Agreement No. 41450540 return undeliverable Canadian addresses to MSI PM#41450540, P.O. Box 2600, Mississauga, ON L4T 0A8. For subscription information, call 800-684-1873 (U.S. toll free), 845-267-3007 (international) or email [email protected]. For any other information, call 212-493-4100. No part of this publication may be reproduced, stored in any retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher. © Copyright 2021 Billboard Media LLC. All rights reserved. Printed in the U.S.A.

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