Money wont be a big issue unless you fail to perform... Everyone wants to invest in something exciting and if business is not following the plan, investors try to recoup money and/or assert control and direction ASAP..
Originally Posted by Sharkonis
As long as people understand the risk, and you have clearly defined the roles of who does what, who is silent, who has voting power, and who has overall authority to spend what and when...you should be at a place where there are no inflated expectations. The biggest challenge is setting goals that are reasonable but attainable and at the same time, these goals have to satisfy an investor.
Beyond understanding the rules and regulations of the business, you will need to understand the legality of the different types of businesses you will need to form, how they can prtotect you, the tax advantages, the out of state advantages, how they are structured, record keeping, accounting, etc... LLC, SProp, Corp, C-Corp, Partnership, etc...
You can set all these up with ease but a good attorney friend can help point you in the right direction as well as review doc's you will need...and save you a ton of money...
I could not agree with you more on all accounts. We are fortunate enough to have a long time Attorney on retainer thats performed a mountain of tasks for us in the past already on the ball.
Originally Posted by beachfront71
His fee, for this one, Free. Ive been true to his firm so this ones on the house, He does however retain the right to become the sole Attorney when this goes Slam Large. Again this realationship is just another win win situation for both parties, We receive some free legal, he gets to keep us as a client when this goes large.
Thats What I Want To Create....Win, Win.... All the Way Around....From Fighters Down to the lowest man on the poll... I know it can be done.
For those who are following this, just a small update. I have spooken with sources here at Screen Gems Studios in Wilmington in regards to Audio Visual Equipment, St up and Support. They like what we want to do.
No Man Has Ever Climbed a Mountain without Taking the First Step.
i've always wondered... at an amateur level, how can you, the promoter, be sure you're not being bullshitted about a fighter's record?
Glad you brought that up, I think as far as we are concerned, I want everything verified, period. If theres no paper trail theres fist to wale.
Originally Posted by ronaldk
I know this is going to be time consuming but if it helps Uphold the intergrity of a sport that is already quistionalble in the eyes of many, then its worth it.
By the way I just got this:
Fight Promoter University V
Set For Weekend of November 21st to 24th
Featuring WinterFist II MMA Show & New Low Price
Fight Promoter and Fight Promoter University Founder Roy Englebrecht is happy to announce the fifth session of Fight Promoter University, and announce it with enough lead time for all persons wanting to attend, to have the time needed to make all necessary arrangements.
Fight Promoter University V will be held over four days at the Irvine Marriott Hotel in Irvine, California, starting on Friday afternoon November 21st and ending at 1pm on Monday, November 24th. Also scheduled during FPU V will be WinterFist II, the final of four Fist Series mixed martial arts shows held at the Marriott in 2008.
To register for FPU V and to check out the curriculum and schedule, go to www.fightpromoteruniversity.com.
Yea I caught that from the link you PM'd me. I just didnt like the time line and decided on the DVD set with book just for General Purpose. Im sure there's a bit of insigt in them for me.
Thanks Much , Sharkonis
this is a very good question. I have been bullshitted myself, and its an embarrassment when it happens. Fortunately, the one time it happened I was able to get together with the affected coach and work out an arrangement that everyone was satisfied with.
Originally Posted by ronaldk
My fighter application is very specific. I do not request, but DEMAND that anyone trying to compete on my card provides their entire ring experience, including all Boxing, MMA, and all forms of Kickboxing on their application. If I find out they have not been completely honest, I report them to my sanctioning body to be dealt with, which at the very least entails a suspension.
One of the things I do to help keep things on the up & up is that I publish a list of all participating fighters in advance of match-making. This allows all coaches to see who is trying to get on the card and allows them to see what their fight experience is. It also allows others to verify that someone is including all their fights. I have contacts within the kickboxing community who help me verify experience and records, too.
I have to be honest, though. I do not often get to verify each and every fighter. We actually try to rely on the honor system. It has worked so far, however I must also mention that one of the reasons it does work for me is that I stick with gyms that I have personal relationships with. I know the coaches personally, or another coach that I trust can vouch for the team. In some ways, it can be limiting, but its worth it in the long run.